Hey, hey, ba fam, it is time for another b a qa A b a q A what you say a b a qa with manday? I don't know why I am singing tiffin A b a qa. All right, Today we are breaking down all about how you can manage your money, from planning to budgeting to spending. We have got you covered.
Here's the thing, ba fam. If you'd like to ask us questions, we'd love to receive them. But remember that before you slide into our dms on ig Bandi Vision Podcast, before you send us an email Branda Vision Podcast at gmail dot com, before you go to Brandavision podcast dot com and click contact us, remember that the questions that you are asking us are not going to your doctor, They're not going to your attorney, they are not going to your financial advisor. Just two really smart, sillier, cute
brown girls who for entertainment purposes only. And he said to say that are just you know, answering questions from the BA vault. Take a listen. Do you what did the first question?
I didn't take a breath you read it.
This is from Ashley from ig Hey, Mandy, I was one of your first Mandy money makers. Woo woo. We love a stand of Mandy. Thank you so much for all that you've done and taught me. My question today is how can I protect myself from identity theft? This morning I woke up to new emails about small business social security account update and a purchase of two new iPhones. Please help, Ashley, do you have to pay for credit security?
Ooh wow, something's going on there, Like they're saying, yeah, your social security account has been updated, purchase of two new iPhones. The first thing I do whenever I get those emails is check the email address that it came from, because I just, for example, I just started to advertise on Facebook a week ago and I got the most legitimate looking email about my ads account being in violation of their rules, which is like one of the It can happen all the time with your when you're doing ads.
It's really easy to like upset the Facebook gods. And you don't want to do that because then you waste money in time anyway, And I was almost like, I need to click this link and figure out what I've done, but it just something about it, like the formatting, and so I check the email address and it was like
from an Outlook account, you know. So I think the first thing for to secure yourself is to be aware of what phishing attempts look like, which seems so old school, but they still happen, you know, So check that email address. You can also hover over any hyperlinks and see where it's actually trying to direct you to. And if it's not to, you know, a legitimate website, then I would just say, excuse me, immediately kick it to spam or
to junk. That's how I feel about email. But now it's like, come into your text do you get do you get phishing text?
Now?
Girl?
Yes? Talk about this the irs. I'm like, girls, are you texted now?
With your lack of funding?
Now?
So no, first and foremost that like whatever I get to Manny's point, you know, I checked the email to say, like, who's the email at just coming from? And then typically I'll call the company directly if that's available to me to call the company directly. But one thing I had to do so when my late husband was still here his I don't know why, but they used to steal
that man's, that poor man's identity all the time. Like literally one time they bought a car and we only knew because they they were like based in I don't know, like upstate New York or someplace far where they were getting tickets from easy Paths and so they.
Were going on tour with Janelle's name, Jerelle's name, and then got a loan or.
Something something, and then they were get like, you know, they had an easy pass account they put in his name and was not paying the ticket, so we were getting easy Pass tickets. That's how we found out. It was just a mess. I would say at least three times when I was with them and he said it happened before, Like I'm like, so I'm assuming that his probably information was on some crazy you know, like what it's like the dark web, you know, and so they're
probably just swapping it out. Plus two, Jerell's an identical twin. His twins name is Terrell, So you have Jerrell Smith Terrell Smith, both born on the same day, and so oftentimes they would see each other's things on each other's credit reports, because that happens too with juniors. Oftentimes that
will happen, especially if you're in the same house. Your dad is a senior, you're a junior, but you're both named Robert Smith and you live at the same place, so sometimes you'll see your stuff on each other's credit report. But it happens with twins who have similar names too.
Oh really, so what would they do then? Would they have to like dispute it or yeah? Girl, there was like whatever.
I was like, this is why your credit like whatever.
So when I came along, I said, bab, we got you something about this because this is crazy. So we actually this is not sponsored or anything like that. They haven't give me any money like as Budgety Store or Brown Ambition. We actually signed up for LifeLock and it stopped. Did instantly tell me about LifeLock or these?
Yeah, because I haven't. I have never invested in something like that.
I can't remember how much LifeLock costs because now I just like, have it automated. I think at the time it was like maybe like ten bucks a month. Maybe it's a little bit more now maybe twenty bucks or something. Whatever it is. So we got LifeLock, signed up for it. And what I like about LifeLock is even for me. I remember once I went to go open up a bank account at like my regular bank or whatever, and the bank was like we're not able to, and I'm like why, And then I got a text from LifeLock
saying someone's trying to open up a bank account. If that's you, click yes. If that's you, click no, And I was like, oh, that's right. So I had to approve. So I would get a text or emails, and typically it's a text, email and phone call to say any new card, any new bank account, any new debt that I'm trying to get into. LifeLock would hit me up and say is this you, which you know like sometimes if you forget like me, which I always forget, and I'm like, why can't you open it?
I'm like, oh, that's right.
So that's one thing like LifeLock, but also too you can go directly to like Experience, Equofax, trans Union and you can actually freeze. I did this with Durell after he passed away. My financial advisor, Angelie said right away, Tiffany, because when people know that someone passed away, they know you're in grief, and they will sometimes attack that person's you know, financial credit and background and just start using it up. So I went into each of those specific
accounts and froze his credit. And you can freeze and unfreeze, but I froze it obviously indefinitely, so no one can open up anything in his name. And I just am not paying attention because it's not me. And so that's something so smart too.
I did that now I'm remembering because I was telling Tiffan, like, I think I'm pretty delinquent with my identity. But I did do the credit freeze. This was I mean, think Equifax data breach back in like twenty sixteen really spooked me. But I mean there's so many. It's just so many data breaches they can't even keep It's not even that big of a news anymore because it just happens all
the time. But yeah, credit freeze. And I remember then I started shopping for a mortgage and I was annoyed by it because I'm like, damn it, I got to unfreeze and all that. So now that I'm not shopping for a mortgage, I did. You can saw it, and then it's just annoying because you have to like thaw it at the bureaus where your loan. Your lender is
going to request to chut it, you know. But I think it's totally worth it because why wouldn't you want to have that extra layer of protection, you know, because like even opening a cell phone, you can't do that if you have a credit freeze nothing.
So a credit freeze to me is if you know you're not getting anything for a while and something like this has happened, you can freeze just to stop any activity. Let's just say your stuff is in a dark web, I'm freezing it for the next two months, no one is gonna and then after that, if you don't want the issue, like Mandy said, the thaw and freeze, saw and freeze, you can get like a lifeblock or some similar type of company where before anything happens, you know, you get the text or the call.
You just have to prove.
And so those two things honestly, since then, you know, Jerell's identity stopped being stolen and I never had my identity stolen. But I signed up because I was like, well, we're here now, because you could do like a family plan, and so my identity has never been stolen, which is you know, there have been things on there. They're like, I don't recognize this, and I realized, like, oh, the company sometimes has a different working name than a doing business name, and I'm like, ah, that was me.
Oh God, I've been there. I'm like, who, I would never spend that much. Meanwhile, it's like, yeah, the little those four am Instagram scrolls. They always get me with their kids' shoes ads. Oh man, what else do I was, Oh, there's something else? So oh. A friend of a friend recently lost eight thousand dollars right before Christmas, right before the holiday season through like it was a phone called tech scam. And so it started with text messages from
her bank. It was City Bank texting her and it looked really legit, and then they escalated to calling her and we're so convincing that she ended up giving her account information over the phone, and then they drained her not her, and it was her checking account, which is really painful, you know, because with your checking account it's sometimes harder to get those funds back. And it was a Zell or Sorry, she didn't give them account information,
she zelled them. She zeld them. And if you guys know anything about Zell, one of the pieces of controversy is that you know you go through these steps when when you send a transfer where they're like be sure you know this person because if you don't, we are not covering you because if it's you who hits the submit button and you know what you're doing, like, we are not liable libable, we're not liable for funds that you lose. So she was I think she's still fighting
to maybe get that eight grand back. But she's like a single mom, and you know, it's a lot of money to lose. So if they're asking you for zell, you deserve to be asking for every ounce of proof, and banks probably will not be doing that. I would just say that first and foremost. And then she ended up.
I think something struck her as and then she called City herself and they're like, oh no, oh no. So if they're if they're saying that they're from City, don't bother about inconveniencing them, Like, don't worry about that, you know, hang up, say cool, you can call me back before they want this eight grand and call your own number directly.
That's the key.
One of the women that we know, I think her name is Shannon. She lost her house down payment because they have the scam where you know when you make the transfer like the wire transfer when you're purchasing at home, and so what they'll do is they'll they'll send you a fake bank like, hey, I know we said this is the wire number. This is actually the updated wire number.
She did not know because it looked official. Because what they do is they like mimic what your bank sends, and she sent it, and wires are notorious and once it's gone is gone. They had me social because you know, I bought my house cash five hundred and twenty thousand dollars that can't go to the So what I did was I'm mosy my way on down to the bank and said look me and and that's when we did the wire on the phone. Like so the key with
that is always, always always. I didn't call the number that was on the paper when we're making the transfer. If I think I had the money and like Ally or something like that and I was transferred to like their bank was like Wells FARG or whatever that like I call. I go to the Ally website and called
that number there. I never the key with anybody. Sometimes somebody is telling you something financial, even if it seems up to I don't like, I want to hang up and I'm just going to call back because I'd rather call back the official number, so I know for sure that like, oh, this is who I'm speaking to, versus like who is this? So that was key I was, but I was still nervous because you know, you just you just feel like you never know, you never know.
So thankfully, you know, like it all worked out, because that would have been like you would have seen a weeping willow of a tiffany, like I love that.
And when it's wired and it's gone, you know it's in the Canaries or you know, some other country and you can't get that back. Man, what else? Two factory authentication is huge for any accounts that you have, because I feel like you break into my Gmail, you have my life, you know everything about me. So two factor authentication, these these basic practices. But I'm glad at least that your like spidy sense has perked up enough to ask, because that is wild and credit monitoring. You can with
your credit card. It's smarter to just, you know, in general, buy big things with your credit card or or use your credit card for most purchases if you know you can do that responsibly, because you do have Most credit cards offer zero dollar fraud liability, so if there is fraud and it's on your credit card, then they will cover it, you know, no questions ask, whereas with your debit card, some of them have limits on how much they'll cover or limits on you have to catch it
and report it within a certain timeframe like thirty to sixty days, and if you don't, then there's less of a chance that they'll be able to recover the funds for you. So that's why there's like a bit of a case for using credit versus debit for any big, you know, purchases and things like that. But yes, stay vigilant, y'all, stay woke. Two factor authenticate, look up the email addresses, call them directly. That's our last that's a good summary,
summarized summaration. I can't talk summation, recap of our of our of our advice. We're really really smart, trust us. Okay, cool, Let's take a break. It's like I'm gonna get the next one. Manny's stop, get down.
We take a break, RUSSA, pay some bills and be right back in blank.
So we've got somebody name. Do we want to use her name? Because what does she doys want that to be her name?
She should have used a pseudonym Isabella. Let's go with Isabella.
That's my okay, Isabella.
So Isabella says, Hey, Mandy and Tiffany, I recently found her show.
And I've been obsessed. We love that Isabella.
My partner and I have a goal of buying a house in five years. I have and HYSSA. But when I'm doing my research or what is the best place to save, the best way to save for a down payment, I've been getting overwhelmed with all of these ways to save. Should I be using an HSA, HYSA investment or open ACD account? Currently working on paying down my loans and
credit card debt while building an emergency fund. Once I get all of these things taken care of and debt free, my goals will start saving toward a future home.
Thank you so much, advance Love you girls.
Ea Sabla all right, okay, So high yield savings account is hyssay. I mean the good news is that high yield savings accounts are actually high yield again because the FED has been raising rates. I think I'm more up to like over two percent in online only banks. Yeah, two whole pennies, yes, one hundred dollars yep or one dollar. I don't know.
Uh yeah, so it's been I mean, you got.
Five years, which is a long time horizon. So the good news is that you do have these other options you could you know, there could be a case for a semi aggressive ish investment account to save for that to invest for that house. You do have to look at the economy, of course. I mean, if you were going to drop money into an investment account, would now be the worst time? No, it depends on what happens
in the rest of the year. But the market has gone down, down, down, down, downtowntown, So there could be the expectation that you could put some money in there and then if you weather the recession that's coming, that it would grow five years from now. History would tell you that that is probably the case. But you know, I feel uncomfortable predicting the future. So there's that. So it depends on like your level of risk, you know,
uh a version are you or risk tolerance? Can you handle the idea that you may lose some money if you sink it into investment account or do you want to know that every penny you sock away will remain there? Yeah, And if that's the case, then a CD could definitely
be a nice little alternative. With the CD, you do have to lock up your money for a certain amount of time, but in return for locking it up, they will give you a much higher interest rate than what you make it from, even the high yield savings accounts. So yeah, that's definitely an option to what do you think?
Well, for sure, the number one thing, Isabella is that you want to make sure that wherever you're checking is this money ain't because Lord knows, if you're like me at Target like ooh, checking is like sis, now you know you don't have it. Savings is like, well we have it, girl, And then you petch a finger on the button and transfer from checking the savings and in two point two seconds you have your money available. So that's number one for Isabella or anyone listening. Any money
that you want to have saved. You have to make your money inconvenient, because inconvenient money gets saved, So that's first and foremost, And a highyield savings account is inconvenient as long as you don't have a checking account at that same bank. Investment account definitely inconvenient. That means it's not super liquid and a CD is definitely inconvenient if it was me. But here's the thing that I'm reading in this is she wants to pay off her credit card debt.
So here's the here's the thing.
Because of the way the market is, I mean, things are down like woof, like the market is down bad. But as Mandy said, it doesn't ever stay down bad. It has yet to stay down in history. But then again, we haven't had a pandemic in one hundred years, so we don't know.
If it was me.
I don't know about you, Isabella, because you know, I can't give you investment advice. But if it was me, I probably would be putting some in an investment account and then some in either high yield savings or a CD because I would want to try my luck.
A little bit.
Like let's just say if I was aside, if I'm paying off my credit card debt, I told myself, I'm gonna save like, say, you know, I don't know, three
hundred dollars a month towards the house. I might do like a hundred in my investment account or a one to fifty, no more than that, and then the other one fifty in either like you know, in a high your savings and then save up enough until, like you know, had enough to put like a good amount into a CD for like a year or two years, whatever, you know, whatever, whatever length of CD that you're looking for. The longer the length of CD, the more money that they will pay you an interest.
That's probably what I would do. It's a mix of the two if it was me.
Because I cannot give you financial I cannot give you investment advice. I'm talking about Tiffany. Yeah, but I will say this, I don't know how much your what your interest rate on your credit card debt is. If the interest on your credit card debt is double digits, then.
You need to double down on that.
If the interest is under double digits, then I would be saving for the house at the same time as paying off my credit card debt. Because you basically have to say, ask yourself, will the cost of the credit card debt, meaning the interest, wipe out any returns that you might get on your investment, because on average, you know, you're looking at a ten percent return annually on investments.
I mean, some years you'll get more than ten, some years less than ten, but it'll average out to be about ten So if your credit cards cost you more than ten, even if the market gives you ten, the credit card debt will credit card interest rate will wipe that way those gains. I hope that makes sense. So if your credit card debt interest rate is twenty percent thirty percent, pay that off, do not pass go, do
not collect two hundred dollars. If it's eight percent, nine percent, six percent, seven percent, I'll be doing both credit card debt and and setting aside for the house. And when I say set aside for a house, I mean like investing, so that way I could take advantage of these these of the market being down. But that's about with Tiffany, not if I was Isabella, because they Devella got to the side for herself.
You see see what I did there?
Yeah, assue me. I mean, the more I think about it, I feel like because she wants to build up her emergency fund too. I think OHIL savings accounts a great place for an emergency fund. It is, like Tiffany said, harder to get to, but it's still you're able to get to it, you know, because it's supposed to be really easy to get to. And if you wanted that separation I like the separation of accounts for your goal. So if you wanted that separation for your your down
payment fund, then you've got five years or more. So open that CD, you know, get a long term CD. You can even do. You can google and you'll probably find an old article that I edited at Magnify Money on how to do a CD ladder, because I'll never
forget it is the labor of love. So you know, if you don't like the idea of getting like a five year CD and putting everything in there, you could, you know, kind of stagger it so you can get a twelve month CD and then like an eighteen month and a twenty four month and like, you know, work
your way up. But I like that. It's it's really hard to get to and it's your home fund, and you know, when you can choose how much you want to put into those CDs and just kind of set them to the side, and they'll grow at a higher rate than they would and your you know, your high heeled savings.
I know, hopefully I know those. It's like that, That's what I ask you, guys.
I'm like, I know, basically what we're saying is there's no wrong answer, as long as you make your money inconvenient.
Do a little bit of all of it. She's like, just tell me the one thing to do.
Yes, It's like, oh, that's probably what I would do. I probably would do a little mix.
Was helpful.
On the info, good luck on saving for the house though, very exciting, and thank goodness you're not in a rush because I don't know. This is a tough time to buy it is. Should take a quick break and come right back with another question.
We're going to do some Mulah questions money Honey, you're gonna jump right in with Ronia as no. Well, Rona La girl that you had three different letters to read, ron Lass, enjoying your content as per usual. Quick question, what hurts your credit score more? Lack of credit mix or low available credit that affects the debt to income ratio and porquet Why keep up the great word, ron La?
Great question.
Well, ron La, there are five composers to your credit score, right, and so these are two of the components and they're literally on the opposite ends. So credit mix is ten percent of your score. So credit mix just means do you have a mix of ways that you're borrowing and paying back money. So one of the ways is revolving debt. That's basically credit card debt. You know you paid off, you could use it again, paid off, use it again. There's also.
It's a loan, but I forget the way, like the no, what how does installment?
And yeah, installment loans.
So that's just like you know, I have a student loan that or I've got a car note and then I paid every month until it pays off. Right, So they like to see a credit mix. And here's the reason why. Let's just say you say, like Mandy says, no, let's do me because I'm not a good cook. Let's just say I'm like, well, I'm a good cook. And I'm like, you're like, man, it said what you make girl? I was like.
Spaghetti? You know, like what else? Girl? You know some other pasts of this, And it's like, girl, you're read a good cook.
You're good at noodles, right, because it doesn't show that I have a wide range of experience and doing a wide range of dishes, So I'm not really a good cook. The same thing for your credit if you only have you're like, oh, I have five different credit cards. It's like Okay, great, you're good at revolving debt, not necessarily other types of way to borrow and pay back.
Okay, but that's only ten percent.
You don't have to do anything there except for live a little longer, right as somebody's grandma will say, you just got a live child, because as you get older you will incorporate naturally different types of debts.
That's ten percent.
Now thirty percent is you're basically amounts old, you know, meaning how much When you said how much credit do you have available? That's basically amount's old, meaning what you could borrow from what you have borrowed. That's huge, and that's usually the thing that's taking people score because thirty five percent is like payment history, meaning like do you pay off every month until you pay off in full?
That's great, but you know, people don't realize that even if you're making your monthly payments on time, if you keep high balances in relation to your limits, then you're taking your score. Ideally, if you want to raise your score, you want to be under fifteen ten percent, meaning if you have one hundred dollars limit on your card, no more than five ten dollars fifteen ten dollars on your
on your card. You know, if you want to maintain your score, you could stay at about the thirty percent market and you'll be fine. And so the reason why it's it's more that I suspect credit bureaus think it's more important.
It's because you know, if you owe too much, then you then you you are more likely to default and not pay people back, versus if you have a variety of people that you owe, you know, the credit mix, and so like owing too much in relationship to what you could borrow put you in a really dangerous space that if you lose your job, if you have some sort of crisis that comes up, that you're likely to
not be able to pay anybody back. So Ramlaw hope that's help anything, Mandy that I missed That I missed one.
Now, Yeah, it was really hard to keep my credit utilization low early when I was remember when I was younger, because my limits were so low and I didn't really know how to use cards yet. But that gets easier the higher your limits are. And also I will say, if you have a lot of revolving credit card debt and it's tanking your score because it's like high in
relation to your available limit. Then maybe it's you could look into a personal loan because like a debt consolidation loan, because a debt consolidation loan is not revolving, that's an installment loan. It's a fixed like you have fixed payments. You're going to pay it off a certain you know,
after a certain period of time. So it helps you in two ways, Like it will immediately lower your the balance that you're revolving on credit cards, and then it also gives you that mix of different kinds of credit.
But that's of course, like you have to look at your own situation and you know, to like compare credit card APR rates, like how expensive is your credit debt versus you know, a debt consolidation loan and what rate you can get and then actually pay that loan off because like some people get debt consolidation loans, you paid on your credit cards and then you're like, oh, I'm debt free, but no, you're not debt free. Yeah, good, good, good, solid question.
Yes, keep them questions coming. What do we have next? Mandy?
All right? Number two a question from listener Ell, who sent us an email. Okay, Elle says, hey, Madian Tiffany. I am a home owning single, forty something with no kids. I have a decent job with a good income of about ninety thousand dollars a year. Prior to this year, I was a public school teacher and I just started and I decided. I decided when I started the new job to keep living as if my salary hadn't changed much.
Oh.
I love that I have money automatically deposited into specific savings accounts, but my emergency account took a hit when I had to replace my AC unit earlier this year, so unfortunately, all my accounts are in a building stage. As I mentioned, I own a home, and ideally I'd like to own a couple of homes, but I think it'll take me so long to build enough income to
afford another one that I don't want to wait. My alternative is to sell the house I currently own and rent a place wherever I want, no longer tied to any one specific location. But I'm afraid that letting go of this house will be a big mistake, and that renting will open me up to a vulnerability that I haven't experienced. How do I know if selling my home is right? For me. Thank you all.
That's interesting.
Okay, So she's like wanting to potentially sell her home move into a rental so that she has income to buy another couple of homes.
Yes, and so like.
I'm just listening to reading her ps about like her I guess her house has flooded since then, And Susan inspired to send this letter after listening to me purchasing a condo and wanted to be a rich auntie. She's like, I want that too, because it just add some more context.
Yeah, so.
Well, let me take a step back, back back, So what are you thinking, Mandy, Like, if you take a step back, like, I mean.
I feel like renting. I'm trying to follow her thought process. I guess what she's thinking is if I rent a place, it'll be cheaper than maybe the cost of a home, and I can save more for a new property. And maybe there's so much equity in her home that she has. I'm wondering does she need to sell it or could she use like a home equity loan girl? Okay, good, go good, because I'm like, I'm trying to let pieces together. Yeah, if you if you want to leverage the equity in
your home to then purchase a second property. You know a lot of ways that people do that is you can take out a home equity loan and then use that that loan as a down payment, you know, on your next property. I mean, and I'm assuming you'd want to like rent out that other property, which can be
a great source of additional income. So I'm like, I don't know, I'm more opposed to like selling the not a pose, but like I'm a little like, take a pause about selling the house and maybe see if you can, yeah, leverage that loan, a home equity loan, to to have to have the funds to buy another property.
Because if you l which is itself like you did purchase your home before twenty and nineteen, you likely have a lot of equity because remember the houses, the prices with the they dove run them up, growing you in Florida, I know, they ran your prices up, meaning that you have a lot more like almost unnatural equity. Even though home prices have come down, it's only like the new ones, you know, like not like the houses that were brought
prior to twenty nineteen. They got their normal boost plus a supercharge boost, you know, So I just say all that to say that, like, you probably have equity in this home. And ultimately, when we're making decisions and I'm in this space now thinking to myself, like do I want to get this kinda?
What do I want to do?
YadA YadA yadda, that you have to ask yourself. Money is supposed to do what's best for you. You are not supposed to do what's best for money. Talking to me and you L, because I almost missed out, I'm purchasing this epic kind.
And we'll see it's still on the you know, still.
Negotiating because I wanted to get a super deal and I underbid, and so because in my mind, I was putting money before what Tiffany wanted, which is not always a bad thing if you need to be in a financial space, you know. But I'm okay, and it's like Tiffany, what is it that you want for Tiffany? And I want this place, so then I have to spend more money.
And so I'm just telling you L. I want you to get clear on what does L want in general, and so because you can potentially get that, and to Mandy's point, you might say, you know what, because I know you have flooding or whatever. You might fix the house, let someone else pay the mortgage and rent it out. If you want to go rent someplace else by yourself,
you can still do that. You could own your home, allow it to continue to go, you know, let the streets pay, let them world they you know, and then you can live wherever you want and your airbnb. You can live that fancy life while because the truth of the matter is, home ownership is still a cornerstone for wealth in the US of A. You know, like cause I'll give you an example. I my husband and I am and you know, Drella and I we had purchased
this property from the city for ten thousand dollars. Okay, it was a tear down basically, but we put one hundred and thirty thousand dollars into that house. We've just now that was about the house less than five years ago. Just sold it to his twin brother for basically three hundred thousand, like two ninety five, three hundred thousand. So you think to yourself, basically put one forty into it,
got back we doubled. That's what real estate can potentially, not every market can potentially, do you know, or what I could have done is I could have just rented it out and pulled money out to do whatever I wanted to do. So I'm just saying that when you have real estate, you have the opportunity for that level of flexibility.
So before you're like throw the.
House out the window, I'm going to sell it, really consider maybe I should just rent it now and see what like this rent life outside of this looks like?
Yeah, And I'm wondering too if like I get the sense because she's so she was inspired by your story, the rich Auntie life, and she's forty. No kids like girl live in the dream, not the dream, but like a different dream. Don't you wish you kind of had it both ways?
Anyway?
Yeah?
And and like you got this new job, I really want to know. I'm so fascinated by the public school teacher like journey, and I want to know what your new job is and how you got it because I'm just fascinated anyway. But I'm like, if this is what and you sound like you know renting what you like is you're not no longer tied tied to just one place.
If you want some freedom, there's nothing stopping you from renting for a while figuring out if you want to buy a property somewhere else, if you want to live in that property and just have some freedom. You mentioned like the vulnerabilities that renting could open you up to, and I don't know what vulnerabilities. They may be different than owning a home. I don't like, Tiff, what do you think like potential if you can't make your rent payments but then you have.
A house, say like you know, with renting, I mean to me, there's financial vulnerabilities because you don't really grow anything right, and it's not necessary depending on because I mean, for meet, I can almost scare in my head a home owner said, it doesn't always it going to what I know re meet, we knew like for example, in New York that makes sense because the amount that you're going to spend or pay, you know, because you know, owning in New York, it actually probably makes more sense
in New York City to rent, you know, in a long financial run. But you know, for many parts of the country that's not necessarily true. So I just think that like I want you to have both. I want you to have like if you notice, even though I'm leaning into my rich Auntie life. I'm still the budgetista. At the end of the day, right sold that house double my money, you know, and was like, but I'm
still keeping the house I live in right now. Because I put this house I bought for one eighty, put one eighty into it, was that three sixty.
The house is now worth well over four fifty. But I'm not selling it.
I'm keeping it because it's going to con you to raise you know, my sister and her kids will live in here, and I'll like likely live in the condo that condo. You know. We're closing around the five hundred thousand, you know, Mark, but I suspect, you know, in five to ten years that place will be worth more. Although I'm not necessarily going to be selling it, you know.
So I'm just.
Saying that, Like, as you are pursuing the softer rich auntie life, it has to be fueled by financial wisdom, you know, So just keep that in mind as you're making these decisions that we're not just here like remember, you're here to tell money what to do, but you want to be telling your money what to do. Like, hey, money, this is the life I want to live. Let me be smart in these choices.
So, but welcome sis. It's cute over here.
Yeah, well, thank you so much for sending your question into Oh crap was her name? El Ela el Ell? That was really great of you to send a question. Thank you so much. I want to know. My follow up question is like, what was your curer pivot from being a school teacher? Because I love that kind of stuff and keep us posted all right on your journey rich auntie journey. I feel like we have a lot of rich and he's listening to Brown ambition.
What girl?
I is here for the rich aunt.
I'm new to this riche auntie life. Well you know, well that's not true. I've been ever.
I made it, but I wasn't married with Johnty. So now that I'm a single rich aunty, I'm like, what y'all do out here?
Like?
What else should I be up to? I'm I think I want to take up crocheting. I know that doesn't satisfancy, but I'm like, what happens is that.
For Michelle Obama? It's good enough for anyone?
Okay, you know, I'm in my.
I'm in my we got food at home stage, the stage I'm in. Just ask my husband every day this week. I'm like, the menu will be leftovers. I love it all right, y'all. Well, we'll see y'all next week. For more Brown Ambition, send us your questions and we will see y'all later. Talk to you later. Bye,