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7 Tips & Tricks for Your Maiden Property Investment

7 Tips & Tricks for Your Maiden Property Investment

To increase their income people often choose to invest their money. There are several investment options like bonds, stocks, etc. which can give the needed boost to the income. People often want to spend where the risk of losing the money is small. One of the safest investment options is investing in property. If it is the first time you are investing in property, then you may find the process overwhelming. It is important that you are careful when entering into the property business.

Here are some tips that are critical for successful investments in property.

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1. Always Have a Business Plan:

Investing your money is a business whether you are investing in bonds or property. You need to take it seriously and treat it like one. Before you put your money in this business, you need to have a whole plan. You should know why you are investing in property, how much to invest and the returns you expect to see.

2. Get an Expert Opinion:

Getting an opinion from a professional is always a good idea. They know the patterns of industry and where it is best to invest. You can go to your lender or any mortgage broker to get an expert opinion. You need to know exactly what your financial condition is so you can determine how much you can afford to invest. Checking the credit rating, reducing the limit of credit cards and debt is necessary before putting your money in the business.

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3. Keep in Touch with like-Minded People:

It is important to surround yourself with individuals who have a better understanding of the industry like a solicitor, accountant, financial broker, etc. Keeping in touch with people who are also investing in property is important. The advent of social media has made it easy to create an interactive forum. People can share their stories on a social network, and it is an excellent way of learning from the experience of other investors.

4. Know Your Budget:

Before you invest your money, it is important that your budget can handle it. You need to know your expenses and income. You should be aware of the debt levels so that you can keep the property from negative returns. It can happen when the flow of cash is not enough to cover the repayments of loans, taxes, interest rates, insurance, etc. You can also decide the down payment assistance options according to the financial conditions.

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5. Be Realistic while Determining the Demand for Property:

It is important that you calculate the value of the estate realistically. Whether the investment is short-term or long-term, it will get better profits if you are smart and the investment is based on a sound evaluation. The location which attracts more customers can maintain their value among the investors. You also need to consider the resale value of the property if you wish to get a good profit. So make sure that you are paying enough for the property and it can get you the best returns.

6. Get Assistance from an Agent:

Investing in property without professional help is a bad idea. You can always take advantage of the professional opinion of the real estate agents. You need to hire an investor who is an experienced realtor. He will know the technicalities of investing in the property. It is important to understand the terms such as profit, debt, return on investment, etc.

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7. Taking Advantage of the Tax Perks:

If you want to make sure that the property investment is profitable, then the important thing is continuous cash flow. If the bottom line is not stable, then the whole asset base can be in danger. There are so many income tax incentives that are available to the investors of residential real estate. You can take advantage of these incentives to increase the cash flow. You should discuss the possibilities with an accountant so that you can save money.

By keeping all of these important things in mind, you can make your investment highly profitable.

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Last Updated on January 21, 2020

5 Proven Memorization Techniques to Make the Most of Your Memory

5 Proven Memorization Techniques to Make the Most of Your Memory

Do you forget stuff every now and then? Are you trying to enhance your memory but not sure how?

All you need is the right memorization techniques to make the most of your memory.

The human brain is fascinating. More specifically, the vast interconnections within our mind. Mendel Kaelen compares the human brain to a hill covered in snow,

“Think of the brain as a hill covered in snow, and thoughts as sleds gliding down that hill. As one sled after another goes down the hill a small number of main trails will appear in the snow. And every time a new sled goes down, it will be drawn into preexisting trails, almost like a magnet. In time it becomes more and more difficulty to glide down the hill on any other path or in a different direction.”

The intent of Kaelen’s discussion is to think of new ways to temporarily flatten the snow. Kaelen remarked,

“The deeply worn trails disappear, and suddenly the sled can go in other directions, exploring new landscapes and, literally, creating new pathways.”

The idea here is to temporarily rewire your brain, or as Michael Pollan remarked in How to Change Your Mind,

“The power to shake the snow globe, disrupting unhealthy patterns of thought and creating a space of flexibility-entropy-in which more salubrious patterns and narratives have an opportunity to coalesce as the snow slowly settles.”

So, how can we rewire our brain allowing deeply worn connections to disappear and new connections to form? The answer is quite simple. We must change the way we store information in our mind.

    Let’s examine 5 specific memorization techniques that will change the way you think and remember information.

    1. Build a Memory Palace

      What is it?

      The method of loci[1] (aka memory palace) is a method of memory enhancement using visualizations with the use of spatial memory. It uses familiar information about your environment to quickly recall information. It is a method that was discussed by Cicero in an ancient dialogue called De Oratore.

      How to use it?

      Ron White discusses in How to Memorize Fast and Easily: Build a Memory Palace, that it’s essentially a room or building that you have memorized and you use locations in the room to store data. Ron informs us,

      “You memorize locations in a room and then you later go back to those locations to retrieve the data that you want to remember.”

      Example

      An easy 5-step example, in the form of a Wiki, can be found at Artofmemory.com. Let’s examine the the steps:

      • Step 1. Choose a place that you know well. For example, your house or office.
      • Step 2. Plan the route and pick specific locations in your route. For example, your front door, bathroom kitchen, etc.
      • Step 3. Decide what you want to memorize. For example, geography, list of items, answers for a test, etc.
      • Step 4. Place one or two items, with a mental image, and place them in your memory palace. Exaggerate your images. For example, use nudity or crazy images forcing it to stick in your mind.
      • Step 5. Make the image into a mnemonic.

      You can learn more about this technique here: How to Build a Memory Palace to Remember More of Everything

      2. Mnemonic

        What is it?

        A mnemonic is a memory device that aids in retention and/or retrieval of information. Mnemonic systems are techniques consciously used to improve memory by helping us use information already stored in long-term memory to make memorization easier.[2]

        How to use it?

        Mnemonics make use of retrieval cues to encode information in our brain allowing for efficient storage and retrieval of the information. The trick is to learn how to easily create mnemonics. If you find that you struggle with creating your own, try the following website: Mnemonic Generator.

        Example

        I recently came across a video using mnemonics to memorize countries. Memorizing Countries using Mnemonics is a video created as an introduction to a class for using memory techniques to learn the names of countries on maps.

        I actively search for videos that provide enormous educational value, yet receive very little exposure. At the time of this writing, this video has received less than 4k views. Let’s examine the video.

        Goal: Create a mnemonic to memorize the countries in the Caribbean (just the countries you need to learn).

        Step 1. Looking at a map – write out each country (for which five were chosen).

        Cuba, Jamaica, Haiti, Dominican Republic, Puerto Rico.

        Step 2. Write the first letter of each country vertically.

        C

        J

        H

        D

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        P

        Step 3. Create a sentence or phrase.

        Cubs

        Just

        Hate

        Doing

        Push-ups

        Cubs just hate doing push-ups. (Cuba Jamaica Haiti Dominican Republic Puerto Rico)

        3. Mnemonic Peg System

          What is it?

          According to Artofmemory.com, a mnemonic peg system is a technique for memorizing lists and it works by memorizing a list of words that are easy to associate with the numbers they represent.[3] These objects are the pegs of the system.

          How to use it?

          The trick is to create a Number Rhyme System with each number having a rhyming mnemonic keyword.

          Example

          Let’s look at an example of a Number Rhyme System:[4]

          0 = hero

          1 = gun

          2 = shoe

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          3 = tree

          4 = door

          5 = hive

          6 = sticks

          7 = heaven

          8 = gate

          9 = line

          Another technique like the Peg system is the Number Shape System.[5] Here you are assigning mnemonic images based on the shape of the number. Watch the following video for an example of this system: Number Shape System for Memorizing Numbers.

          4. Chunking

            What is it?

            Chunking is a way to remember large bits of information by chunking them into smaller pieces of information. We are more likely to then remember the information when we put the small pieces back together to see the entire picture.

            How to use it?

            In the video Chunking – A Learning Technique, we can see that there are several ways to chunk information.

            Example

            Let’s examine a simple example using a nine-digit number.

            Step 1. What is the number you are trying to remember?

            081127882

            Step 2. Cut the number into smaller pieces through chunking.

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            081 – 127 – 882

            Let’s look at one more example from the same video.

            “Piano teachers will first demonstrate an entire song to students. They will then ask their students to practice one measure at a time. Once the part has been learned and the neural connections in the brain have been built, then students go on to the next measure. After all chunks have been played separately, they are combined until the entire piece is connected.”

            5. Transfer of Learning

              What is it?

              Transfer of learning is a way to learn something in one area and apply it in another. Authors of Thinking at Every Desk, Derek and Laura Cabrera inform us about the transfer of learning,

              “If a student has a high transfer skills, she can learn one thing and then teach herself 10, 50, or 100 additional things.”

              How to use it?

              There are two specific ways to use it:

              1. Vertical Transfer (aka Far Transfer). Think of learning something in grade school and applying it another grade or later in life.
              2. Horizontal Transfer (aka Near Transfer). Think of learning a concept in history and applying it in math.

              Example

              I provide a detailed step-by-step example for this technique in this article:

              Learn How to Learn: How to Understand and Connect Difficult Ideas Easily

              The Bottom Line

              The key to using the techniques discussed here is to remember that we must actively think about information.

              We cannot simply drill information into our brain through rote memorization. We must change the way we think about memorization. We must find a way to “shake the snow-globe” in our mind or flatten the snow so that we can create new learning paths.

              Or as Derek and Laura Cabrera point out, we must insert “Thinking” into the equation,

              “Information X Thinking = Knowledge”

              More About Enhancing Memories

              Featured photo credit: Nong Vang via unsplash.com

              Reference

              [1] Remember Everything: Memory Palaces and the Method of Loci
              [2] The Learning Center Exchange: 9 Types of Mnemonics for Better Memory
              [3] Art of Memory: Mnemonic Peg System
              [4] Art of Memory: Number Rhyme System
              [5] Art of Memory: Number Shape System

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