In terms of real estate, “sweat equity” is understood as value-enhancing improvements made by homeowners. These improvements might be made to increase the immediate value of the home for re-sale, or to increase the usability, enjoyability, and value of the home to the owners as they live there.
Investing sweat equity into a home is a great option for anyone who can’t afford a more updated, expensive home but has the time and know-how, or willingness to learn, to make value-added improvements.
Does this mean you need to take out a large loan to make a substantial upgrade? Not at all! Simple, lower-cost but high-effort improvements offer the highest return on investment.
It seems like most people have a side hustle these days. If you’re part of the growing population of Americans who freelance, do independent contract work, deliver groceries or food on-demand, participate in ridesharing, or create products to sell, then there are a few things you need to know about how your side gig will affect your taxes.
You may receive 1099s in the mail. Those who offer freelance services and independent contract work should receive Form 1099-MISC or 1099-NEC from clients who paid you more than $600. If you received payments from an app like PayPal, the reporting form may be a 1099-K. You will need these forms to help tally and report your side gig income. Even if a client doesn’t send you a 1099 (regardless of how much they paid you), you still need to report the money you earned.
After sorting through an employer’s health insurance, life insurance, retirement, and other offered benefits, many employees only glance over their disability insurance coverage. It’s understandable. Like other insurance plans, there are confusing jargon and unfamiliar terms—not to mention it requires imagining some worst-case scenarios involving illness or freak accidents. However, with a little explanation and some helpful, easy-to-grasp numbers, it should become clear if you need to shop for additional disability coverage.