4 Investment Tips for Texas Homeowners
As a Texas homeowner, the start of the new year can be the perfect time to invest your money for the future. No matter your age or income level, by taking steps to invest your money, you can improve your finances and protect your home from emergencies or unexpected expenses. Keep reading to learn 4 investment tips for Texas homeowners.
Tip #1: Open a High-Yield Savings Account
If you are looking to invest money where it can be easily assessable, opening a high-yield savings account is a great option. A high-yield savings account provides higher rates of return compared to traditional savings accounts, allowing your money to grow faster while it sits.
As a Texas homeowner, creating a high-yield savings account can be beneficial to keep your home safe in the event of an emergency. Think about those crucial home repairs that might be urgent to get fixed or your property tax bill that came in higher this year compared to the previous year. By creating this account, you will be ready for any home emergencies.
Tip #2: Open a 401(k) Plan
A 401(k) plan is an excellent way to invest in your financial future by essentially planning for your retirement. With a traditional 401(k) plan, you can control how much of your monthly paycheck you want to contribute to your plan with the option to change your contribution levels yearly. Another benefit of contributing to a 401(k) plan is paying less money to taxes each year. Since contributions are made to your 401(k) plan before income taxes, it lowers your total taxable income, which means you might owe less in income taxes.
Tip #3: Consider a Solar-Powered Home
Investing in a solar-powered home is an effective way to save cash for the future. This is especially true for Texas homeowners. The year-round sunshine in Texas makes it an excellent place for solar power systems. Using solar panels on your home will pay off your investment in no time and save on energy costs, sometimes even earning cash from your utility company for the energy you produce. Curious about how you can save more money by cutting your monthly energy cost bills? Read our blog, “8 Ways to Lower Your Energy Bill in Texas” for more tips.
Tip #4: Invest in Texas Property
With its booming economy and appealing lifestyle, the Lone Star State’s population continues to grow. This increase in population means high demand for housing and makes for a great opportunity to invest in Texas property. High demand for places to live means almost a guaranteed profit. Using any savings or extra income to invest in Texas property can lead to a profitable future and new opportunities.
At Johnson & Starr, we provide Texans with property tax loans that save homes. Our property tax loans are customized to fit your unique situation and can be flexible to adapt to nearly any loan requirement. To find out how we can help save your home, call us today at 800-203-9157.