Invest Fest Recap For First Time Home Buyers
Earn Your Leisure just hosted their 2023 Invest Fest this past weekend, so we wanted to talk about some of the great insight and knowledge shared that directly impacts first time home buyers. Check out the full episode and if you have questions about how to get started with Homeowner Prep, be sure to reach out to us or drop your question in the comments.
What You’ll Learn from this Episode:
- What Is Invest Fest
- Tips To Increase Your Credit Scores
- Why You Should Protect Your Asset (Home) With A Trust
- And much more!
00:00 Let’s Do A Recap Of Invest Fest 2023
00:33 Welcome To The Homeowner Prep Podcast
00:54 What Is Invest Fest and Earn Your Leisure?
01:48 All Things Real Estate Panel
02:24 Two Tips To Increase Your Credit Scores
03:38 Protect Your Asset (Home) With A Trust
05:06 Invest In Yourself And Business
06:16 Start Where You Are And Create A Plan
07:12 Getting Started With Homeowner Prep
07:33 Connect With Us On Social Media
“Once your business is stable, it becomes a lot easier for you to buy a home.”Eric Hellon
Full Episode Transcript:
This past weekend Earn Your Leisure, had their Invest Fest 2023 in Atlanta, Georgia. So I wanna do a recap of the event from the perspective of a first time home buyer.
Welcome to The Homeowner Prep Podcast, where every week we educate and encourage aspiring homeowners to help them buy their first home faster. If you aspire to own a home, you’re in the right place, so enjoy. Do us a favor and leave a review, a rating, and be sure to subscribe. Now, let’s get to this week’s episode.
Hello and welcome to another episode of the Homeowner Prep Podcast. I’m your host, Eric Hellon, and today’s episode is a little bit different from what we normally put together for our podcast episodes because there was a great event this past weekend, and if you missed it, I wanna provide you with a quick recap of some of the best points for first time home buyers.
Now, if you’re unfamiliar with Invest Fest, this is a once a year event put on by Earn Your Leisure. Earn Your Leisure is more of a social platform, but they’re really reaching a younger generation to teach them about investing, real estate, and a variety of other topics. So this is a great event that pulls the community together.
People come from all over the world and they put these folks in front of billionaires to actually hear them speak, talk about some of the challenges that they’ve faced, some of the mistakes that they’ve made, and most importantly, how they’ve seen those mistakes turn into success. Earn Your Leisure has been putting on the Invest Fest for just three years now, and there were 20,000 people in attendance for this year’s event.
So if you missed out and you weren’t able to attend in person or watch the live stream like I did, I’m gonna provide you with a recap on some of the most important topics that impact first time home buyers.
The first thing that was discussed was they actually put together a panel called All Things Real Estate, and on this panel they discussed home ownership, they discuss credit, and they discuss protecting your asset through a trust. Um, and they also talked about some insurance issues as well. But a couple of key things I want to point out here. First of all, when it comes to credit, they drop some real gems in talking about how to sustain your credit report versus how to actually build up your credit scores.
And one of the key things that I do want to make sure that you know is that when it comes to maintaining your credit scores and your report, they always talk about make sure that you have a 30% utilization. What does that mean? Well, that means that if you have a thousand dollars credit card, that your balance only shows about $300.
That will help you maintain your credit score, but they dove a little bit deeper and recognizing that most people need to actually build up their credit score, and in order to do that, you’re gonna have to keep your credit utilization around 10%. So again, same scenario. If you have a credit card that’s a thousand dollars limit, then you need to keep your balance around a hundred dollars in order to truly make an impact to your score.
Another aspect that was brought up about credit cards and making sure that you pay your payments on time was the fact that you should be paying your cards on your statement dates, not your due dates. Now the difference being if you pay your credit cards before that statement date, when it actually reports to the credit bureaus, it’ll report a lot lower than if you were to pay on the due date, so keep that in mind. I know that’s one of the things that we’ve brought up in the past, but those two points will make a great impact to your credit score. So yes, keep your utilization down around 10% and pay on the statement date, not the due date.
On that same panel, they did talk about how to protect your assets and yes, real estate is an asset. Now, I define an asset a little bit different than most. I say that an asset is something that makes you more money than it costs you, and so in that same scenario, if you think about real estate, yes, you may be paying a mortgage on that home, but if the appreciation is outgrowing the amount of money that you’re putting into the home than it is an asset.
Any type of investment could be an asset one day and a liability the next, even when it comes to stocks. So it’s important to always recognize that yes, you’re putting money into something that should be gaining value over time, that is real estate, that is stocks and bonds, things of that nature that should be growing and not working against you.
So when it talks about protecting your assets, they were talking about setting up a trust for your home. Now, I know that there’s a lot of discussions about the right way to set that up, and we’re not trust attorneys, but we definitely would suggest that you talk to a trust attorney so they can set you up the right way.
The biggest thing is you wanna have a plan in place that when you die, your assets are protected and passed down, as you have described in a customized plan, that it doesn’t just go to probate and go to the courts and your family has to deal with the courts in order to retrieve those assets and continue that generational wealth. So definitely set up a trust, protect your assets, and if you need help in connecting with a trust attorney in your area, reach out to us and we’ll connect you.
The third point, that’s a great point for first time home buyers and people in general, is to just invest in yourself. Invest in building up your skillset. Invest in going to events and things that are going to impact your life and make you better and a better asset, whether it be to your company or to your own business. You have to find ways to invest more in yourself. That’s the greatest investment that you can make.
So I often tell folks who are looking to buy a home and they have a business, I ask them “Why are you deciding to buy a house now when you’re just starting a business? Shouldn’t you be investing that money into that company?” And I know this might be a little controversial when thinking about trying to buy a home as quickly as possible, but the truth of the matter is, if you’re starting your own business, you need to be investing not only your money, but all your time into making sure that that gets off the ground because once your business is stable, it becomes a lot easier for you to buy a home. Now, there’s no cap on the amount of return that you can get in your business. So you should be investing your time, your money, your energy in building that business, and then getting ready to buy your first home.
One of the last points that I do wanna highlight from the Invest Fest was the fact that they were telling folks to start where you are. There were a lot of billionaires in the building. There was access and exposure to multimillionaires and hearing their viewpoints, but they had a common theme, a common thread, if you would, and that’s to start where you are. Don’t feel like everything has to be perfect. Don’t procrastinate because tomorrow’s not promised. You have to start where you are. You have to develop a plan of getting from where you are to where you want to be. And oftentimes the best way to create that plan is to reverse engineer from your desired destination.
So if you wanna become a homeowner, you know that that’s where you ultimately want to be let’s work backwards. What do you have to do? What does that process look like for you in your unique situation? If you need help setting that up, That’s what we’re here for at Homeowner Prep, so feel free to reach out to us.
You can actually get started with Homeowner Prep and start to put together your own custom game plan by texting the word START to 619-848-3700 or you can visit us on our website at www.homeownerprep.com/start from there, you can take an online assessment and we can help you take the first step to setting up your game plan.
If you just have a question or a scenario that you wanna run by us, feel free to reach out to us on social media. We’re on all social media platforms and we tend to get the majority of our questions on our Instagram account @HomeownerPrep.
I hope you got some value from today’s episode. If you didn’t know about Invest Fest or Earn your Leisure, I highly recommend that you go online and you follow them and you take advantage of the knowledge that they’re sharing because it will not only impact your life, but it’ll impact your business, your family, and everything else.
So take advantage of the knowledge share, take advantage of the exposure that they’re providing. I look forward to providing you with some more great content on the next episode, and until then, Be blessed.
If you’ve enjoyed this show and got some great value from it, please be sure to rate and review and if you’re checking it out on YouTube, please be sure to subscribe. That really does help us to continue the show and bring in some great guests to help you on your home buying journey.
Connect with Homeowner Prep:
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