Financial Advisor 2 (3:08)
Because your primary home, unless it's a multi family home, it's not going to be a asset for you in the moment over the course of time, but it's going to be a liability for you in the moment. So you're still trying to collect as many assets as possible to grow your wealth. You don't want to, you don't want to take two steps back after you made three steps forward. So you make a million dollars and you have a million dollars and then you spend 700, 600,000 on a house that's going to cost you an additional 8,000amonth. That's going to cost you an additional 30, 000 a year in taxes, furniture and landscaping, right back to where you started, a couple hundred thousand. And like Meek Mill said, that ain't real money, that's bail money. No disrespect, but that law one, one bad situation and now you back to rock bottom. So it's about, it's about playing a long game. Real estate for sure is a good investment. Over the course of time it has always gone up in value, but you, it can, it can hurt you as well. So if you're going to buy real estate, we talked about the multi family play or about, you know, as far as having, you know, places that other people live in and now you're a landlord and you're collecting rent while your asset appreciates and you might want to continue to actually rent a place because if you actually doing business out that place or structured property with your cpa, you can write that off as a tax write off, but you're still keeping large sums of money. You have access to it. You never want to tie your money up until you, you can, until you can properly afford it. Then when you get to a point it doesn't matter, then it's like it doesn't even matter. But until then, when you first become a millionaire, some of the trappings of success is the real estate, large real estate play. It's luxury car, BS car done the wrong way, right? As far as putting $200,000 down or buying a car to $250,000 outright in cash because you feel like you have enough money when that's going to go down in value and then by the time you sell it, you're going to get 50, $75,000 back out of there and you just lost $150,000 for no reason. Avoiding lifestyle Creep. Yeah, that's been a little important. And just continue to invest. Continue to invest in smart investments and to really, really value and respect the money. You gotta respect money. I'll tell this story. I told this story on M2N, and they was telling us about Aliko Dangote and Aliko Dangote, the richest black person in the world, Nigerian tycoon. And they were saying, like, you know, he was kind of like, he had a situation where he was like, buying something that was pretty minuscule in the grand scheme of things. A bagel or something like that. But he was just, you know, kind of going over the bill with the waitress just to make sure that, you know, he was getting charged for the right thing. And some people might look at it like, well, if you worth $30 billion, what's, what's the extra $10 gonna do? But it's a mindset, and it's a mindset of entertainers that, so you, on one hand, you got extremely rich people that'll look over every line item, everything, everything. Then you have other people, like some entertainers or some athletes that will just say, I. It's an additional $5,000 here and there. I, I, I, I'm not too stressed about it. I'm getting paid 50,000. If I can't, if I can't get the, the Phantom to pick me up, I'm not gonna go to the show. That type of mindset will lead you broke because you're not valuing the money, because you have money coming in. So you're not looking at it from a standpoint of it doesn't really mean anything to you until it does.
