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Firstly, take a look at your life insurance policy. If you have no children or grown children or if you are no longer married, then you make want to reassess your need for life insurance. The whole purpose of a life insurance policy is to safeguard the people you are leaving behind such as spouses and children. If you have no spouse and your children are self-sufficient, it is unnecessary.

Keep your car. You paid it off, you deserve it! Most people feel that once the car loan is paid, they need to go ahead a get a new car with a new car payment. It is wise to keep the car you now own for at least a few more years, ideally three or four. Smart savers will even bank the money they were using for their car payment since they are used to paying it monthly. In a high interest savings account, that money will grow before your eyes.

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Condo-hotels are great investment options, especially in Panama, since the demand for their hotel rooms are growing higher, the current inventory can’t keep up with room demand. These condo-hotels are now the new boom when it comes to opportunities for investment. In fact, returns of 15% annually can be guaranteed! This is because aside from the rental income, the owner can get an annual profit share of as much as 15% of the pot. In addition, the condo-hotel owner can also use their hotel room for some days in a year. This is most likely between 1-2 weeks. So, if you are planning to go on a vacation, you can stay in your own condo-hotel as an added benefit.

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The first thing that people think of when they want to invest is traditional real estate investments. With this type of investment, you will need to cover your monthly mortgage costs and your maintenance expenses. You also need to profit from increase in property value through the period of time that you own it. Also, as a landlord, you need to deal with a lot of headaches in managing the property such as collecting rent and dealing with tenants aside from the frequent maintenance that it needs.
But with a condo-hotel, all the headaches will be taken away from you. The professional management company will be the one to manage the hotel and can take care of these little issues.

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A condo-hotel is just like a traditional hotel, however, in traditional hotels, the entire building is owned by one owner only, whereas in condo-hotels, each of the room unit in the building may belong to a different owner. These owners usually sign a contract with the management company who will manage and operate the hotel facilities, as well as each of the individual rooms. Then, there will be a profit sharing, and the owner can get anywhere from 50%-75% rental income from their unit. In addition, there are a few condo-hotel management companies that pool the remaining net operating profits in a year, and an additional percentage will still be distributed to the owners.