The other day, I heard a story about a young man who wanted to purchase his first home and fund the mortgage through "house hacking." This was the first time I heard such a strange term, and it was interesting to hear his excitement over this prospective venture that would allow him to "live for free." The idea is that you rent out a room (or two) of your primary residence and use the rent money charged to tenants to cover mortgage costs. It sounds great in theory, but I couldn't help but think about some of the potential drawbacks: privacy issues, tenant management, financial risks, property wear and tear, or legal obligations, to name a few.
This seems to be a hot topic nowadays, as people flock to articles and online resources that teach people how to "hack" certain systems. Want to get wrinkles out of your laundry? Throw a few ice cubes into the dryer to effectively steam the clothes while they tumble. Looking for a discreet way to keep cash around while you're at the beach? Empty an old tube of lip balm to keep a few rolled-up bills in.
Life hacks can be simple, clever tricks that make everyday tasks easier and optimize our problem-solving. But it's my opinion that "hacking" is best reserved for these smaller bits of life only. This tweet from Adam Grant helps me stay motivated in an era where we're encouraged to always try and find a shortcut to getting what we want.
If it feels too good to be true, it probably is. Stay focused, stay humble, stay grounded, and let's have a great week.
Don't Miss Out on This Week's Webinars!
Join us this Thursday, July 18th, for two insightful sessions you won't want to miss.
At 12 PM, I will host "Acquisitions Uncovered: Selling a Business," where you'll gain valuable insights into the intricacies of selling a business.
Then at 3 PM, Robert Vafiadou, Director of Business Valuation at Reliant Business Valuation, will present "Income Statement Analysis for Business Valuations." In 30 minutes, you'll follow an Appraiser's analysis of the income statement, starting from engagement all the way through report submission.
We hope to see you there!
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