Beating Broke

Personal Finance from the Broke Perspective

How Can Starting a Rental Business Help You Out of Debt?

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Being in debt is one of the most overwhelming things to deal with. When most people are in debt, they only focus on how to repay it and not borrow more money for other projects. However, did you know that you could start a rental business to get out of debt? Debt shouldn’t prevent you from pursuing a venture that can streamline your finances. Although it’s challenging, it’s possible. Here’s how to start a rental business to get out of debt.

Identify Your Rental Business Niche

There are many rental businesses you can get into. The most important question is how profitable it’s likely to be. Ask yourself if the business can help you eliminate debt. Research the demand for whatever product you want to sell. For instance, the business of restroom rentals is one to consider as the need for portable restrooms keeps increasing.

With that said, you have to conduct market research. Where are these portable restrooms needed? They’re needed at weddings, corporate events, concerts, marathons, and much more! How many would one event need? According to the Knot, people are required to rent one bathroom stall for every 25 wedding guests. That means a wedding with about 200 guests would need 6 to 8 bathroom stalls. How do you plan to charge? For any rental business you opt for, ensure there is a need for it and that you can make a profit to help get out of debt.

Explore Your Finances

Starting a business requires capital. Unfortunately, this is tricky because you’re already in debt. The good news is that, with a good business plan, you can find a bank or investor that will give you the loan you need. For instance, your idea might be starting a car rental business. This business faces a lot of biases which can be a stumbling block in your pursuit of a loan. According to Drive Knowledge, every year, there are about six million car accidents in the U.S. That is such a huge number because your assets are at risk. An investor will want to know how you plan to protect yourself from such risks. You can do that through insurance coverage and being careful about the people you rent cars to. Give the bank or investor some confidence that their money is safe to increase your chances of getting the loan.

Choose a Location for Your Business

It’s important to find a location with a growing population and strong economy. How can you expect to make money if you don’t have customers? Plus, getting out of debt is impossible if you aren’t making profits. Take the example of starting a rental property business. Such a business can lead to positive cash flow, but only if you have customers to rent out to.

Check whether there’s demand for rental properties in the area where you want to start this business. For instance, the population of Birmingham City in Alabama is 192,557. In such a place, you can expect demand to be low, considering that real estate usually performs well in large cities with a growing population. With that said, the population may be low, but if the supply of rental properties is also low and the demand is high, your business can thrive.

Have a Debt Repayment Strategy

You’ll be expecting the rental business to generate income. This income is what should help you get out of debt. Create a debt repayment plan and stick to it. What percentage of your income will go towards repaying and reducing the debt over time? It can be 10 or 30%. Choose a reasonable figure that allows you to meet the other needs of the business and pay the debt at the same time.

If well managed, a rental business could be the solution to eliminating debt. You can get a steady source of income that can help you get out of debt gradually.

4 Ways to Save Money On Extensive Oral Surgery

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Fitting oral health care into your budget is a necessity. Unfortunately, oral health care can be expensive, especially when you need major oral surgery. Of course, the best way to ensure you can fit oral health care into your budget is to focus on preventive health care. However, if you need extensive oral surgery, you may be able to save on the treatment by using these four tips.

1. Ask for A Discount

Sometimes, to protect your budget, you must step outside your comfort zone. It may seem unconventional to ask for a discount, but in many cases, it is the best way to find some savings. Negotiating costs is not typically associated with oral health care, but you can ask for a discount.

Many providers will offer a “cash” price for care. If you ask for the cash price, you may be surprised by how much you can save. Some providers will not reduce the cost but will provide added-value services to compensate for the costs.

2. Shop Around

You should shop around, Whether oral health services for yourself or a family member. The cost of dental care can vary greatly depending on the provider. According to the Centers for Disease Control and Prevention, about 20% of all children in the United States have untreated tooth decay.  This may be because they are uninsured and their parents cannot afford the treatment.

Shopping around for the best price can make oral health care more affordable. It is a lot easier to fit oral health care into your budget when you compare prices. The cost difference between providers can add up to thousands of dollars in savings.

3. Consider Dental Insurance

If you need extensive oral health care to get your teeth healthy, consider getting dental insurance. Dental insurance plans can help to offset a great deal of costs. Most plans cover 100% of preventive dental treatment and about 50% of other dental treatments. It is far better to pay 50% of treatment costs than to find a way to squeeze 100% of treatment costs out of your budget.

Dental insurance plans can vary in premium costs. You want to compare plans to ensure you get the best value. Check with your employer to see if they offer a dental insurance plan. If you have children, biological or adopted, it’s important to inquire about whether they can be on your insurance as well. Keep in mind, to adopt a child in Tennessee, you have to be at least 18, married for six months, and pass a home study by the Department of Social Services.

4. Keep Specialty Appointments Down To a Minimum

Any time you must see a specialist, it will cost more. General dentists can do a lot of the work that a specialist does. Make the job easier for your dentist by taking preventive steps at home. For example, according to the American Dental Association, if you crack a tooth, rinse your mouth with a saltwater rinse, and place a cold compress on your face to reduce swelling.

A good home oral hygiene program will make the job easier for your general dentist and help you to avoid those costly specialty appointments. If you need extensive work on your teeth, good oral hygiene will shorten your recovery period.

Oral health care can be more affordable than you think. You must work for the savings sometimes, asking around or doing some research to determine what resources are offered near you. Learn more about how to save money on oral health care and how to protect your budget. It’ll benefit you and your family in the long term!

How to Save Money on Homeowners Insurance

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If you have ever gotten into financial trouble after an accident at home, then you know home insurance is not a luxury but a necessity. That’s why many homeowners are purchasing home insurance to avoid financial challenges in the event of a catastrophic event like fire, burglary, or water damage. According to Value Penguin, about 85% of American homeowners have insured their homes. Home insurance is not cheap, and that’s why you may want to learn a few money-saving tips to help you save on your homeowners’ insurance policy.

Assess Your Needs

Before you buy anything or find ways to save money, you need to know your needs. Assess how big your home is, how old it is, the material used to construct it, its location, and the neighborhood. This will help you save by skipping the coverages you don’t need and getting only what you need. For instance, you could have a water leak issue, which is not typical for all customers. Leaks can easily lead to mold growth, which is another significant issue. According to Comfy Living, mold starts to grow within 24 to 48 hours after water damage has occurred. You want to ensure your homeowners’ insurance company offers coverage to protect your belongings.

Shop Around

The first step that comes to mind when shopping for insurance is checking rates from different companies. This not only helps give you an average cost but also helps you spot the right insurance company. Ideally, you don’t want to go with the cheapest one. It’s prudent to review the coverage offered and determine whether they’re adequate and what you need. Ask if the company offers discounts to know if bundling up can help you save more.

Make Your Home More Secure

You have heard insurance experts tell you to invest in security systems that help keep your car or home safe. Insurance companies recognize these efforts and most often lower your premiums if you have systems that tighten security in your home. Generally, the more secure a home is, the less likely it is for burglars to get in. Investing in simple gadgets like a smoke detector, motion sensors, burglar alarms, security cameras, and deadbolt locks all help lower your premiums, saving you money.

Improve Your Credit Score

It may surprise you to learn that your credit score has a substantial impact on your home insurance premiums. When you apply for your policy, your insurance company will ask you to fill out a form with details about you and your house. The information you provide determines your rates. One of these critical details is your credit score. If your credit score is too low, you will likely pay higher rates. If you think your credit score is too low, consider improving it.

Get Rid of High-Risk Items

Though it may be fun, owning something your insurance company thinks is a problem can quickly raise your premiums. Home insurance companies find swimming pools, trampolines, and other playground equipment high-risk items. They call these items an attractive nuisance, as they contribute to higher premiums. Anything that children may be tempted to play with or on is considered an attractive nuisance. If they get injured while doing so, you can be sued. You may have to cough more in your policy if you own these items.

Renovate Your Home

Your home won’t attract better rates if it appears neglected. While they can sometimes be costly, renovations save you money in the long term. Simple projects like painting, replacing your siding, getting new cabinets, or adding a landscape feature in your outdoor space can go a long way toward getting you a good homeowners’ insurance rate. According to Bob Vila, homeowners recoup more than half the project cost after replacing the siding.

You can save a lot of money when you know how homeowners’ insurance works. Follow these helpful tips if you’re looking to save on your insurance costs.