- The matrix of factors to consider in a Plan B residence
- What to know abot eacf of the five key factors
- Not all second homes are fully functional
- The challenges & benefits of maintaining two separate fully functional residences
If you have not yet read Part 1: Does Your Plan B Include a Second Place to Live if Plan A Doesn’t Work Out? available free to all readers, please click here to read it first.
In Part 1 we reviewed the three basic categories of Plan B Residences: temporary (to ride out an emergency); semi-permanent (to weather a recession/loss of income) and permanent (replacing Plan A residence with Plan B residence).
In Part 2, we’ll consider a Matrix of Factors that will help us choose the inevitable trade-offs of costs and benefits, and add a category—permanent maintenance of two fully functional residences.The Matrix of Factors
While there are many factors in any Plan B, I’ve pared the key factors in Plan B residences down to five: cost, control, security, depth of resources and functions enabled. Each is on a sliding scale from low to high. There are costs and benefits to each being low, medium or high.
Let’s go over each factor.Cost:
While cost measured by price is self-explanatory, this also includes opportunity costs (what else could have been accomplished with the money?), time (the hassle factor of how long it will take to get something done) and labor—how much labor must be invested to accomplish a goal.
There is even a stress cost: how much will this goal/project add to my stress load? Even if the money needed is on hand, the overall cost can be high in terms of time, hassle, stress and opportunity cost.Control:
By this I mean ownership (of the land, the house, etc.), contractual control (of jointly owned assets, of any hired labor, etc.) and functional control, i.e. residency. As many have discovered to their regret, it’s possible to have legal ownership/control but end up with effectively zero functional control, as your house might be occupied by squatters or family members who morphed from allies to enemies.
Control is important because...
Maintaining a functional separate retreat residence is a responsibility that comes with real costs and complexities. But if done right, it can yield great returns during both good times and bad.
This paper, co-authored with Jem Bendell is our ticket to stand up at the RAMICS conference in Barcelona next month and invite the major complementary currency networks into cooperation around the next generation of software that we all need.
We will also be presenting developments after the conference at the hackathon.AttachmentSize Bendell and Slater 2017.pdf531.86 KB
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History shows that such a dichotomy between soft and hard data occur at turning points in the economy. And, as Mish recaps, we've seen this movie before:
Hussman reports that soft data after a lengthy expansion like we've had is mainly noise. I tend to agree with him. Market tops and bottoms tend to be points, both in the economy and the stock market -- and we are seeing the stock market today is experiencing a rounded topping affair with people remaining bullish even as it's clear the economy is sinking. We saw that happen in 2007. I think we saw that happen in 2000 as well.
Click to listen to a sample of this Off the Cuff Podcast or Enroll today to access the full audio and other premium content today.
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