The Commercial Space Post-COVID – With Cove CEO Adam Segal

A recent Q & A we had with Adam Segal, CEO + Founder of Washington D.C. based Cove offers a picture window into the future of business. What was intended to be a real estate technology informative, turned out to be a glimpse of what the post-COVID world of real estate may look like. Initially focused on creating a network of co-working spaces to foster efficiency and productivity in the digital age, Segal’s company’s ship may have just arrived in the form of a world cataclysm. 

Cove logo

The coronavirus pandemic is forcing a paradigm shift for every business and institution on Earth. The world is turned upsidedown, and the only sure thing people can cling to, for the moment, is uncertainty. The daily grind, the 9-5, in contrast to the homogenization of the digital and the physical world, is creating catastrophes and vast opportunities for the future. And Cove sits smack in the middle of what most experts think will be the transition of transitions not just in real estate, but for business in general. I exchanged emails with the Cove CEO this past week, since catching up with him via phone proved impossible. Here’s the brief interview, followed by some takeaway points. 

RealtyBiz: How do you see commercial property marketing shaping up in the post-COVID era?

Adam Segal: At Cove, we believe commercial real estate will still have a place in a post-COVID era. In fact, it will transform from a place for your dedicated desk into an absolute key business resource to define culture and engagement. Traditionally, there has been a strong emphasis on your everyday desk or office. Moving forward, companies will consider where and how people are most productive, thereby enabling employees greater flexibility to choose when and where they work. The office will morph into a place to come together as opposed to being the required 9-5, everyday solution. For employees, this is an incredibly exciting future — as soon as you are no longer tied to a single desk or office, you have the freedom to design your life without your employer’s office location and long commutes as the deciding factor. At Cove, we provide the technology and service to support that future world for companies, while empowering office building owners a partner to create modern experiences integral to the future of work.

RealtyBiz: Some experts see the negative pricing trend for commercial property continuing to spiral downward. What is your view on this trend, and how can owners/developers prepare?

Adam Segal: When there is an increase in demand, differentiation becomes the absolute key. For those assets that are able to capture the future of work and unlock a differentiated experience, there will not be a downward spiral — in fact, just the opposite.

RealtyBiz: How do you see your business at Cove changing to address this new landscape? 

Adam Segal: Cove implements a modern consumer approach to the future of work for companies and owners of office buildings. Our focus is on building an experience around the office by building robust tools to bring everything online — from scheduling and coordinating your team to reduce capacity, unlocking onsite services and delivery, real-time updates — really a gateway to a modern work experience. The post-pandemic office will look nothing like the office of yesterday. In the future, the office will no longer be a home for your desk. Instead, the office will be a resource to bring people together for meaningful engagement. As a result, every company will need more intentional and coordinated office days for collaboration. The future of work for any company will include a mix of working remotely, in office, on travel — but now a real focus on productivity as opposed to a default 9-5, Monday through Friday culture. 

The Takeaway

According to Crunchbase, Cove is funded by Early Light Ventures. My takeaway on their investment, given the current state of transformation in business, is that those investors are smiling great big about now. $8.4 million in total funding could well turn into 100 times that figure. Here’s why.

Whatever benefits the remote office had before COVID-19, those benefits have been multiplied by 10,000 now. Furthermore, whichever businesses chose to optimize their buildings using Cove services before the pandemic, those clients are the leading edge of what physical office space will be in the future. Think about the whole situation like this. Once corporations and smaller entities make the adjustments for distancing, access assurance, safety measures, and added efficiency, how many do you think will switch back to business as usual? I should not have to spell out Cove’s potential here. From custom virtual events to building access management, Cove had a finger on the pulse of office buildings to start with. The next generation of office space will be all about remote work and managing a new kind of physical space. Who better to help transform the work at home corporate synergy? So, Cove has one of those rare opportunities brought about by the cosmos.

The post The Commercial Space Post-COVID – With Cove CEO Adam Segal appeared first on RealtyBizNews: Real Estate News.

Source: realtybiznews.com

Money-Saving Hacks to Implement Now

Redo your monthly budget (and stick to it)

You can do plenty of things to improve your budget, and it's not all about pain and suffering, as many would have you believe. Everyone has a few things they overspend on. The challenge lies in identifying those particular items and weeding them out. A good place to begin is with restaurant spending, grocery bills, and impulse buying. A wise general philosophy is to assign a destination for every dollar you earn and place that category on your budget. Try cutting restaurant expenditures in half, reducing impulse buys at convenience stores, and shopping for groceries just once each week to regulate what goes toward food items.

Refinance your education debt

If you have any education debt still hanging around after all these years, refinancing student loans through a private lender is a way to lessen your monthly expenses. Not only can you get a longer repayment period, but have the chance to snag a favorable interest rate. But the clincher for money-saving enthusiasts is that your monthly payments can instantly go way down. That means extra cash for whatever you want. Use the excess to fatten savings or IRA accounts, or pay off high-interest credit card debt.

Install a programmable thermostat

For less than $20, it's possible to chop at least three percent off your utility bills and perhaps much more than that. 

Programmable thermostats are easy to install. You don't need special tools or advanced skills. Be sensible about summer and winter settings and you'll see a difference in your electric bill almost immediately, especially during the hottest months of the year. Don't forget to program the device to go into low-use mode while you're away for long weekends or longer vacations.

Join a shopping club

Although shopping clubs come with annual membership fees, the savings on groceries, household items, and gasoline usually offset them within a month or two of actively using the membership. That leaves the other months of the year for you to save money on household necessities. 

For people who drive a lot, shopping clubs with on-site gas stations offer one of the best deals going. Not only do the clubs offer gasoline for about 10 cents off the regular price, but some also offer free car washes and coupons for repair work at participating shops. Although shopping clubs are a win for most anyone, a family of three or more can log thousands per year in savings.

Refinance your home or car

If you have owned your home or car long enough to ride the interest rate waves, you likely qualify for a refinancing agreement. This strategy is excellent for consumers who have better credit now than when they made the original purchase. 

Young couples are perfectly positioned to refinance a home after several years of making payments on it. Likewise, anyone who still owes on a vehicle and can get a lower interest rate should look into a car or truck refi. Not only can you get additional months to pay off the obligation, but with a lower rate, you stand to save a nice chunk of money.

Take bagged lunches to work

One of the oldest, more reliable ways to instantly cut personal expenses is to prepare and take your own lunch to work each day. Not only do you save money by not eating out or buying lunch in the company cafeteria, but you also have added control over what you eat. That means you're doing a favor for your wallet and your health at the same time. 

Don't fall into the rut of eating at your desk. Consider taking your bagged meal outside and enjoying the scenery, taking a walk after eating, or joining friends in the cafeteria to socialize. 

Use public transportation as often as possible

If you live on or near a bus or light-rail route, do the logistical planning necessary to travel to work at least a few times each week by public transit instead of by car. 

Unless you reside in a small town, chances are you have access to buses and trains for commuting purposes. Once you get into a habit of using the public transit system, consider buying a one-month or annual pass, which can represent a major discount on one-time fare prices. Public transportation can take a bit longer to get you to your destination, but it's easy enough to make use of the time reading, catching up on work, or just relaxing.

Use credit cards wisely

If you use credit cards to make purchases you can't afford, you're headed for trouble. But if you use your plastic wisely, you can reap real benefits.

If you have a good credit rating, you'll likely qualify for cashback cards that give a percentage of your money back on some or all of your purchases. You can use that cash to pay for a portion of your monthly credit card bill. You could also let your cashback savings accumulate and use it to pay for larger purchases in the future.

Just make sure not to outspend your monthly budget so you're able to pay your credit card balance off in full each month. Keeping a balance on your cards is counterproductive because you'll also be paying interest fees.

Source: quickanddirtytips.com

More money, less happiness: When money makes you miserable

More money, less happiness: When money makes you miserableMoney, the conventional wisdom says, doesn’t buy happiness. Modern psychology seems to back this up, with studies suggesting that beyond an income of $75,000, money doesn’t make you any happier.

This conclusion is simultaneously obvious and counter-intuitive.

As an abstract principle, most us acknowledge that money doesn’t buy happiness. But, at the same time, we all want more of something material — a nicer house, nicer vacations, the ability to live in a certain neighborhood or eat at fancier restaurants — that we think would make us happier. (If you’re J.D., you think maybe season tickets to your favorite team might make you happier.)

So, we’re left with a conundrum. Or, rather, a series of conundrums: Does income in excess of $75,000 make us happier? And if not, why not?

When Money Makes You Happier

In answer to the first question, I believe that all else equal — and as we’ll see below, this is a huge qualifier, as things are rarely equal — more money generally makes you happier.

To be clear, money won’t solve every problem. If you’re lonely or bitter or angry, for instance, more money won’t make you any happier. But just because money doesn’t solve every problem doesn’t mean that money won’t solve any problems.

Money can make many things easier, or better. With more money you can:

  • Build a nest-egg.
  • Pay off your house or car.
  • Go on more vacations.
  • Have more kids.
  • Be a stay at home parent.
  • Eat better food.
  • Retire early.

With more money, you can do any number of other things that people enjoy and that make them happier. And if you’re a victim of systemic poverty, more money can change your world.

As much as we pay lip-service to the idea of money not making us happy, it often does, and it’s okay to admit this. It doesn’t make us materialistic or greedy to want retirement savings, a nicer home, a paid-off car, or a trip to Europe.

When Money Makes You Miserable

Assuming that you buy the premise that (in theory) more money should (generally) make us happier, it raises the question of why (in practice) income beyond $75,000 annually doesn’t make us any happier.

I think the explanation for this seemingly irreconcilable conflict is that most people spend the extra income poorly. Most people use money ways that make them less happy.

Their Job Makes Them Miserable.

People who earn a lot of money often assume that they’re paid well because of their intelligence and skills. And that is undoubtedly often the case.

But often they’re paid well in whole (or in part) because they’ve accepted a very difficult, demanding job that pays well precisely because it makes people unhappy! A job with long hours, lots of stress, lots of travel and time away from family and friends will generally pay well, but also significantly impair happiness.

It shouldn’t then be surprising that people with high incomes are often unhappy. The high income and unhappiness have the exact same origins.

They Spend Money on Things That Bring Them No Happiness.

People are generally conformists. Drive through a rich neighborhood, and you’ll see people dressed similarly, driving similar cars, going on similar vacations.

This isn’t just a happy coincidence, that all these kindred spirits serendipitously found each other and formed a happy community. Rather, people succumb to keeping up with the Joneses and continually buy stuff — not because they enjoy it, but because they’d be embarrassed not to have it.

To a large extent, individuals let their peers dictate how they spend their time and money. Living on somebody else’s terms — living somebody else’s life — is not a recipe for happiness, and if you do it, extra money won’t make you any happier. You’ll be spending it how other people want you to, not how you want to.

They Take on More Debt.

When people begin to earn more money, they generally upgrade their lifestyle — buy a nicer home and buy a nicer car. The problem is, they don’t pay cash for these things. Rather, they use their new, higher income as a means to borrow more money. Far from providing financial security, the extra income often makes their financial position more precarious.

Instead of using the extra income to buy freedom and peace of mind — which would make them happier — they incur more debt, which makes them more anxious than ever, with the added fear that if they lose their job, they’ll be humiliated at having to ratchet back their newly lavish lifestyle.

Extra money won’t make you happy if it tethers you to a heavily indebted lifestyle.

The Bottom Line

The lesson here is simple: If you come into more money, it can make you happier — provided that you use it in a way that provides you security, freedom, and sincere pleasure, not merely conformist consumption.

Money, in short, is neutral. It’s a tool that can make you happier, or less happy, depending on how you choose to spend it.

Money will make you happier only if you choose to spend it in accordance with your values and your preferences. Nobody — not your parents, not your friends, not your neighbors, and certainly not a blogger! — knows what makes you happy better than you do. But, this doesn’t stop people from assuming that they know what is best for you: what neighborhood you should live in, what car to drive, what education you “owe” your kids. If you listen to them, more money won’t make you any happier; in fact, it may make you less happy, because you’re working hard and incurring debt to live out somebody else’s life.

Our family’s life is a microcosm of this.

In our twenties, my wife and I both had good jobs in a large city. We had it made by what society values, but we weren’t very happy; we worked long hours at demanding jobs. We did however live frugally relative to our incomes.

Burnt out on our jobs, we eventually moved to a smaller city and my wife quit her job so that we could have three kids that she stayed home with. Those were expensive decisions, both in terms of cash outlays and opportunity cost. But they were good decisions; we had less money, but far more joy.

This trade-off was only possible because we had spent many years saving our money, deferring gratification — ignoring a culture that told us to spend as a reward for our hard work — so that when we finally spent the money, we spent it on something that we valued, namely our family. It was the best decision that we’ve ever made (all the credit goes to my wife!), but it was only possible to live that way in our thirties because of how we had spent, or more accurately not spent, in our twenties.

The point isn’t that we’re so smart, and that you should have a bunch of kids too. It is in fact the opposite: I have no idea what your best life is.

But then again, neither does anybody else besides you. If you find the courage to decide for yourself what you value, and you use money wisely to pursue your goals and your dreams, you will find that, contrary to popular opinion, money will buy you happiness.

Source: getrichslowly.org

These are the U.S. travel advisories for December 2020

Editor’s note: This is a recurring post, regularly updated with new information.  The global coronavirus pandemic has impacted every country in the world. As Americans (and countries around the world) experience a surge in COVID-19 cases, it’s important to revisit the travel advisories that have been issued by the U.S. Department of State, especially as …

Source: thepointsguy.com

How to Plan and Save on Holiday Travel

Some of my fondest college memories aren’t from going to homecoming games, attending my first college party or walking around campus when no one else was going to class. Some of my favorite memories are going home for winter break and seeing all my high school friends. Seeing old friends was always so fun, especially since we had all matured during the previous semester.  

But getting home was another story. I went to college in Bloomington, Ind., a small college town where the university was the main attraction. That meant getting a flight back to my hometown of Memphis, Tenn. was always a struggle. I hated having to coordinate buses and flights while in the middle of finals. 

Here’s what I learned about booking flights home, so you don’t have to struggle like I did.  

Plan Ahead 

The first step to saving on holiday travel is planning ahead. If you wait until the last minute to buy plane tickets, you’ll probably pay more. You may even be completely out of luck and not find any flights that work for you. 

You can sign up for travel alerts through Hipmunk.com, which aggregates flights from most major airlines. You can also look at Google flight alerts or sign up for emails for your favorite airline.  

Learn about what airlines fly out of your hometown’s airport and what alternative routes there are. For example, if you’re struggling to find cheap flights coming out of Louisville, look at Cincinnati’s airport. You might have to get creative and look at airports you never consider. 

According to the travel website Skyscanner, the best month to buy plane tickets for Christmas is in October. Yes, it might seem crazy to book tickets for winter break when the leaves are barely falling off the trees, but you could save lots of money. 

Carpool with Other Students 

If you’re at a big university, you might find someone who’s also traveling to your destination for the holidays. If you carpool with them, you’ll save money on transportation while also dividing the driving time. 

I did this a lot in college because I didn’t have a car, but I only needed to travel a couple hours for Thanksgiving break. It was easy finding someone who was also going that way.  

If you’re not traveling to a popular city, you should put out feelers ASAP. Make a shareable post on Facebook, put a physical notice in your dorm’s common area or ask your college advisor if there are any official student carshare groups. 

Look at Buses 

Even though the US isn’t known for its public transportation system, buses can be a decent way to save money on travel if you’re going somewhere close. For example, you can find MegaBus tickets as little as $5 if you book way in advance. Some of these buses include WiFi and let you pick your seat beforehand. 

Buses almost always take longer than driving, but are a good option if you’re on a budget and have time to kill. If you’re lucky, you can find a fellow student who’s also traveling by bus and book your tickets together.  

Compare Alternative Dates 

If you’re flying home for winter break, you probably have some leeway on when you arrive and when you need to leave. Being flexible on travel dates can save you a lot of money, especially during the holidays. 

When you look at flights, you can often look at dates with one to three days of flexibility. Flights that leave or arrive on Tuesdays and Wednesdays are often less expensive than weekends. You should also use an incognito browser when you book tickets. 

If you find an especially good deal that coincides with class, ask your professor if you can get an excused absence. Some may be ok with you taking a final early or if you miss the first day of classes for the new semester. 

Again, ask your professors about this ahead of time. They may be more lenient if you’re asking in early November instead of the week before finals. 

Use Credit Card Points 

If you or your parents have a travel rewards credit card, see if they have enough points to book a flight. This works best if you book early, because flights often increase in price as the dates get closer. 

Travel rewards programs all work differently so it’s good to compare offers before you book a flight. Your parents can book your flights using their account, or they can transfer points to your personal account. This doesn’t work for every credit card, so call and ask if there’s a way to do it for free. It may be easier to do if you’re an authorized user on the account. 

Read the Fine Print 

Nowadays airlines are trying to cut corners everywhere, by trimming seats and charging more for basic amenities. When you buy your flight, read through the ticket agreement to understand what’s included and what’s extra. In some cases, a carry-on bag costs extra just like a checked bag. But a checked bag may be cheaper than a carry-on. 

If snacks aren’t provided, bring your own beforehand. Also, try not to pack your bags completely full. If you’re like me, you’ll have Christmas presents and new clothes to take back with you. And who wants to pay a $30 carry-on fee?  

Understand What Your University Provides 

If you’re lucky, your college may have some free transportation options. For example, my university was in Bloomington, Ind., an hour away from Indianapolis. There was a free shuttle to the Indianapolis airport that left every two hours. 

There’s also a student-only bus that goes from Indy to Chicago and Chicago-area suburbs. This is only available during the holidays and is very affordable.  

The key to saving on holiday travel is to plan ahead, ask other people and do lots of research. You may discover someone in your dorm who’s driving through your city on their home or someone who also takes the bus home.  

 

The post How to Plan and Save on Holiday Travel appeared first on MintLife Blog.

Source: mint.intuit.com

How to Travel Like a Minimalist and Save Money – MintLife Blog

If you want to travel more, it doesn’t have to be more expensive. There are many ways to travel like a minimalist— travel lighter while saving money for future traveling. Here are my six recommendation for traveling like a minimalist…. Full Story

Source: mint.intuit.com