Philip Michael is back with another Q & A. In this segment, he talks about Dogecoin, staying motivated and if now is a good time to buy property. Check it out!
Q. What motivates you when you’re feeling low?
A. A mission for myself and my company is to create 100,000 millionaires of color by 2030. If you go on my Instagram, you’ll see me post videos every day. I don’t even enjoy recording videos, to be honest with you. It’s just something that I’ve come to realize that some people get inspired, motivated and take action from what I do. When they get information from what I do, I feel as though it was my responsibility. I feel that not doing it is worse than feeling low and not motivated for the day.
It happens; we all feel it. Sometimes you feel less motivated than other days, but you have to get it done anyway. So it really is just a matter of discipline. But discipline becomes easy once you have a goal. I had a personal milestone I wanted to hit for running. And I ran every day until I hit that. It took me a year, and as soon as I hit it, every time I ran after that, it was painful. I didn’t want to do it. So it’s just a matter of having a larger goal that you aspire to; it makes those feelings pretty much trivial, and you can focus on the big picture.
Q. What are your thoughts on Dogecoin?
A. What is Dogecoin? Have you ever seen the movie “Big Short?” It’s a finance movie where they bet that the housing market was going to crash. And these bad bonds, these bad mortgages that were circulating? They called it “dogs***.” That’s what I think of Dogecoin. I don’t know what it is. Therefore, to me, it’s dog poop.
Q. Is now a good time to buy a property?
A. If you look at the trajectory over time, property values always go up. Land is finite. They’re not going to make any more land unless, of course, we make it to Mars. But it’s probably not going to happen in our lifetime.
Number two, it depends on where you’re going and what you’re buying it for. I wouldn’t personally advise you to buy a single-family property as an investment, simply because, to me, a single-family property is no better than a collector’s item. It’s not making money for you. You’re living there, but the price is solely based on what somebody else feels like they want to pay for it. Whereas the value of the income-producing real estate (meaning property that collects rent) makes money for you. And you can extract and derive value from that. In fact, that’s what the banks do. That’s what the market does. So it’s a little easier to predict what your values will be on that particular property.
Is now a good time? It’s all a matter of if you’ve saved up enough money. Do you want to buy a three-family property using an FHA loan where you only have to put down 3.5% as your down payment, living in a unit rent-free and renting out the other two? I say rent-free because the other two will pay your mortgage for you, so you live rent-free. And just by having it for two or three years, it will go up in value.
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For another Ask Philip, check this out.