Becoming a superhost helps your Airbnb SEO ranking significantly!
Have you been thinking about hosting on Airbnb and want to know how you earn superhost status?
I have been an Airbnb Superhost now for over two years and I get excited each quarter I continue to maintain my status. Maintaining superhost status can sometimes not be as easy as one would think.
Here are the four things you need to become an Airbnb superhost:
1. Completed at least 10 trips OR completed 3 reservations that total at least 100 nights
2. Maintained a 90% response rate or higher
3. Maintained a 1% percent cancellation rate (1 cancellation per 100 reservations) or lower, with exceptions made for those that fall under our Extenuating Circumstances policy
4. Maintained a 4.8 overall rating (this rating looks at the past 365 days of reviews, based on the date the guest left a review, not the date the guest checked out)
It is pretty simple process of becoming a superhost as far as the guidelines go. What is not so simple is actually hitting each of the four pillars.
I have developed processes and standards within my Airbnb business to help hit each of these four points every quarter.
Want to learn more about how to become a superhost?
Link in bio for full details!
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@TheYoungRetireeBy33
Always remember @TheYoungRetireeBy33 3 Core Principles:
1 – Your money should make money for you
2 – Start early to realize the power of compound interest
3 – Eliminate your largest expense by house hacking
When you’re in your late teens, early twenties, your credit is the last thing you are thinking about. If you are in school, that is priority number one, hanging out with your friends, girlfriend or boyfriend and enjoying life, and rightfully so! But taking baby steps to build your credit will go a long way. Your future self will thank you.
When you are young, it is easier to build
When you’re young and living at home, it is much easier to build your credit. You have fewer expenses and there is no reason to be in debt. Your debts should be immediately paid off (unless you have a car loan).
Why is it important?
Building your credit is important because later on in life when you apply for a car loan, line of credit or more importantly, your mortgage, it will be difficult to get accepted and get the best rates if you have no credit history.
Get a credit card
Hear me out first. If you have a part time job, have a savings account (even if small), you should apply for a credit card with a maximum limit of $500.
I was against credit cards when I was in my late teens. Having worked for a financial institution, I gained knowledge and I realized it was somewhat important to have one to start growing my credit.
Credit cards are not the problem; it’s one’s lack of knowledge on how they work, which is something I strongly feel should be taught in high school, but that is a story for another day.
Having a $500 maximum limit will allow you to make some small purchases. If used correctly and paid on time it will slowly build your credit score. If you are not working or struggle with money, do not apply for a credit card. Everyone’s financial situation is different.
In October 2017, my credit score was 832, which is considered very good. This did not happen overnight. It took time, patience and paying my bills on time.
Side Note
Even if you hate credit cards, they are needed to reserve and give a security deposit at hotels. During flights, if you need to buy food or gifts, the only accepted method of payment is via credit cards. Credit cards are not the issue. The issue is people don’t control themselves and they don’t understand how they work.
Get a cellphone plan
Another way to slowly build your credit is to have a monthly cellphone plan. The monthly amount is not important but what truly is is having regular monthly payments withdrawn from your account. This will slowly grow your credit and show you can make consistent monthly payments.
Apply for a line of credit, even if you do not need one
When you really need money, banks may be reluctant to give you the loan. The key is to apply for a line of credit when you do not need it. When the moment arises that you truly need one, you will already have it. The same can be said for a credit card. Apply for one when you do not need it.
Build good habits
Practice the following spending habits towards building a good credit:
Pay 100% of your credit card debt as soon as possible. My trick is I pay my credit card every two weeks. It allows me to keep track of my expenses and know where I spent my money;
Avoid using more than 30% of your credit limit. Most experts recommend it (on a $500 limit, you should not use more than $150);;
Check your monthly statement. Even if you paid your full amount, check your statement for any errors.
Summary
It is very difficult to apply for a mortgage without a credit history. One of the ways to build your credit is to have a credit card (with a small limit) and pay its balance in full monthly;
If you buy or lease a car, make sure you are able to afford the payments;
With time and a good track record, your credit score will increase. When the time comes and you need a mortgage or a large loan, the baby steps you took to building your credit will pay off.
What do you think? Leave your comments below.
Also, if you haven’t already, go checkout their blog here!
This topic hits hard with everything currently going on in the world we live in today. The COVID epidemic has created over 30 million Americans who have now filed for unemployment in the last 6 weeks. Think about that. 30 million people are now trying to file for things like the Paycheck Protection Program to try and replace the sole income source they were reliant on to keep food on the table.
That is an extremely scary statistic. If this doesn’t wake up most of Americans to understand the importance of creating multiple income streams, I don’t know what will. Having many income streams is critical to your long term financial success. This got me thinking, if I were to get displaced from work tomorrow, would I be okay?
What I Mean By Many Income Streams
Before jumping into why multiple income streams are important, let’s first define what an income stream is. Here is the simple way to think about it. Your 9-5 job is one income stream. You trade your time at your employer for either a hourly wage, salary or sales commission. For the majority of Americans this is their sole source of income. A side hustle like cutting peoples hair for money or flipping things on Facebook Marketplace are also considered income streams. Anything you do that produces monthly cash into your pocket is considered an income stream.
Now let’s jump into the three reasons (although there are many more) having multiple income streams is important.
If You Were Fired From Your Job Tomorrow, How Would You Make Ends Meet?
Have you ever thought about this? Most people don’t. The majority of people are reliant on one source of income. This source of income is typically their 9-5 day job. There is nothing wrong with this approach if you are employed and want to remain employed the rest of your life. There is one major problem with having only one source of income. What happens if you were fired from your job tomorrow? Your entire income would be gone in the blink of an eye. You had no backup plans.
Your employer was in 100% control of your financial future and the ability for you to pay your bills. Being reliant on one source or income is a scary proposition to live in these days.
Multiple Income Streams Allow Financial Protection
When you rely on one income stream you aren’t in full control of your life and financial future. The more income streams you create allow for additional diversity in how you fund your lifestyle. I currently have 10 sources of income. The majority of my income comes from my W2 job, but I have been continuing to increase the amount of my income derived from cash producing assets. This has allowed me to continue taking even more risks in my day job and in some of the investments I have made.
Without multiple income streams, I would feel like my only out would be to bust my ass at work and get promoted. Over time, this would provide great wealth, but it would also be something I would be doing to make someone else rich. I don’t know about you, but I want to focus on my financial success right now. The financial success of a big corporation I work for doesn’t really benefit me too much.
Helps You Make More Money
Who doesn’t love making more money! Another huge advantage of multiple income streams is making more money. Having another income stream will never take money out of your pocket; and having more money will open up many options of what you could do with it. You could do things like:
Pay down high interest debt
Invest more money weekly into the stock market
Save for an emergency Fund
Save for a down payment on a house hack!
All of these things become possible when you can create an additional income source you didn’t previously have. If you have the one income source from your 9-5 job, the only way to make more money is usually through getting a promotion.
I’m all about working hard at your W2 to get promoted, but why not do both?
Key Takeaways:
The world we live in today has made it extremely clear of the importance of having multiple income streams.
Evaluate how many income streams you currently have. If it is one, that is fine. The goal is to understand if you are reliant on a single source and if you can figure out ways to create more income streams
Having control of your financial destiny with many income streams allows you more financial freedom. Period.
