WEBVTT - BA QA Is An Indicator Of The Economy 0:00:06.160 --> 0:00:09.680 It's time for a big a q a a the 0:00:09.760 --> 0:00:12.280 b a q a What you say the big a 0:00:12.720 --> 0:00:13.520 q a man? 0:00:13.600 --> 0:00:16.599 Dude b a q a which dude to b a 0:00:17.040 --> 0:00:20.720 q a a A answer? How you doing? 0:00:20.840 --> 0:00:21.120 Girl? 0:00:21.920 --> 0:00:22.440 What's up? 0:00:22.480 --> 0:00:26.119 You know? Hello? Fellow Webby Webby Award nominated in the podcast. 0:00:26.960 --> 0:00:28.960 You see my Webby Award is like right there, you see, 0:00:28.960 --> 0:00:29.760 it's just in the background. 0:00:29.840 --> 0:00:31.920 If you were on youtubel now you. 0:00:31.920 --> 0:00:34.320 Know, yeah, you would know. And mine's always creepy. Mine's 0:00:34.320 --> 0:00:35.279 always in the dictory there. 0:00:35.320 --> 0:00:36.879 Well, you know we have to we have two I 0:00:36.960 --> 0:00:40.120 was gonna say, we do. If you have questions, we 0:00:40.240 --> 0:00:42.519 have some answers. But we're not your attorney. We're not 0:00:42.560 --> 0:00:43.919 your financial advisor. 0:00:43.920 --> 0:00:44.600 We're not your. 0:00:44.479 --> 0:00:47.280 Doctor, we're not your lawyer, we're not none of that. 0:00:47.320 --> 0:00:49.800 Were just two smart brown girls who got a thing 0:00:49.880 --> 0:00:52.320 or two to say about career, business, and money. But 0:00:52.440 --> 0:00:54.720 certainly take what we say with the smallest of smallest 0:00:54.720 --> 0:00:57.280 of grains of salt, because you know salt is not 0:00:57.280 --> 0:01:00.000 good for you anyway. But two, because you know you don't, 0:01:00.000 --> 0:01:02.400 I'll pay us, so you know you want to get 0:01:02.400 --> 0:01:05.400 your advice from them people. But if you do have questions, 0:01:05.760 --> 0:01:08.880 you can go to brandibisionpodcast dot com and ask them. 0:01:09.280 --> 0:01:12.160 We're a Brown and Vision podcast on Instagram, the BA 0:01:12.280 --> 0:01:16.039 podcast on Twitter. You can ask us wherever you want 0:01:16.040 --> 0:01:21.280 to ask us, and we do career, business, entrepreneurship, finance, 0:01:21.520 --> 0:01:22.679 and just life questions. 0:01:22.720 --> 0:01:22.920 You know. 0:01:23.000 --> 0:01:27.080 So this pot this episode, we are going to focus 0:01:27.200 --> 0:01:30.880 largely on money questions and yeah, are they real estate questions? 0:01:30.880 --> 0:01:32.040 Are they both kind of like real estate? 0:01:32.280 --> 0:01:33.480 These are real estate questions? 0:01:33.560 --> 0:01:33.800 Yeah? 0:01:34.000 --> 0:01:37.160 You got some juicy one who I feel like I'm 0:01:37.200 --> 0:01:40.160 in the exact same situation as so a listener who's 0:01:40.160 --> 0:01:43.119 wondering whether she should buy in this market right now 0:01:43.160 --> 0:01:45.759 and sell her home. And then another really tough one 0:01:46.200 --> 0:01:49.040 from a listener who did the right you know, did 0:01:49.040 --> 0:01:52.920 the thing everyone's iging and talking about buying rental properties 0:01:52.920 --> 0:01:54.360 and then getting into a lot of debt in the 0:01:54.360 --> 0:01:57.200 process and trying to figure out, Oh shoot, I'm in 0:01:57.240 --> 0:01:59.920 over my head. So we got some juicy ones for 0:02:00.080 --> 0:02:01.840 all today. Where should we start to if you want 0:02:01.840 --> 0:02:03.960 to start with strange? 0:02:04.640 --> 0:02:07.520 Yes, Holange, Solange. 0:02:07.000 --> 0:02:10.040 I love that. All right, Solange, here's your question. Hi, 0:02:10.120 --> 0:02:12.560 Mandy and Tiffany. I'm a loyal weekly listener. Thank you 0:02:12.880 --> 0:02:15.040 to your podcast, and I'm learning so much. I'm in 0:02:15.080 --> 0:02:17.480 a dilemma about the best course of action to take 0:02:17.560 --> 0:02:20.239 concerning whether I should sell and buy in this crazy 0:02:20.280 --> 0:02:23.840 housing market. We own a townhouse, have about twelve years 0:02:23.919 --> 0:02:27.800 left on a mortgage with a two point three interest rate. 0:02:28.120 --> 0:02:30.520 Put that interest rate in a museum because it is 0:02:30.520 --> 0:02:34.919 a fossil, okay, from another era. We want to move 0:02:34.960 --> 0:02:37.519 and purchase. We want to move and purchase a home 0:02:37.520 --> 0:02:40.920 in a better school district, want a single family. Even 0:02:40.960 --> 0:02:43.079 though we stand to make a good profit on the sale, 0:02:43.080 --> 0:02:45.399 we will also end up paying more because of new 0:02:45.480 --> 0:02:48.960 house prices and high interest rates. What should we do? 0:02:49.080 --> 0:02:54.799 Please help? Much appreciated, Thank you. I loved your first 0:02:54.840 --> 0:02:56.880 question when you read this. What was it? 0:02:57.080 --> 0:02:58.520 What did I say? I said? 0:02:58.760 --> 0:03:01.160 You said, how about is that school? How bad is it? 0:03:01.720 --> 0:03:03.960 Because I'm like, at three point two percent at two 0:03:04.040 --> 0:03:05.880 point three, not even three point two because three point 0:03:05.880 --> 0:03:06.799 two would be insane. 0:03:06.919 --> 0:03:08.679 Two point three? Is they done? Gave you that house 0:03:08.680 --> 0:03:12.200 for free? Girl? Like, well, there's a few things. 0:03:12.360 --> 0:03:17.000 And when I was being facetious, but not because you know, schooling, 0:03:17.960 --> 0:03:21.560 are the kids really little? You know? Because there's a 0:03:21.600 --> 0:03:23.840 lot of supplemental things you can do if you've got like, 0:03:24.280 --> 0:03:26.080 you know, a one year old, two year old, three year, 0:03:26.120 --> 0:03:28.280 four year old, even up to like you know, second 0:03:28.360 --> 0:03:30.639 or third grade. Like there's so many not to say, 0:03:30.639 --> 0:03:32.360 you can't do that if you have high school kids. 0:03:32.480 --> 0:03:34.560 But I feel like, you. 0:03:34.440 --> 0:03:37.760 Know, like a high school is in the school district 0:03:37.800 --> 0:03:41.400 is more like I don't know, it plays a pivotal role. 0:03:41.960 --> 0:03:43.800 College prep, yeah, you know what I mean. 0:03:43.800 --> 0:03:45.360 So like, but if your kids were really young, I 0:03:45.440 --> 0:03:48.880 might be like, girl, you know, like you know, do 0:03:49.000 --> 0:03:50.800 that and then you could also get like tutoring and 0:03:50.800 --> 0:03:53.920 all that kind of stuff, you know, because you know, financially, 0:03:54.400 --> 0:03:58.000 you know, the cost of buying another house is really 0:03:58.040 --> 0:04:00.920 going to not only is it going to affect your 0:04:01.040 --> 0:04:04.760 monthly expenses, you know, although you might be in a 0:04:04.760 --> 0:04:07.160 better school district, it might affect your ability to do 0:04:07.240 --> 0:04:07.960 things for the kids. 0:04:08.040 --> 0:04:10.760 Right, So like here, maybe you can afford soccer and 0:04:10.840 --> 0:04:11.680 tennis and this and. 0:04:11.640 --> 0:04:14.120 This other places like whatever the school provides job because 0:04:14.120 --> 0:04:15.520 we can't afford anything outside of that. 0:04:16.480 --> 0:04:18.240 So consider that, you. 0:04:18.200 --> 0:04:21.040 Know what I was thinking, I was thinking, I wonder 0:04:21.120 --> 0:04:24.680 what the mortgage is and if you were considering do 0:04:24.800 --> 0:04:28.200 you have to sell the house is it possible to 0:04:28.560 --> 0:04:31.400 rent out the townhouse for more than what your mortgage 0:04:31.400 --> 0:04:33.440 is because the interest rate is so low and that 0:04:33.760 --> 0:04:37.840 use that to supplement and help pay for your new 0:04:37.880 --> 0:04:40.080 mortgage if you were going to move. That's a potential 0:04:41.279 --> 0:04:43.640 if your monthly payments are not like let's just say 0:04:43.640 --> 0:04:45.599 like a friend of mine bought a house years ago 0:04:45.600 --> 0:04:49.520 for one hundred and eighty thousand dollars, and I forget, 0:04:49.560 --> 0:04:51.800 his interest rate was super low, and he was paying like, 0:04:52.400 --> 0:04:54.520 I don't know, like eleven hundred no, not even I 0:04:54.520 --> 0:04:56.239 think his I think his mortgage was like eight hundred 0:04:56.279 --> 0:05:00.240 bucks a month something ridiculous. And we talked about that, 0:05:00.320 --> 0:05:03.799 and I said, you know, consider renting it out because 0:05:03.800 --> 0:05:05.760 that place would rent out easily for two thousand. It 0:05:05.800 --> 0:05:08.719 was like four bedrooms, three baths easily rents out for 0:05:08.720 --> 0:05:12.560 two thousand, and because he wanted to be in and 0:05:12.640 --> 0:05:13.919 he wanted to be in an apartment because he was 0:05:13.920 --> 0:05:16.840 traveling so much. And I'm like, and then that additional 0:05:16.880 --> 0:05:19.039 twelve hundred bucks a month can be put toward whatever 0:05:19.040 --> 0:05:21.680 your rent's going to be in your new apartment. So 0:05:21.760 --> 0:05:25.560 consider that as a as a possibility. What do you 0:05:25.560 --> 0:05:27.880 think what choice are you thinking about, like, what are 0:05:27.880 --> 0:05:29.680 you thinking about, Mandy when it comes to First of all, 0:05:29.720 --> 0:05:31.840 Many's house is so cute. 0:05:32.000 --> 0:05:32.680 It's like such a. 0:05:32.680 --> 0:05:36.320 Nice and cute exactly, It's cute, it's pocket size, it's adorable. 0:05:36.760 --> 0:05:40.120 I loved it as I like, I mean, I really 0:05:40.160 --> 0:05:43.240 really went home shopping, you know, from a New York 0:05:43.279 --> 0:05:46.880 City apartment perspective of like, oh, look we have a 0:05:46.960 --> 0:05:49.720 yard and there's a deck, and there's you know, three 0:05:49.760 --> 0:05:52.440 bedrooms and two and a half thousand you know, it 0:05:52.440 --> 0:05:54.960 felt really big at the time, but a kid and 0:05:55.000 --> 0:05:58.840 a half in, you know, this house is going to 0:05:58.880 --> 0:06:02.680 be it's going to be tight, right, And we have 0:06:02.880 --> 0:06:05.680 thought about, you know, what could our next move be, 0:06:05.920 --> 0:06:08.120 but we're stuck, Like we have a similar we have 0:06:08.160 --> 0:06:12.000 like a two point something interest right too, and we refinanced, 0:06:12.040 --> 0:06:14.279 which this sounds like she probably did as well because 0:06:14.520 --> 0:06:19.080 they only have fifteen twelve years left, so I'm assuming they. Yeah, 0:06:19.120 --> 0:06:21.720 so we refined in twenty twenty one as well when 0:06:22.240 --> 0:06:24.200 rates were really low, and I'm so glad that we did. 0:06:24.279 --> 0:06:27.800 But yeah, now if honestly, the only way that I 0:06:27.800 --> 0:06:29.520 can see it working for us is if we leave 0:06:29.960 --> 0:06:33.040 New York or we move like maybe to Georgia or 0:06:33.080 --> 0:06:36.760 another low cost you know, suburb of New York. But 0:06:37.000 --> 0:06:39.719 to find a comparable to find a home in a 0:06:39.720 --> 0:06:42.320 good school district where we live now, we got our 0:06:42.320 --> 0:06:44.960 home for four hundred and forty five k. I mean 0:06:45.080 --> 0:06:47.800 we probably need to pay over a million dollars to 0:06:47.839 --> 0:06:52.039 get to get yeah, to get just a decent you know, 0:06:52.120 --> 0:06:55.640 maybe a five bedroom, four bedroom, you know, with an 0:06:55.680 --> 0:06:58.520 office for me, like to get that level of home. Yeah, 0:06:58.560 --> 0:07:01.039 it is not cheap out here. And it's because of 0:07:01.160 --> 0:07:04.560 taxes on top of that. It's like the taxes, yo, taxas. 0:07:04.120 --> 0:07:06.240 Because one are the taxes because like so I'll give 0:07:06.240 --> 0:07:08.880 you an example. In new my house now, it is 0:07:09.080 --> 0:07:13.160 twenty don't nasmia woman, Texas, twenty two hundred square feet. 0:07:13.560 --> 0:07:17.160 It's four bedrooms, yeah, three and a half bath, it's 0:07:17.200 --> 0:07:20.160 three floors. And I want to say, my taxes are 0:07:20.280 --> 0:07:22.680 like ten thousand dollars lately year they just they just 0:07:22.760 --> 0:07:25.080 went up at your house. 0:07:25.360 --> 0:07:28.360 Yeah, I feel like ours are fourteen or fifteen okay 0:07:29.560 --> 0:07:31.400 right now, and we have a teeny house. It's like 0:07:31.480 --> 0:07:35.240 sixteen hundred square feet. It's not anything crazy, and we 0:07:35.360 --> 0:07:38.320 do live in a decent school district. I remember, everyone's like, oh, 0:07:38.320 --> 0:07:40.080 the schools are so great, They're fine. I don't know. 0:07:40.440 --> 0:07:42.520 I'm not like wowed by any of the statistics I read. 0:07:42.600 --> 0:07:45.800 But yeah, the taxes are nuts. And I mean, our 0:07:45.840 --> 0:07:47.680 interest rate is so good right now, I'm just checking 0:07:47.720 --> 0:07:51.160 mortgage rates. As of today's taping in mid April, we're 0:07:51.200 --> 0:07:54.280 at seven percent for a thirty four thirty year fixed 0:07:55.240 --> 0:07:58.480 I mean, that is like to quantify that I wish 0:07:58.520 --> 0:08:00.880 I And that's what the seven hundred at score, you know, 0:08:01.240 --> 0:08:04.040 So I'm let me upgrade this. Let's see, husband and 0:08:04.080 --> 0:08:07.679 I probably have like mid seven hundreds to high seven hundreds. 0:08:08.160 --> 0:08:10.800 We can maybe get like six point six five percent, 0:08:10.880 --> 0:08:13.160 but that's still triple. I mean, that adds tens of 0:08:13.280 --> 0:08:16.160 thousands of dollars to the cost of your loan. And 0:08:16.240 --> 0:08:18.360 because of the way mortgages work, they're going to frontload 0:08:18.400 --> 0:08:20.600 all that crap onto your interest. I mean, you're you 0:08:20.680 --> 0:08:23.080 know they're going to do what's it called again? Well, shit, 0:08:23.120 --> 0:08:25.800 what's it called? That word that I've always was confused about, 0:08:25.800 --> 0:08:29.160 which basically means that most of your first payments will 0:08:29.200 --> 0:08:32.360 go toward your interest, not you're barely even touching your 0:08:32.400 --> 0:08:36.360 print there when we have a mortgage, Yeah, barely. So 0:08:36.640 --> 0:08:38.800 that's where we're at. So I'm we are writing it 0:08:38.880 --> 0:08:41.280 out like I'm not trying to make any hasty decisions, 0:08:41.320 --> 0:08:43.559 and so Jasmine, I are sorry, Solange. I would say, 0:08:44.200 --> 0:08:48.079 you know, continue thinking and continue looking. Maybe you'll find 0:08:48.120 --> 0:08:51.679 a good deal. We've thought about maybe purchasing land, you know, 0:08:51.840 --> 0:08:57.360 and building instead. But it's when I hop on you know, 0:08:57.480 --> 0:08:59.800 any real estate listing sites and look to see what's 0:08:59.800 --> 0:09:02.719 that out there, I'm just like, and this house is 0:09:02.880 --> 0:09:05.920 actually great. Why are we even trying to, you know, 0:09:06.160 --> 0:09:09.199 think bigger? This is perfect? You know, we can all 0:09:09.240 --> 0:09:11.080 have that. I'll put my basement in the crawl space. 0:09:11.160 --> 0:09:12.800 I mean, I'll put my office in the crawl space 0:09:12.800 --> 0:09:14.640 if we need to. It'll be fun. I'll get some lighting, 0:09:15.440 --> 0:09:18.120 i can record the show laying down. It'll be cute. 0:09:18.160 --> 0:09:23.719 It'll because like whatever, Yeah, this is one of those times. 0:09:23.720 --> 0:09:28.079 We're literally the financial component has to be like and 0:09:28.200 --> 0:09:30.400 so you got to do that math because it could 0:09:30.480 --> 0:09:34.079 literally go from you know, you being able to like 0:09:34.160 --> 0:09:37.520 afford your life and literally not for more space and. 0:09:37.640 --> 0:09:40.400 Like you know, and that's the thing. Yeah, yeah, because 0:09:40.400 --> 0:09:42.560 I feel like we're doing fine. Now I don't feel 0:09:43.200 --> 0:09:45.679 like we're paying you know, because now an entrepreneur and 0:09:45.880 --> 0:09:49.560 you know, the money is different now like I don't. 0:09:49.720 --> 0:09:50.080 I don't. 0:09:50.120 --> 0:09:52.240 I could not afford a million dollar home right now. 0:09:52.320 --> 0:09:54.480 I know that for sure. Like to double what we're 0:09:54.520 --> 0:09:57.240 paying right now, I would. It would create the kind 0:09:57.280 --> 0:09:59.839 of work life that I'm trying to run away from, 0:10:00.160 --> 0:10:03.840 which is like you know, working around the clock, which 0:10:03.920 --> 0:10:06.000 I am. I don't want to be over mortgage at all. 0:10:06.320 --> 0:10:08.280 It would just be so stressful and honestly, I know, 0:10:08.400 --> 0:10:09.640 like because I mean I share this before, you know, 0:10:09.720 --> 0:10:11.560 I bought the condor. I finally the people move out 0:10:11.600 --> 0:10:14.120 this month this week, woo, because I leased it back 0:10:14.120 --> 0:10:16.559 to them for like the carrying costs it was just 0:10:16.600 --> 0:10:19.199 about two thousand dollars a month. So they paid me 0:10:19.240 --> 0:10:21.679 four thousand dollars to stay in my place. Hey, thanks, 0:10:24.000 --> 0:10:26.800 So I get the keys by the time you guys listen, 0:10:26.920 --> 0:10:28.920 I'll have seen it. The day before I get the 0:10:29.040 --> 0:10:31.760 keys covers the taping. It's a Monday. I get the 0:10:31.840 --> 0:10:33.800 keys on Thursday, and I do a walk through and 0:10:34.160 --> 0:10:37.520 this show comes out Friday. So I remember when I 0:10:37.559 --> 0:10:39.079 was buying it. I bought the house for I want 0:10:39.120 --> 0:10:43.599 to say five twenty five twenty, I mean minus. I 0:10:43.679 --> 0:10:45.520 guess you could say five sixteen, because you know they 0:10:45.559 --> 0:10:47.040 have to pay me that money. But you know, like 0:10:47.440 --> 0:10:51.280 on the books five twenty, and I remember my financial advisor, 0:10:52.120 --> 0:10:54.599 you know, Angelie shout out to her telling me that 0:10:55.040 --> 0:10:59.679 ideally to get a mortgage, which I can understand, because 0:10:59.760 --> 0:11:01.400 you know, you want to put that money in the market, 0:11:01.679 --> 0:11:03.240 because you know, half a million dollars can do a 0:11:03.280 --> 0:11:04.920 lot in the market. But I already put a lot 0:11:04.960 --> 0:11:07.280 of money into the market every year. I live off 0:11:07.320 --> 0:11:09.559 of less than ten percent of what I make. And 0:11:10.440 --> 0:11:14.160 I just didn't want because right now I don't have 0:11:14.200 --> 0:11:15.640 a mortgage at the house that I live in. Now 0:11:15.640 --> 0:11:17.240 I'm not selling it. My sister and her kids are 0:11:17.280 --> 0:11:19.559 going to live here. I don't have a mortgage here. 0:11:19.720 --> 0:11:21.719 It's just the carrying cost, which is like I don't know, 0:11:22.040 --> 0:11:25.440 eleven hundred bucks a month. That's taxes as well as 0:11:25.520 --> 0:11:29.240 like PSNG and all my utilities and all the kinds 0:11:29.240 --> 0:11:30.920 of Like eleven hundred bucks a month is what have cost, 0:11:31.400 --> 0:11:33.240 you know, And I'm like, so to go from eleven 0:11:33.320 --> 0:11:36.240 hundred bucks a month to the carrying cost of my 0:11:36.360 --> 0:11:38.880 new place is about two thousand if you just include 0:11:39.440 --> 0:11:43.600 the HOA fee because it is a condo and which 0:11:43.679 --> 0:11:46.800 is about twelve hundred, and then taxes, which is about 0:11:46.840 --> 0:11:48.960 like another eight hundred bucks a month, So two thousand 0:11:48.960 --> 0:11:50.960 dollars a month. On top of that, if I would 0:11:51.000 --> 0:11:53.400 have included a mortgage, let's just say my mortgage is 0:11:53.400 --> 0:11:55.800 going to cost me another twenty five hundred, you know, 0:11:55.920 --> 0:11:58.840 almost to go from eleven hundred to five thousand dollars 0:11:58.840 --> 0:12:00.640 a month. Not that I can't ford it, but I'm 0:12:00.679 --> 0:12:05.480 not gonna lie. The way might be my post dramatic, 0:12:05.920 --> 0:12:08.880 you know, post traumatic broke SYNDROMEA set up my STUFFA 0:12:08.920 --> 0:12:09.480 couldn't take it. 0:12:10.160 --> 0:12:12.800 I was like, you know, so I didn't. 0:12:12.600 --> 0:12:17.080 Want to have, like to pay five to six thousand 0:12:17.120 --> 0:12:19.959 dollars a month after paying a thousand, basically because my 0:12:20.000 --> 0:12:22.199 sister's gonna take over the carrying cost here, so I'm 0:12:22.200 --> 0:12:24.079 not gonna have to pay that for this house, you know. 0:12:24.280 --> 0:12:26.640 So I didn't want to go from a thousand to 0:12:26.800 --> 0:12:30.480 like five six thousand. I just feel nervous about it. 0:12:30.600 --> 0:12:31.959 And so I made a decision. 0:12:32.040 --> 0:12:35.880 Although it was not a probably the best quote unquote 0:12:35.920 --> 0:12:40.000 financial decision, it was the best financial decision for me 0:12:40.200 --> 0:12:43.760 and how I needed to navigate because the truth is, yes, 0:12:44.200 --> 0:12:46.240 five hundred thousand in the market kuid yield a ton. 0:12:46.760 --> 0:12:49.680 I already have money, and I'm still wearing my target's best. 0:12:50.120 --> 0:12:51.959 I'm not you know, I don't carry any debt. I 0:12:52.040 --> 0:12:53.760 have no debt, no credit card debt, so I'm not 0:12:53.880 --> 0:12:57.120 in any sort of financial struggle. I paid off my parents' house, 0:12:57.120 --> 0:12:59.080 I paid off my student loans, so it just met 0:12:59.120 --> 0:13:01.800 the difference between money or more money, and I was like, 0:13:02.080 --> 0:13:05.520 I'd rather the security in my stomach versus additional money 0:13:05.600 --> 0:13:07.800 that I'm not going to spend anyway, you know. So 0:13:07.920 --> 0:13:10.800 I'm just sharing that that like when you're making decisions, 0:13:11.120 --> 0:13:12.959 you know, sometimes you get to make a decision from 0:13:12.960 --> 0:13:15.920 a place of just emotionally, this is where I need 0:13:16.000 --> 0:13:17.600 to be, And sometimes you have to really look at 0:13:17.600 --> 0:13:20.640 the bottom line and say, the math is not mathing 0:13:20.679 --> 0:13:23.120 in a way that will allow us to sustain a 0:13:23.240 --> 0:13:26.680 healthy and healthy, healthy and happy lifestyle. So this seems 0:13:26.679 --> 0:13:30.040 like a real math math lean in versus like an 0:13:30.080 --> 0:13:33.040 emotional leaning. So Solange, you know, look at the math 0:13:33.080 --> 0:13:36.040 and ask yourself, would we be able to like sustain 0:13:36.760 --> 0:13:39.960 a decent life, you know, with all the additional expenses. 0:13:40.000 --> 0:13:41.560 Should we move or do we. 0:13:41.600 --> 0:13:43.679 Make it work where we are and just bide our 0:13:43.720 --> 0:13:46.360 time and keep our eyes and ears open for something 0:13:46.400 --> 0:13:48.400 that might fit better later on down the line. 0:13:48.600 --> 0:13:50.440 Good luck. Let me know what y'all decide, okay, because 0:13:50.440 --> 0:13:54.600 I need your advice to Also, I've like thought about 0:13:54.679 --> 0:13:57.719 with renting out our house, keeping the house because I 0:13:57.720 --> 0:13:59.240 feel like I don't want to get rid of this mortgage. 0:14:00.080 --> 0:14:01.599 I mean the good rate, right, but like should I 0:14:01.760 --> 0:14:03.920 keep the house and then rent it out would somehow 0:14:04.000 --> 0:14:06.520 make a situation where I don't know, I don't think so, 0:14:06.840 --> 0:14:07.360 I don't I don't know. 0:14:07.360 --> 0:14:08.839 You could write the good thing about when you have 0:14:08.880 --> 0:14:11.720 rental property that they will count I think like sixty 0:14:11.760 --> 0:14:13.080 percent of it towards your income. 0:14:13.440 --> 0:14:15.120 So for you to afford more of a house, you know. 0:14:16.480 --> 0:14:19.600 Yeah, that's the thing. But it's again, it's like you know, 0:14:20.880 --> 0:14:23.240 you know again, like positioning us to just be like 0:14:23.480 --> 0:14:25.800 really over in an expensive home. 0:14:27.600 --> 0:14:27.760 You know. 0:14:28.000 --> 0:14:30.640 So I just told Husban like I have no doubt 0:14:30.680 --> 0:14:32.640 we'll get there, you know what I mean. Like I'm 0:14:32.720 --> 0:14:37.080 doing fine. I co host Brown Ambition. I'm an ambitious 0:14:37.120 --> 0:14:40.480 lady like, we gon't be fine, but we ain't there yet. 0:14:40.720 --> 0:14:43.120 So I am very comfortable being like, we're not there yet. 0:14:43.320 --> 0:14:44.840 I won't even let Hi get a second car. He's 0:14:44.880 --> 0:14:48.200 so so salty about that. I'm just like, you're you're 0:14:48.200 --> 0:14:51.200 having a second baby, so we're not getting a second car. 0:14:51.320 --> 0:14:54.600 And Helen backs me up, went in doubt, get a 0:14:54.640 --> 0:14:56.640 financial planner to bring you down to earth. Actually that's 0:14:56.680 --> 0:14:58.880 a good tip. Financial planner can really bring you down 0:14:58.920 --> 0:15:01.000 to earth because when her husband and I have a 0:15:01.040 --> 0:15:03.800 disagreement on a big purchase, the second car being one, 0:15:04.280 --> 0:15:07.520 Helen makes it very clear here's what you would have 0:15:07.600 --> 0:15:09.360 to give up. I don't think that's a good idea. 0:15:09.360 --> 0:15:11.120 And I'm like, Helen said it. 0:15:11.200 --> 0:15:13.200 Not me, you know. 0:15:14.280 --> 0:15:16.280 But thank you so much to launch for your question. 0:15:16.600 --> 0:15:18.160 All Right, we're gonna take a quick break and be 0:15:18.360 --> 0:15:21.000 right back with an even juicy or a real estate question. 0:15:21.280 --> 0:15:23.920 So stay tuned, be a fan. We're putting a lot 0:15:23.960 --> 0:15:29.600 on our shoulders today. Okay, this is stressful. All right, 0:15:29.640 --> 0:15:33.880 see y'all back in a minute. All right, we are 0:15:34.080 --> 0:15:37.840 back back, and Brown Tiffany would like to do the 0:15:37.880 --> 0:15:39.200 honors of reading this. You want me to read it 0:15:39.240 --> 0:15:40.840 because I feel like I'm gonna read it and immediately 0:15:40.960 --> 0:15:42.160 just like give it to you to answer. 0:15:42.560 --> 0:15:44.200 No, go ahead to read it because it's stressful. My 0:15:44.480 --> 0:15:46.040 LA was like, wait. The more I read it, I 0:15:46.120 --> 0:15:49.200 was like, I'm gonna try Okay, okay, but. 0:15:49.320 --> 0:15:51.200 This is the reality, okay, and I'm not gonna lie. 0:15:51.240 --> 0:15:53.200 We've been getting more and more questions of people struggling 0:15:53.240 --> 0:15:55.680 with debts. I'm just like, I feel like brown ambition 0:15:55.880 --> 0:15:57.800 Q and A is almost like an indicator for the 0:15:57.880 --> 0:16:00.960 economy and where we're heading. So I think it's good 0:16:01.000 --> 0:16:03.720 that y'all are getting it out, releasing the debt demons 0:16:03.720 --> 0:16:05.120 and trying to figure out what to do. But this 0:16:05.880 --> 0:16:09.520 situation in particular is pretty complex. So this come from 0:16:09.600 --> 0:16:12.680 listener who would like to be called j. J. Says. 0:16:12.800 --> 0:16:15.640 I am forty years old. I'm a senior accountant. I 0:16:15.720 --> 0:16:18.280 make eighty three k a year. In twenty twenty one, 0:16:18.800 --> 0:16:21.720 I got out of a long financially abusive relationship and 0:16:21.800 --> 0:16:23.880 I sold my home and I got a huge lump 0:16:23.920 --> 0:16:26.360 sum of money. At the time, I had no debts 0:16:27.040 --> 0:16:29.480 other than student loans, so I spent the money purchasing 0:16:29.560 --> 0:16:32.800 two homes. Home A was a new construction around four 0:16:32.880 --> 0:16:35.320 hundred K, and Home B was a twenty year old 0:16:35.360 --> 0:16:38.640 fixer upper and I put six hundred K or sorry, 0:16:38.680 --> 0:16:41.440 I put sixty K into renovations, and I also got 0:16:41.480 --> 0:16:44.240 one hundred and twenty K loan to add a pool. 0:16:45.320 --> 0:16:48.720 As soon as I moved in Home B, everything that 0:16:48.800 --> 0:16:51.680 could go wrong happened. My main water lane, my main 0:16:51.760 --> 0:16:55.240 water line backed up and flooded. The first floor. Oh lord, 0:16:55.400 --> 0:16:57.600 master bath had to be ripped out three times and 0:16:57.760 --> 0:17:00.680 is still unfinished. The pool is half that's done because 0:17:00.680 --> 0:17:03.800 I ran out of money and the AC unit completely died. 0:17:04.480 --> 0:17:07.199 At this point, I had depleted my savings. I've run 0:17:07.320 --> 0:17:10.200 up over three hundred thousand dollars in loans and credit 0:17:10.280 --> 0:17:13.239 card debt. Right now, I'm assuming this is monthly right. 0:17:13.400 --> 0:17:16.320 My monthly take home pay is five K. My monthly 0:17:16.359 --> 0:17:20.000 expenses are fourteen K. With the houses, I am living 0:17:20.080 --> 0:17:22.840 bare bones and renting out Home A until I sell 0:17:22.880 --> 0:17:26.280 it this summer. Home B mortgage and bills have not 0:17:26.400 --> 0:17:28.960 been paid, and I am one month behind on all bills. 0:17:29.000 --> 0:17:31.920 I have two people renting out my spare rooms. I 0:17:32.040 --> 0:17:35.080 can't sell Home B without finishing the master bath and 0:17:35.240 --> 0:17:37.000 the pool, which is going to be about twenty eight 0:17:37.080 --> 0:17:41.639 k combined, and investors want less than I owe. I 0:17:41.760 --> 0:17:45.160 have been in therapy and trying to understand my spending 0:17:45.240 --> 0:17:49.399 and why I spentous frivolously. My question is how do 0:17:49.520 --> 0:17:52.720 I stop the bleeding. I have cut all other expenses. 0:17:53.000 --> 0:17:56.160 My vehicle is paid for. I have two children's aged 0:17:56.240 --> 0:18:00.440 two children ages two and three that I am able 0:18:00.480 --> 0:18:03.320 to provide for. I can't get assistance because I make 0:18:03.400 --> 0:18:06.240 too much. Do you suggest one on one coaching or 0:18:06.320 --> 0:18:10.200 one of your courses. I look forward to your response. Jay. 0:18:12.280 --> 0:18:15.800 I just want to do breath because this is rightfully 0:18:15.880 --> 0:18:20.920 so very stressful, like it is, yes, you know, so 0:18:22.160 --> 0:18:24.479 you know. One, I want to commend you for sharing 0:18:24.600 --> 0:18:28.320 this because it is it is not easy to share, 0:18:28.520 --> 0:18:34.440 like the you know, the ugliness of financial struggle, you know, 0:18:35.200 --> 0:18:36.680 And so I want to commend you because that's the 0:18:36.720 --> 0:18:40.320 first step, is to just say here's the thing that's happening, 0:18:40.520 --> 0:18:45.440 and I'm drowning. That's huge, and I hope through therapy, 0:18:45.480 --> 0:18:48.359 which I'm so glad that you're doing that, you have 0:18:48.840 --> 0:18:55.080 also been working on forgiving yourself for the financial mistakes 0:18:55.640 --> 0:18:58.000 you know that brought that brought you here because I 0:18:58.040 --> 0:19:00.879 always say, you didn't kick anybody's puppy, you know, and 0:19:01.240 --> 0:19:04.680 we didn't learn about personal finances in school largely, and 0:19:05.160 --> 0:19:07.320