Steps to Financial Prosperity for Recovering Entrepreneurs

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Addiction can have a devastating impact on an individual’s personal life, relationships, and career. For small business owners, it often leads to financial ruin and the loss of their business. However, overcoming addiction and rebuilding your finances is possible with the right mindset and strategy. In this article from Natalie Jones, we will discuss the steps small business owners can take to work toward financial recovery after addiction.

Acknowledge and Accept Your Addiction

The first step in recovering from addiction and rebuilding your finances is acknowledging your addiction and accepting that it has caused the loss of your business. This may be a difficult and painful process, but it is crucial for moving forward. By understanding the root cause of your financial struggles, you can begin to address them and work toward a better future.

Review Your Budget and Reduce Expenses

Next, take a close look at your current budget and identify any non-essential expenses that can be reduced or eliminated. This may include dining out, entertainment, or other discretionary spending. Cutting back on these costs can help free up money to be used for more important financial goals, such as paying down debt or investing in your new venture.

Develop a Budget You Can Stick to

Once you have identified areas where you can cut back, create a realistic and detailed budget that accounts for all of your income and expenses. This will help you stay on track with your financial goals and ensure that you are making progress toward financial recovery. Be sure to regularly review and update your budget as your financial situation changes.

Look for Ways to Generate Additional Income

In addition to reducing expenses, consider ways you can generate additional income to help speed up your financial recovery. This may involve taking on a part-time job, freelancing, or starting a side business. The extra income can be used to pay down debt, build up savings, or invest in your new venture.

Consolidate Your Debts

If you have multiple high-interest debts, consolidating them into a single loan with a lower interest rate can help make your debt more manageable and reduce your overall interest payments. This can free up more money to put toward other financial goals and help you get back on track more quickly.

Work with Your Creditors

Be proactive in communicating with your creditors to explain your situation and request more favorable repayment terms or lower interest rates. Many creditors are willing to work with individuals who are facing financial difficulties due to addiction, as long as they demonstrate a commitment to making progress toward recovery.

Create a Roadmap for Your Financial Future

With a clear understanding of your current financial situation and a realistic budget in place, create a roadmap for your financial future. This should include short-term and long-term goals, such as paying off debt, building an emergency fund, and investing in your new venture. Regularly review and update your roadmap as you make progress toward your goals.

Seek Help if You Relapse

Finally, it is essential to seek help if you relapse to ensure that you can maintain your progress. Substance abuse treatment centers can provide the support, resources, and tools you need to recover and break free from your addiction. When selecting a facility, consider whether you need inpatient or outpatient treatment, and learn more about its reputation by reading online reviews. By addressing the root cause of your financial struggles, you will be better equipped to achieve lasting financial recovery.

Financial recovery after addiction is possible for small business owners who are willing to acknowledge their addiction, develop a realistic budget, and take proactive steps to rebuild their finances. It’s also crucial that you seek treatment at a rehab facility if you suffer a relapse. By following the strategies outlined in this article, you can work toward a brighter financial future and regain control of your life.

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Homes in 10 Hottest Markets Are Selling in 6 Days

Homes are selling faster than ever—in less than a week in the country’s most active housing markets.® released a new report revealing housing’s top 10 ZIP codes for 2021. This year’s list showed some of the most significant drivers behind the hottest markets:

  • Housing affordability with asking prices that offer bigger houses for the money
  • A growing number of high-income millennials
  • Close proximity to local amenities and outdoor activities

“The ZIPs that make our annual hottest report are very competitive, but this year, they are white hot,” says Danielle Hale,®’s chief economist. “Homes in this year’s ZIPs are under contract in less than a week, which is three times faster than the contract times for last year’s hottest markets. While there’s no question that buyers have faced a challenging housing market during the pandemic, our hottest ZIPs list also highlights some of the silver linings. The rise in remote work has given some buyers more flexibility to live wherever they want, and many are finding larger homes at lower prices, as well as a higher quality of life, in the 2021 hottest ZIPs.”

Homes are selling in the top 10 markets an average of six days—31 days faster than the rest of the country. Home listing views on® are up 156% compared to a year earlier.

20 Cities With the Most Severe Housing Shortages

The inventory shortage, which has been a nuisance for years now, is causing even greater disruption since the pandemic began. Fueling intense buyer competition and sky-high home prices, the historic supply crunch requires a “once in a generation” federal response to address decades of underinvestment and underbuilding, argues the National Association of REALTORS®.

There are areas of the country that exemplify the problem and support NAR’s urgent call. DeedClaim, an online deed preparation service, analyzed the 50 largest metros to identify the markets with the biggest housing deficits. The site crunched® data to determine each metro area’s supply levels and analyzed population changes to find where the lowest amount of available housing is compared to demand.

Phoenix and Dallas topped the list with the biggest housing shortages. Cities in Southern states tended to have the largest housing shortages, according to the study.

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Monthly Market Snapshot Infographic

Monthly Market Snapshot Infographic & Video

2021 Housing Market Forecast and Predictions

2021 National Housing Market Forecast and Predictions: Back to Normal

To say 2020 was a year of surprises is an extreme understatement. What started off as a bright year for the housing market and the economy was soon derailed by a global pandemic and severe economic recession. As detailed by my colleague, George Ratiu, the economic rebound has been sharp, but is by no means complete and created distinct winners and losers among sectors in the economy. Read more detailed thoughts on the overall economic context and outlook, here. One of the big winners has been the housing market, which saw home sales and prices hit decade-plus highs following decade lows in the span of just a few months. We expect housing’s winning streak to continue in 2021 as seasonal trends normalize and some of the frenzied momentum fades thanks to fresh affordability challenges. Below you’ll find our forecast and housing market predictions on key trends that will shape the year ahead. 2021 Forecast for Key Housing Indicators

Housing 2021 Forecast
Mortgage RatesAverage 3.2% throughout the year, 3.4% by end of year
Existing Home Median Sales Price AppreciationUp 5.7%
Existing Home SalesUp 7.0%
Single-Family Home Housing StartsUp 9%
Homeownership Rate65.9%

How long do homeowners stay in their homes?

Owners typically stay fewer years in their homes in metro areas with a high concentration of new residents, a NAR analysis shows.

As of 2018, the median duration of homeownership in the U.S. is 13 years1. Compared to previous years, homeowners opt to spend more time holding onto their residences. Median tenure has increased by 3 years since 2008.

Nevertheless, homeownership duration varies from area to area. Homeowners in some metro areas move more frequently than homeowners in the rest of the country. To begin our analysis, we looked at the median years of residence for owner-occupied homes located in the 100 largest U.S. metro areas. The American Community Survey provides estimates about the median year that owners moved into their homes. As data shows, homeownership duration varies from 6 to 18 years in the 100 largest metro areas. In more than half of these metro areas, homeowners spend less time holding onto their primary residences than the typical homeowner across the country. 

Specifically, homeowners in the following areas typically stay up to 8 years in their homes:

Map of the US: Where Owners Spend Less Time Holding onto Their Homes

In contrast, the following metro areas had a median homeownership duration of 16 years and higher:

Map of the US: Where Owners Stay Longer in Their Homes

As the data shows, many of the fastest-growing metro areas had the lowest median tenures. For instance, in Austin-Round Rock, TX, owners typically stay for 8 years in their homes while 18 percent of the total population moved within the last 12 months in 2018. Respectively, in Colorado Springs, CO the median homeownership duration was 8 years while the share of recent movers was 21 percent.

In contrast, in New York-Newark-Jersey City, NY-NJ-PA where fewer people moved recently (9%), the typical homeowner stayed for 15 years. Similarly, the median homeownership duration was 15 years in Los Angeles-Long Beach-Anaheim, CA while 9 percent of the total population moved within the last 12 months.

Housing supply shortage and low affordability are two of the main reasons that people stay longer in their homes. Firstly, the number of building permits for single-family homes issued in 2018 compared to a year earlier was lower in the metro areas with median homeownership duration above 13 years. While there are fewer inventory options, sellers in these areas may find it harder to find and purchase their next homes. Thus, they stay longer in their homes and fewer homes are available for first-time homebuyers. On the contrary, permits increased by 4% in the metro areas where homeowners stay less than 13 years in their homes.

Moreover, housing is more expensive in the areas with the highest median tenures. Although short supply increases the seller’s profit, it also difficult for these sellers to afford to purchase their next homes. As data reveals, the median home price of recently purchased homes was 10 percent higher in the areas with a median homeownership duration above 13 years compared to other metro areas.

Homeowners staying longer in their homes can further reduce the number of homes for sale. Homeowners will likely be further locked in place because it is difficult to sell and buy a home at the same time. That being said, finding ways to build more housing will help, but the ultimate goal is to increase the number of existing homes available on the market. This can only happen if these existing owners’ homes go on the market.

However, metro areas with smaller homeownership duration are expected to have a boost of housing activity in the upcoming years. Since these areas have more homes available for first-time homebuyers than other metro areas, more newcomers will likely arrive. As first-time homebuyers become a greater proportion of all homeowners, the median homeownership duration will fall further in these areas.

Hover over the map to see how long owners of different metro areas opt to stay in their homes.

  • In green metro areas, homeowners spend less time holding onto their residences compared to nationwide
  • In grey metro areas, homeowners spend 13 years
  • In orange metro areas, homeowners spend more time holding onto their residences compared to nationwide