LadyGang - LG QUICKIE: Get Out of Debt with our RICH BFF Vivian Tu

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Starting point is 00:01:00 This episode of Lady Gang is brought to you by Huggies Little Movers. Get your baby's butt into Huggies' best-fitting diaper. Huggies Little Movers, we got you, baby. It's time for a quickie. Podcast One presents The Lady Gang, the Hollywood girl posse with Lady Gang Quickie. Here's Kelty Knight, Becca Tobin, and Jack Vanek. Let's make this quick.

Starting point is 00:01:26 Hello, hello, hello. Welcome to Lady Gang Quickie. I'm Becca here with Jack and Kelty, and we have a special, special guest for you back by popular demand. She's here to fix our lives. Kelty, take it away. Okay. So the last time Vivian too was on Lady Gang, the episode did incredibly well. She is our favorite wall street girly, um, our rich BFF, and she's coming to us hot guys,

Starting point is 00:01:52 Hollywood hotness. I just pulled out because she sent me a PR book for her cute book or a PR box for her cute book, which was so amazing. But then just yesterday arrived the, the one that I ordered on Amazon. Cause I support my friends. Vivian's got a brand new book, rich AF, the winning money mindset that will change your life. It is now a New York times bestseller.

Starting point is 00:02:16 Congrats. And this couldn't, it's such, it's so fantastic. And it is such a good thing that Vivian's here today because I have a rule for 2024. And, you know, last year, 2023 was all about quiet luxury. This year, 2024 is all about loud budgeting. I want us all to be talking about money all the time and being like, not like, Ooh, this might be $400. This might be 200.

Starting point is 00:02:47 No quiet luxury only helps rich people. We want to get you rich. And so this year is all about loud budgeting. Please welcome back to the Lady Gang, New York Times bestselling author. Yay, Vivian Tu. Kelty, do you remember when we talked about this though? Like months and months ago,

Starting point is 00:03:02 and I was like, Kelty, like you guys did it. Like the whole squad did it. Like, like how, how do I do this? And it has been so stressful. I deeply regret launching my book December 26th because it absolutely blew up my Christmas. I didn't, like straight up just didn't have one. but, um, it's worth it. I feel like the response I've gotten about the book has been insane.

Starting point is 00:03:25 People are loving it. People are changing their lives. They're being better with their money. Like, I just feel like I have so many like positive stories about like someone saying like, you are the reason why I paid off all my debt. You are the reason why I opened a broth or Roth IRA. And like, to feel like I can have that kind of impact on someone it's, it's sick. It's crazy. It's huge. It's huge. It's so huge. What do you want like us to know about money in 2024? for? Because there's been so many conversations. I have a bunch of questions from our Facebook group, but like in general, it's been like kind of a bad time to buy a house, bad time to sell a house. Like where are we? Like, are we in a recession? Like what can you give us? Like what

Starting point is 00:04:01 the wall streeters are talking about right now? Like give us the money 2024. Yeah. Like the judge is that generally speaking, everybody thinks interest rates are going to come down a little bit um but nobody on wall street knows what is happening nobody knows what the it's gonna happen like if they did frankly they're like some of them probably might have a thought and they're going to gamble against that and essentially put a play on that but like they could be definitely wrong i feel like when i worked on the desk like we would get a call every like two or three weeks from a hedge fund being like well we made a couple bad calls time to shut down shop and like that's still the case like every year there's winners and losers and they are big names they are very rich

Starting point is 00:04:48 they're very successful they've all had wins in the past it's just like you know you never know who's going to be right and hindsight's 2020 and it's easy to like point fingers and be like haha isn't that so funny like this big old hedge fund that's supposed to be so smart was like stupid but like there are so many times like when people are right when people are wrong you just don't know what i will say is that like frankly i just feel like the american consumer is really starting to like freak out which is totally fair um you know eggs are expensive going to the grocery store is expensive living your life is expensive to your point it's hard because typically when you're buying a house this is how it goes if house prices are expensive

Starting point is 00:05:30 the cost of borrowing is very low that's why they're expensive because so many people can afford to buy houses and they want to buy houses on the other side when interest rates are as high as they currently are typically housing prices go down because fewer people want to buy homes but that's not the case right now the cost of borrowing money is high but the cost of houses is still high and it hasn't really come in so people are feeling like they're stuck between a rock and a hard place because they can't really afford to buy a home and it's now cheaper to rent than buy in 70 percent of all u.s markets all the while the lecture and the traditional wisdom is but like, if you don't buy a home, you're an idiot. Yeah. So I just feel like it's a tough

Starting point is 00:06:12 spot. Right. I think the millennials are, we have been, um, the boomers have really gotten to our brains with that whole messaging of like, if you're renting, you're basically throwing money away and blah, blah, blah. But I think a lot of people with Jack included in this conversation, she feels very anxious because she has that in her brain and she's paying her month, her monthly rent and she's feeling like she's quote burning money whatever throwing away but isn't it true that if she were to go out and buy an expensive home with this astronomical interest rate that's the same thing as burning money or throwing it away isn't like yeah yes you are still at the end of the day owning something but for at what cost it's like you're in it for an astronomical amount

Starting point is 00:06:53 so should that alleviate a little bit of pressure that these women like millennial women feel about owning a home and hurrying up and hurrying up like just lay low be patient save your money it's coming? Yeah. So I first and foremost, just want to put it out there. I am not raw, raw. You must buy a home. Like I actually think renting is awesome. And I say that as someone who owns a home in New York and rents a place in Miami. So like I do both. Yeah. And there is a very abundantly clear reason of like why I don't feel like it's a good time to buy in Miami and I'm not going to that said, I just feel like people need to keep a couple of things in mind. If you're buying a home, you need to stay there for at least my dude, five to 10 years, because otherwise the

Starting point is 00:07:42 closing costs are so damn high. It's not going to make sense. You're burning money on closing costs and you know, Becca to your point. Yes. When you're buying a home, you are burning a lot of money on things that you are not getting as equity. So, you know, you've got the closing costs. You've got the mortgage underwriting costs. You've got all of this stuff that you're paying the broker's fee, depending on what state you're in. Um, some States you don't have to, as a buyer pay, the seller pays the whole thing, but it's a whole, it's a whole racket there. And you have to, um, you know, pay for that inspection. You have to pay for all of this other stuff that like, that's not equity. Also, if you put less than 20% down, you got to pay

Starting point is 00:08:20 private mortgage insurance every single month. So that's not money going towards equity. The

LadyGang - LG QUICKIE: Get Out of Debt with our RICH BFF Vivian Tu

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