Why High-Income Real Estate Professionals Still Go Broke | Krisstina Wise

Krisstina Wise (00:00)
All that money, I was number one. I had tons of trophies and medals and certificates that would cover a wall. I was recognized in my town as being number one across the board in so many real estate sales categories. Yet I was fully bankrupt. My car was being repossessed, and I literally could not afford a deposit for an apartment so my kids and I could move in.

Dylan Silver (01:55)
Hey folks, welcome back to the show. Today we’re joined by Krisstina Wise, founder of Wealthy Wellthy, creator of the Wise Money School, former founder of Austin’s number one luxury real estate brokerage, good life luxury, best-selling author, investor, and nationally recognized financial educator. Krisstina, thanks for taking the time today.

Krisstina Wise (02:16)
You’re welcome. My pleasure. Glad to be here.

Dylan Silver (02:18)
For real estate professionals, whether they’re involved in brokerage, as an investor, as a lender, you know, or you know, they’re operators in the space that are assisting these folks, what do you see as maybe some of the foundational steps that they can take in their own financial education?

Krisstina Wise (02:38)
Well, wow, I just love that question. Just kind of straight out of the gate here. So I’ll share a little backstory. I’ve been around for a few decades now. So, and I started in real estate in my early twenties. So kind of just came out, came out of college and jumped right into real estate. And I loved real estate sales. I was in real estate sales, loved it, loved selling, loved real estate, loved people, loved houses, loved all the things.

And really love sales. So I became a top producer very quickly because I had a love of all those things. And I I worked my ass off all like we all do in real estate. So all those things, and I started making a lot of money really fast. As I made more money, what happened? My life, my lifestyle upgraded a bit faster than probably my income upgraded.

And I was living the life. I just thought, wow, I made more money in a month than my parents would make in a year than I’d ever seen in my lifetime. So I started in a trailer home home. I grew up in a lot of poverty. So this type of money was like, I felt like I won the lottery. I didn’t even know this type of money was possible. So it was great and where it seemed to be working really well until the day it didn’t, when I ended up getting divorced and I was a single mom of two babies. And it was so interesting because I made

All that money, I was number one. I had tons of trophies and medals and certificates that would cover a wall. I was recognized in my town as being number one across the board in so many real estate sales categories. Yet I was fully bankrupt. My car was being repossessed, and I literally could not afford a deposit for an apartment so my kids and I could move in.

And it’s so it’s a very humbling moment. And the only thing that got us through at that time were some colleagues at work colleagues at work actually pitched in and kind of helped us out and helped us get started. So why do I tell that story? Because it was just such a wake-up moment for me. It’s kind of that moment, one of the first moments of my life that really shifted my awareness.

Because I worked harder than anybody else. I got to the office earlier. I made my cold calls. I stayed at the office later than anybody else. I worked hard to get that number one spot. And again, I made a lot of money. So, how did I wind up totally broke and in financial existential despair? Like I literally didn’t know how I was gonna put food on the table. And how the hell do you sell real estate if they if you don’t have a car? Because they’re taking my car away. So that was this moment, this wake-up call. And my babies, I just remember.

Fully breaking down with them in this little crappy, dingy apartment after living in this big, you know, 4,000 square foot house and all the things. And they’re on top of me. They’re like, Mama, Mama, it’s gonna be okay. Like they’re three and four, and they’re comforting me instead of me comforting them. I I was broken. So I finally got out of my pity party and I had called my mentor at the time, because I’ve always had mentors and coaches my entire life. And so I called my mentor coach.

And I finally came clean because when you’re number one, you want everybody to think you’re number one and you want to make sure that the the illusion looks like truth. And so I didn’t tell anybody except the few that kind of ended up helping out to get us restarted. And I talked to him, I said, I told said his first name and I said, I have to come clean with you. I’m broke. And I’m embarrassed to say that. I’m I’m so embarrassed. I’m so ashamed. I don’t even know.

How I’m gonna get out of this, but I can’t pay my bills. So he said,

go to the library and pick up this book. And so he said, pick up this book called The Science of Getting Rich. And that’s what I did. So I picked up this book that called The Science of Getting Rich. And inside that book, which is like it’s super thin, it’s I mean, I don’t know, it might be, you know, 40 pages in a very small book. And it told me everything I needed to know.

So it’s coming out of that story where I learned that money is much different than we’re taught to believe about money. And it’s not just about the hustle. It’s not all about the chase. It’s not about becoming number one in sales. It’s not about how much money you earn. It’s so much deeper than that. And when we can learn the truth behind money and underneath money, it starts to divide this mental space between focused on earning a high income and building a lot of wealth.

And I know your listeners are probably predominantly real estate investors or investors. So that type of mindset already has a focus on wealth. But I just like to teach money in a way that makes sure that even in our wealth building and our income building years, that it’s grounded in what matters is like how much money is enough? How much wealth that do I need? What passive income am I looking for?

And how does Hosolf fund a good life that has a number attached to it? So those are the things that I talk about today when it comes to real financial education and knowledge of how money works beyond just surface lay layer, how much money do you make? How many houses do you sell? How many how many homes do you own?

Dylan Silver (08:35)
Lifestyle inflation is certainly real and you don’t have to be making, you know, multiple hundreds of thousands of dollars a year in order to experience it and to see it in your peer group. There’s also this term that is becoming more popular, Henry, if you’re familiar with it, high earner not rich yet. What do you think about that?

Krisstina Wise (08:54)
Well, I mean, I think that so I teach money that there there’s the kind these three big buckets when it comes to money. And the first, and so over we have this kind of 40 year time span of of earning, of being in the money game. So that’s when we’re in the game. We kind of start 25 to 30 and we kind of are settling down 65 to 70, let’s say. So there’s this 40 year timeline. And when you can hold the 40 year timeline and give it that context, it

It, I don’t know, it gives a lot more ability to be more conscious and thoughtful as opposed to just like waking up every day and being in the hustle. So over these 40 years, it’s like when it comes to the money part of our life, is to give conscious attention and intention to each of these three buckets. So the first bucket is earning, like the high income piece. So obviously, the more money we make in you know, through earning, the life is different.

Faster we can create more wealth because we can invest more, the more lifestyle we can buy and and all the things. And so over this 40-year journey, the kind of the goal is to increase our income, but to determine like what type of income am I after? Because we’re always trading time for money one way or another. So especially like in the first half or so of this. So you’re gonna be trading time for money. So it’s like, how much time do I want to trade for money? Which means how much.

kind of incomes enough to fund the lifestyle I want because there’s always more. If we’re caught in the more game, there’s always more. So that’s kind of this first stage. It’s like I want to make 250,000. I want to make a million dollars household income or whatever the number is, but to get clear on that, and then that’s the strategy. That’s the plan. That’s the goal is that my goal is I want to make $250,000 a year after taxes for the rest of my life. And as long as I do that, that’s plenty of money to fund all my things. So whatever that number is, household income.

And but you know, it’s just that’s the goal. How do I make more money? So if it’s a podcast, how do we improve our podcast? How do we increase our downloads? How do we increase our reach? How do we build this into a business that’s more profitable? Like whatever we do for money, that’s the game. Is how do I make more money? So it’s how do I make more money as far as one primary income, but it’s also how do I make more money through this mindset of multiple streams of income. So the more streams of income that we can build over the 40 years, the more leverage.

The more security, the more things that we have. So that’s that bucket. And that’s over the 40 years, we’re working it, build multiple streams of income, and ⁓ really build a very solid financial income foundation, high income, whatever that means. The second bucket, then, to your point, is like what I had was lifestyle inflation. And it’s just the natural thing. Another word for it is called Parkinson’s law of money. And Parkinson’s law of money says that income.

Our expenses will always rise to match income. So that’s just the natural course of things, unless we kind of take money into our own hands. And that all comes in through really understanding how to manage money, how to manage it, how to move it, what cash flow is, what margins are, what know really knowing your personal finance numbers. Very few people know their numbers. It’s like how much, how much.

net worth do I need to create the the asset income that will fund my life so I can be financially free? What’s my income gap? What’s my savings gap? How much money do I need to have in liquid savings? How much money do I need to have invested? How much money do I have to spend on my lifestyle? So just these very these numbers that are needed so that we can measure and track

How we’re doing against these goals and financial aspirations that we have. And that’s life. Everything in business and life needs to be measured and tracked if it’s important, including our personal finance. So that’s that second bucket is to get really good at managing every dollar. We work so hard for every dollar. You want to manage it and hold it accountable. And part of that is really developing our mindset, our relationship with money that we love our money and we respect our money and we honor our money in a healthy way.

And that we’re not always chasing it, but we have a really good relationship with it. And we live in abundance and we live in gratitude and we live in generosity. So all these are part of this middle bucket of really having this, this understanding, awareness, and healthy relationship with money so that we we know our numbers and we have the savings and we have the wealth and we have the growth. So that’s the second bucket. And the third bucket, and then I’ll be quiet over this 40-year journey, because over, you know, so all this money that we’re making, now we need to manage it.

And be grateful for it and and just create more of it. And then the final bucket is the the wealth bucket, the investing bucket, the the financial freedom bucket, which is where we’re investing over this course of 40 years, buying real estate is what I do. I’ve created my financial freedom through through real estate. It’s not the only way, but it’s the way I’ve done it. I just finished my second book actually. This called If Walls Could Talk, and it’s all about how I built freedom through real estate investing.

But it’s to get very clear on how many houses do I need or how much wealth do I need to produce the asset income that’s gonna fund my good life at some age or stage of life so that I don’t I’m work optional. So that goes so and that and then it’s just knowing those numbers. Am I on track or am off track? And am I saving, am I investing, am I moving that towards that needle while I’m building my business and earning money, while I manage my money and living my life and spending it and enjoying it? And

That’s how money operates across these three things. And the more conscious we are and a player of the game of in these three buckets, the more control and the more kind of just I’d just say money magic we create. So in the Henry, that’s a high income. Say it again. Not rich yet. I love that. High income. I’ve never heard that before. So now I I love it. I’ll probably hear it all the time now I’ve heard it went.

Dylan Silver (15:58)
Rich yet.

Krisstina Wise (16:05)
But that’s just it. I love that as a motto, like high income, not rich yet, which implies I will be rich. And what I just talked about is the way to do that. But it’s a very conscious thing that we create those riches. They don’t happen by accident. Otherwise, we make a lot of money, we spend a lot of money, we live the illusion behind closed doors. Money’s usually a shit show and it’s not all what it’s cracked up to be.

Dylan Silver (16:29)
You know, there’s this idea of multiple streams of income. You mentioned it as well. And folks would love sometimes to have that second income stream, but sometimes it’s like buying a second job, and it becomes tiresome and a burden. And that’s how people become tired landlords. And that’s how, you know, folks who are investors can find opportunities for distress, not necessarily because there’s a distressed property, but there’s a distressed owner, right?

When folks are building that second stream and sometimes the on-ramp to a business or to becoming a real estate investor can be long. It might not be six months, it might not be a year, it might be a two-year, you know, on-ramp. How can folks plot their journey while not becoming burnt out themselves?

Krisstina Wise (17:16)
Yeah, well, I think the way it’s spoken is that, you know, it’s all that hustle culture and go get that second thing. So again, when you hold this frame of 40 years, it’s this, it’s this timeline that has this kind of C curve that goes up over time. So you build over it. It’s not to happen overnight. And you know, when it’s just like all comparison and I’ve got to get there really fast, when you just give yourself the time, but you’re very conscious and intentional about those, you’ll just keep building the streams. But

But when you’re open to it, you know that you’re gonna build these over time, new opportunities will come to you and you’ll you’ll either let them pass because they’re not the right timing, or you’ll you’ll accept those opportunities. But they come to you almost naturally. You don’t have to go chase them, you don’t have to go do them, you don’t have to have this like, I don’t know, that attitude of ⁓ you know, I’m just gonna crush it and hustle it.

You just build it. So and it builds in all these beautiful ways. And so, you know, when I look at kind of my life now, almost three decades in, and probably, you know, older than a lot of your group, but it’s a good example starting in my early 20s. And that, you know, it started with real estate sales. And then it’s then I started, then I had an investment property. And then I had I got referral income because I really started doing a lot, making lots of referrals that.

So, and then I wrote a book and I had royalty income. So, a lot of this multiple streams, it’s not that you have to go get a second job. It’s not that you have to have a bunch of properties. You can if you want to, but you can manage those. You can get them managed. And so it doesn’t become a lot of hard work. So it just it’s a it’s a mindset and an understanding that you just keep adding income streams as new opportunities come. And so I have royalty income from books, I have rental income from properties.

I have business income from businesses. I have referral income from from tons of referrals I send out. I have dividend income from different investments I’ve made. I’ve I have passive income from being a recruiter and having money coming in years later. So, you know, probably twenty-five different income streams have built have built over time and they just all go in and create one big, nice, pretty income.

But I didn’t do them in a year, I didn’t do them in two years, but sitting 20, 25 years later, there’s just so much money that comes in from so many different sources. And some of them died over the time and some of them have lasted and some of new ones have come up. But again, just hold the mindset of this journey that you’re building these over time.

Dylan Silver (19:51)
You mentioned Parkinson’s law of money where expenses will always rise to income and that goes in line with this idea of you know some level of lifestyle inflation. How can folks prevent that other than just by saying no? Is there a strategy or a mindset or perspective that people can employ to prevent that?

Krisstina Wise (20:12)
Yeah, great question. I love that question. And it’s really kind of at the heart of what I teach, in fact, is that I have a money school. And so I teach exactly where you’re teaching. Like how do you bypass Parkinson’s law so that you’re not a victim of it? And so there are these laws of money, these laws and rules of money, Parkinson’s law being one of them, like I said, that says expenses will always rise to match income. That basically says that that your bills equally match how much money you make. So the way you bypass that is you have to know your numbers.

And you have to manage your money. So that’s why this second bucket of managing your money is so important. So you have to know how much after-tax income do I make? How much does my lifestyle cost? And what’s my margin between the two? So the operative word is margin. So you have to focus on margin and like monthly, annually, however you look at it, but there has to be a monthly margin between the money you make and the money you spend. And that

margin you create because if you don’t intentionally make sure that you have a margin, Parkinson’s law will make sure that there is no margin. So you’re always it’s like gravity as you age. You’re always working against gravity, like gravity is always at play and we can do whatever we can do to kind of fight it off. But Parkinson’s law is the gravity of money. It’s always pulling because why does it happen? Because we’re humans and we can we want to compare, we just naturally compare ourselves to everyone else. We want to

Drive the same cars, we want to look in the be look in the same houses, we want to look like we’re successful. So we pay the price of that. And that’s why the more money we make, that lifestyle inflation, like you talk about, our life and the cost of our life inflates because we want to keep reaching up to look like we’re in that next class or that next level of success. So that’s the kind of this the invisible force that’s always pulling at us naturally that we don’t realize unless we’re in our money all the time.

And know that I need a 20% margin between my after-tax income and my lifestyle cost. That 20 cent margin is the money I save to make sure I have money and emergency funds and have some liquid cash and the other money I get to save or I get to invest for investing. And that margin is my truth. The margin is something that I know is directly connected to my personal financial freedom, to my personal ability.

To have autonomy and sovereignty over my own life, to that margin, to have safety and the feeling of security, that margin to know that if something goes wrong, my family’s not gonna suffer. And it becomes like a core value that you hold on to before anything else when it comes to money. So that’s that’s how you avoid Parkinson’s law is by getting resolute about how important that margin is and it’s what you hold in highest regard.

And that’s part of that money relationship that you and I money were partners. And we’re gonna, you know, work together to fund this great life and to make sure that we have riches in the future by protecting this margin.

Dylan Silver (23:14)
Do you believe that if folks are hanging around a lot of people who are constantly finding themselves without money, that this can almost catch up on them like as if through osmosis? Like if you hang around five broke people, you’ll be the sixth. Is there some truth to that?

Krisstina Wise (23:29)
There that yes, there is, because there is a kind of the metaphysical law that is you are your environment, you are your surroundings. And we’ve all heard, you know, who was it? Maybe Stephen Covey said that you’re the average of the five people. But the reason why that is such a cliche and it’s just such a coin phrase is because it really is truth and it’s something we can all kind of understand. But our environment is really important. So if you’re in an environment where everybody is just like, you know.

Blowing wads of cash and driving a certain lifestyle, or the opposite, live in a lot of poverty and things never work out. We’re just a mirror of that. We mirror our own lives. And so we want to put ourselves in the environment where we want to mirror back to us. And so, you know, if we want to mirror a life where, you know, there’s people have a lot of money, but they’re super humble and they have a lot of riches, but that’s the environment we put want to put ourselves up because we always create that mirror. So yeah, that environment is really important. So, you know, I think the takeaway there.

If we want our lives to be intentional and on purpose, is that what is the mirror I want reflected back on me? And where does that environment or where’s, you know, where does that exist so I can put myself into it? Because that’s the reflection I want to create in my own life. And we reflect out, and then we are reflection of what we reflect out. So again, it’s that’s kind of this metaphysical piece, but money, life, success, happiness, riches, wealth, wellness.

It’s all how good any of those are is all based on our own conscious consciousness about the quality of them we want to have and our intention to create them for ourselves and taking that agency as opposed to just drifting and letting life take us wherever life takes us, which is usually broke, unhealthy, and divorced.

Dylan Silver (25:15)
On a logistical level, I’ve seen from lenders on the show and then also in person, you know, if you if someone’s gonna qualify for a home and they have not, you know, talked to a lender, the lender’s gonna say, all these qualifications that you need to have, they’ll ask you to have six months of reserves in many cases, right? And this is something that’s really started to happen more so post the global financial crisis and Dodd-Frank Act. And you know, how many people can honestly say that they have six months of reserves?

unless they are buying a home, especially first-time home buyers. And so when we think about the qualifications that people need to become real estate homeowners and real estate investors, some of those same principles would be helpful even if you weren’t buying a home, right? If you’re just trying to become financially savvy.

Krisstina Wise (26:00)
Well, there’s a reason why the lenders require that is because they need to know you’re financially sound that if you lose your job, that you can still make your mortgage payment. That’s just good business. And so we need to be good business people of our own lives. So same thing, it’s like, I want to be able to pay I want to be able to pay my mortgage if some if something happens and and I lost my job. So I want to have the six months, not because the lender tell tells me to, but because I realize the same thing that if I don’t have six months and something happens.

That’s not gonna be, you know, the life that I want. So lenders protecting their money, we need to protect our lives and our money.

Dylan Silver (26:38)
You mentioned earlier Parkinson’s law. I want to go back to that. This idea that expenses will always match income unless you control it. Is this getting more complicated, Krisstina? Because it feels this way. You know, when you have subscriptions and if you’re a realtor, you’ve got MLS fees, and then you’ve got your, you know, local brokers that you’re paying, and then you’ve got things that come up and you’ve got six different kinds of insurance, and you’ve got your LLC, it feels super

complicated for folks who may not be, you know, the most savvy in order to just get on a level playing field with the folks who’ve been doing this for a a long time. Are these things more complicated now than ever?

Krisstina Wise (27:17)
Yes, yes, they are more complicated than ever. The for many different reasons. But you you touched on a couple of them. First, I just want to say that if you’re self-employed, it’s really important that you separate your business money from your personal money. That’s kind of just sort of a fundamental law to make sure that those are separate. And then again, to go back of how you avoid being trapped by Parkins’s law is to manage those things. Because when you’re in looking at all those different expenses that you just mentioned, some

Business, I mean my MLS fees, my brokerage fees, and some personal, maybe Netflix and Amazon and whatever else over there. You have to get in and watch those. So when I’m in my money all the time, I can’t tell you, darling, the number of mistakes I find of being double charged for subscriptions or so. It’s just so easy. I call it money leakage. Like there’s so many money leakage, so many leaks today where money just evaporates and it’s and leaves our wallets and it’s somebody else’s because we’re not keeping an eye.

On all of the money. So that’s kind of a side piece. Because it’s so complicated, it’s more important than ever to watch it closely. Now, the reason why it’s more complicated than ever is like what you’ve talked about. Now more than ever, the whole system out there is something to keep in mind. The entire system is designed for one thing to separate you from your money, to move it out of your wallet into mine.

That’s the whole game. It’s happening 247 constantly. And it used to be, you know, one way that that, you know, there’s always been buy a new car, buy a new house, or buy the new things. And so that’s all separating us from our money, one way or another. But now it’s more sneaky. Now it’s more invasive. Now it’s it’s it’s in every app that we open. It’s on our phones, it’s in our TVs. So it’s

We’re constantly getting bombarded by these messages of you’re not enough, you’re not sexy enough, you’re not young enough, you’re not old enough, you’re not smart enough. And so we’re getting all this programming to buy to try to fit like we’re enough, because it’s the subliminal programming that’s happening constantly with every single ad. And we can’t escape it. Ads are everywhere all the time. I have ads, you have ads, the whole world has ads. So part of that is taking agency is to

To protect ourselves a little bit from that, because our we are psychology and it’s happening to our brains, whether we realize it or not, or whether we even think we can protect ourselves from it or not. So that’s happened, all this programming is happening to us on one hand. Also, what’s happening is that the game now, it’s not just to separate you from your money, it’s I want a piece of your paycheck. And so if I can get a piece of your monthly paycheck.

That’s what the game is. And so a subscription means that I get $20 of your paycheck every month, or I get $100 of your paycheck every month. Then you have the car payments. The car payments, they have percentage of your paycheck every month, and the house payment, a percentage of your paycheck every month, your MLS fees, a percentage of your business paycheck every month, your brokerage fees, a percentage. So it’s a percentage of your paycheck. And that’s why a parking slob, but now there’s all of that happening.

Did I want a piece of your so you’re not just buying I used to buy Microsoft and software and install it on my computer once. Now I pay every single month for all these different services, a percentage of your paycheck. So what a subscription is, is a percentage of your paycheck. So it’s a different way to think about it. Like, my gosh, I’m giving away a percentage of my paycheck. And all those little percentages now take a hundred percent of your paycheck and chip it down to zero. So that’s happening that’s different today than it was back in the day.

Is the these subscriptions, everything’s a monthly fee and a monthly charge, one way or another. And it’s like to convince you you can afford it. Also, what’s happening is that it’s so easy to pay. I used to have to, I’m now engaging myself, but I used to have to write a check. That took a lot of time, right? Have to go to the ATM and get cash. So there is distance even between buying something and everything happens, hits our dopamine receptor, it shows up the same day or the next day. So

This isn’t by accident, but now we have Venmo Pay, Apple Pay, Google Pay. Every every credit card, every airline has their own credit card to convince us about points. Like everybody, West Elm, every like everything wants a percentage of your income one combined with interest. So the latest statistic I heard is that the average kind of American is that 33% of our paycheck.

goes just towards interest, not principal, just towards interest. So that’s you you think of a hundred percent of your paycheck, thirty-three percent, one third just goes to pay interest to the banks for the privilege of borrowing our life. And then we have to pay the principal and then we have to live life on top of it. And then we can just go do AM Amazon and Venmo and all these things and we’re not paying attention or much. So you just blend all that together and yes, it is harder today than ever.

To not live paycheck to paycheck. And this is kind of this environment we’re in is people are busting ass and working their asses off and families, two working parents, just hustling and grinding, just trying to make ends meet and not getting ahead. Why? Because all of these things we just talked about.

Dylan Silver (32:47)
I wanna touch on the consumer debt portion of it because as a realtor myself, one of the things that I’ve slowly started to realize

Is that yes, you your credit cards do help you have a credit score, but if you’re twenty two years old and you maybe have a small car loan and you have some credit cards, those credit cards aren’t just gonna guarantee you you can buy a home, even if you have a 750 credit score, right? And so p I think there’s some level of misinformation or miseducation. I’m I’d like to get your perspective on this idea that you absolutely need to have like consumer credit card debt in order to buy a home.

Krisstina Wise (33:25)
No, you don’t need to have consumer credit card debt to buy a home. You have to have credit. So there are different ways to get credit. And you know, your parents could co-sign a car loan for you. You can like a or I mean there are other types of low interest loans or just so yeah, you have to have credit and the banks just want to see that you pay your bills on time. That and you know, there’s one of my favorite sayings is know thyself. So

Credit cards aren’t dangerous. It’s the hand that the credit card sits in, which is the danger. So it just know thy personality that if you’re going to be one that’s going to use a credit card and you’re going to spend it to its max because that’s just how you’re wired. You just love to spend and the things, nothing wrong with that. Then their credit cards are really dangerous. Or if you know that you’re going to over that you’re, you know, you have a tendency to.

To buy to have immediate gratification. So the credit cards aren’t the problem. Credit cards can be really beneficial if you pay them off every single month and don’t pay the interest. So the culprit, the thing to pay attention to is interest. How much are how much of your life are you giving to the banks? And it’s called the handcuffs, is interest.

So interest on your mortgage, okay, it’s low interest. You’re paying it off over 30 years. The goal is to own a house in 30 years where you don’t, you’re not doing that. Buy a car once with low interest, but don’t do it more than you know 36 months. So buy a car you can afford and then pay that off and drive it for, you know, 200,000 miles or whatever the case is. And if there’s other low interest opportunities, think about it. But you don’t have to have a credit card steer if unless you

Or the kind of person that knows you’re going to pay it off every single month. Like I have lots of credit cards. I pay them all off. It’s not an issue for me. I I borrow their money for 30 days and pay it off. So it’s kind of the reverse at work is that I get to kind of keep my money and earn interest as opposed to pay it to them. So if you’re that kind of person, but the the danger, the danger, danger, danger, danger, danger is high interest. Stay clear of any type of borrowing where you pay high interest, which is basically over 10%.

And just if that’s a mindset, I will never, ever, ever, ever, ever, ever pay anything over 10%, then you’re not going to get a credit card unless you know you’re just using it to buy things for 30 days and pay it off at the end of the month.

Dylan Silver (35:53)
We are coming up on time here, Krisstina. Any new projects that you’re working on? And then also anything you’d like to mention directly to our audience.

Krisstina Wise (36:00)
Well, you know, I d I just I love talking about money. So great questions. I really love the conversation. And I I I have a a webinar. I don’t know that but I teach for for two hours every two weeks. I have this free live teaching, whatever the whatever you want to call it, where I teach, where I share the five laws of getting rich. So it’s the science of getting rich and it’s kind of what I’ve learned and studied and applied.

that’s made me rich. So I do that every, every few weeks. And the the URL to that is live.wisemoneymethod.com, live.wisemoneymethod.com. So it’s a great way just to come listen in. And I I really kind of teach the fundamentals of money that we weren’t taught in school that once we learn these things and apply them, we’re just, we’re so much farther ahead than everybody else. So that’s that’s just a great place to start. Anybody that wants to go a little bit deeper with some of the things I’ve talked about.

And then in the fall, I’ll be releasing my my next book, which is it’s all about real estate investing. It’s like how I, as a single mom that was broke and no money, started out and built kind of a financial fortune through real estate investing. It’s called If Walls Could Talk, and I teach how to invest in real estate through the the stories of all the houses that I’ve bought. Like if they could talk, what would they say? So that’ll be coming out. And if you just follow me through these other methods, I’ll be

Really see more details on that book coming out here in a few months.

Dylan Silver (37:27)
Krisstina, thank you so much for your time today. Thanks for joining us.

Krisstina Wise (37:30)
My pleasure.