What Diddy Buying the Panthers Symbolizes for Black Excellence
Updated: Dec 20, 2017
Black Multi-Millionaires and Billionaires are really sending a clear message to our community that we need to understand the power of economics. No clearer message has been sent than the recent message from Diddy himself requested an opportunity to purchase the newly for-sale Carolina Panthers - an NFL Franchise Team. When I saw the post, I was super elated that someone of his celebrity would make such an investment into the franchise of my home state (I am a proud Carolina girl). Although minorities owning major sports franchises is not new to NC (Bob Johnson and Michael Jordan’s ownership of the Bobcats for example), there still remains a reason why this message is so important to our community. To me, that reason is because it prepares us to put ourselves in a position of power.
Being a real estate investor, I understand first hand the power of money. Having access to capital at the right time allows you to capitalize on opportunities as they make themselves available. Opportunities such as that million dollar estate that the family is willing to sell for $400k if you can close in 5 days or less or that foreclosure sale that allows you to purchase at 30% LTV as long as all of the funds are present in 48 hours. Capital matters! However, many of us still struggle with the natural inclination to appease our senses by buying on materials instead of investing into assets that can increase in value and position us to have more power.
So here is your power check list for 2018 if you haven’t yet begun to think about how you can position yourself to be powerful financially and leave a great legacy. Real estate is a phenomenal way to build wealth so that you can be like the Steph Curry & Lil Duval’s of the world and scream, “I want in!” when opportunities arrive.
1. Create a Budget & Live By It! - I personally had to create a “cash and carry” system to accompany my budget because I needed to feel the money leave my life and really observe where I was spending the most. Eye-opening and very necessary!
2. Save 3 months of expenses + an Emergency Fund - When I transitioned into full-time entrepreneurship, I paid my monthly expenses in advance of 6 months so that I could give my chance to save and create more income as a business owner. Saving money can be hard for some, but with the use of apps like Qapital or stricter measures to keep your money safely in reserves, you an create the nest egg that allows you to take advantage of the risks necessary to take to improve your life!
3. Develop a plan to purchase your first piece of real estate! Guess what guys? It doesn’t have to be your dream home! I tell people all of the time that you want your first purchase to be an investment for the future. Something that you can grow in. Pay off fast OR improve the value so that the equity becomes your nest egg. Trust me - that’s when you need my class because we teach you how to find great properties for little money.
4. Start an LLC & Improve your skills! Personal development and skill development is how you position yourself to earn more money. Plus creating tax advantages by being a business owner is how you keep your money. As I grew as a real estate professional in my early 20s, I also invested thousands into becoming a real estate investor! These skills helped me to earn hundreds of thousands over the last few years and have positioned me to help others do the same.
Here are 4 items that should be on your goal list in 2018! Of course, if you are interested in learning more about real estate investing, you know that our program provides premium quality education & support!