We all have different phases of our lives that demand unique financial requirements. Financial planning is definitely not a “one size fits all” or even a “one size fits most” type of solution. We each fall into separate categories when it comes to income, expenditures, debt, and savings. However, most of us can divide our lives up into 4 different stages, which Bob and Bailey discuss in part 1 of our episode on “The Life Stages of Financial Planning”.
People like the idea of having rental property as investment income because it’s a tangible asset that you can see, feel, and walk around. However, many times, the risks far outweigh the benefits, especially if you are looking at rental property as a form of passive income. Instead of a rental property making money for you, you can actually end up losing money. There are many risks associated with rental property income, and Bob covers the top 10 risks of vacation rentals and home rentals in this episode.