hey they Tiffany Thomas with wealthy Tiffany dot com and in today's video
we're gonna be talking about what you should be doing with your money if you
are a college student or have recently graduated from high school and have a
newer job and a little bit of money saved up and this is actually part three
and a four part video series so if you haven't checked out video one or video
two I'm gonna leave the links below you can check those videos out and then come
back to this one alright before we dive in if you are ready for financial
freedom right now comment freedom' below in the comments or give me some other
random comments to help out the YouTube algorithm to get this video out to more
people alright let's dive in and talk about
what we should be doing with our money and since this is number three video
number three in the four part video series we've already talked about
setting up an emergency fund and investing your money and where to invest
your money and now we're kind of getting more into the spending side of things
and the largest expense that people usually have is on housing and that's
what I want to talk about today because this has made such a difference in my
life that I want to share some details with you guys so that you can really
lower this expense and I wish I would have started what I had been doing even
earlier you really want to keep your housing expense as low as possible
because it's basically your highest expense unless you're living with your
parents which is great that's actually what I did while I went to college so if
you're doing that you're probably saving a lot of money that way I just want to
present maybe another opportunity for you and this has been called house
hacking by a lot of people I didn't actually know that's what it was called
when I was doing it but essentially it is living with other people there's a
couple different ways that you can do this so let me talk about the first way
which I didn't actually utilize because I didn't really know it was possible or
kind of even think about this I guess but there are properties out there for
rent there are houses with multiple bedrooms in them that are out there for
rent and I've heard of other people doing this so they find these properties
that are for rent and they move into them and then they find roommates to
move in with with them with that person and they actually
charged a little bit more than what the original rent amount is for example if
there is a property that you have found that is a thousand dollars in rent per
month and it has four bedrooms and and you decide to take over that lease and
you can have people move in you want to make sure that it is okay in the lease
agreement to have other people move in with you but we can do is charge them
more rent so that you are living there free or for a lower amount if the rent
is a thousand dollars a month and you have three girls move in and you charge
them each $500 a month then that's $1,500 so you don't even have to pay
anything and you're making extra money because you're getting a total at $1,500
versus being a thousand dollars that you're paying so that is one option and
of course you have the liability of making sure that you have people that
are living with you and you're able to pay that rent but if you think about it
if you are finding a place by the college where you are attending there's
going to be other students that are going to need housing in that area so it
should be fairly easy to find people to move in with you so that is just one
option where you don't have to have any money up front really and you you just
have to do the work in finding the roommates to live with you and making
sure that the price is reasonable you don't want it to be astronomically high
and have no one moving in but that is just one way to house HACC and earn a
little bit of extra money and not pay anything and rent or you know if that
rent is too high you could maybe charged you know a little bit less maybe break
even or even pay less than what you're paying now in rent so be open to that
possibility of living with roommates I have lived with roommates since I've
moved out of my parents house which has been a really really long time over 15
years and I have had really good experiences with my roommates and the
ones that weren't so great weren't even that bad
really consider that and especially where you are young and you'll probably
be on campus most of the time studying or going to classes you probably won't
be home that much or going out with your friends whatever it could be a very good
option and then the second way to house hack is actually to find a place to
purchase and you don't really need a huge large down payment a lot of people
think you need 20% down to buy a house but that's not true you can have five
percent maybe even three percent depending on your lender so you really
don't need a ton of money if you have money saved up then this could be a
really good investment for you and of course I do get that that is a very big
investment and it could be scary but here's what I've learned over time I
have invested in real estate for quite a while and it has been one of the best
things that I have done I wish I would have bought more properties earlier
because it's been so beneficial it creates that passive income for me every
month I have cash flow coming in every month from my rental properties and had
I've known what I know now I would have bought more and this is how I would have
done it because I am still single and most likely you're single as well
what you can do is buy a property and put that 3% down live in the property
for a year get roommates in and once you've lived there for a year you can
buy another property just replace you and that one buy another property and
move into it and pay that 3% down again get roommates and and then wait a year
move out and do it again and again and again I have a friend who has done this
multiple times and he has been very successful with it I did that with my
first property and then I moved into another property so I wouldn't have to
put as much down if you buy it just as a rental investment you're going to need
that 20% down so it's quite a bit more money but if you are actually moving
into the property it's going to be your primary residence you don't have to have
that 20% down you can put down that 3% which isn't that much money and doing
this while you are young and healthy and able to move and you don't have that
much stuff it makes it a lot easier and doing this while you were young
you are single you're not moving a whole family with you you don't have a lot of
stuff accumulated yet and it's just a lot easier you're more flexible when you
are younger and it can be a great way to start creating some extra income for you
start creating that cash flow and you can do it again and again and again it
is a really great strategy to help you retire early honestly that's how I
achieve lean financial freedom and you know yes I did invest in the stock
market yes I pulled some of that out and put it down toward a down payment on my
property but honestly creating that cash flow
from the properties that I have has really made the biggest difference so if
you have any interest in real estate I would highly recommend doing this
strategy and do it as soon as possible because over time real estate is going
to go up and sure it's going to take a dip and yes in 2008 it took a huge dip
but honestly it'll continue to go up over time so if you have a long-term
mindset you have a long-term strategy then you can buy and hold these
properties you can buy that first property move into it get your roommates
and then by your second property and just keep that first property and
continue to do that over and over and just keep a hold of your property so
you're not worrying about fixing them up and flipping them and trying to sell
them right away you are just holding them make sure they are good properties
that you want to hold for the long term and it can be a really successful
strategy and since housing is the highest expense for most people this is
going to save you a lot of money and you can invest that money in more real
estate or in the stock market and if you have questions about getting roommates
where to find them contracts things like that I have a bunch of videos about that
so just do a search on my channel and you can find those videos about where to
select your roommates and how that process kind of works alright hopefully
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