Protecting your investments and your money requires a multifaceted approach that is uniquely tailored to the type of investment vehicles or financial accounts you possess. The most important thing, however, is that you do something proactive to protect what you have worked so hard for. Read on to learn what you can do today.
Take Care of Your Rental Property the Right Way
If you have a standalone home that you use as a rental property, it is a significant investment. That property can churn income month after month for decades, as long as you take care of any problems or concerns as soon as they arise or are brought to your attention. Always protect the property’s investment value by keeping it in good condition and up to the current statutes and codes. Repair or replace any damaged areas or outdated components, such as old aluminum wiring, to avoid a fire.
Further, ensure you protect your asset with the right category of mortgage. If your rental property will be rented out to multiple people who are not in the same family, HMO mortgages are the right option for your mortgage needs.
As time passes, it is a good idea to conduct inspections with the help of a qualified home inspector to assess your rental property’s condition. If you are not living in the home and your tenants do not clearly or accurately communicate any problems with the home, you may not be aware of potential hazards. Do your due diligence to protect the property and the people living inside by having an inspector come to the home.
Beware of Scams
Unfortunately, scams abound. There are a lot of people out there who want to make a quick buck and couldn't care less about who they might harm, including you. As scary as that might be to think about, you really do need to think about it and then take action.
Fortunately, there are many things you can do to protect your financial assets. Start by bolstering your financial accounts. Change all of your usernames and passwords to reflect unique options. Make them dissimilar and difficult to guess. Back them up in a secure cloud, a trusted and vetted password manager, or keep them in a protected safe.
Avoid clicking on links in texts or emails from your financial institutions, even if they appear legitimate. It is a better option to read the content of the message and then log on by typing the URL in a safe search browser or on the institution's app on your smartphone. In addition, if you receive a phone call from any one of your financial entities, feel free to let it go to voicemail. Check it immediately, and if any action is required on your part, look up the phone number for the institution online or on the back of your credit card, for example, and contact them directly. This way, if someone is falsely posing as a financial representative, you can determine the validity right away.
Finding ways to earn money is smart; protecting it is even smarter. You want to keep what you have and watch it grow instead of losing it due to negligence or criminal activity. Follow these tips to make smart financial moves today.
