The Big Benefits Of Owning An Income Property

If you are looking for ways to invest your hard earned cash then look no further than an income property. If you haven’t heard of this type of investment before, an income property is a property that is bought or developed for the single purpose of earning an income. Of course, as with every investment out there, you must make sure you understand the risks attached. However, for every risk, there is a benefit, and we are going to talk you through the major benefits of investing in an income property.

You’re The Boss

There is no greater feeling than being your own boss, and that is exactly what you’ll become when you invest in an income property. You’ll get to choose which type of property to invest in, who your tenant will be, how much rent you are going to charge and whether you will manage it yourself or hire and agency. This freedom and a boss-like feeling are not achievable with a lot of other investments. Take stocks or funds for example. Sure, you can choose which to invest in and how much you’ll invest, but you won’t have the chance to control or manage it.

Big Old Tax Write-Offs

As the owner of an income property, you are entitled to huge tax deductions. Of course, we recommend you speak to a professional accountant that specializes in this area of business, someone who can educate you on the best ways to save money on your property taxes. But to give you a brief understanding, you will be able to write-off your mortgage, as well as any credit card payments you made on home improvements. You can also write-off any insurance, maintenance, travel costs, legal and professional fees. What’s more, that is only the tip of the iceberg, but your accountant will be able to explain the full extent of the tax benefits available in this area of investment.

It Will Give You Some More Pocket Money

The whole point of having an income property is to generate an income, which means having tenants occupy it for an agreed rental price. Of course, it is as simple as taking away mortgage payments from your rental fee and keeping what is left, which because there are associated costs with having a property, such as maintenance costs and potential periods of vacancy. But let’s say you had an income property that you were renting out for $1000 a month, and your mortgage repayments were $600, you won’t be keeping $400. That is because roughly 10% of that $1000 dollars will be required to cover maintenance and vacancy, as such you will be left with around $280 a month. But this accounts for over $3000 a year, and your mortgage is getting paid off.

Appreciation Is Awesome

This has to be one of the greatest things about property because, if you get it right, you can see your property appreciate so much it will be like having a second income. It could be that you buy at the right time – when the market is low – or in an area that suddenly sees a huge amount of infrastructure get upgraded. There are so many factors that can have an affect, from transport links to schools, all of which will see your property rocket in price. Of course, it can go the other way too, as we saw in 2007 and 2008 when the entire economy collapsed and house prices plummeted. So make sure you do your homework first.

The Highest Paid Jobs You Can Only Get With A Degree

Since university application numbers have risen and having a degree is becoming more common, people have started to question just how valuable it is. The argument goes, if everybody has a degree these days it doesn’t really put you at an advantage. Employers are also worried about the fact that graduates don’t have any real job experience. That’s why a lot of people believe that it’s better to go straight into work and progress during the years you’d normally spend at university, ultimately ending up in the same place as a graduate with the benefit of 3 years wages behind you and none of the debt that your university-going peers have to deal with. It’s a logical argument and in some cases, it’s true.

However, there are a lot of positions that you simply can’t get unless you’ve got a relevant degree. A lot of those jobs are also incredibly well-paid and you wouldn’t be able to get there without going to university. As a general rule, getting a degree is worth it if you absolutely need that degree to get the job you want. If you don’t necessarily need a degree, you could consider going straight into work but it’s still better to get that qualification a lot of the time. If you’re still not convinced by the value of a degree, check out this list of the highest paying jobs that you need a university degree for.

Petroleum Engineers

For now, we’re still using petroleum products to provide a huge chunk of the power that we use. As reserves become more and more scarce, the job of a petroleum engineer is becoming more important. They help to identify oil reserves and develop cheaper and safer ways to extract it from the earth. There are a few different roles you might take as a petroleum engineer; reservoir engineers analyze the landscape and decide on the best way to extract the oil; drilling engineers design and oversee the drilling equipment itself and production engineers manage the operation as a whole, making sure that it’s safe and cost effective. Your average salary as a petroleum engineer is likely to be between $102,000 and $176,000. The only thing to remember is that we are moving away from oil as a fuel source so in the next few decades, the amount of work may start to dry up. Having said that, you can still move into a new role in green energy when that happens.

Pilots

Being a pilot is one of the most exciting jobs you can have. Travelling around the world and visiting a new country every single day, and getting paid for it at the same time sounds like a pretty sweet deal. If you think so, you’ll have to do aviation courses to get qualified. As a pilot, your work schedule will be fairly irregular and you’ll be spending a lot of time away from home so if you’ve got a family, it might not be the best fit for you. But all of those sacrifices are made worth it because you’ll be getting paid around $130,000 a year.

Aerospace Engineer

If you don’t fancy flying the planes but you’d like to help build and maintain them instead, why not consider a career in aerospace engineering? Aerospace engineers deal with all sorts of products, not just planes. You could help build satellites, military aircraft or even rockets. Every single component takes a huge amount of work so you’ll be a part of a large team of engineers all working on one aircraft. You can also specialize in repairs and maintenance as well, making sure that aircraft is safe to fly again. The average salary for an aerospace engineer ranges from $64,000 to $100,000 depending on which area you work on. The more complex areas like spacecraft will naturally pay more but you’ll need a lot more experience before you can get there.

Economists

The economy is a volatile and often unpredictable beast and if it crashes, it can leave a lot of people in serious trouble. Trying to maintain the economy and avoid any financial disasters is a tough job and you need people that can attempt to predict how it will respond to certain factors, that’s where economists come in. Economists are employed by all sorts of agencies including governments, banks, nonprofits and all sorts of other businesses. You’ve got a good choice of industries to work in and you’ll bring in somewhere between $51,000 and $97,000 depending which area you work in.

You can only land these jobs if you’ve got a degree so it’s worth considering before you write them off completely.

This is How You Make Sure Compensation Money Doesn’t Slip Away From You

We hear a lot about how you can get compensation for different things, and just because it’s talked about a lot, that doesn’t mean it’s easy. The process of winning the compensation you’re entitled to is often long, complicated and arduous. Rather than assuming it’s too much hard work for you to take on, you should relish the chance to fight your corner.

You can’t let that compensation money slip away to you because then justice will never be done. Here are the steps you should take in order do find real success in your efforts to get the money that’s rightfully yours. Read about them and put them into action when the time comes.

Seek Advice on the Claim

The first thing you should do is seek professional legal advice regarding the claim you want to make. This part of the process should not be skipped over because it allows you to find out whether or not your claim has any basis and any chance of resulting in compensation for you. If it doesn’t, there isn’t much point taking the claim forward because it will come to nothing and waste your time and money.

Know Who’s to Blame and Why

You need to know who exactly is to blame for what happened and why they’re the person or company responsible. You can then move onto how to prove negligence because without that your claim will go absolutely nowhere at all. There can’t simply be some vague notion of injustice against you. For your claim to succeed, you need to know who’s to blame and why. Get that straight before taking your action any further in this process.

Seek Evidence

Evidence is the next thing you should be thinking about because without that, your case will fall apart very quickly. If it comes down to your word against theirs, there’s no guarantee that you’ll be believed rather than them. But if you have some hard evidence to back up the claim you’re making, you’ll be more likely to be listened to and to get the compensation you deserve. The evidence you gather will depend on the situation, but it can be anything from testimonies to photographic evidence.

Listen to What Your Lawyer is Telling You

You shouldn’t try to represent yourself as you fight for compensation because you’re probably not a qualified lawyer with the right kind of experience. That means you won’t get the outcomes you desire from all this. Hire the very best lawyer you can find and rely on them to give you the correct support and guidance. Listen to what they say and don’t just assume you know better than them.

Don’t Fall Into Traps Set by the Opposition

There will be all kinds of traps set and things to trip you up along the way. Your opposition probably won’t give up that money without a fight so don’t go into this expecting it to be a walk in the park because that’s not how it will play out at all. You’ll need to stay vigilant and alert at all times if you want to stay one step ahead.

Remain Courteous and Fair in the Face of Dirty Tactics

There’s no telling what lengths your opposition will go to if they want to discredit your claim and protect their cash. It’s not uncommon for people in those situations to use dirty tactics to get the better of you and to beat you into submission. This is when you need to keep your resolve and not be dragged down into the gutter to their level. Instead, you should remain calm and courteous at all times, especially when you’re in a courtroom setting. If you lose your cool it will only reflect badly on you.

Don’t Give Up

Finally, you need to remember the importance of pushing on and never giving up, even when it seems unlikely you’ll find success. If you give up too soon, you’ll end up regretting it later because you’ll not only be giving up cash, but also the fight for justice, which is even worse in many ways. Stay on track and focused on the end goal even when the process seems to be dragging along at a snail’s pace. It’ll be worth it in the end.

If you have a case, you need to see it through to its conclusion. If you do that and make sure you take the right steps along the way, there’s no reason why you can’t get the compensation you feel you deserve for whatever happened to you.