Importance of Savings and Safe Investments

The speakers discuss the significance of having sufficient savings and safe investments, sharing their personal experiences with carry costs for a house purchase and the impact on household budgets. They emphasize the need to extend one's financial runway, particularly during the COVID-19 pandemic, and highlight the risks of not having enough reserves.

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This episode of STRonomics is proudly sponsored by MarketMySTR.com, the leading marketing platform for STR Industries.

In the latest episode of STRonomics, Bill and Kenny engage in a candid discussion about their perspectives on Home Equity Line of Credits (HELOCs) and their potential to significantly impact one's investing prowess.

They delve into the common practice among investors of utilizing a HELOC by leveraging their primary residence, underlining that while this might seem appealing, it could prove detrimental if not approached with careful consideration. A pivotal point they stress is that venturing into this avenue sans a substantial reserve of savings to sustain a fledgling business could severely undermine one's financial capacity. The fundamental prerequisite for even contemplating a HELOC is to ensure an ample reservoir of funds.

Bill passionately asserts that employing a HELOC as an investment strategy displays a lack of prudence, particularly empathizing with individuals aspiring to invest with limited capital. He underscores that the presence of concrete numerical indicators is pivotal; without these, the prospect of property investment should not even be entertained. Stressing the significance of comprehensive financial planning, they advocate aligning investment endeavors with one's long-term life objectives.

In conclusion, Bill and Kenny advocate for astute decision-making by advocating prudent financial practices. They underscore the need for strategic thinking and self-investment, presenting a holistic approach to achieving financial well-being.Bill announces the Fall Accelerator course a virtual 8-week intensive program led by expert STR investors, tax & legal professionals, and real estate marketers… (A.K.A. “The Super Team”). With carefully curated key principles revealed at this year’s STR Wealth Conference into an actionable blueprint, combining “Go-at-your-own-pace” video lessons with LIVE Zoom consultations. The end result…? A more profitable and risk-adjusted STR portfolio that’s aligned with your vision. Clear this link to put your name on the waitlist > https://strsuperteam.com/

Bill and Kenny will also be hosting a virtually free training course scheduled for Wednesday, Aug 23, 2023, at 3 PM EST. In this session, they will share comprehensive guidance on locating VAs, vetting them effectively, and training them for specific tasks. Attendees will have the opportunity to ask questions and gain expert opinions from both Bill and Kenny, making this training a must-attend event for anyone seeking to optimize their business with virtual assistants. Mark your calendars and don't miss out on this invaluable opportunity! Click this link to sign up for the training> https://tinyurl.com/nhhb2k3u

[00:03] Introducing STRonomics

{01:30] Cost of HELOC

[02:55] Don’t Sacrifice Primary Residence

[05:20] Building A Pool

[06:42] Age As A Factor

[7:50] Too Big Of A Risk

[11:00] Getting More Personal

[13:22] Having A Long Runway

[18:00] Life Planning

[20:15] Two Properties

[23:00] Defined Payback Period

[26:00] Doing Better