Many people believe that strategically investing in real estate can help close the wealth gap.
And the proof may be in the pudding for Tiffanie Vendryes, who claims her net worth increased exponentially after entering the space.
Prior to opening her brokerage, the managing broker went through life changes in both her environment and her career that led her to real estate.
Vendryes moved from New York to Florida and began her career in technology as a sales representative for a software company.
Vendryes’ standard of living was unaffected, but her level of savings was, as she previously lived off her base salary and saved her commission.
“The only difference was I was saving less, which is what got me into real estate because I wanted to be able to save as much as I was saving before when I was in technology sales,” Vendryes said. “So then, I got into real estate and I started making the real estate commission and I was able to save those commission checks.”
Fortunately, finding flexibility in real estate hours enabled her to balance her roles as a teacher and a broker. That, she claims, is what caused her net worth to rise by $165,000 in four years.
Furthermore, as of this writing, Vendryes disclosed a net worth of $560,000, which she attributes to real estate, her full-time job, and rental property.
She now wants to pay it forward by assisting others in achieving financial success.
“One of the best ways to build wealth is to purchase a home for primary residents,” she said. “So, you don’t have to be an investor or a landlord. The easiest way for the average person to build wealth is to utilize the fact that houses appreciate over time. And when you take out a mortgage, you’re paying down the debt, and you have fixed costs over time, as opposed to renting where your cost goes up.”
She continued: “And if you have a two-bedroom condo or a two-bedroom townhouse, you can rent that other room out to assist you with the mortgage payments.”
Tiffanie’s Tips For Millennials And Gen Z Individuals Looking To Get Into Real Estate
- Purchase homes with down payment assistance through your city
- If you’re unable to live at your family home to save money for a down payment, get a roommate to lessen your expenses and save money
- If you can afford it, rent out a property with three bedrooms and have two roommates to reduce costs for everyone
Vendryes offers a wealth-building course for people of all ages to help them on their financial journeys.
Throughout the lessons, she offers advice on how to master proper budgeting, how to divide your paychecks effectively, and how to avoid income pitfalls.
“It’ll take you through mindset,” Vendryes said. “That is the most important part is first seeing in your mind, believing and having affirmations, and having the positive thinking that you can become a millionaire — that you can be a multimillionaire.
“And then budget,” she added. “How do you divide your paycheck? Paying yourself first is very important.”