How to Avoid Filing for Bankruptcy

The post How to Avoid Filing for Bankruptcy appeared first on Penny Pinchin' Mom.

The biggest obstacle to someone with a crushing debt burden is a lack of knowledge of how to get their arms entirely around the problem, and know how to go about making it right.

They do not understand what options are available to them, and if they do, they are unsure as to what the right first step for them is.  While many think bankruptcy is the answer, some alternatives may work better.

I can relate to the soul-crushing feeling of debt. I declared bankruptcy in 2010.  While it wasn’t my finest moment, I was able to learn from my mistakes and now live the financial life I want.  But, it wasn’t easy.  I had issues with my credit for years, and it followed me everywhere I went.

Had I known about some of these bankruptcy alternatives, I could have saved myself a lot of headaches.  Take the time to research your options before you pick up the phone to call an attorney.

 

HOW TO AVOID FILING FOR BANKRUPTCY

Debt Management Programs

Debt management programs, also called debt consolidation programs or credit counseling, is a way for people to pay off their unsecured debt using a third party debt relief company. A debt management program (DMP) works like this:

  • Customer enrolls in a DMP with a debt relief company providing them with information regarding the accounts to include in the program.
  • The debt relief provider negotiates a monthly payment and reduced interest rate with the creditor that results in the elimination of the debt in 3-5 years.
  • The customer makes a single payment to the debt relief provider, including a monthly administration fee based upon the amount of debt enrolled in the program. This fee usually ranges between $10 and $50 per month. The debt relief provider then disperses the agreed upon payment amounts to each creditor.
  • In exchange for a fixed monthly payment and reduced interest rate, creditors close the accounts so that you do not accumulate additional debt. While the act of enrolling in a debt management program does not affect your credit score, the closing of accounts will affect your debt to income ratio, as well as your credit history likely causing your credit score to dip in the beginning. However, by making consistent payments to the DMP, as well as to other financial commitments, a customer’s credit score usually rebounds quickly.

DMPs generally work well for people who are current with their payments but cannot make any progress on the balances due to high interest rates. By closing the accounts to avoid future debt, and having negotiated monthly payment and lowered interest rate, DMP customers can repay their unsecured debt within 3-5 years.

 

Debt Settlement Programs

A Debt Settlement Program (DSP) involves legal representation and for people who have a dier financial situation, but who still would like to try to avoid bankruptcy. People who enroll in a DSP go through the following process:

  • Customers stop paying the creditors enrolled in the program
  • Customers make monthly payments to the debt relief provider to fund an escrow account.
  • Over time, the customer’s accounts become severely delinquent. The lawyer assigned to the account will then reach out to creditors to negotiate a settlement of the account for less than the full amount.
  • The agreed-upon settlement is paid from the escrow account.

Debt settlement will have an adverse effect on a customer’s credit score since payments to the creditors are halted. Customers may also begin to receive collection calls from the creditor, at which time they are to inform the caller of the legal representation now handling the account. By law, this should stop the phone calls. There may also be tax implications for the amount of debt forgiven through a DSP.

DSPs are generally used by people who cannot meet all their monthly financial commitments and need to lower their monthly payments but want to avoid bankruptcy. By having the debt relief provider negotiate a settlement of less than the amount owed, customers can make progress on getting creditors off their backs in 3-5 years and then focus on rebuilding their financial future.

 

Negotiate directly with your creditors

Your creditor would much rather work with you than deal with bankruptcy.  If you have assets you can liquidate and use to pay down the debt, they may be willing to accept a lower amount.  Reach out and talk to your creditors to negotiate rates or even the balances to a more manageable amount.

If your creditors are harassing you, that is illegal and you can stop it.  Read more about how to stop collectors from calling you.

 

Just Keep Trying

If you are getting by and your budget works, there may not be a reason to give bankruptcy much thought.  Instead, work to create a debt repayment plan you can follow.  It may mean getting a second job or selling items, but there are many ways you can come up with more money to throw at your debt

The worst thing that will happen is your credit score will drop.  But, if you aren’t trying to get new credit for any reason, I would not stress about it in the short term.  Once your debt is paid down, you can do many things to increase your score quickly.

 

Debt consolidation

Check with your lender to see if there is a way you can consolidate your debts into a more manageable payment.  You usually need to provide collateral, such as your vehicle.  Alternatively, you might be able to tap into the equity in your home by getting a new mortgage for the balance owed PLUS the equity (where you can use the equity to pay off your loans).

If you’ve tried everything, but can’t see any other way but bankruptcy, make sure you know what you are getting into before you file.  It affects you and your family.

 

bankruptcy alternatives

 

The post How to Avoid Filing for Bankruptcy appeared first on Penny Pinchin' Mom.

Source: pennypinchinmom.com

New to Market: Matt Damon’s Zen Los Angeles Home Asks $21 Million

As part of his plan of leaving Los Angeles and moving his family to the Big Apple, Matt Damon has now listed his Pacific Palisades home for sale. And he’s hoping to cash in big from the sale, asking $21 million for the Zen-inspired contemporary home set in one of LA’s most desirable neighborhoods.

Recently listed with Eric Haskell, an agent with celebrity real estate brokerage The Agency, Matt Damon’s house is an architectural masterpiece with 7 bedrooms, 10 baths, tons of distinct design features and some pretty extraordinary amenities. The Academy Award-winning actor will be trading all this for a 6,000-square-foot penthouse in Brooklyn, New York, having broken records last year by paying $16.745 million for the top floor unit of a famous former hotel, The Standish.

inside matt damon's beautiful house in los angeles
Inside Matt Damon’s house in Los Angeles, now on the market for $21 million. Image credit: Alexis Adams

An architectural gem with striking features & Instagram-worthy interiors

Designed by award-winning architect Grant Kirkpatrick, founding partner of leading-edge design studio KAA Design Group, Matt Damon’s house is an extraordinary contemporary home that showcases masterful craftmanship throughout its 13,508-square-foot interiors.

With a modern-yet-timeless design, the house is anchored by a breathtaking atrium with 35-foot mahogany vaulted ceilings. The interiors are bathed in natural light and mix warm wood elements with natural stone, giving the whole space an inviting, relaxing vibe. Other striking features that deserve a shout-out: clerestory windows and glass walls that fuse the indoors with the outdoor areas.

two-story-atrium-with-vaulted-ceilings-in-matt-damons-house
Inside Matt Damon’s house in Los Angeles, now on the market for $21 million. Image credit: Alexis Adams
inside matt damon's house, living room
Inside Matt Damon’s house in Los Angeles, now on the market for $21 million. Image credit: Alexis Adams
inside matt damon's house, living room and dining room
Inside Matt Damon’s house in Los Angeles, now on the market for $21 million. Image credit: Alexis Adams

The family room opens to the magnificent chef’s kitchen with custom mahogany cabinetry, Bluestone countertops and stainless steel Viking, Wolf and Miele appliances. The kitchen then opens to the expansive backyard retreat (but more on that in a minute).

All in all, Matt Damon’s soon-to-be former Los Angeles abode packs 7 bedrooms and 10 baths across 13,508 square feet of space. The primary suite comes with its own private terrace, dual dressing rooms, massage room and a spa-style bath with soaking tub and expansive shower. Pretty much every room offers leafy property and treetop views, adding an extra note of serenity to this wonderfully Zen-inspired home.

kitchen in Matt Damon's house in Los Angeles, now on the market for $21 million.
Inside Matt Damon’s house in Los Angeles, now on the market for $21 million. Image credit: Alexis Adams
Inside Matt Damon's house in Los Angeles, now on the market for $21 million.
Inside Matt Damon’s house in Los Angeles, now on the market for $21 million. Image credit: Alexis Adams
primary suite in matt damon's los angeles house
Inside Matt Damon’s house in Los Angeles, now on the market for $21 million. Image credit: Alexis Adams
massage room in matt damon's house
Inside Matt Damon’s house in Los Angeles, now on the market for $21 million. Image credit: Alexis Adams
beautiful bedroom in matt damon's house in Los Angeles
Inside Matt Damon’s house in Los Angeles, now on the market for $21 million. Image credit: Alexis Adams

Amenities galore and a wonderful backyard retreat

Most celebrity homes tend to outdo themselves when it comes to amenities and bonus rooms and Matt Damon’s house is no exception. Interior amenities include a game room, bar, office, gym, plush media room, staff quarters and wine storage and tasting room. And that’s just what you’ll find inside the house.

Outside, the modern home has quite a few amenities that invite calm and relaxation (perfectly in tune with the rest of the house), including an expansive pool, spa, a cascading waterfall, koi pond and Hawaiian-inspired Lanai with a covered lounge and alfresco dining terrace. To appeal to the little ones — Damon is a father of four — there’s also a nice children’s play area.

Pool and outdoor area of Matt Damon's Los Angeles home in Pacific Palisades.
Pool and outdoor area of Matt Damon’s Los Angeles home in Pacific Palisades. Image credit: Alexis Adams
outdoor lounge and alfresco dining area in matt damon's $21 million house
Pool and outdoor area of Matt Damon’s Los Angeles home in Pacific Palisades. Image credit: Alexis Adams
kids playground in matt damon's house
Playground outside Matt Damon’s Los Angeles home in Pacific Palisades. Image credit: Alexis Adams

Matt Damon’s next home is vastly different from his Los Angeles digs

The Academy Award-winning actor, who is starring in the highly anticipated Ridley Scott-directed The Last Duel (to be released this year), will soon be leaving Los Angeles behind. The move has long been planned, with Damon and wife Luciana Bozán Barroso having purchased a Brooklyn Heights penthouse two years ago for a record-breaking price.

The couple paid $16.745 million for a 6-bedroom, 6,201-square-foot penthouse at The Standish — a historically significant converted building that was originally built in 1903 as a Beaux Arts hotel. At the time, Damon’s purchase set a new record for the borough, making him the owner of the most expensive property ever sold in Brooklyn.

Despite the fact that the penthouse consists of several units merged for extra space, the actor will be downsizing considerably. And the loss in square footage is matched by a significant downgrade in outdoor space — though it’s worth noting that Matt Damon’s new home does have an expansive terrace, a rarity for New York City. There’s no Zen backyard pool though, so we’re pretty sure the Good Will Hunting actor will, at times, miss his Pacific Palisades retreat.

More beautiful celebrity homes

Check Out this Beautiful House the Hemsworth Brothers Just Sold in Malibu
Wayne Gretzky is Selling his $22.9M California Home Designed by ‘The Megamansion King’
Morgan Brown Re-Lists Stunning West Hollywood Home Amid Split from Actor Gerard Butler
Chrissy Teigen & John Legend Buy $17.5M Beverly Hills Mansion

The post New to Market: Matt Damon’s Zen Los Angeles Home Asks $21 Million appeared first on Fancy Pants Homes.

Source: fancypantshomes.com

2020 Could Be an Unprofitable Year for Rental Properties. Here’s How to Handle the Taxes

beach house Darwin Brandis/Getty Images

Economic fallout from the COVID-19 crisis and civil unrest could cause many rental real estate properties to run up tax losses in 2020 and maybe beyond. This column covers the most important federal income tax questions and answers for rental property owners. Here goes.

What can I write off?

Nothing new here. You can deduct mortgage interest and real estate taxes on rental properties. You can also write off all standard operating expenses that go along with owning rental property: utilities, insurance, repairs and maintenance, care and maintenance of outdoor areas, and so forth.

What about depreciation write-offs?

For many rental property owners, the tax-saving bonus is the fact that you can depreciate the cost of residential buildings over 27.5 years, even while they are (you hope) increasing in value. You can generally depreciate the cost of commercial buildings over 39 years.

Example: You own a small apartment building that cost $1.5 million not including the land. The annual depreciation deduction is $54,545 ($1.5 million/27.5). The deduction can shelter that much annual positive cashflow from income taxes. So, depreciation write-offs are nice tax-savers, especially if you own an expensive property or several properties.

Variation: As stated earlier, commercial buildings must be depreciated over a much-longer 39-year period. Even so, the annual depreciation write-off for a $1.5 million commercial building is $38,462. The deduction can shelter that much annual cash flow from income taxes.

Can I claim 100% first-year bonus depreciation?

Yes, for qualified improvement property (QIP) expenditures on a nonresidential building. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) included a retroactive correction to the statutory language of the Tax Cuts and Jobs Act (TCJA). The correction allows much faster depreciation for commercial real estate qualified improvement property (QIP) that’s placed in service in 2018-2022. QIP is defined as an improvement to an interior portion of a nonresidential building that’s placed in service after the building was placed in service. However, QIP doesn’t include any expenditures attributable to: (1) enlarging the building, (2) any elevator or escalator, or (3) the internal structural framework of the building. Thanks to the CARES Act correction, you can write off the entire cost of QIP in Year 1, because it qualifies for 100% first-year bonus depreciation.

Alternatively, you can choose to depreciate QIP over 15 years using the straight-line method. That alternative might make sense if you expect higher tax rates in future years. Discuss your QIP depreciation options with your tax pro.

What else do I need to know about depreciation write-offs?

You ask such good questions. There’s more. The TCJA increased the maximum Section 179 first-year depreciation deduction for qualifying real property expenditures to $1 million, with annual inflation adjustments. The inflation-adjusted maximum for tax years beginning in 2020 is $1.04 million. The Section 179 deduction privilege potentially allows you to deduct the entire cost of qualifying real property expenditures in Year 1. I say potentially, because Section 179 deductions are subject to several limitations. Ask your tax pro for details.

The TCJA also expanded the definition of qualifying property to include expenditures for nonresidential building roofs, HVAC equipment, fire protection and alarm systems, and security systems.

Finally, the TCJA further expanded the definition of qualifying property to include depreciable tangible personal property used predominantly to furnish lodging. Examples of such property include beds, other furniture, and appliances used in the living quarters of an apartment house.

Can I claim the qualified business income (QBI) deduction base on my net rental income?

Maybe. For 2018-2025, the TCJA established a new personal deduction based on qualified business income (QBI) passed through to your personal Form 1040 from a pass-through business entity (meaning a sole proprietorship, LLC treated as a sole proprietorship for tax purposes, partnership, LLC treated as a partnership for tax purposes, or S corporation). The deduction can be up to 20% of QBI, subject to restrictions that kick in at higher income levels. For a while, it was unclear if you could claim QBI deductions based on net rental income passed through to you from one of the aforementioned pass-through entities. The IRS eventually issued taxpayer-friendly guidance that allows QBI deductions in most such cases, but you must follow complicated rules to collect the tax-saving benefit. As your tax pro for details.

What about the passive loss rules?

Ugh. If your rental property throws off tax losses (most properties do, at least during the early years and during years when the economy is suffering — like now), things can get complicated. The so-called passive activity loss (PAL) rules may come into play. Losses from rental properties will usually be classified as passive losses.

In general, the PAL rules only allow you to currently deduct passive losses to the extent you have current passive income from other sources, like positive income from other rental properties or gains from selling them. Passive losses in excess of passive income are suspended until you either have enough passive income or you sell the property that produced the losses. Bottom line: the PAL rules can postpone any tax-saving benefit from rental property losses, sometimes for years. Fortunately, there are several exceptions to the PAL rules that can allow you to deduct rental property losses sooner rather than later. Your tax pro can explain the exceptions and help you plan to become eligible, if possible.

Is that the end of the bad news?

Not exactly. Say you manage to successfully clear the hurdles imposed by the PAL rules for your rental property losses. So far, so good. But the TCJA established another hurdle that you must also clear to currently deduct those losses. For tax years beginning in 2018-2025, you cannot deduct an excess business loss in the current year. An excess business loss is one that exceeds $250,000 or $500,000 for a married joint-filing couple. Any excess business loss is carried over to the following tax year and can be deducted under the rules for net operating loss (NOL) carry-forwards. This loss disallowance rule applies after applying the PAL rules. So, if the PAL rules disallow your rental losses, this rule is a nonfactor.

COVID-19 Relief: Thankfully, the CARES Act suspends the excess business loss disallowance rule for losses that arise in tax years beginning in 2018-2020. That’s good news.

What’s the deal with net operation losses (NOLs)?

Say you manage to successfully clear both of the preceding hurdles for your rental property losses. Now we are talking, because you can generally use those losses currently to offset taxable income from other sources. If losses for the year exceed income from other sources, you may have a net operating loss (NOL) for the year.

COVID-19 Relief: The CARES Act allows a five-year carryback privilege for an NOL that arises in a tax year beginning in 2018-2020. So, you can carry an NOL from one of those years back to an earlier year, deduct it, and recover some or all of the federal income tax paid for the carryback year. Because federal income tax rates were generally higher in years before the TCJA took effect, NOLs carried back to those years can be especially beneficial. The TCJA kicked in starting with tax years beginning in 2018.

What if I have positive taxable income?

Eventually your rental property should start throwing off positive taxable income instead of losses, because escalating rents will surpass your deductible expenses. Of course, you must pay income taxes on those profits. But if you piled up suspended passive losses in earlier years, you can now use them to offset your passive profits.

Another nice thing: positive taxable income from rental real estate is not hit with the dreaded self-employment (SE) tax, which applies to most other unincorporated profit-making ventures. The SE tax rate can be up to 15.3%. Something to avoid when possible.

One bad thing: positive passive income from rental real estate owned by a higher-income individual can get socked with the 3.8% net investment income tax (NIIT), and gains from selling properties can also get hit with the NIIT. Ask your tax pro for details.

The bottom line

There you have it: most of what you need to know about the federal income tax issues that can come into play for rental property owners. The economic fallout from the COVID-19 crisis and recent civil unrest increase the odds that rental properties will suffer losses in 2020, but tax relief provisions may soften the blow.

The post 2020 Could Be an Unprofitable Year for Rental Properties. Here’s How to Handle the Taxes appeared first on Real Estate News & Insights | realtor.com®.

Source: realtor.com

From Bankruptcy to Paying $22,000 Cash for a Car

The post From Bankruptcy to Paying $22,000 Cash for a Car appeared first on Penny Pinchin' Mom.

rebounding from bankruptcy

I was recently a guest on the Masters of Money podcast.  One of the statements Phil made was “Wait a minute.  How does one go from declaring bankruptcy to paying $22,000 cash for a car?”

I had never really looked at my journey in that way.  But, when I thought about it, I realized –  “Dang!  That really is pretty awesome.”  And, what is even more interesting is how my bankruptcy was the catalyst for bringing me to the place I am today.


WHERE IT ALL BEGAN

When I was in my 20s, I was in a relationship. To be totally honest, it was destined to fail.  We were just really too different and so it was never going to work out.  However, being young, naive and in love, I was doing all I could to make it work.

For me, that meant buying things to make him happy.  But, truth be told, I was really spending money to make myself happy.  I loved money because it made me feel good.  I adored all it offered to me.

Sadly (and like so many others), it lead me down the path of financial ruin.  Well, not the money itself.  My attitude did.

I had such an adoration of money, and what I thought it was doing for me, that I misused it. I allowed it to take control of my life to try to fill some of the emptiness I was experiencing.

In December 2001, that relationship came to an end.  When it happened, I was devastated. It was a mix of sadness because it was over but honestly, more fear of me being able to support myself alone financially.

I had built up a lot of debt with him. While it was joint debt, we were not married. We both knew that we could not make ends meet alone and that we also needed to find a way to put this all behind us.  So, bankruptcy it was.

That following August, we met in Wichita, Kansas before the bankruptcy judge and it became official. I was bankrupt.

 

REBOUNDING FROM BANKRUPTCY

Fortunately for me, a few months after that relationship ended, I had moved to a new city and met the man I would eventually marry.  In fact, he proposed to me just a week after I declared bankruptcy.  Talk about a keeper!  😉

When I met my husband, I learned a lot about myself and what real love was like. I began to understand that it wasn’t in the things I gave him or he to me, but in the moments we shared. For the first time in my life, I experienced true love and joy.

He was the change I needed.

We married in June 2003 and knew that we wanted to start our family as soon as possible.  One thing we both agreed upon was that we wanted for me to quit my job and stay home with our children.  It was important for both of us that one of us was there to raise them.  We knew it would be a financial challenge, but one we felt we could overcome together.

In September 2004, our first daughter was born.  That was the same day I officially quit my job.

 

HERE COMES THE DEBT (AGAIN)

Once I was staying home with our little girl, our finances changed.  They had to. We could not spend as much money dining out and in other ways as we once did.  We both knew that.   However, we also had purchased a new home and there were things we needed wanted.

A few months before she was born, my husband purchased a pickup.  One month after Emma arrived, we went out and bought a brand new minivan.

Between the vehicles and a home equity loan to buy things for our house, we had accumulated quite a bit of debt.  We just kept juggling the bills and trying to balance it all – and not very successfully.

I started working part-time from home a few hours a week. That meant I was able to be here to take care of my baby, and was also able to bring in a little bit of cash.  It was difficult to do, but I knew we needed the money, so I kept at it.

Our son followed in March 2007.  There was no way I could still try to work the hours they needed for me to, and raise two kids. My kids mattered more.

So, I quit.

We continued getting by.  There were times when we robbed Peter to pay Paul.  We were making it, but not in the way we wanted to.

Then, one evening, my husband told me to go out to dinner with my friends.  Little did I know what would happen next.

 

THE DINNER THAT CHANGED IT ALL

After an evening of dinner and drinks with my girl friends, it was time to pay.  Most of us pulled out a credit or debit card to pay.  However, my son’s Godmother, Kathy, reached into her purse and pulled out an envelope.

I asked her what that was about, as I’d never seen such a thing before.  She explained how they were using cash for everything instead of plastic because they were trying to get out of debt.

That intrigued me, so I asked her more questions.  She told me how she and her husband had recently started to follow Dave Ramsey.  They were able to create a budget and a plan that was helping dig them out of debt.  She filled us in on some of the program and what they were doing.  That left me wanting to learn more.

When I walked through the door that evening, I sat down and started sharing all of this with my husband.  We knew that our friends did not make much more than we did, so we thought “if they can do it – so can we.”

I grabbed my computer and we started researching this Dave Ramsey.  We had no clue who he was or what he taught. The more we read, the more we were inspired to follow his plan.  We pulled out the debit card and made our purchase.  Nope.  We didn’t even sleep on it.

 

HOW WE CREATED OUR DEBT FREE PLAN

Once the Dave Ramsey books and materials arrived in the mail, we were like two kids on Christmas morning. We tore open the box and could not wait until our kids were in bed that night…..so we could read!!!

Within the week, we had started our plan.  Luckily, we had around $2,000 in the bank, so our emergency fund was already taken care of. We created a budget and a debt snowball plan and were ready to attack.

I was looking at the numbers and our plan and it hit me. I was in debt again.  However, this time, I felt as if I had brought my husband along with me.  I felt horrible that I was back in this situation.

Yes, this time around the spending was not for the same reasons as before, but it had happened. Were we going to get out of debt and just do this all over again in a few years? Why would it be different this time? Did I really learn from my past mistakes?

I started giving this a lot of thought and realized that even though the bankruptcy was behind me, my money attitude was still the same.

 

MY (MUCH NEEDED) ATTITUDE CHANGE

When I looked at the money we had spent, I realized that it was because I enjoyed spending it.  It wasn’t because I was trying to replace an emptiness in my life. Heck! I was happier than I had been my entire life.  But yet, here I was, still building debt, buying things I did not really need.

I had to do a lot of self-analysis. It began with me asking myself one simple question:

“What do you feel when you think about money?”

For me, it was simple. I loved it. I loved how I could use it to get things I wanted.  And, not having had much money growing up, I thought I worked hard for this, so I will spend it as see fit.

When I said that out loud to myself, I knew it was not healthy. Money is not here just to get the things I want.  Sure, it is fun to buy items, but those things were never making me happy.  My husband and children were doing that for me.

I took another look at the debt and knew that the money had purchased things.  Those things were replaceable and if I lost them all tomorrow, I’d be OK.  However, my family wasn’t.  There was nothing in this world that could or would ever replace them.  Ever.

In that moment I made the decision that I was no longer going to love money.  I was going to love my family – and myself – more.

For me, it meant changing my entire attitude.  Once that happened, it all started to fall into place.

 

THE PLAN WE USED – THAT WORKED!

As I mentioned above, we read the Dave Ramsey plan.  While we followed most of what he said, we also had to do some of our own research and come up with our own ways to do things.

For my husband, it meant selling some of the guns he owns (he is an avid hunter).  I sold furniture and other items that were taking up space in the basement.  We had garage sales.  Any money we made from these ventures went to our debt.

I started researching and finding ways to save more money at the grocery store.  And, as a result of my findings, some of my on-line friends encouraged me to start a blog.  (And, we all know where that lead now, don’t we.  😉 ).

Through it all, we did it.

On February 10, 2010, we made the final payment on our mini van.  We had done it.  We had become debt free.

 

THE CASH CAR

Once we were out of debt, we were able to start saving money.  It felt amazing to be able to keep more of what we earned and not have to hand it over to everyone else.

My husband and I knew that we would eventually need to replace our mini van. We started paying ourselves monthly payments – instead of a car company.  We built up that savings for many, many years.

When we had enough built up to pay cash for a car, we did not do it.  Even though we had the money to pay for it, we did not really need a new car.  That was a want.

So, we saved even more and researched and waited until the right car came along.  And, it did.  More than 2 years after we had enough money to pay for the car we wanted, we made the purchase.

There is nothing like sitting down at the dealership and writing a check for a vehicle.  There is no worry about how to fit the payment into our budget. The car is ours.  We were able to drive it home and just enjoy it.

The hard work had paid off.

 

YOU CAN TO IT TOO – I PROMISE

During our journey, I found my calling.  It was to help others, just like you, do the same thing we did.  This blog is how I do that.

I have shared many stories, tips and ideas to help you and your family save money over the years. I know some of you have been able to follow my articles and get started on your own debt free journey.

However, reading a few articles here and there can be difficult to follow. My husband and I did that ourselves.  Yes, it worked for us, but we both kept wishing we could follow a plan that would not just give us a few tools on how to do things, but really be there.

Someone who would hold our hand when we were scared. That we would have others to lean for advice.  We wished that we could celebrate our victories with others who really understood and can relate.

That led me to where I am today.  This blog.  This chance to really help others.  And, in those continuing efforts, The Financial Reboot Course was born.

 

CHANGE YOUR ATTITUDE – CHANGE YOUR LIFE

For me, the one change I needed to make was my money attitude.  I did not do that the first time around and I ended up making some of the same mistakes. History was repeating itself.

Once you can do the same thing, and really understand the root of how you feel about money, then – and only then – can you start to overhaul your finances.  If you don’t change the way you handle money, you will be destined to make the same mistakes over and over again.

I want to guide you on your own financial journey. I want you to be successful. I want you to be able to shout it from the rooftops — I’M DEBT FREE!!!!

Let me help you make the change you need at this moment in your life.  Kick start your own Financial Reboot, and leave the past in the past.

 

The post From Bankruptcy to Paying $22,000 Cash for a Car appeared first on Penny Pinchin' Mom.

Source: pennypinchinmom.com

Retained Earnings vs. Net Income

finance bar chart mobile

Companies have several different types of earnings, each of which provide different information about their revenues and insight into their financial health. On a company’s balance sheet—which is a key piece of information in evaluating a company’s stock value—it will report details about its expenses and earnings, including retained earnings and net income.

Net income (NI), or net earnings, is the amount of money a company has left after subtracting operating expenses from revenue. Retained earnings goes a step further, subtracting dividend payouts to shareholders.

This article will cover how to calculate and interpret retained earnings and net income, the differences between them, and why they’re important for investors who are trading stocks online.

What is Net Income?

Net income (NI) is an indication of how profitable a company is. It is a basic calculation showing the difference between its earnings and expenses, which can include labor, marketing, depreciation, interest, taxes, operational expenses, and the cost of making products.

How to Calculate Net Income

Use the following formula to calculate the net income of a company:

Net Income = Revenue – Expenses

For example, if a company makes $50,000 in revenue during an accounting period and has $30,000 in expenses, their net income is $20,000.

Understanding Net Income

Net income is often referred to as the bottom line, since it appears on the bottom line of a company’s balance sheet and is the basic calculation of a company’s profit.

NI is used to calculate earnings per share, and is one of the key figures investors use when evaluating companies. When people talk about a company being in the red or in the black, they are referring to whether the company has a positive or negative net income.

It’s important to note that net income can be manipulated through the hiding of expenses and other means. It can be hard to figure out if this is happening, but investors might want to be wary of this and look into what numbers are being used in the net income calculation.

What Are Retained Earnings?

Retained earnings (RE) may also be referred to as unappropriated profit, uncovered loss, member capital, earnings surplus, or accumulated earnings.

paying out dividends to please shareholders. After a company completes dividend payouts, they retain the amount of earnings that are left, and may decide to reinvest them into the business to continue to grow, pay off loans, or pay additional dividends.

It’s useful to understand RE when looking into companies to invest in, because they show whether a company is profitable or if all of their earnings are going towards dividends. If a company’s retained earnings are positive, this means they have money available to invest and put towards growth.

On the other hand, if a company has negative retained earnings, it means they are in debt, which is generally not a good sign.

How to Calculate Retained Earnings

Use the following formula to calculate the retained earnings of a company:

Retained earnings = Beginning retained earnings + Net income or loss – Dividends paid (cash and stock)

All of this information is available on a company’s balance sheet. In order to find beginning retained earnings one will need to look at the previous period’s balance sheet.

For example, if a company starts with $8,000 in retained earnings from the previous accounting period, these are the beginning retained earnings for the calculation. If the company makes $5,000 in net income and pays out $2,000 in dividends to shareholders, the calculation would be:

$8,000 + $5,000 – $2,000 = $11,000 in retained earnings for this accounting period
Since retained earnings carry over into each new accounting period, profitable companies generally have increasing retained earnings over time, unless they decide to spend them.

Understanding Retained Earnings

The calculated retained earnings show a company’s profit after they have paid out dividends to shareholders. If the calculation shows positive retained earnings, this means the company was profitable during the specified period of time. If the retained earnings are negative, this means the company has more debt than earnings.

Companies can use this figure to help decide how much to pay out in dividends and how much they have available to reinvest.

Although negative RI isn’t ideal, investors should consider the company’s individual circumstances when evaluating the results of the calculation. There are some instances in which negative retained earnings are fairly normal and not necessarily a reason to avoid investing.

How to Assess Retained Earnings

When assessing the retained earnings of a company, the following factors should be taken into account:

•  The company’s age. If a company is only a few years old, it may be normal for it to have low or even negative retained earnings, since it must make capital investments in order to build the business before it has made many sales. Older companies tend to have higher retained earnings. If a company has been around for many years and has low or negative retained earnings, this may indicate that the company is in financial trouble.
•  The company’s dividend policy. Some companies don’t pay out any dividends, while others regularly pay out high dividends. This will affect their retained earnings. In general, publicly-held companies tend to pay out more dividends than privately-held companies.
•  The period of time used in the calculation. Some companies are more profitable at certain times of year, such as retail businesses. If one looks at retained earnings during the holiday season or other popular times for retail, the company may save up their profits from those times in order to get through slower times. For this reason, the same company might show different retained earnings depending on what time period is used in the calculation.
•  The company’s profitability. More profitable companies tend to have higher retained earnings.

What’s the Difference Between Retained Earnings and Net Income?

Although retained earnings and net income are related, they are not the same. While net income helps with understanding profit, retained earnings help with understanding both profit and growth over time.

At times, a company may have negative retained earnings but positive net income. This is what is known as an accumulated deficit. Or the opposite may occur. For example, if a company earned $60,000 in revenue and they have $40,000 in expenses, their net income is $20,000. If they then pay out $10,000 in dividends to shareholders, the retained earnings calculation would be:

$0 + $20,000 – $10,000 = $10,000 in retained earnings

If a company has a healthy net income and retained earnings, this may be a good time for them to reinvest some of their money into growing the business. In some cases, retained earnings and net income may be the same—as when a company doesn’t pay out dividends and has no retained earnings carried over from the previous period.

Why do Retained Earnings and Net Income Matter?

Investors are often interested in retained earnings and net income because they help show the long-term financial health of a company. Figures such as revenue and expenses vary with each accounting period, and they don’t give as accurate a picture of debt and opportunity for growth.

debt-to-equity ratio, which is a measure of how much debt it takes for a company to run its business.)

Retained earnings are also useful for companies to help determine how to spend their money. If retained earnings and/or net income are low, it might be best for the company to save their money rather than reinvesting it or paying out dividends. If the numbers are high, they can consider spending it.

The Takeaway

Net income and retained earnings are two useful calculations that can help investors assess a company’s health, and that can help a company decide what to do with their earnings. They’re a key part of a company’s overall financial picture.

The big difference between the two figures is that while net income looks at revenue minus operating expenses, retained earnings further deducts dividend payouts from NI. Both can help form an overall view of the profitability and risk of a company.

Investors ready to start buying and selling stocks might want to consider a SoFi Invest® account, which offers complimentary advice and other benefits that can help individuals set and work toward their personal financial goals.

Find out how to open a SoFi Invest account today.


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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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The post Retained Earnings vs. Net Income appeared first on SoFi.

Source: sofi.com

Homie & Girl Scouts Partner to Build Cookie Castle

As with many things in 2020, selling homes and cookies is being done differently; that’s why we’ve teamed up with the Girl Scouts-Cactus Pine Council in Arizona. In an effort to foster creativity, engineering, and entrepreneurial skills amongst the Girl Scouts we’ve donated $15,000 to the foundation.

Similar to Homie, Girl Scouts encourages innovation and finding new ways of doing things. When Girl Scouts were forced to sell cookies indoors as a result of safety precautions due to the Coronavirus pandemic, we wanted to create something eye-catching and fun. The result – a cookie castle.

What is a Cookie Castle?

One local Girl Scout, Mija and her father are building a 9-foot by 9-foot by 13-foot tall castle mostly out of Girl Scout cookie boxes. This will be the focal point to the Cactus Pine Council’s cookie selling space located at The Shops at Norterra in Phoenix beginning on February 7th.

Girl Scout Mija with her father in front of the cookie castle

Why Partner?

“At Homie, we applaud innovation and embrace making smart, creative changes which is why we wanted to support and encourage the Girl Scouts-Cactus Pine Council’s cookie selling efforts this year,” said Joshua Miller, General Manager at Homie Arizona. “When we learned they were forced to shift gears we wanted to support the fundraising efforts and life skills by aiding in the building of the cookie castle.”

The annual cookies sale is a major fundraiser for Girl Scouts in Arizona, supporting opportunities for girls to learn, grow, and enjoy new experiences. The Cactus Pine Council’s goal is to sell 2.1 million packages of cookies this year.

How Can I Help?

1. Visit the cookie castle – The public can purchase cookies and view the cookie castle every Sunday in February, beginning on February 7th at The Shops at Norterra.

2. Purchase Girl Scout Cookies – Not located in Phoenix? Find cookies by visiting gscookiefinder.com.

Homie is committed to serving and giving back to our local communities. You can also support the Girl Scouts and other meaningful foundations by buying or selling with Homie.

The post Homie & Girl Scouts Partner to Build Cookie Castle appeared first on Homie Blog.

Source: homie.com

15 Home Business Ideas & The Free Courses You Need To Get Started

Are you looking for a work from home job or some at home business ideas?

If so, then I have a great list of free resources, such as courses and guides, that will help you find the best option and learn how to get started. Plus, all of the courses and guides in this article are free!

home business ideasIf you’re looking to make extra money, or even a full-time income, working from home is a great option. There are lots of realistic home business ideas that allow you to work on a flexible schedule.

In fact, around 50% of U.S. businesses are home based, and that number is expected to grow well into the future.

But, many people don’t know what kind of options are available or how to get started with their in home business ideas.

This article is a good starting point because I’m going to tell you about 15 different profitable home based business ideas and link to free courses, workshops, and guides that will help you kick off each of these ideas.

There are lots of valuable paid courses out there, but if you’re not sure about an idea, you might not want to spend hundreds of dollars on a course. That’s why free courses and guides are a great way to start.

You can learn more about each of these small business ideas, learn some of the basic skills, how much money you can earn, and more. You get to test these ideas a little bit before you invest a lot of time and money.

No matter what kind of business you decide to start, I think you’ll really enjoy starting one from home. 

I have been working from home since 2013, and I wouldn’t change it for anything! I absolutely love and enjoy running a business from home.

It has allowed me to travel full-time, save enough money to retire early, love what I do each day, and more.

Many people love running home based businesses for those reasons, but it also cuts your commute, allows you to earn money in your spare time, be your own boss, work on a flexible schedule, and more.

So, to help you get started, today I will explain some of the best small business ideas from home and which free online courses can help you get started.

Here is a quick list of the free work at home courses and resources I’m sharing:

  1. Selling Printables on Etsy Ebook
  2. Sell on Amazon Starter Course
  3. How To Start a Blog Course
  4. Build A Voiceover Action Plan From Scratch Minicourse
  5. Start An Online Advertising Business From Scratch
  6. Start Your Virtual Bookkeeping Business
  7. Turn Your Passion For Visiting Thrift Stores, Yard Sales & Flea Markets Into A Profitable Reselling Business In As Little As 14 Days
  8. General Transcription Mini-Course
  9. Become a Proofreader 76 Minute Webinar
  10. Court Transcript Proofreading Mini Course
  11. Podcast Virtual Assistant Workbooks
  12. Make Money Writing Romance Novels ecourse
  13. Pinterest Virtual Assistant Training Workshop
  14. Jumpstart Your Virtual Assistant Business
  15. Self-Publishing Your First Book

Below, I will be diving deeper into what each option is like, as well as more information about each of those free resources.

Below are 15 home business ideas.

 

1. Sell printables on Etsy.

Are you looking for a smart home business idea that allows you to use your creativity? Are you wondering “What can I sell from home to make money?”

If so, I recommend checking out this option. See, creating printables on Etsy can be a great side hustle because you just need to create one digital file per product, which you can then sell an unlimited number of times.

Printables are digital products that customers can download and print at home. Examples include grocery shopping checklists, gift tags, candy bar wrappers, printable quotes for wall art, and patterns.

You can sign up for this free ebook that helps you figure out where to start when it comes to selling printables on Etsy.

Related content on successful home business ideas:

  • 12 Passive Income Ideas That Will Let You Enjoy Life More
  • 15 Of My Best Working From Home Tips So You Can Succeed
  • 15 Outdoor Jobs For People Who Love Being Outside
  • 24 Of The Best Work From Home Jobs & How To Avoid Scams

 

2. Sell items on Amazon.

Yes, you can make money selling items on Amazon. Actually, this is one of the home business ideas with low start up costs because you can literally start selling items from around your house. Make money while you declutter your home, what’s not to love?!

The first year that my friend Jessica ran her Amazon FBA business, working less than 20 hours a week total, she made over $100,000 profit!

This free course shows you how to start a profitable Amazon business in a 9-part video course. You’ll learn:

  • The exact steps to follow to set up your Amazon Seller account
  • Two easy and affordable ways to find items to sell
  • How to choose profitable inventory that customers actually want to buy

Click here to sign up for the FREE Amazon FBA Starter Course!

 

3. Start a blog to work at home.

For obvious reasons, blogging is my favorite on this list of profitable home business ideas.

It is a business that allows me to travel full-time, have a flexible schedule, earn somewhat passive income, and more.

Blogging changed my life for the better, and it allows me to earn thousands of dollars a month, all by doing something that I love.

My blog was created on a whim as a way to track my personal finance progress. And when I first started my blog, I honestly didn’t even know that this was going to be one of the best small profitable business ideas out there. At least that’s been the case for me! 

You can easily learn how to start a blog with my free How To Start a Blog Course.

Here’s a quick outline of what you will learn:

    • Day 1: Reasons you should start a blog
    • Day 2: How to determine what to blog about
    • Day 3: How to create your blog (in this lesson, you will learn how to start a blog on WordPress – my tutorial makes it very easy to start a blog)
    • Day 4: How to make money blogging
    • Day 5: My tips for making passive income from blogging
    • Day 6: How to grow your traffic and followers
    • Day 7: Miscellaneous blogging tips that will help you be successful

 

4. Become a voice over actor.

A voice over actor is the person you hear but rarely see on YouTube videos, radio ads, explainer videos, corporate narration, documentaries, e-learning courses, audiobooks, TV commercials, video games, movies, and cartoons.

In 2014, Carrie Olsen replaced her salaried day job to become a full-time voice over actor. People are constantly asking her how she got her start and how they can too.

So, she created Build A Voiceover Action Plan From Scratch Minicourse — This free course will help you learn about becoming a voice over artist, even if you’re brand new!

 

5. Run Facebook ads for local businesses.

Did you know that you can make a living from Facebook? With Facebook advertising, you can help businesses expand their reach.

And, yes, this is a skill that you can learn without any prior experience in marketing or advertising.

The going rate for Facebook Ad management is $1,000 – $1,500 per month, per client.

Last year, business owners spent over $88,000,000 per day on Facebook ads. This is expected to continue to grow, and it is one of the largest advertising spaces that exists.

My friend Bobby Hoyt knows a lot about this topic. Bobby is a former high school teacher who paid off $40,000 of student loan debt in a year and a half. He now runs the personal finance blog Millennial Money Man full-time, as well as a digital marketing agency for local businesses that he started in 2015.

Bobby has a free webinar on this topic too. His webinar, Start An Online Advertising Business From Scratch, will teach you how to start this business even if you’re brand new, how to find paying clients, and more.

 

stay-at home business ideas

6. Start a bookkeeping business.

A bookkeeper is someone who tracks the finances of a business. They may handle payroll, billing and invoicing, etc.

These are all skills you can learn without being an accountant or having any previous experience.

Ben, from Bookkeeper Launch, helps people get started as bookkeepers even when they don’t have any experience. Ben is a CPA who founded his business after realizing that many businesses needed better bookkeepers. 

Start Your Virtual Bookkeeping Business will teach you more about running your own virtual bookkeeping business. You’ll learn:

  • Is a bookkeeping business for you?
  • What exactly is a bookkeeping business? What kind of work do they do?
  • How much money can you make as a bookkeeper?
  • How do you find clients?

 

7. Search for items to resell.

Have you ever found something that you thought you could resell to make a profit?

Melissa’s family earned $133,000 in one year by buying and selling items that they’ve found at thrift stores, yard sales, and flea markets.

Some of the best flipped items that they’ve sold include:

  • An item that they bought for $10 and flipped for $200 just 6 minutes later
  • A security tower they bought for $6,200 and flipped for $25,000 just one month later
  • A prosthetic leg that they bought for $30 at a flea market and sold for $1,000 on eBay the next day

This is one of the home business ideas that anyone can start because you can start off selling things in your own house — I know we all have lots of stuff in our house that we could stand to get rid of. Then once you get a feel for the work, you can start purchasing items to resell.

Melissa has a great free webinar, Turn Your Passion For Visiting Thrift Stores, Yard Sales & Flea Markets Into A Profitable Reselling Business In As Little As 14 Days, that will help you learn how to make money by flipping items.

 

8. Transcribe audio or video content into text.

Transcription is when you turn audio or video content into a text document. You listen to what’s being said and type it up.

There are many businesses looking for transcriptionists too – since general transcriptionists convert audio and video to text for virtually any industry, there really isn’t a typical client. Some examples include marketers, authors, filmmakers, academics, speakers, and conferences of all types.

Beginning transcriptionists earn around $15 an hour and it goes up from there.

You can learn more in the Free General Transcription Mini-Course. In this course, you will learn what it takes to become a transcriptionist, how much money you can earn, how you can find jobs, and more.

 

9. Become a general proofreader.

Proofreading is one of the most flexible and detail-orientated home business ideas that work. All you need to work as a proofreader is a laptop or tablet, an internet connection, and a good eye for finding mistakes.

Proofreaders look for punctuation mistakes, misspelled words, lack of consistency, and formatting errors.

You take content that other people have written and then go over it with a fine-tooth comb. You might be proofreading blog posts, print articles, academic articles, website copy, ad copy, books, student papers, emails, and more.

In one year, Caitlin made slightly over $43,000 by being a freelance proofreader.

Caitlin put together a FREE 76-minute workshop, where she answers all of the most common questions about becoming a proofreader, and she even shows you how to use the most popular tools used by proofreaders around the world. You can sign up for free here.

 

10. Become a court transcript proofreader.

Becoming a court transcript proofreader is a more focused version of the last idea.

Here’s what it’s like:

“Court reporters use digital stenography machines in combination with computer-aided transcription software to write verbatim records of various legal proceedings. They report depositions, trials, hearings, arbitrations, case management conferences, compulsory medical examinations, examinations under oath, and pretty much any other type of legal proceeding. Because of the sensitive nature of legal proceedings, it’s imperative that as many errors as possible be eliminated from transcripts — an especially major error could ruin an entire trial!”

Due to this, many court reporters also use court transcript proofreaders.

There is more training that goes into becoming a court transcript proofreader, and that is why I separated it from the general proofreading job above.

Caitlin, mentioned above, also has a great FREE 7 day course just for people who are interested in becoming a court transcript proofreader.

 

Home business ideas with low startup costs

11. Become a podcast virtual assistant.

There’s a big demand for podcast virtual assistants right now.

This is because there are over 800,000 podcasts out there, and that number just continues to grow. Podcasts are still a pretty new area, and that opens the door for lots of home business ideas that help out with all of these podcasts.

While the podcast host is responsible for recording themselves, other tasks like editing and publication take time, so many podcasters outsource their work to freelancers or virtual assistants. Also, some podcasters may not know how to do those things, or they may choose to focus their time on other areas.

Some of the different services you can offer as a podcast virtual assistant include:

  • Audio editing
  • Marketing and promotion
  • Publication
  • Distribution
  • Show note creation

You can sign up here for free information that will tell you more about how to become a podcast VA. In this free resource, you’ll learn exactly what a podcast virtual assistant is, the services you can offer, and starting rates.

 

12. Write romance novels.

My friend Yuwanda Black has found one of the most interesting home business ideas – she writes romance novels, and in one month, she was able to make over $3,000!

With her free Making Money Writing Romance ecourse, she teaches you how to make money writing and self-publishing romance novels.

It is taught from first-hand experience, which Yuwanda has because she’s written and self-published 50 romance novellas since 2013. And, she continues to publish today.

 

13. Work as a Pinterest virtual assistant.

Working as a Pinterest virtual assistant is a growing field as more and more business owners are using Pinterest to grow their business.

Pinterest VAs help businesses improve their reach by doing things like:

  • Designing Pinterest images for a website
  • Helping business owners set up their Pinterest account
  • Scheduling pins because this can be time consuming for the average business owner
  • Brainstorming a marketing plan

Click here and click on “Free Training Workshop” to learn how to become a Pinterest virtual assistant and find your first client. In this free course, you’ll learn what you need to do to get started, what services to offer, and how much to charge as a Pinterest virtual assistant.

 

14. Work as a virtual assistant.

If you’re looking for home business ideas with low startup costs, then virtual assisting is a great one!

Virtual assistance is a field that is growing very quickly and it is one of the very popular stay-at home business ideas.

Not only does the internet allow us to complete more of our daily tasks online, more and more people are working online. This presents a good opportunity for more virtual assistants.

Virtual assistant tasks may include social media management, formatting and editing content, scheduling appointments or travel, email management, and more. Basically, you can get paid to do any task that needs to be done in someone’s business, but doesn’t need to be done by them.

If this is one of the home business ideas you’re interested in, I recommend checking out Jumpstart Your Virtual Assistant Business. In that link, you’ll receive a free worksheet and workbook that will help you decide what virtual assistant services you can offer (there are over 150 choices!).

 

15. Write your own eBook for work from home ideas.

Writing your own eBook is a great way to make money from home, and there is probably something super helpful that you could write about (even if you think otherwise!).

In fact, my friend Alyssa self-published her first book and has sold more than 13,000 copies.

She is now earning a great passive income of over $200 a day from her book ($6,500 in one month alone!).

Learn more at Self-Publishing Your First Book. This free series will teach you what it takes to publish a book, including the strategies used to launch a book, writing tips, and more.

 

What is the best home business to start? What are the most successful small businesses?

As you can see, there are plenty of different home business ideas out there, and this list is only scratching the surface. There are full-time home based business ideas, and then there are part-time business ideas.

The best business home based ideas are going to be different for everyone. For example, some people are naturally good proofreaders, while others will have a knack for finding the right items for reselling.

I would think about what kinds of things you’re good at, what interests you, the skills you already have, etc. That may narrow the choices down some. 

But, what I love about the home business ideas on this list is that the free courses and guides listed mean you can learn more about any of them without a big investment. You can explore ideas without feeling like you’re wasting your money.

What home business ideas are you interested in?

The post 15 Home Business Ideas & The Free Courses You Need To Get Started appeared first on Making Sense Of Cents.

Source: makingsenseofcents.com

Trophy Apartment Once Owned by Composer Leonard Bernstein Asks $29.5 Million

An Upper East Side apartment that was once home to one of the most significant American cultural personalities of the 20th century has recently hit the market.

The Art Deco masterpiece at 895 Park Avenue was previously owned by famed composer and cultural icon Leonard Bernstein, whom music critics refer to as “one of the most prodigiously talented and successful musicians in American history”. In fact, this very property is where Bernstein — also a lifelong humanitarian, civil rights advocate, and peace activist — hosted an infamous “radical chic” party with and in support of the Black Panther Party back in 1970.

But its famous past owner is not the building’s only historical trait; built in 1929, it is designed in the classic Art Deco style, evoking New York City’s golden age glamour and sophistication. That, paired with its carefully preserved original architectural details (original wood-burning fireplaces and wide-plank wood floors) and panoramic Manhattan views make this residence a true gem.

perfect manhattan views from luxury apartment
Image credit: Warburg Realty

Clocking in at approximately 6,300 square feet, with an extra 700 square feet of private outdoor space, the 895 Park Avenue unit spans over two floors of the 21-story Upper East Side building. The entrance is through a private elevator landing which opens into a 34-foot grand gallery, further leading into the residence’s elegant formal living room, library, and dining room.

With 6 bedrooms and 6.5 bathrooms, the trophy apartment also comes with an enclosed solarium that’s bathed in sunlight and that, just like the rest of the rooms and outdoor spaces, opens up to picture-perfect views of the city.

beautiful solarium in Manhattan apartment
Image credit: Warburg Realty
Image credit: Warburg Realty
Image credit: Warburg Realty

A grand staircase leads to the lower level, which houses the 6 bedrooms, as well as a home office and laundry room. All but one of the bedrooms enjoys their own en-suite bathroom as well as significant storage space in the form of walk-in closets or dressing rooms.

Image credit: Warburg Realty

The building itself adds an extra note of sophistication and convenience; the full-service white glove co-op has a long list of amenities, including multiple doormen, an elevator attendant, health club, squash court, basketball court, and private storage units. Though location itself may be its biggest asset: 895 Park Avenue is located right in the heart of the Upper East Side, on the southeast corner of 79th street and Park Avenue, providing direct access to world-class dining and shopping.

Priced at $29.5 million, the elegant unit is listed with Bonnie Chajet, Allison Chiaramonte, and Tania Isacoff Friedland of Warburg Realty.

More luxury apartments

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These 5 Unique Listings Will Remind You of Everything that Makes NYC Real Estate Special
Former Home and Office of Marilyn Monroe’s Psychiatrist Listed for Sale in Manhattan

The post Trophy Apartment Once Owned by Composer Leonard Bernstein Asks $29.5 Million appeared first on Fancy Pants Homes.

Source: fancypantshomes.com