You have your first opportunity to make money selling your home for a living.
With a bit of foresight, you can make $10 million.
But don’t be fooled, there’s still plenty of work to be done to get there.
Here are five steps to make the most of your first sale.
Find the right buyer First, make sure you have a buyer that can afford your home, and who is willing to buy for you.
If you’re a first-time homebuyer, you’ll want to reach out to people who are already wealthy.
A friend or family member can be a great option for a first homebuyers, who might also be willing to take on the additional risk of selling the home.
If they’re not, it might be worth checking out someone who is. 2.
Get a property appraisal If you haven’t been able to get a property tax appraisal in your area yet, you might want to get one.
The appraisal can help you narrow down the properties you can realistically buy.
Make a list of your family’s expenses First, you need to decide what you want to do with the money.
If your family is already well-off, you may want to keep the money for yourself, or put it in an IRA.
If not, consider saving it for a rainy day.
Establish an escrow account Establishing an escorcial account can help to reduce your expenses in case of bankruptcy.
It can also help to pay off debt that you’re trying to reduce, such as student loans.
Invest in a retirement account The most important step for any first-timer is to get the money together to start a retirement savings plan.
This could include a 401(k) or Roth IRA, which are a safe investment that can provide the necessary income for retirement.
Investing in a 401k can help with the first step of that process, but there are plenty of other options out there.
Learn more about investing in a 529 plan or IRA. 1 of 14