As an entrepreneur, you know how volatile income can be, especially when you’re just starting in the business world. Along with entrepreneurial volatility, major life events happen. The financial strain of those events can be quite nerve-wracking. Fortunately, there are ways for you to get more for your money as an entrepreneur.
Buying a House as an Entrepreneur
Any entrepreneur that has tried to purchase a house knows how difficult it can be when trying to get a mortgage. Lenders will only use the net income of those who are self-employed, and while those tax write-offs helped greatly during tax season, it doesn’t reciprocate when trying to purchase a home.
One of the ways you can buy a house is making sure your net income is high enough to qualify for the mortgage you need. This means that you may not write off all your business-related expenses. The flip side of this is that you will likely have to pay more in taxes BUT not as much as you would have to pay to be able to afford a home.
The other option is to save as much money as possible, so you can put down a significant down payment. This means you wouldn’t need as much for the mortgage. You may be asking yourself how this saves you money. When you pay cash towards the house, you end up not having to pay high-interest rates on that amount. It really is the best way to go when purchasing a house as an entrepreneur.
Buying a Diamond as an Entrepreneur
Getting married doesn’t have to wait until you’re highly successful as an entrepreneur. You also don’t have to go into serious debt buying a diamond ring for it. You can get a great deal on a high-quality diamond using online resources, such as Demitto. With this service, you can have jewelers compete to give you the lowest price possible. It’s called a reverse auction.
The service works as follows:
• Find a diamond you like online. Copy the URL of the website where the diamond is available.
• Paste the URL of the website on Demitto.
• Sit back and watch jewelers offer that diamond for much less than you would pay for it on the original website.
The service fee is $30. This is a small price to pay when you can save hundreds (or thousands) of dollars on the diamond.
After the auction ends with the lowest price, you can proceed with the jeweler to finalize the transaction. If you need a ring to go along with the diamond, you can work that out with the jeweler too.
Save Money Entrepreneurs
You now know how to save money on buying a house and diamond for an engagement or wedding ring. Keep these tips in mind when these major life events happen. You will be so relieved you don’t have to stress so much because of your entrepreneurial finances.