AUSTIN (KXAN) — Mickey Powell of Powell Financial Partners joins KXAN with a few things to keep in mind if you are considering investing in real estate and other ways to invest your money wisely.
According to the US Bureau of Labor Statistics, 33 percent of consumer spending goes toward housing. That is more than likely taking the biggest chunk out of your budget. So housing is number one, and transportation costs sit at number two at 17 percent with food at 13 percent.
While buying a home is the American dream, Powell says it might be better for some individuals to rent. Powell says renting gives you more flexibility without a long term commitment. You can try out a neighborhood and see how you like it. You wont’ have to worry about large maintenance costs.
Powell also gave advice to people with a higher net worth. His first piece of advice: work with someone who has experience with high net worth clients. For clients who have a million dollars or more they may want to consider someone who can assist with charitable giving strategies, strategic planning for wealth conservation, and tax optimized investing and giving strategies.