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BuyATimeshare.com Visits the CARE Conference! September 30, 2009

Posted by ivkr in : General, New Features, News & Events, Timeshare Resource , add a comment

BuyATimeshare.com’s primary focus is staying on top of new developments in the timeshare industry to provide better services for our customers. As part of our development, we sent our company Owner and Founder, Wes Kogelman, and Peter Emery, Director of Sales, to the CARE Conference this past weekend in San Diego.

The Cooperative Association of Resort Exchangers, or CARE, is a ‘trade association’ of timeshare resort representatives with a shared goal of providing their owners with more unlimited vacation opportunities. This group, established in 1985, provides member companies with the ability to utilize a vast inventory of rentals while adhering to a strict code of ethics.

The Keynote speaker at the CARE Conference focused on the use of social media, like YouTube, Twitter, and Facebook, to enhance and improve relationships with businesses and clients. BuyATimeshare.com can be found on Facebook, and often updates with industry information, company information, and discussion topics relating to timeshares and travel. The company also can be followed on Twitter, where we update with every new advertisement posted to our website, as well as other news. By utilizing these technologies, we connect with a greater audience of potential customers by implementing a live feed of available inventory, and also continue with our goal of providing the general public with accurate information and education about the industry.

During this conference, we also discovered an exciting new Merlin software called TRUST (Trading Resorts Using Sharing Technology) that we are looking forward to utilizing for the benefit of our customers. This initiative allows ‘shared ownership product’ developers and managers to build their resorts and inventory in a ‘virtual environment’ online. By applying the latest internet technologies, this information can be shared quickly and easily between users. Companies using Merlin TRUST will be able to swap inventory, rent or sell inventory, and generate more business seamlessly with this new platform.

BuyATimeshare.com is truly enthusiastic about this opportunity. By using this cost effective technology, we know we will increase our transactions and benefit our customers by expanding our network and streamlining our communications with our associations within the industry. The rental, resale, and brokerage consumers of BuyATimeshare.com will be greatly benefited by our industry connections. We look forward to using Merlin TRUST, social media technologies, and other developing technologies to continually improve our business and achieve superior services for our clients.

Wes Kogelman on Mike Bonacorsi’s Radio Show! September 30, 2009

Posted by ivkr in : Timeshare Resource , add a comment

Mike Bonacorsi is a Certified Financial Planner with a radio show broadcasting every Tuesday at noon Eastern Standard Time on WSMN Radio AM 1590 or online at http://www.wsmnradio.com/ or his website http://www.mikebonacorsi.com/. His show is based on his award winning book, “Retirement Readiness; Creating Your Vision, Knowing Your Position, & Preparing for Your Future”, and his twenty years of experience in the financial world provides listeners with a wealth of information and guidance towards fiscal security.  He recently had our very own Wes Kogelman, owner and founder of BuyATimeshare.com, on his show to discuss timeshares as both a financial and lifestyle opportunity. The conversation with Wes Kogelman discusses the benefits of timeshare ownership, and provides the listeners with general education about the industry.

First touching on an overview of timeshare ownership, Kogelman discusses the major players in the timeshare industry, such as Marriott, Starwood, and Wyndham. They discuss some of the recent changes in the hotel industry, such as the change to ‘points’-based systems and the use of exchange companies like RCI or Interval International to provide greater flexibility to match today’s traveling trends. Mike and Wes then chat about the benefits of the secondary market for timeshare resales and rentals, as well as the advantages and disadvantages of timeshare ownership and rentals. Listeners can discover the benefits of utilizing a company such as BuyATimeshare.com for resales and rentals, for example the aggressive advertising, a Live Chat feature, and spectacular features to equally educate both buyer and renter about timeshares and the secondary market.

Over the past ten years of business, BuyATimeshare.com strives to continually educate the community of timeshare owners, renters, and buyers. With press releases, radio shows, and the utilization of newer technologies such as Twitter and Facebook, the firm is dedicated to accessible marketing and open communication between the industry and its consumers. A downloadable soundbite of this radio interview is available here.

Who Says You Have to Retire at 65? September 29, 2009

Posted by Mike Bonacorsi, CFP® in : Timeshare Resource , add a comment

Do you want your retirement years to be lively? Is your current job, or career, fulfilling for you? If so, then maybe you are going to be joining the happy, busy ranks of those, more than 70% according to a recent A.A.R.P. survey, who are planning a “working retirement.” If working past your retirement date seems grim, then cheer up. There is a silver lining if you know where to look.

1) Continuing at your current job has its positives – you know the job. There are no learning curves, or the awkwardness of being the new kid.

2) If you have personal debt or you are close to paying off your mortgage, working a few more years at your current income can go a long way to eliminating expenses.

3) Continuing to draw a paycheck will allow you to delay Social Security, for a higher benefit in the near future. Your benefit will continue to increase up to age 70. Keeping that weekly paycheck coming will also prevent you from drawing down your savings too early.

4) Chances are if you are near retirement, you may be close to peak earning and benefit levels. Perhaps you want to boost your 401k levels by maxing out your contribution and taking advantage of the over 50 catch-up contribution. Your employer may even contribute to your account adding to your total. Health benefits will probably continue and can provide continued coverage for you, your spouse and possibly other family members. It can also provide as a bridge to Medicare or act as a supplement.

5) You might not be ready to quit working. You may need income, require some benefits, or just like to work. There are many people out there, who enjoy the challenges work brings and going out there each day to meet them. For you “retirement” may the beginning of a new career!

You may be feeling like “George.” His wife Linda says, “George is in his sixties and while all our friends are talking about retiring, he doesn’t want to quit. George likes his job, he has the option to continue full-time, or work in a per diem arrangement, as long as he wants. He’s the kind of person that needs to be busy. The income and flexibility in his job will allow us plenty of opportunity to enjoy ourselves without worrying about money. I have already stopped working, but this doesn’t mean that my husband will. As long as we can enjoy more time together, then I am satisfied with his decision to stay in the workforce, for now.” Linda and George have different dreams about retirement, but they have created a plan that works for them. Where do your dreams fit into your plans for retirement?

About Mike Bonacorsi, CFP®

Mike Bonacorsi is a CERTIFIED FINANCIAL PLANNER™ professional, public speaker and award-winning author of Retirement Readiness: A Guide to Creating Your Vision, Knowing Your Position, and Preparing for Your Future. You can listen to his radio show, The Mike Bonacorsi Show, at WSMN, 1590AM or on your computer at http://wsmnradio.com on Tuesdays from noon – 1:00 PM EST. For additional information, visit http://mikebonacorsi.com or email Mike at MikeBonacorsi@gmail.com

Timeshare Owners Now Protected From Exchange Tax September 28, 2009

Posted by ivkr in : ARDA, News & Events, Timeshare Resource , 1 comment so far

Thanks to both ARDA (the American Resort Development Association) and the state legislation in Florida, laws have been recently passed to protect owners of timeshare units from additional taxes!

One of the major benefits of timeshare ownership is the ability to utilize an exchange company like Interval International or RCI to exchange a year’s vacation week at one resort for a vacation week at another resort of similar “value”. The exchange companies charge not only a membership fee but also an additional fee when the owner ‘deposits’ or ‘exchanges’ their usage week.

As state and local governments are searching for new revenue to supplement budget deficits, a tax on resort exchanging has been a growing concern. The HB61 Bill, recently passed in Florida, now protects timeshare owners from having to pay a tax on timeshare exchanges. This makes Florida one of three states legally preventing exchange taxes. The concern is that these potential taxes will not only raise the cost of the already pricey exchanges, but also lower the desirability of the exchanges that are typically used as a major selling point for timeshare owners.

The passing of HB 61 has also allowed for timeshare developers to offer “Debt Cancellation” to their potential purchases. Just as many auto manufacturers are now offering the option to return the purchased product in the event of a loss in income, timeshare developers are able to offer the same deal. New buyers can rest assured that if they buy a new timeshare and lose their job, they can ‘return’ the timeshare to the resort without a negative impact on their credit score. This is a potentially major change in the timeshare industry, as one of the greatest causes of dissatisfaction for timeshare owners is that the developers typically have offered no assistance to owners looking to return or resell their timeshare unit in the event of a lifestyle change.

Here at BuyATimeshare.com we applaud the developers for trying to find a more reasonable solution for their clients—however we want to remind owners that by selling or renting your timeshare on the resale market, you can turn your unwanted usage into cash during your time of need, versus forfeiting the entire purchase.

Working Without a Net-The Disappearing Pension September 26, 2009

Posted by Mike Bonacorsi, CFP® in : Timeshare Resource , add a comment

 

At 45 years old, after 15 years at her current job, Mary received a notice that her employer was discontinuing it’s defined benefit pension plan. She would not lose the accumulated value up to this point however, the company would no longer be contributing to the plan. This meant that Mary and the other employees were now wholly responsible for funding their retirement.

Mary had counted on that pension; the expense of raising a family, managing a household, and saving for college made it difficult for her and her husband Joe to commit money towards their retirement. They had hoped Mary’s pension income along with Social Security, the small amount of savings in their 401k, and part-time work would cover their expenses during retirement. Would they have to work forever just to pay their bills? What would happen if they ran out of savings, or felt they were no longer able to work?

The defined benefit pension provides a benefit at retirement; an ongoing stream of income, often based on a formula of compensation and length of employment. The employer funds the plan, calculated to determine the amount needed to provide the benefit. Several options for distribution are usually available including a single life distribution that ends at the death of the pensioner or a survivorship option that provides a reduced benefit that continues through the lifetime of the surviving spouse.

The income is usually a percentage of actual compensation during the years of employment. Some plans have cost-of-living adjustments to safeguard against rising costs while others are vulnerable to the loss of purchasing power caused by inflation. Personal savings, IRA’s and 401k’s are still important to help fill the gaps between income and expenses, as well as providing for lump sum withdrawals and emergency resources.

The responsibility of making sure the plan benefit is available at retirement is the responsibility of the employer. The value of the plan is subject to periodic review by an actuary to ensure it is on track to meet the obligations. During prosperous times with strong investment performance, the plan might become over funded, exceeding the obligations due. Other times, poor performance could cause the plan to become underfunded. The employer would be responsible for bringing it back to funded status.

During the 1990’s a shift began to occur regarding retirement benefits provided by employers. The  costs of funding and the complicated administration caused many employers to begin freezing these plans and offering only defined contribution (401k) plans. These plans do not provide a defined benefit, it is unknown; only the contribution has a value. Investment performance and contributions determine the plan value; it may be more or less than the contributions at any time, including retirement.

By making the move from a defined benefit plan to a defined contribution plan the security of a no-cost continuous income stream escapes us. The responsibility of funding retirement moves from the employer to the employee. The employee makes pre-tax contributions to the plan through payroll deductions and directs it to the investment sub-accounts offered. The employer may or may not choose to contribute to the plan.

There is much discussion at this time concerning new retirement options; the decline of the pension, concerns about the longevity of Social Security, and the cyclical market declines will require us to be pro-active towards our retirement. Working longer, saving throughout our career and more employee education concerning retirement planning are steps in the right direction.

About Mike Bonacorsi, CFP®

Mike Bonacorsi is a CERTIFIED FINANCIAL PLANNER™ professional, public speaker and award-winning author of Retirement Readiness: A Guide to Creating Your Vision, Knowing Your Position, and Preparing for Your Future. You can listen to his radio show, The Mike Bonacorsi Show, at WSMN, 1590AM or on your computer at http://wsmnradio.com on Tuesdays from noon – 1:00 PM EST. For additional information, visit http://mikebonacorsi.com or email Mike at MikeBonacorsi@gmail.com

Twitter Weekly Updates for 2009-09-25 September 25, 2009

Posted by Jason Dobbins in : Timeshare Resource , add a comment

Marriott Suites Available for Less on the Timeshare Resale Market September 24, 2009

Posted by Bryan Connelly in : ARDA, General, Marriott Timeshares, News & Events, Ritz Carlton, Timeshare Rental, Timeshare Resale, Timeshare Resource, Travel , 1 comment so far

Marriott International has decided to halt on building all new residential and timeshare projects. Shifting from spend to sell; the financially exhausting year of 2009 has forced the company to take a $760 million cut to the value of its timeshare sector. This write-down has triggered the hotelier to sell property, end timeshare developments, and to even sell off some of its undeveloped land.

Timeshare consumers have not only cut leisure spending, but they have chosen the online resale industry to save themselves thousands of dollars when buying or renting. And while a softening demand has left half-built luxury resorts idling around the globe, Marriott will continue to manage their properties and provide the same kind of quality that has made them so famous.

Though consumer spending has undoubtedly slowed as a result of layoffs, pay cuts and cutbacks, timeshare use is not at a significant low. People can’t afford to buy a high-end vacation property from the developer with weeks costing more than $18,000. Folks are still buying and renting timeshares by the throng but the resale market is where they are buying. During an all-out recession, the once booming timeshare concept is struggling without the financing available. Marriott’s Revenue per Available Room (RevPAR) is down 19%, but is better than the 20% to 24% drop projected. While profitability has gone down, people are steadily using these premium properties.

Marriott has begun harvesting whatever money is left in its own timeshare “investments.” The company recently reported that the write-downs reflect its plans to cut timeshare prices and development “to accelerate cash flow.” Roughly $300 million of the write-downs are at five luxury residential projects, a similar-sized write-down at nine North American fractional projects and $95 million at one other North American project.

BuyATimeshare.com has been able to fill suites at these properties for over a decade with timeshare vacation resorts for sale by owner. Aggressive prices offer premium luxury vacations for the price of a modest hotel. The recession has proven to be financially grueling for Marriott. The hotelier doesn’t expect “to pursue new Marriott-funded” residential timeshares, but does expect to continuing licensing and managing projects developed by others. The company said it expected profitability to improve at the timeshare segment, with cash flow there positive in 2009 and increasing in 2010.

Financial Planning is More Than Money: How Strategies Fit into Plans. September 22, 2009

Posted by Mike Bonacorsi, CFP® in : Timeshare Resource , 1 comment so far

What is the difference between a strategy and plan in charting your course for retirement? Strategies are the options you might follow to meet different goals. A plan is a global document that encompasses a number of goals equally and consists of action steps that help you to meet those goals.

I was reminded of this difference recently when reviewing the “plan” created by Lou, a friend of mine. Lou asked if I would, “take a look” at his plan and offer an opinion. He handed me a document that was several pages long, which contained the results of a risk analyzer and portfolio recommendations. I could see that he had spent some time creating this.

I immediately thought of the difference between strategies and plans and said, “This is interesting as a strategy, but lacking as a plan.” He looked puzzled at my comment and I went on to explain, a true financial plan is a life plan. It starts with a vision of how you see your future, creating goals, setting priorities.

Once your goals are set, then you develop strategies. These should consist of more than building a portfolio. Strategies are the engine that drives you to your vision. They are the action steps that lead you to meet your goals. They must be comprehensive to be truly effective. Like an engine, which cannot run efficiently on a few cylinders, throwing together various strategies, without a global plan, will only get you spotty results and ultimately misfires. Strategies include creating timelines, understanding all areas of money management, insuring and protecting against catastrophe, and creating a Plan B for the unexpected.

A plan is an active document–an evolving project–which requires monitoring, tweaking and updating. Changes in your job, relationships, health, and financials will necessitate updates and adjustments. When priorities change, one goal may be accomplished, while another is added to replace it. For instance; the birth of a child or grandchild, may add college planning to the plan, or health issues may require additional care costs. Changes in relationships may require revamping your estate planning goals.

When the plan is active and not set in stone, you can easily readjust and keep moving forward.  Making sure you stay on target to your goals will require vigilance. You will be updating and rebalancing your accounts, making adjustments in your strategies, and revisiting your timelines.

Try thinking of building a life, or financial, plan along the lines of taking a long journey. First, you have a vision of the trip, decide upon the various stops along the way, and then chart the route you will travel. Your vision becomes stronger, once you have that map out, the car goes into the garage for a tune-up, and the hotels are booked. Once begun, the journey is likely to follow twists and turns you didn’t plan for and yet they add to the value of the experience. The restaurant you found on the back street when you took a wrong turn, the bad weather that caused you to postpone the canyon hiking for a trip to an antique shop full of bargains, all contribute to the evolving nature of an active journey. It’s always changing and that allows you to make the best of whatever comes your way.

As you build your life/financial plan, keep these thoughts in mind:

1)    Start with a vision.

2)    Set timelines for goals.

3)    Create strategies that align with your goals.

4)    Monitor, adjust, rethink, tweak.                                                                                                            

The destination you reach may be more wonderful than you ever imagined.

About Mike Bonacorsi, CFP®

Mike Bonacorsi is a CERTIFIED FINANCIAL PLANNER™ professional, public speaker and award-winning author of Retirement Readiness: A Guide to Creating Your Vision, Knowing Your Position, and Preparing for Your Future. You can listen to his radio show, The Mike Bonacorsi Show, at WSMN, 1590AM or on your computer at http://wsmnradio.com on Tuesdays from noon – 1:00 PM EST. For additional information, visit http://mikebonacorsi.com or email Mike at MikeBonacorsi@gmail.com

Social Security- When and Why Should You Start September 20, 2009

Posted by Mike Bonacorsi, CFP® in : Timeshare Resource , add a comment

As you get closer to retirement, it is important to realize that there are decisions you have to make regarding certain benefits that will become available to you. One decision that affects all but a few groups is when to begin your Social Security benefit.

Three milestones require consideration when choosing your benefit, age 62, full retirement age (between 65 and 67) and age 70. At each of these ages your benefit amount changes and it is important to understand which age and amount is most advantageous to your needs and situation.

Age 62, the age where Social Security first becomes available, offers you a benefit amount approximately 75% of the amount you would receive at full retirement age. The common thought for many people is to begin benefits at this time, the idea being, “the longer I take the benefit the more lifetime benefit I will receive”. Starting benefits at age 62 made more sense when life expectancies were shorter; the “break-even” age for taking benefits at 62 versus your full retirement age is between 78 and 80 years old.

Another factor in your decision is whether you will continue to work between age 62 and your full retirement age. Earnings from employment may reduce your benefits if they exceed certain amounts. In 2008 if you have not reached full retirement age and earned over $13,560.00 your benefit reduction is $1 for every $2 earned. If you will reach full retirement age during 2008, your earning limit is $36,120.00 and benefits are reduced $1 for every $3 earned. The month you reach full retirement age you can relax, from that point on you are able to earn as much as you want with no reduction in benefit. One important note is that these limits are on income earned from employment, not pensions, annuities, IRA’s, or 401k withdrawals.

A third consideration is delaying you benefit. Social Security provides delayed retirement credits up to 8% per year to age 70 for those who can wait to take their benefit.

These options will determine the benefit you receive during your lifetime. An often, overlooked part of the decision process is what affect will my choice have on my surviving spouse? Your surviving spouse at full retirement age will receive a benefit equal to yours if it is higher than his or her own. If you chose to delay your benefit beyond your full retirement age, your surviving spouse will receive your benefit plus the additional delayed retirement credits.

It is important to realize that decisions like these should not be automatic or determined by the “if it works for him it should work for me” process. You need to determine the pros and cons of each option and understand how it satisfies your needs in your unique situation.

About Mike Bonacorsi, CFP®

Mike Bonacorsi is a CERTIFIED FINANCIAL PLANNER™ professional, public speaker and award-winning author of Retirement Readiness: A Guide to Creating Your Vision, Knowing Your Position, and Preparing for Your Future. You can listen to his radio show, The Mike Bonacorsi Show, at WSMN, 1590AM or on your computer at http://wsmnradio.com on Tuesdays from noon – 1:00 PM EST. For additional information, visit http://mikebonacorsi.com or email Mike at MikeBonacorsi@gmail.com

BuyATimeshare.com improves the way we Buy, Sell and Rent on the Resale Market September 19, 2009

Posted by Bryan Connelly in : Timeshare Resource , add a comment

BuyATimeshare.com launches an improved website to emphasize its global exposure and wide range of services. The new site features a dramatic new look, improved navigation and more industry information than ever before.

BuyATimeshare.com has released a newly enhanced website dedicated to helping the millions of vacationers enjoy the world of timeshare resales. Over the past decade the advertising firm has made dozens of innovations to better the industry for buyer, sellers and paved the way for timeshare rentals. The new site design provides online visitors with improvements in navigation, appearance, and industry news. Most importantly buyers have access to more information than the others. Just a click away is Timeshare Pulse, Live Chat, interesting articles to read, and a vast inventory of over 3000 resorts priced to sell thousands of dollars less than the developer.

With daily updates BuyATimeshare.com continues to be a valuable resource for anyone looking for the latest developments in resale solutions and expertise. BuyATimehare.com offers a lineup of top brands and quality resorts, combined to bring the ideal vacation to consumer for less cost! President and founder, Wes Kogelman states, “We are excited to present this improved website. After months of working we have been able to put forward the best BuyATimeshare.com has to offer.” For more information about how you can save thousands on your next vacation property purchase or rental, visit www.buyatimeshare.com