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Angela Yee Cuts her mortgage payment in half by house hacking... · Earn Your Leisure

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  Speaker 3: I think the best thing to do is to have
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  Speaker 3: a goal, right, like buying a house. To me, I'm
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  Speaker 3: living in this house and it's a two family house,
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  Speaker 3: so that pays half my mortgage, you know, and my
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  Speaker 3: mortgage is less than what my rent would be for
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  Speaker 3: something this sides three bedrooms, you know, two and a
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  Speaker 3: half bathrooms, a full backyard brownstone. And so I think
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  Speaker 3: what you have to do is of what a smart
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  Speaker 3: investment is to you. And if you're living here, you
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  Speaker 3: would have been paying rent somewhere else, and so to me,
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  Speaker 3: that's money you would have been spending anyway. And so
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  Speaker 3: the two family house or a three family house, if
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  Speaker 3: I would have had a three family house. It would
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  Speaker 3: have probably paid the home mortgage. It was just coming
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  Speaker 3: up with that down payment. And so that's why I'm
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  Speaker 3: a big fan of having a goal of financially Every month,
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  Speaker 3: I have a goal of how much I want in
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  Speaker 3: my account for the next move I'm about to make,
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  Speaker 3: so I go really hard to reach it. And I've
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  Speaker 3: been doing really good at that, and so it helps me.
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  Speaker 3: Not because I used to be such a spend I
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  Speaker 3: used to love to shop, like I would be at
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  Speaker 3: the mall literally every week, you know, what can I buy?
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  Speaker 3: What can I get? But when you have goals like
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  Speaker 3: that makes you realize how unimportant that can be, and
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  Speaker 3: not that you can't treat yourself, but it'll be like, Okay,
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  Speaker 3: I've hit this goal, I made this money. I have
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  Speaker 3: an extra fifteen hundred dollars. What am I going to
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  Speaker 3: do with it? You know, let me do something nice
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  Speaker 3: for myself. But I really do things like I'm really
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  Speaker 3: big on using points. I use my MX cars for
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  Speaker 3: every thing, and like, even i have a new house
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  Speaker 3: in Brooklyn that I'm renovating, I'm putting everything on my
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  Speaker 3: MX card so I can get those points and then
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  Speaker 3: I'll be buying furniture with the points that I got
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  Speaker 3: from using my MX card. You know, when I travel,
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  Speaker 3: I always fly on Delta because I have so many
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  Speaker 3: free flights now that I can use, and I get
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  Speaker 3: upgraded all the time because of my status on there.
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  Speaker 3: So I just try to do things that I know
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  Speaker 3: makes sense for me.
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  Speaker 4: That's something that's extremely important. Shout out to him five
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  Speaker 4: hundreds wise mental style. He has like and all this stuff,
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  Speaker 4: but he was like, he's not buying all this design
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  Speaker 4: and stuff. He spends one hundred thousand dollars a month
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  Speaker 4: on Facebook ads and on his AX cards and he
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  Speaker 4: gets like seven thousand dollars reward points back, So I
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  Speaker 4: seven thousand dollars reward points. He just goes to Nemen
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  Speaker 4: markets and just goes crazy.
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  Speaker 3: I got my parents lily bag and my first Inel
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  Speaker 3: bag with points on my MX card.
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  Speaker 4: As though that's a gym Andy, so well it is that. Well,
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  Speaker 4: we got to save that one in That's another that's
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  Speaker 4: but Angela, that's something that's extremely important as far as
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  Speaker 4: house hacking. I don't want people to breeze over that.
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  Speaker 4: Because shout out to empty the mortgage guy. We talked
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  Speaker 4: to him and he always talks about house hacking. House
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  Speaker 4: hacking is like when you live like what she's doing.
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  Speaker 4: She's a two family home. You live on one unit,
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  Speaker 4: you you rent out the other unit, or three family
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  Speaker 4: or four family whatever. So I think it says a
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  Speaker 4: lot when somebody she's famous and she's humble enough to
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  Speaker 4: living in a two family home renting out the other
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  Speaker 4: part because she understands that it makes economic sense. A
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  Speaker 4: lot of us, like some people are struggling day to
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  Speaker 4: day and they got too much prizel like what I'm saying.
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  Speaker 4: So it's like, I don't want that to get missed
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  Speaker 4: in this conversation. Let let alone.
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  Speaker 1: You couldn't walk in the property before she had it.
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  Speaker 4: Yeah, I even see it. That's that's a lot to
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  Speaker 4: think about. People think about it. Like I said, she's
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  Speaker 4: not she has to do that, but she understands the
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  Speaker 4: importance of it. And it's like why not.
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  Speaker 1: Can can we talk about balance? Me with Shall we
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  Speaker 1: go back and forth all the time about balance? He
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  Speaker 1: likes to have life unbalanced, just how he operates. I
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  Speaker 1: like to have balance. I'm listening to you. You're waking
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  Speaker 1: up at four am. Most people can't do that. That's dedication, right,
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  Speaker 1: your Hall of Fame radio career. Right, you have the
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  Speaker 1: real estate portfolio, you got the juice bars. You just said,
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  Speaker 1: you got the coffee shop. People forget that you actually
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  Speaker 1: have a very successful podcast, right lip service. By the way,
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  Speaker 1: we came to your live show.
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  Speaker 4: We did come to thank you. Great show.
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  Speaker 1: Davies was there, eighty five sour all brothers were there.
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  Speaker 1: What does balance look like for you? Oh?
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  Speaker 3: And the last thing I want to say is I
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  Speaker 3: did open a store in Detroit, also a hair store,
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  Speaker 3: a private label, and I can't forget that. I just
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  Speaker 3: opened it in January.
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  Speaker 2: And go support it.
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  Speaker 3: Yeah, it's not thank you, It's not eighty mile and
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  Speaker 3: the Quinn there, baby, come see us.
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  Speaker 4: Heavy in Detroit.
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  Speaker 1: Yeah, listen, how do you manage this all?
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  Speaker 3: So balance for me is like leg I've been working
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  Speaker 3: all day today. I know I have things that I
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  Speaker 3: have to do. But what I try to do is
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  Speaker 3: I always try to have one day out of the
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  Speaker 3: week during the week that I don't have a lot
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  Speaker 3: to do. So on that one day, I might have
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  Speaker 3: like a couple of really light things and that's when
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  Speaker 3: I handle stuff I need to handle for myself. And
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  Speaker 3: then on the weekend, I try to make sure one
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  Speaker 3: of those two days is not super busy for me,
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  Speaker 3: also because it is important to take a break. Like
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  Speaker 3: I try to make sure I get enough sleep. If
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  Speaker 3: I know I've been up working, I make sure, like
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  Speaker 3: I'm going to bed at nine o'clock on you know,
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  Speaker 3: Thursday night, because I plan it, like I plan everything.
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  Speaker 3: My schedule is just super rigid and organized, like down
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  Speaker 3: to the minute, and so you know, that's it. And
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  Speaker 3: then a lot of times I try to mix business
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  Speaker 3: with pleasure as far as if I know I had
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  Speaker 3: some things to do, and you know, before there was
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  Speaker 3: a pandemic, but if I know I had somewhere to be,
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  Speaker 3: I'll invite some of my friends to come with me,
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  Speaker 3: cause I know they'll have a good time. For me,
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  Speaker 3: it might be work, but for a lot of them
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  Speaker 3: it's fun. And so that makes work fun for me
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  Speaker 3: when I have people that are fun around me.
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  Speaker 4: There you have it.
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  Speaker 1: It sounds like off.
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  Speaker 5: Runt, you're trying to achieve over the next five years,
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  Speaker 5: and how can we help? You said, what what's the
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  Speaker 5: biggest goal you're trying to achieve over the last five years,
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  Speaker 5: and how can we help?
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  Speaker 3: So my biggest goal is for these businesses that I started,
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  Speaker 3: I want them to be right now. I'm in an
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  Speaker 3: investment stage of everything, I feel like, you know, except
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  Speaker 3: for the juice bar, which has been open for a
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  Speaker 3: few years now, but like with the hair store, I
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  Speaker 3: need that to you know, start making money. And I
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  Speaker 3: mean it makes money now, but I need to get
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  Speaker 3: the return on my investment for the coffee company. The
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  Speaker 3: goal for the coffee company is for me to be
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  Speaker 3: able to be in stores, and I have all these
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  Speaker 3: meetings with different supermarket chains coming up for that and
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  Speaker 3: for the Press Juice company, and so I want to
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  Speaker 3: make sure that those businesses are you know, huge multi
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  Speaker 3: million dollars, one hundred million dollar businesses, and that's the
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  Speaker 3: goal for those. And then I'm going to franchise the
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  Speaker 3: coffee shops, and so I'm building it out so that
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  Speaker 3: it will be franchiseable so that other people can open
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  Speaker 3: their own. And we're doing our whole education program when
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  Speaker 3: it comes to coffee, because it's a lot in the
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  Speaker 3: coffee business that people don't know about. And every business
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  Speaker 3: that I do, I try to make sure that I'm
• 8:06
  Speaker 3: always educating myself on it and taking classes and like
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  Speaker 3: learning everything so that I become somewhat of an expert
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  Speaker 3: on it, because I think it's the worst thing if
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  Speaker 3: you open the business and don't know anything about the
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  Speaker 3: business that you open.
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  Speaker 4: I said, Jim, that is a gym. Ladies and gentlemen.
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  Speaker 4: Are we gonna take the question? Yeah? How we go
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  Speaker 4: with time? And they gotta get up early? You got
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  Speaker 4: a couple more minutes?
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  Speaker 3: Yeah, I'm fine.
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  Speaker 1: Can we try like an ask you segment?
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  Speaker 4: Yeah, let's do it. Let's do it. I think he's
• 8:35
  Speaker 4: familiar with that. Let's do it. All right, let's go,
• 8:37
  Speaker 4: Drew Gron we're not getting we're not getting relationship advice.
• 8:40
  Speaker 4: No relationship advice, and be respectful. Uh, Jill, read yourself.
• 8:45
  Speaker 4: You've been up here.
• 8:46
  Speaker 1: That's going on?
• 8:47
  Speaker 2: How's it going, y'all? Actually, for for you guys, it
• 8:52
  Speaker 2: was about opening up the ROTH. So I just had
• 8:56
  Speaker 2: my brother open up a rock. But when I was
• 8:57
  Speaker 2: looking up roth a count on Invescipedia, it was saying
• 9:01
  Speaker 2: that it has to be earn earned income, and he
• 9:05
  Speaker 2: doesn't work a job and he never has, so like,
• 9:07
  Speaker 2: is he able to open up that route account?
• 9:11
  Speaker 4: How old is he?
• 9:13
  Speaker 2: He's nineteen?
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  Speaker 4: I mean, yeah, they're not really gonna check it like that.
• 9:17
  Speaker 4: It's really for the miners, I mean, but yeah, it's
• 9:19
  Speaker 4: supposed to be like I mean, but how is he
• 9:21
  Speaker 4: gonna put money if he never if he never had,
• 9:23
  Speaker 4: if he doesn't work, you're gonna put money in for him?
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  Speaker 2: Well, he has a he has a banker, He has
• 9:28
  Speaker 2: like a savings account with some money that he's made
• 9:30
  Speaker 2: throughout his life, and we were just gonna move that
• 9:33
  Speaker 2: money into his rind.
• 9:34
  Speaker 4: Yeah, I mean to give your cause every the bigger.
• 9:38
  Speaker 4: We get a lot of people, and the technical police
• 9:40
  Speaker 4: are coming down on us at an alarming rate. I
• 9:42
  Speaker 4: put a post cazar and they're like, that's tax fraud.
• 9:46
  Speaker 4: He's gonna put you in jail. So pay your taxes. Yes, yes,
• 9:51
  Speaker 4: it has to be earned income that you received. So
• 9:54
  Speaker 4: I'm gonna give you the technical answer on this and
• 9:57
  Speaker 4: tell him that once he starts working then he can
• 9:59
  Speaker 4: start put money into his retirement account. My graduates from
• 10:04
  Speaker 4: my school being forced back drop drop, Mike Drop, back
• 10:10
  Speaker 4: drop drop.
• 10:23
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