You are doing the right thing by investing in income-producing property. Although it's quite possible for real estate prices to drop (ask anyone who bought Florida real estate in the past ten years), as long as your property can maintain a positive cash flow you should be able to ride it out.
One problem with real estate is it is not a liquid asset. That is, you can't quickly turn it into cash if you need to. In fact if it happens to be under water you can't convert it to cash at all. For that reason, I suggest you work on building up a cash reserve. If you don't have cash on hand (saving, checking, money market, CDs) to get you through three months of not working, you probably don't have enough. Sure, you're self employed so you can't get laid off, but you could be injured or otherwise unable to work.
Assuming you have a nice cash reserve, then I'd suggest you start putting money into a tax-deferred retirement saving account (IRA or SEP). As for the particular investments, that's your business, but over the long haul the stock market consistently outperforms other investments. And there is very little difference in the performance of the best actively managed stock funds and the performance of S&P 500 index funds.
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Today's Featured Article - Fasteners: The Nuts and Bolts of Nuts and Bolts - by Curtis Von Fange. The nuts and bolts of nuts and bolts is an interesting and essential piece of knowledge that applies to our older tractors. An improperly torqued capscrew on an engine head or a shear bolt that is too hard on the driving shaft of a bushog can create havoc and make an expensive and uncalled for repair. Let�s examine the purpose and design of these fasteners in order to ensure their proper use. Fasteners are probably one of the aspects of mechanics that is given the least amount of thought.
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