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IRA Financial Group Blog

Staying Home And Planning For the Future

Staying-Home
Key Points
  • Keep informed
  • Look for new avenues of research
  • Stay safe

Staying Home

It can be hard being inside for long stretches of time. There are a lot of things you can do to combat boredom and fatigue. You want to keep busy without being manic, get some rest without being lethargic. It’s a delicate balance but one you can manage with some forethought and planning.

Learn Something New

Staying informed about the world’s current situation is vital, but you don’t want to overdo it. You’re inside, self-isolating, and keeping yourself and other people safe. As a good human being, it’s the least you can do for yourself and others. But what else can you do while you’re staying home?

It may have always been your dream to learn the Irish language. Now might be a great time. Duolingo is a free app that lets you take lessons on lots of languages and while you may not come away being an expert (hopefully we’re not all quarantined that long) you’ll at least get the basics down.

And if you’ve always wanted to own a bed & breakfast, now can be a great time to start doing your research. Look up places that will best support the business, where you’d also like to live. Study floor plans for homes that are currently used as bed and breakfasts and see what you’d have to look for in a building. Would you have to retrofit everything? Think about a theme, or what your style is. Would everything be floral? Stripes? Neon green with a Frankenstein monster theme? You have to think about what you’d like as well as your customer’s wants and needs.

More Than Bedrooms

Maybe you’re not interested in a bed and breakfast, and instead are thinking an office building would suit your needs. You could rent out all the offices and make a tidy profit, as long as you are in the right place and have the right location. Start scouting out where you’d like your building to be. Small town, as the only game in town? Or in a big city where competition is fierce? You can do research all about what sells in your certain area – coworking space or individual offices? Auditoriums or conference rooms? There is much to consider.

Retirement Thoughts

While you’re perusing the classified ads for buildings for sale, consider starting your own Self-Directed IRA for your business so that you can use the funds for real estate. In fact, a Self-Directed IRA can use funds for many things, traditional and alternative investments. Raw land, condominiums, tax liens, there are many, many real estate opportunities you can finance through your retirement plan, if you look ahead and set it up through a company that is specifically designed to help you with your needs. Beyond real estate, Self-Directed IRAs can be used to invest in cryptocurrency, stocks, bonds and more.

Stay Safe

Hopefully you’re following guidelines for staying safe, staying home, and keeping healthy during these strange times. Remember to exercise your body a bit, keeping six foot distance. And exercise your mind – it’s important to keep your brain active whether you’re working from home or not. Planning for your retirement can be interesting, and the more involved you are, the more you’ll care about your investments.

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