The World's Best Book Summaries
Do you own a small business? How can you determine your small business tax percentage? In his book Profit First, Mike Michalowicz provides three methods for determining your ideal tax percentage as a small business owner. The tax percentage should not only cover your business taxes but your personal taxes as well. Here’s an overview of the three methods.
Do you want to amp your business’s bottom line? What are the different ways to improve profitability without raising prices? Raising your prices in an effort to increase profits is a dangerous move that has a high chance of backfiring. Unless your business provides a product/service of exceptional value, you risk losing a significant proportion of your customer base to competitors. Before you raise prices, you may want to consider other ways of improving your business’s bottom line. Here’s how to increase profits without raising your prices.
Are you looking to cut down on your business expenses? How do you determine what your business needs and what can be cut? When it comes to cost-cutting in business, it should never be done at the expense of your crucial functions. Before you cut costs, identify resources you couldn’t do without and cut only what you don’t need. Here’s how to lower your business expenses.
How much of your company’s monthly profit should go into your salary? How much should you reinvest back into the business? As a business owner or entrepreneur, it’s difficult to know how much of your profits you should keep for yourself and how much should be reinvested into the business. Some owners splurge and go overboard while others pay company expenses with their income. Here’s how to pay yourself as a business owner, according to Mike Michalowicz.
Is the BRRRR method difficult to master? What are some BRRRR method examples that make it easier to understand the process? Many real estate investors are opting to use the BRRRR method coined from David M. Greene’s book, Buy, Rehab, Rent, Refinance, Repeat. It can be a little daunting to invest so much money with a method you’ve never used before, but there are BRRRR method examples that you can follow. Let’s take a look at an example of the BRRRR method that walks you through the different stages of the model.
What is the BRRRR method? How can you use it to make more money renting out properties? In the book, Buy, Rehab, Rent, Refinance, Repeat, real estate agent David M. Greene explains how investors can gain more income if they use his BRRRR method. This strategy differs from a traditional method of investing by flipping distressed houses and refinancing them to buy another property. Keep reading to see if the BRRRR method is the right investment strategy for you.
What is the best way to pay for a house? Why is it smarter for you to make an all-cash offer on your house? In the book Buy, Rehab, Rent, Refinance, Repeat, real estate agent David M. Greene says that sellers are more inclined to accept all-cash offers on houses. Compared to your competition, you don’t have to worry about pulling out because of loans, appraisals, or possible inspections. Continue reading to learn why making an all-cash offers on a house is the smarter way to buy and invest.
Are you having trouble narrowing down a home loan that’s right for you? What are the six different types of home loans? Whether you plan on renting out a house or living in a home, you’ll need to decide which type of home loan (or mortgage) best suits you. It all depends on your financial situation, but real estate agent David M. Greene lists six different types of home loans in his book Buy, Rehab, Rent, Refinance, Repeat. Let’s look at the six different types of mortgages to find out which one you need.
What are the benefits of buying a house below market value? How does it affect your real estate investment plan? If you’re using David M. Greene’s BRRRR method from his book Buy, Rehab, Rent, Refinance, Repeat, then you need to start by buying a house below market value. The BRRRR method emphasizes buying cheap properties because you can easily recover your investment later when selling the home. Let’s look at how buying a house below market value can make you more money, and how to find a good deal out of it.
Looking for quotes from The Psychology of Money? What is the secret to financial success? Most of us assume financial success depends on education and intelligence. But according to Morgan Housel, the author of The Psychology of Money, the key to financial success lies in understanding human behavior. Here’s a selection of passages highlighting some of the key ideas.