Ep 333: The Market Determines The Value

I was like, I can't, Doug, I gotta save my voice. I got so sick, and finally today I feel normal. But it was like a ten day virus something like that, and it really was hitting me on Halloween Day, and thank goodness, Rio didn't care much that I didn't go trick or treating. I was like, we're going to hand out the candy, which he really enjoyed. But five pm on Halloween Day, when I had the wig and the makeup on, and I was like with my box of Kleenex,

just going to chill out. The Today Show emailed me to fat They said, can you be downstairs? Well they didn't know I was downstairs. Can you can you do a taped interview? And I was like no, literally in the wig in the makeup, and I said sure, I'll see you in an hour. So shout out to having my cousin. She came in and clutched to watch Rio and I've never taken off so much purple makeup so fast, pretended like I wasn't ill it aired the next morning. It was just crazy. I was part of a segment

on them. So the pay equity pay transparency law in New York pass last week. So now, yeah, which is so exciting. It makes everything so much easier. It's the way it should be. But New York, for four million workers now will be impacted. So if you're if you have a private firm, most companies basically who are listing jobs and have at least one employee based in New York have to have a salary range now, which means

that now it's a good faith salary range. And what I and a lot of Twitter sleuths have found is like companies are taking good faith with a huge grain of salt, and they are out here with these crazy wide Like I saw a bank manager for Apple Bank today that was one sixty five to two forty was the salary range. So there's still room to go, and like, obviously I hope that they make amendments to make it more specific. But a huge win, very exciting. I got

on the Today Show. What the hell? It was a not a bad not a bad Halloween day?

here's the thing I had a good time with. I went with this black travel group, a woman named Kena. She does this thing called the Dubai Blackout. She brings anywhere from two hundred to upward to four hundred black folks to Dubai every year. And so, like the general premise of the touring things that that was fun. We had a good time. But two things I realized, Like one, I don't necessarily want to travel with a group that big because you just you're not as nimble, you can't

do as much. Certainly, though there was a lot of like one off time that like my sister and I did. My sister Carol came with me. But also too, I why is way more commercial than I guess I anticipated. It felt like the Disneyland of the Middle East, you know, like I like a lot, I like some grits. I like history. I like, oh my gosh, you know, this is what you eat here, this is what you were here.

But there was a lot of like a mirroring of Western culture that I already experienced day by day, you know, Like honestly, I can't tell you one like I didn't. I had food from other countries, but just not what they eat do. But I could tell you I'm like I had sushi, I had Indian food, I had and everything was sublime and supreme. I mean, you wouldn't see one piece of tissue on the ground on the highway.

Everything was like perfect, and it was super safe, especially for women and kids because they they always like you could literally take a taxi that was just a woman's taxi. They were like if they were like they had this thing called the Global Festival, where like they had all these different countries represented in this kind of like Disney World esque like marketplace, and they had like a woman's night, you know, and so you know you're gonna be super safe.

came for. That that's the end ofgy I like when I travel where it's like, oh, I'm not in Kansas anymore. It was so beautiful. It's like all made out of all white like mar It was just it was just so beautiful. I mean, you have to wear like you're the traditional abaya, which is like it's kind of like loose fitting garment, and you know we had to wear the the job, and so that even that, it was

just it was just beautiful and so yeah. So but like I said, along, I had a good time and I just wanted to give you update about the condo. So I found some more tea. Let me tell you something. When you're going to purchase a property, see if you can, like you know, especially if it's a condo, see if you can like get to know some of the neighbors. Because when I tell you, these neighbors been talking, honey, and they're like, oh, that kindo girl that was on sale last year, I knew I had seen it on

relter dot com last year. So I kind of give you some numbers. So it was on realtor dot com last year for like six fifty six seventy five something crazy. But that's when, you know, remember when homes were going for like crazy amount. So I guess, you know, just was trying to get her coin, which I understand, but it didn't sell because I just think that she overreached

with the price. Well obviously, because the market is going to tell you, you know, because things were literally I remember in my neighborhood in particular, which the condos in the same neighborhood that I live in now, things were going for like fifty seventy five over asking. Things were

things weren't even hitting the market, you know. And so for the fact that it didn't sell means that, although it's beautiful, it was priced more than what people were willing to pay because the associate, I believe, because the

association fees it's kind of high. It's twelve to fifty, you know, on top of the fact you have to pay taxes a month, you know, so you're looking at at least the overhead of like I don't know, eighteen hundred to two thousand dollars a month, just even if you pay cash, which is what I was willing to do so six point fifty, like last year, didn't sell

during the height when everybody was selling, delisted it. Put it back on the market this year starting at five to seventy five, didn't sell, brought it down to five point fifty, didn't sell. It's not five thirty nine, still has not sold. It's been seven it's been seven months on the market, so you know, since was like, you know, I did my little research. I've been asking questions. You know,

is there a lot of noise? I was like, you know, the neighbors have been awesome, just like sharing, like this is what they like about that, the neighbors. You just go. Well, the first time I went, I realized I had like because it's newer and I live here, there are a handful of people that I knew. I'm like, oh, I didn't know you lived here, you know. And then so it was like one woman I knew that lived there, and then she was like, you know who you should

talk to my friends such or such. She's in four B. Let me make a text intro, you know. And so that's how I got to speak to like, and I even got to see two other apartments besides hers, and they were beautiful. I was like, oh wow, and so it just like, so I put in an all cash offer for less than what you know. Apparently I offended her, and so yeah, well, honestly I don't mind. I'm like, what does that mean?

I was gonna wait until the Resissance of twenty twenty three and get me a deal like that was that was my sal Yeah, I think that was happening, you know. And so but this took me by surprise. I was like, Okay, you know, I'm willing to consider this because you know, this is a beautiful space and it's in the neighborhood

that I want to stay in. So I put in an offer that I thought was more than fair, because I also found out, because you could see, it's public knowledge how much she paid for it, you know, and because she had the place fully renovated. And there is a guy who renovates the condo, like almost all the condos there, and so one of the people, one of the neighbors was like, oh, you should, let's call him Paul. We used to talk to the ball cuse I think

he did the apartment. And so I spoke with Paul and asked him all that he did, and it was like all the electrical, all the plumbing, which is great because that's the expensive stuff, the you know, the the kitchen, the bathrooms, which also the expensive things. And so I was like, okay, so all the hardcore things that are going to cost a lot. And then I asked him how much, you know, so this doesn't include materials, just his like, you know, just his rate, and it was

about sixty thousand. I had them give me a arrange, so about sixty thousand, I was like, okay. So I started to do the math. I said, say sixty plus another forty for materials. Let's just say you bought it for two eighty then plus another one hundred thousand on top of that, that's three eighty that you you know that you've put in because the condo was bought in twenty nineteen. So then that's that helped to inform the kind of offer I'm going to make. That was a quick around.

So but think about that. You buy something for two eighty, then you put one hundred thousand dollars into three eighty, and then you try to sell it for six fifty six to seventy five. That's like a three hundred thousand dollars profit, which girl, I'm mad at you. But it didn't work out because the market said I don't think so. And even at this current price, the market is still saying no. And we know that because it hasn't sold. And so but you know, at the end of the day,

it's her property. But something interesting that's happening is if there's another property, So this is a four bedroom like three and a half bath or whatever, there's another four bedroom, three and a half bath coming online in that same building. Because up until now, that apartment has been a unicorn in that there are no real comps because there is no other four bedroom, three and a half back that's sold within a year in that neighborhood. And so here's

one that's coming online. Now if from what I understand that the person who's selling it, they've already purchased a home, so they're very motivated to sell, which means, let's just say they sell it for four seventy five for ninety, Now, all of a sudden there's a hardcore comp So you're trying to sell for five thirty nine. If they sell basically the same apartment for four ninety, that is the

new comp. Five point thirty nine is going to be nearly impossible because one, even if someone has the cash like me, they're going to be like, well, why should I pay that when something similar is sold for less? And then if someone does get a mortgage, the appraisal is not going to You're not going to get the appraisal because appraisals are based upon comps, which are similar properties that have recently sold. And this other property is on a higher floor and it's fully renovated as well,

so it's a true comp. So it's going to be very interesting. I'm actually going to look at that property because you never know, maybe I want it, and so I'm gonna look at it, you know, and if I don't, I will sit and wait to see, you know, what

her move is. But I'm not in a rush. That's one thing is that for those of you who are looking to buy and purchase, there's always deals to be found, and if you are not in a rush, try not to rush, because it's very easy to get like because I mean my realtor, I could tell she's kind of annoyed with me because she's like, oh, you should have put in for like, you know, hire, and I was

just like, why should I pay more? Because we're in a market where it's it's hot potato, where these homes were being passed around, and it was like this hot market and someone's gonna get stuck with the potato and it's very clear if I purchased it at the five point thirty nine, it would be me because we see already we're in a market where go on realtor dot com or anything, you will literally see almost every home has a download arrow of this home was recently reduced.

Like that's the market where it is no longer a seller's market, but it's actually not a buyer's market either, and we're in a rare fair market, And so it doesn't make sense for me to overspend. Now in ten years,

do I think I get my money back? Sure, but it doesn't make sense for me to overspend because at the end of the day, I'm looking at my holistic financial life and it's an opportunity cost because do you know what five hundred thousand can do in this market amazon as the lowest has been in like how many years, twenty years? You know, five hundred thousand in the market now could potentially be a million, two million in the next five six years. And so knowing that, I just

was like, no, I'm not willing to go. I'm willing to like, well, she won't even negotiate, so that's fine, but I'm not willing to go to the price because I've heard behind the scenes that she's like, I'm not lowering it anymore, which is her right, you know, But for me, I'm not willing to overspend on something that I know. Now, is it worth the money she's asking or is it? Yes? But is it that valued at

the money she's asking. No, because something can be worth a thing, but if the market says I will not purchase it, then the value has been stated, which is like, no, not this. It's not because of the thing itself. It's just because of the economy that we're in now. You just can't get that price. So so I'll give you guys some updates.

to hear, like, here's what's happening twenty twenty three. I mean, there's some economists that are like, we've been in a recession since since January twenty twenty two. That's what some economists are saying, because you know, we had the we had the two quarters of economic strinkage of our GDP, which is like the output of a country, right, the

financial output of a country. So some people are saying that, you know, we've been in a recession, but I believe by twenty twenty three it will be an undeniable recession, meaning like the government will say so and everybody will

be on agreement that. And too, although the job market is currently still strong, I think it's lagging behind what's actually happening because like there are a lot of small businesses, including myself, we've had to make some shrinkage, like you know, like I think in twenty twenty three, you're going to see that people are going to be let go and maybe they're you know, they've already gotten their walking papers, like Twitter, where in February, like they've been told now,

but in February that's when it'll officially be done. So I think in twenty twenty three, we're also going to see an uptick in unemployment, you know, like although we haven't seen it yet, I think the job market is lagging. So you're going to see home prices decrease because they've been on like a tear, you know. And then you're also going to see I think a lot more people unfortunately losing their jobs, and inflation is still has a

hold on us. And you know, Jerome Powell, you know, from the FEDS, from the Federal Reserve Bank, has made it very clear that he's going to do whatever it takes to bring inflation underfoot, you know, if that means increasing the interest rate again, which they just did last week, and so interest rates are higher, mortgage interest rates are higher as a result. I think we're at like seven percent for a thirty year mortgage. Yeah, I think we should.

I think our next episode we should really talk about preparation for the recession and like what our listeners to do. But I'm just sharing that so you understand like my thinking about, you know, whether or not to purchase of property, and if I do, I want to do so in a way that because at the end of the day, buying a home is probably the most expensive choice most of us will ever make. I don't want to do so just because I'm like, I love it, you know, it's like, Okay, it's gonna be a lot of homes

you live. Let's talk about the financial ramifications of that purchase.

the job that later off. It took her two months, two and a half months, I think, so it was a long wait, but she was able to bounce back. So I think it's like, what I'm seeing is, yes, layoffs are happening, and it's just par for the course.

I have been laid off myself, and the message for me is always career resiliency, Like, how can you create professional resiliency so that you have like a network who can support you if you need support if you're to be layoff, So people who you can reach out to and let them know I'm open to a no opportunity And because of the like the relationships that you've built and the reputation that you have in your field, that you'll be able to bounce back a little bit more

quickly than if you're starting cold. Yeah, and I think shit, like on on Friday half of Twitter's workforce. Did you hear that they laid off half the workforce, which is just brutal. But then they were calling some people back and saying just never mind, we think you should come back. You're too essential.

heading into the fourth quarter. We're already in the fourth quarter. Layofs are really common before the holidays, so yeah, I mean, realistically, you should absolutely be preparing for what happens if you

were to be laid off, so I would be. And a lot of the same practices that can help you prepare professionally can also help you financially, so you know, get your emergency funds shored up, cut back on expenses if you can, you know, of course, Dust off that resume and be looking, you know, take the take interview opportunities as they come to you, and keep your networks fresh and warm, so, you know, look for opportunities to connect to former colleagues and peers in your network and

let them know what you're interested in. And certainly, if you're hearing whispers, you know, some of these layoffs don't happen out of nowhere. You hear whispers at your company, and some companies tell you, you know, like they have the hiring freezes and hiring pauses. That's a good indication. Potentially layoffs could happen if these freezes are not enough. So what can you do to bounce back? And how can you use your network to do that?

go back and check. But like I said, the first one who got was laid off. Actually she was only laid off three months after joining the company, which the same thing happened to me. First last one hired, first

one fired, you know, tales oldest time. She was laid off in August and she had two interviews going at two good job prospects going at the same time dragging their feet because I do think at companies you're seeing a lot of uncertainty and even if you had like headcount approved for open roles, I think recruiters in HR are still getting mixed signals, probably from higher ups on

can we fill this headcount? You know, one of my Mandy money makers is in at a big Silicon Valley company right now that you all would know, and she is interviewing or was interviewing rather at Amazon, and then her hiring process was put on hold, so yeah, which is, you know, luckily she has a great job to shelter in, but I'm definitely seeing it happen. And the first one that I mentioned that was laid off in August, she just got a great new job in October, so it

took her two and a half months or so. So I think what you said about jobs sort of lagging what's happening in the market's true. I think we have to take a realistic look at it. And what gives me hope is that, yes, layoffs are happening, but I'm also seeing that people are finding those opportunities. And the second one who I mentioned, who got laid off from the health and Health coaching company, she's had interviews at

great firms and she's really you know, optimistic. And both of these women have been executing everything that they've learned through the Mandy money makers, you know, really leveraging their networks, not being shy about posting on LinkedIn even about their journey post layoff. You know, how it's been going and what they're seeing, and but that's it's it's a reality. So I definitely think that we should be if you're

working nine to five. This is one of those times where it's like, Okay, what am I doing to create more resiliency so.

I think that would be so helpful for our listeners because it doesn't have to be this big, bad, scary thing. But certainly, you know, the first recession, I had no idea. I bought a house at top of market, like da da da da. I'm twenty five and out here doing big grew up session. What's the recession? Ru googling it, we would well, ooh girl, they say people lose their job, but not teachers owe me too. So my first introduction to the recession was raugh and so we don't want

that for you. You know, there's a lot that you know, we wish we would have known, and I'm way more prepared now. That's why I was like, m Tiffany, even though I would buy this place and it wouldn't have a mortgage, you know, I'm still committing to like twenty one thousand dollars a year and just overhead, just basic overhead, which not to say I can't afford that, but I was just like, what's the desired outcome? And does this meet it? Or just doesn't meet some of it?

section of the Mandy money makers, but it's it's real life happening to real people that we get to see, like what's happening when it comes to the job marker? How long did it take? And then too, I think one of the biggest takeaways is like, look what happens when you actually have help navigating that space versus maybe if you know, maybe it would have been four months or five months if.

I call it going to the bank. I tell it to all like my mentees and my mentor Tiffany dot com. Is that like, you should have this thing where I call it where it's like you have your regular business model. But if stuff is you know, the young people say, if shit gets thick, then I can go to the bank. And sometimes going to the bank is like I can do consulting. Like for example, for me personally, I know that if if I wanted, I could do one on

one consulting and make quite a bit of money. I don't particularly want to do one on one consulting, but if things got really bad, that's the bank for the Budgetista. Back when I first started the Budgetista, the bank was babysitting and tutoring. It was like, oh my gosh, Budgetesta made no money, but that's okay. I babysat and tutored

to make money instantly. And so I think every business owner should have some ways, even if it's not ways that you're currently doing that you could tap into that bank and say, if I had to, I could do this, this, this, this, Like I know you don't particularly like editing being an editor anymore, but you know, if you had to, you could take make some right. You can make some coin in the meantime on the way out exactly. Those are That's why it's important. So now, but this is good.

I mean, I just think, like you know, well, by the time you guys hear this episode, you know officially, voting will be over. You know, I know, I'm I know, but I mean, here's the thing, here's the thing, here's the thing, here's the thing I told myself. Regardless of what happens, life move on, meaning that you have to whether it's a Republican House Senate that like we will, you will have to learn to navigate. Whether it's all Democrat, you'd have to learn to navigate. And that's how life

looks like. You know, it's so cyclical, and you will manage and we will. You know. The key is, with the tools available to me, how do I make the most of it? And that's all that can be asked of you. So you know, just keep that in mind that like you know, there have been worse that's happened, and there have been better that's happened. Neither way, You're still here.

become activity? And I was like, but I told her that one of the things on my list is I want more space and time to just do the things that I enjoy. You know that sometimes I feel so rushed in the next thing and the next thing in it. And I said, so next next year, I told my admin rose to put an X on March, to put an X on August, and to put an X on December. I mean, I'm not going to work those three months.

And I'm super excited about it, you know, because I'm just like I you know, I'm I'm telling all of my partners, you know, ahead of time, so that way they want to work with me. It doesn't mean that nothing will get posted, you know, but it just means that, like I will pre tape, like let's just say, I'm like, oh, they want me to do some reels or whatever. All those things will be done because my team will still

be working. But you know, I want to create space where I'm like, I'm not overworking, you know, because I felt I'm not going to lie. I was doing really well until the Netflix special came out and then it triggered old Tiffany, which is, oh girl, we about to get it. And then I was like, oh my gosh,

and I didn't know how to turn it off. And then I got really sick with that upper respiratory and it sat my my behind down, and I said, I don't want to go back to that, Like there has to be a way to you know, celebrate something good or promote something without breaking myself, because that's what I would just do. I would power through and I don't want to be that Tiffany anymore. And so I do say all that to say that like I'm excited because I'm like, that's what next year is going to look like.

I don't know I'm going to work it out. But I told myself, first you work it out by intending it, then you say it, then you let people know, and then we work around it. And so that's I'm excited about that. So that's my boosty. But I know you have a huge booze Managi.

I realized I needed some accountability. So I started working with this coach in June and at the same time another coach for my Mandi money Maker's Academy, and doing those two things at the same time made me really pull back in my business so I could have more space for that, and they worked and the like there

was a method to the madness. The coaching around the Many money Maker's Academy was how can I create still the same amount of value but less of a high touch process or I wasn't so I wouldn't have to show up live as often and reinvent the wheel every time I had a new cohort. Basically, so how could I create like on demand content and take everything I had already done and just make it more automatic? And that freed up time for me to focus on my

book proposal. So my book proposal I started working on. I took a big break in September when I was just free launching Mandy money Makers, and that went off successfully. In then October I hit it again and I've done. I've finished seventy pages of book purposes.

it's evergreen. And yeah, and even though yes, the pandemic and the great resignation happened, I believe this is going to be the kind of career book that can just be a staple for any in their lives. But so what happens now this is like a very big but early stage book. Proposal is done. Now, I shop it to find an agent, and when I find an agent, they will then take it and sell it to a publisher. So with Thanksgiving coming up, the clock is ticking. I

really want to have an agent before the holiday. I don't know if that's realistic or not. My proposal coach should be pitching people this week, but I hope it finds a home and I'll keep you first. As ever, let me tell you something about Mandy.

you grabbed that domain. I was like, well, she's a saidate that people know she got that domain asent now, But honestly, I am so happy for you and proud of you, and I just can't wait to, you know, watch your journey. Just make sure as you're writing the book to keep in mind to save some reserves, because I'm everyone says this, but it doesn't feel like it because writing the book part is so hard that that's easy compared to the marketing.

I know you got me. I will, yes, But I'm just saying that, like the book, I mean, the book part obviously is very intense, and it is, but yeah, you know, the marketing part is just I mean, I've learned so many things, you know, I'm like and even now literally because I have so many friends writing books now that I just I am actually working on like more easy to digest a checklists that I told you many that I'll give because I gave you, like my full seven month deep dive, and I'm like most a

lot of my friends are like this too, much, Like maybe I could just get like a basic checklist, like get their domain. Here's when you should start asking for reviews.

Did you know that reviews with pictures on Amazon are prioritize reviews without pictures make sure you ask for you see what I mean, So I want to get like a checklist, so it'll, you know, for people who are going to do the deep guy with my seven month like kind of like layout, but also for folks who are like not necessarily going to do all that, but these little nuanced things that make all the difference. But yeah, no, I'm I'm so proud of you because I know how

hard that is. And the fact that it's seventy pages, I mean, that's such a I'm glad you did that because one, it'll allow a potential publisher to know exactly what they're getting, you know, because I'm not gonna lie I didn't want to do because I forgot how many pages my it was around seventy something like that. Something crazy too.

was going to think. But for me, it allowed me to say, Tiffany, I was so clear about this is the book I'm writing. And when you know, I finally chose my publisher and they chose me Penguin. Nobody was guessing what's the book going to be about. We were all on the same page because they they bought it based upon the you know, the proposal. So it's exciting. Oh look look at me.

it was. I'm not going to say it wasn't hard, because you know, you have to make that commitment and lots of early mornings before Rio woke up. But it was all worth it, and my proposal coach is really optimistic that I'll be able to get a deal. The first I got to get an Asian it didn't happening.

I can't wait. Yeah, I'm just super happy honestly because it is like for me, it wasn't so much Barnes and Nobles, but I was like, if I could see my book in Target, because I like, I go to Target all the time, and I still have to hit me when I see it at Target, I'm like, I'm in the place where I spend all my money and I have to tell you, you know.

look at the top five books. And I think the three samples she showed me, they were they were like similar, they were there were financial books and Good with Money was right there at the top, like this is the bar, this is proof because it's proof that financial books by women of color can do great, you know. So I love seeing that. For sure, it wasn't on my list because it ain't about money. But yeah, but it is like it is the bar. Now you are at the bar. Oh bitch, you're at the bar.

the podcast or individual businesses, the books. You know. It's just I don't know that professionally it gets better than this because everyone can't say that they can see the direct correlation of what they do and the people that they're serving, you know, and so we get to say that that's this is why I became why I was a school teacher because selfishly, I was like, I want to see my work, you know, and I love the fact that I'm like, oh my gosh, Rio can read

because I taught him, you know, and so like what we do here, it's like, wow, look how many people we get to help instantly, Like someone's going to listen to this and be like because of you, guys, dot dot dot dot dot, you know. So just you know, I'm just proud of you, Mandy, because I know there was a little touch and go in the beginning. You're like, what now, look they're lost.