When it comes to closing the wealth gap, many believe in the power of strategically investing in real estate.
And the proof may be in the pudding for Tiffanie Vendryes, who says her net worth exponentially grew once she ventured into the space.
Prior to opening her brokerage, the managing broker experienced life changes in both her environment and career that would ultimately lead her to real estate.
After initially being in tech with a sales job at a software company, Vendryes transitioned into education after moving from New York to Florida.
Although her salary took a dive, Vendryes’ standard of living wasn’t affected, but her level of saving 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 explained to AfroTech. “So then, I got into real estate and I started making the real estate commission and I was able to save those commission checks.”
Thankfully, finding flexibility in real estate hours allowed her to balance being a teacher and a broker. And, according to her, that’s what drove her net worth to increase by $165,000 in four years.
What’s more, as of this writing, Vendryes shared that her net worth is around $560,000 and can be attributed to real estate, her full-time job, and rental property.
Now, she wants to pay it forward by helping others get on a path to wealth.
“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
To support others in their own financial journeys, Vendryes has a wealth-building course for all ages.
Throughout the lessons, she provides guidance about mastering proper budgeting, how to effectively divide your paychecks, and tips for avoiding 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.”