Lured into a meeting with promises of money-saving and beautifully unique vacation homes, however, many people regret the times they visit and sign up for a timeshare. Timeshares typically get a bad wrap!
Have you ever thought about buying a timeshare? On today's episode of Black Girl Fly, Tenisha and Tashaunda discuss the good, bad, and ugly of timeshares. From timeshares worth your time to how they can actually save you money, BGF dives into whether or not they're a good investment.
Bought a timeshare? Join the conversation on Instagram and let us know what you think. @blackgirlflyofficial
EPISODE HIGHLIGHTS
[:23] Introduction
[:40] Timeshares: is it worth it?
[10:30] Timeshares: what doesn't work?
[18:15] Pick What Works for You
CONNECT WITH US
Website: www.blackgirlflyofficial.com
Email: hello@podcast2impact.com
Instagram: @blackgirlflyofficial
BGF Products here
Join Robinhood with my link and we'll both pick our own free stock
I'm using Acorns and I love how easy it is to save and invest for my future. Join me and you'll get a free $5 investment!
Click here to receive Southwest Rapid Rewards
Click here to learn more about Gusto Payroll
Lured into a meeting with promises of money-saving and beautifully unique vacation homes, however, many people regret the times they visit and sign up for a timeshare. Timeshares typically get a bad wrap!
Have you ever thought about buying a timeshare? On today's episode of Black Girl Fly, Tenisha and Tashaunda discuss the good, bad, and ugly of timeshares. From timeshares worth your time to how they can actually save you money, BGF dives into whether or not they're a good investment.
Bought a timeshare? Join the conversation on Instagram and let us know what you think. @blackgirlflyofficial
EPISODE HIGHLIGHTS
[:23] Introduction
[:40] Timeshares: is it worth it?
[10:30] Timeshares: what doesn't work?
[18:15] Pick What Works for You
CONNECT WITH US
Website: www.blackgirlflyofficial.com
Email: hello@podcast2impact.com
Instagram: @blackgirlflyofficial
BGF Products here
Join Robinhood with my link and we'll both pick our own free stock
I'm using Acorns and I love how easy it is to save and invest for my future. Join me and you'll get a free $5 investment!
Click here to receive Southwest Rapid Rewards
Click here to learn more about Gusto Payroll
01:46:15:02 - 01:46:18:22
Speaker 1
Welcome back to another episode of Black Girl Flight. I'm Your Girl, Tanisha, Nicole.
01:46:18:22 - 01:46:20:00
Speaker 2
And I'm Tasha Dixon.
01:46:20:10 - 01:46:24:10
Speaker 1
And today, y'all, we are back with another banger.
01:46:25:22 - 01:46:28:12
Speaker 2
Banger, huh? And let's see her.
01:46:28:19 - 01:46:38:09
Speaker 1
Sorry. Okay, so today we're going to be talking about smart and smart money making decisions, one of which being timeshare.
01:46:39:07 - 01:46:41:10
Speaker 2
Oh, I don't know. You're going to preface this by that.
01:46:41:10 - 01:46:45:10
Speaker 1
And I didn't know she just walks in here talking about lesbo time.
01:46:45:11 - 01:46:49:02
Speaker 2
So the reason that I want to talk about timeshare is cause I bought one.
01:46:49:14 - 01:46:52:17
Speaker 1
So you like so you went to Florida and bought.
01:46:52:18 - 01:47:00:11
Speaker 2
What I did? Yeah. So this is the first time she's hearing this, right? Yeah. So I just came back from vacation. I took my kiddos to Orlando.
01:47:00:11 - 01:47:02:20
Speaker 1
Nice. And this had a good to Florida.
01:47:02:21 - 01:47:05:12
Speaker 2
They do, but I feel good about the purchase.
01:47:05:13 - 01:47:06:03
Speaker 1
Okay, tell.
01:47:06:04 - 01:47:15:04
Speaker 2
Me. So so wait. Before we get into this, though, I wanted to talk to you about because I know you bought a timeshare. Why? We forced you to buy it out.
01:47:15:04 - 01:47:17:23
Speaker 1
Here a while ago. I had a time here for I about you.
01:47:17:23 - 01:47:19:22
Speaker 2
Get out of it. You haven't got another. No.
01:47:20:21 - 01:47:23:22
Speaker 1
You. You have never been there.
01:47:24:02 - 01:47:38:04
Speaker 2
You've never used it. Oh, my God. So this is definitely something to talk about. So so let me just put it out there, guys. We have followed Dave Ramsey and he talks about how timeshares are the worst investments ever.
01:47:38:06 - 01:47:39:21
Speaker 1
Yeah. Next to condos.
01:47:39:23 - 01:47:55:18
Speaker 2
Next. Yeah. So. So I went to this thing and I was like, I gave the talk and everything to my partner. I was like, look, we're not buying the timeshare out here. What they say is not going to happen, and then you know about it. I'm like, Please, can you just live?
01:47:55:18 - 01:47:56:10
Speaker 1
See, what else.
01:47:57:13 - 01:48:01:15
Speaker 2
Can you do? I think it's a good idea. He'd like to share that. We said no.
01:48:02:09 - 01:48:04:10
Speaker 1
Right now is too book.
01:48:04:19 - 01:48:05:04
Speaker 2
So.
01:48:05:04 - 01:48:06:16
Speaker 1
Okay good as sales.
01:48:06:18 - 01:48:15:16
Speaker 2
So yes so okay so here's the thing though I do it you know that there's I mean I hang on.
01:48:15:16 - 01:48:17:17
Speaker 1
To it I hang on though I have no.
01:48:17:18 - 01:48:25:12
Speaker 2
Idea the audience knows and they use it for different things. Right. So that was the mode that I was in. I was like, I'm not going to do you.
01:48:25:13 - 01:48:29:08
Speaker 1
I'm not going to buy no timeshare girl. I did it in B&M and bed.
01:48:29:11 - 01:48:36:11
Speaker 2
Yes, yes. And so okay. So let me tell you about it, though, in the hell you I did. You know, it's another episode. I'm sure we'll get to it.
01:48:36:12 - 01:48:37:07
Speaker 1
Let me know.
01:48:37:17 - 01:48:52:04
Speaker 2
But so I travel a lot with my family like and it's not like everything isn't. You guys don't think I'm for my kids and they're little spoiled, but not to spoil. But it's like. But it's like functional travel.
01:48:52:04 - 01:48:56:08
Speaker 1
Her one year old went to Hawaii. I mean.
01:48:56:10 - 01:48:57:15
Speaker 2
And now he went to L.A..
01:48:57:16 - 01:49:01:22
Speaker 1
And Disney World. They're not spoiled. Okay.
01:49:01:22 - 01:49:03:01
Speaker 2
But no. Okay. So let me.
01:49:03:15 - 01:49:08:04
Speaker 1
Revert to my hero. Just went to Disney. I'm just saying. Okay, go.
01:49:08:04 - 01:49:27:09
Speaker 2
On. Okay. So here's my point, though. I mean that we're not always at the resort like we're we're traveling to like regular places sometimes and seeing our family or or like just go in different ways because we are we're spread out, like between our families and where we live. We kind of just moved a lot and I was actually getting in conversation.
01:49:27:09 - 01:49:51:22
Speaker 2
That's a whole nother topic. But I've lived in a lot of different places in the country. And so because of that, I have regrets and and things that I like to travel a little bit. And so and then we also have this whole custody arrangement. So we have to do it's required travel twice a year. And so I was like, okay, so when I was thinking about the whole timeshare thing, I don't know.
01:49:52:01 - 01:49:56:00
Speaker 1
Do you guys know what a timeshare is? Don't need to explain what a timeshare is. You probably should explain it.
01:49:56:06 - 01:50:00:16
Speaker 2
Okay. So well, I want you to explain what you have because I think ours is a little bit different.
01:50:01:02 - 01:50:02:23
Speaker 1
Because she's excited about it.
01:50:03:00 - 01:50:10:03
Speaker 2
And she's like, I haven't been there. It has got to have been like ten years since you've had this thing. Like, how long have you had this?
01:50:10:09 - 01:50:11:22
Speaker 1
Actually close to ten years.
01:50:13:05 - 01:50:43:14
Speaker 2
Do you have an easy one? Oh, God. Anyway, we're going to get to that guy. Don't you want to hear about that? So, okay, so a timeshare is just basically where you pay upfront and you get a vacation or a package that you're entitled to forever, and it has parameters around what you're entitled to. So in many cases, you can get like a specific week and you get a specific location or locations that you can go to to use that specific week every year.
01:50:43:19 - 01:50:45:17
Speaker 2
Is that would you change anything there?
01:50:45:18 - 01:50:48:15
Speaker 1
Yeah, no, that makes sense. But I mean, that's what it is.
01:50:48:15 - 01:51:09:01
Speaker 2
Yeah. And so, so we go to the staying mind. Yeah, I'm going to start off, I got to tell you guys beginning so they hook you because they give you a vacation or a hotel stay and they say we're going charge you some crazy low price for vacation. But all you have to do is you have to sit in on this hour long presentation and of course, revival.
01:51:09:03 - 01:51:28:23
Speaker 2
Everybody's like, we're strong. We'll we don't we can go and get this. Yeah, yes. Yeah. And so we sat through this presentation and it was great. Like, I was like, Oh, this is actually pretty cool. So the reason it was cool though is because, oh, I'll say the name. I need to figure out how to get some affiliate money soon.
01:51:28:23 - 01:51:54:17
Speaker 2
But but we went to Hilton Grand Vacations. And so with Hilton, they give you so many points per year and you can literally use those points anywhere in that. They have locations and there's no blackout period. You can go any time you want to and you have to basically just like purchase it is like go into their app and just reserve where you want to go and so many points by so much.
01:51:54:17 - 01:52:23:17
Speaker 2
There's off season costs or or amount you have to pay versus on season rates, but a certain size of accommodation is a certain price. Nice. Now the cool thing about Hilton is they actually don't change the cost of the rooms to the points you purchase. So I purchase X number of points and that point will always correlate to X amount stay at this x mount location during this time of the year.
01:52:23:17 - 01:52:24:19
Speaker 1
Oh, that's nice. Yeah.
01:52:24:21 - 01:52:45:07
Speaker 2
Which is really cool. And so we did that and I really was excited about it because not only like so I always stay at Hilton. I don't know if you have a specific hotel with you always there. Yeah, but I always stay at Hilton and you can actually use the points and convert to the regular hotels. You can also use their partner program.
01:52:45:10 - 01:52:51:13
Speaker 2
But the other thing that they had that was really cool is that if you do last minute stays, which I am the queen of.
01:52:51:21 - 01:52:52:11
Speaker 1
Yes.
01:52:53:07 - 01:53:16:04
Speaker 2
They actually have a flat rate that you are entitled to as a member. And so at any Hilton hotel, at any Hilton resort hotel and any of their partners, I think it's the same company that you guys had partnered with RCI. It's a flat rate for a stay. And so I literally can stay at any hotel. And there's it's like a weekly flat rate.
01:53:16:09 - 01:53:18:20
Speaker 2
And I do the math. I'll sit in in the room because you guys know how many.
01:53:18:20 - 01:53:25:11
Speaker 1
And I was right. And this girl can calculate, you know, and so money. So here is a thing, though.
01:53:25:11 - 01:53:27:02
Speaker 2
So when I sat down and.
01:53:27:02 - 01:53:28:03
Speaker 1
I look at the rates.
01:53:28:05 - 01:53:43:01
Speaker 2
For how much it would cost just if I were paying the the weekly rate for a three bedroom like hotel suite, they charge at max $365 per week.
01:53:43:15 - 01:53:44:08
Speaker 1
That's amazing.
01:53:44:08 - 01:53:44:19
Speaker 2
And so I.
01:53:44:19 - 01:53:48:12
Speaker 1
Did the math. I was like, wait a minute. I know I can I can pay. Manny.
01:53:48:23 - 01:53:57:12
Speaker 2
Yeah, no. And I did it. And it was only $19,000 for the year. I was like, That's cheaper then my mortgage, we're moving into hotel.
01:53:58:05 - 01:54:02:20
Speaker 1
Oh, I've really been trying to figure out how I can live a hotel. Yeah, this is what I'm into.
01:54:03:04 - 01:54:19:21
Speaker 2
Okay, so. So, guys. So I did that, so I didn't even talk to you guys about the point. So I get points, I get to stay somewhere, whatever, for a certain amount points. But worst case scenario is that I can do this weekly rate and say wherever I want to.
01:54:20:02 - 01:54:21:16
Speaker 1
Write, I like the sound of that.
01:54:21:16 - 01:54:24:17
Speaker 2
And so I was like, If I do my math, I can move.
01:54:24:17 - 01:54:28:19
Speaker 1
Out of my house and make them pay it off. Yes.
01:54:29:02 - 01:54:43:12
Speaker 2
But but the thing that I was challenged with and we talked about actually earlier in the season this year, we talked about how I wanted to do a nomad year. And so I was actually looking at trailers, I was looking at tiny homes. I was looking to see what are my options for traveling her.
01:54:43:12 - 01:54:45:20
Speaker 1
Family any time you know, she was going to do that.
01:54:46:05 - 01:54:47:03
Speaker 2
We were going to make it.
01:54:47:03 - 01:54:49:03
Speaker 1
Work for me and I'm like, I got to go try.
01:54:49:04 - 01:54:52:11
Speaker 2
But I go over here and they're like, 365.
01:54:52:11 - 01:54:55:16
Speaker 1
For a week or Yeah, this is this.
01:54:55:16 - 01:54:59:23
Speaker 2
Is the way I like to travel in luxury.
01:54:59:23 - 01:55:00:10
Speaker 1
Yeah.
01:55:01:00 - 01:55:32:16
Speaker 2
And so and so that's what, that's what sold me. Like I was like worst case scenario, forget the whole point situation. Yes. And I actually with the points I purchased, I get like, well, every year I get 12 vacation, like 12 vacation days and like a two bedroom. Nice, nice. And then because you're trying to sell me, they also gave me a crap ton of bonus points so I can literally with my bonus points, I think I can do like four months straight tomorrow in hotel rooms for the first year, but you can spread it around across four years.
01:55:32:16 - 01:55:40:03
Speaker 1
So I'm like, oh dang, I wish I would it. So now you to young you are right I need to upgrade let me people.
01:55:42:02 - 01:55:47:00
Speaker 2
So that's that's what I did so I did it. Yeah I will not do it, but I did it.
01:55:47:02 - 01:55:48:15
Speaker 1
You bought a timeshare?
01:55:48:20 - 01:56:04:11
Speaker 2
Interesting, but no. So. So by the way, so it wasn't cheap guy. So I'm not saying that it was whatever, but the cost was actually less than what I was going to pay for the RV and I was like, let's see, one year of an RV, right? Or luxury.
01:56:04:12 - 01:56:08:17
Speaker 1
Okay, now the change in your house. Yeah, I don't know about that.
01:56:08:17 - 01:56:12:19
Speaker 2
Parked in a park? No, I don't. You know, we was not.
01:56:12:20 - 01:56:15:10
Speaker 1
We were going to rough it. I know you were going to try.
01:56:15:12 - 01:56:28:03
Speaker 2
But I prefer not to. So. Okay, so, so. Okay, so going back to the whole time to think so what I liked about this and what I was challenged like I had to look up, I was like, why didn't I like the timeshare. Yeah.
01:56:28:03 - 01:56:29:12
Speaker 1
So tell me.
01:56:29:12 - 01:56:36:05
Speaker 2
So in past times, I was told that you could only travel at a specific like date range. Right.
01:56:36:05 - 01:56:42:09
Speaker 1
Every year to like one week out of the year. Yeah. That specific week you can change it. Yes.
01:56:42:19 - 01:56:49:10
Speaker 2
That is not what's going on at Hilton Hilton's like. You can plan it. However you plan your vacation, you go on to the app and you reserve the room.
01:56:49:16 - 01:56:50:17
Speaker 1
Nice.
01:56:50:17 - 01:56:58:02
Speaker 2
The other place was as you were restricted to a specific location, people get tired to go in the same place. Nobody goes to the same place every year anymore. That was a 1980s trend.
01:56:58:22 - 01:57:00:14
Speaker 1
Yes, you need the flexibility.
01:57:00:14 - 01:57:19:23
Speaker 2
So it gave flexibility. And then with their network, it's not just the U.S. like we can go abroad and go to a bunch of different places. We can go all across the U.S. and we have some really cool accommodations. And it's not just like all one type of thing. So it's not all like beach resorts, right? You know, they have ski lodges, if you like, the cold.
01:57:19:23 - 01:57:31:03
Speaker 2
They have like, you know, mountains and things like that. They have like more swampy things, like 2000s. Looking at you, I'm thinking, not my forte.
01:57:31:05 - 01:57:32:15
Speaker 1
You don't even know what that is.
01:57:33:07 - 01:57:41:18
Speaker 2
So I want you to know. But no, he wants to go to Australia and like rough it and there was a place for that and I was like, I don't do Australia, but.
01:57:42:01 - 01:57:47:21
Speaker 1
I do go to say the whole country is about revenue, it's very modern some places.
01:57:48:01 - 01:57:50:07
Speaker 2
But he actually wanted to go to the places you have to rough in.
01:57:50:23 - 01:57:58:10
Speaker 1
The swamps in Australia. If we all are listening in Australia, please don't be offended by her ignorance, please. Yeah. If I had my.
01:57:58:16 - 01:58:02:22
Speaker 2
I'm not well-traveled. There are certain parts of the country I have never been to Australia being one of it.
01:58:02:22 - 01:58:04:05
Speaker 1
Of the world. None of it.
01:58:04:05 - 01:58:05:09
Speaker 2
Oh yeah. I'm sorry. Of the world.
01:58:05:09 - 01:58:10:06
Speaker 1
Yes we sorry Australia anyway. So we're going to this beautiful place.
01:58:10:07 - 01:58:13:18
Speaker 2
No, but I was really saying specifically he wanted to go to a places a little bit.
01:58:14:01 - 01:58:22:20
Speaker 1
My gosh. Yeah, my boo has wanted to go to the Galapagos. I live for very long like this bucket list. I don't I'm like, you don't.
01:58:22:20 - 01:58:23:10
Speaker 2
Go with them.
01:58:24:13 - 01:58:43:06
Speaker 1
You know, I love to travel. However, this place you need to like fly to take a boat, to take a little plane to like. I'm like Darwin. We love the work that you did, but I don't need to go and see that. I'm just. Yeah, that's not my kind of vacation, but.
01:58:43:09 - 01:58:50:22
Speaker 2
But I think it's cool. So I hope you guys have seen us, saw black girl that I am down with whatever life that makes you happy. And so if that's your thing, do you.
01:58:50:22 - 01:58:55:06
Speaker 1
But don't take us with you. Don't please. Okay. Thank you.
01:58:55:06 - 01:59:00:06
Speaker 2
To me interest. So. Okay, so I talked about what I liked about this time of year. Tell us about your time to experience.
01:59:00:08 - 01:59:08:07
Speaker 1
Right. So there you. Well, let me just take us back about a decade. Okay. Back in time. Back, back, back.
01:59:08:09 - 01:59:10:06
Speaker 2
I actually thought you got rid of it, by the way.
01:59:10:20 - 01:59:27:10
Speaker 1
How could there so. Oh, I don't know. My mom was visiting me in town and I feel like we went to a concert. I was there. I remember. We must have been there. So we went to a concert and then we got this like free stay at this place. Yeah.
01:59:27:11 - 01:59:28:23
Speaker 2
And that's how they get you to.
01:59:29:03 - 01:59:38:22
Speaker 1
How to get you. I'm about to take note of these sales tactics so we can implement this, is that their conversion rate is real good. They are like contracts. No.
01:59:38:22 - 01:59:45:11
Speaker 2
So like, I know Charles is looking at our sales person. He's like Shonda that what he had on cost 300,000.
01:59:46:05 - 01:59:48:02
Speaker 1
Yeah. Are you about to go work for them?
01:59:48:17 - 01:59:57:08
Speaker 2
We trying to get his daddy a job. That's what you do. Oh, yeah. That was so his dad's old car. So we were like, Hey, what's the difference? Sometimes it does. Don't do that.
01:59:57:15 - 02:00:21:07
Speaker 1
Good. I think that's a great I don't. But yeah, so we ended up at this resort. It was outside of DC. I was living in DC at the time and it was great. It's a great facility and you know, we went through this process the, the presentation and I was like, I was like in my young twenties, I'm like, I'm about to buy and I think like, why am I even here?
02:00:21:22 - 02:00:45:16
Speaker 1
And, you know, my mother was there and she's so persuasive. She's quite persuasive and so one thing led to another. And we're in the signing room where we got this package and he's rolling through. And I just need to sign here and I'm like, Wait, this doesn't feel is this right? He sounds like we need to call this.
02:00:45:16 - 02:01:02:07
Speaker 1
They're like, we need to call this and we this is kind of crazy. And I always, always lean on you for the logic that you bring in. Now, I, I don't know where your logic was. I don't either.
02:01:02:11 - 02:01:04:15
Speaker 2
So. So you've never used it?
02:01:05:03 - 02:01:07:20
Speaker 1
I've never used it. So. Okay.
02:01:07:20 - 02:01:14:09
Speaker 2
Okay. So I want to hear two things. So do you know what the rules are? What is it? Because it was too restrictive, like like what's going on with the not.
02:01:15:01 - 02:01:38:22
Speaker 1
So honestly, I actually I actually don't think that it was a bad deal. They have a partnership with RCI similar to yours, where you do have flexibility to use it at a different point in time. You can go to different locations. I honestly just never wanted to put in the work to figuring out how does love not wait?
02:01:39:05 - 02:01:41:06
Speaker 1
Are you telling me every.
02:01:42:05 - 02:01:45:12
Speaker 2
So you're telling me that you paid for this big.
02:01:45:21 - 02:01:46:05
Speaker 1
Yes.
02:01:46:15 - 02:01:51:13
Speaker 2
And you never used that. And the reason being is you didn't want to figure out how to use.
02:01:52:15 - 02:01:54:23
Speaker 1
I'm sorry, guys, every every but.
02:01:55:04 - 02:01:56:07
Speaker 2
The audience of Black Girl.
02:01:58:01 - 02:02:01:06
Speaker 1
But I like, you know, my relationship with money. I'm like.
02:02:01:06 - 02:02:01:16
Speaker 2
It's just.
02:02:01:16 - 02:02:18:04
Speaker 1
Money. It's a few thousand dollars. Like, whatever, if ever I wanted to pay for it. Every year I do. It's only a couple hundred bucks, so. All right. So any who I've never used it. I am curious now, like I kind of want to use.
02:02:18:04 - 02:02:20:06
Speaker 2
Yes, I want you know, he's I'm on call.
02:02:20:12 - 02:02:27:19
Speaker 1
Oh I just put it on my to do list to check into it sometime next year. Oh okay. Maybe top of the year or you.
02:02:27:19 - 02:02:29:22
Speaker 2
Know I'm exceptional this November right now.
02:02:30:20 - 02:02:33:13
Speaker 1
Well, my week is in May, so.
02:02:33:16 - 02:02:36:23
Speaker 2
I don't so it is. So that's one of the things that is restricted to specific week.
02:02:36:23 - 02:02:56:11
Speaker 1
Well, you have to let them know if you're not going to use it and you want to use it differently now by a certain period of time. And so and so I need to I'm going to look into it, guys, probably around holidays. I'll figure this out and we might be using a timeshare. But let me fast forward.
02:02:56:11 - 02:03:18:13
Speaker 1
So yes, I spent some money and I didn't really follow up on it. I'm not surprised. I was in my young 20. Yeah, yeah. But I was also I mean, I was heavy traveling back then, like heavy traveling for long period of time and like to some interesting weird places. And so I don't know that it exactly fit my lifestyle back then.
02:03:18:13 - 02:03:25:05
Speaker 1
And I also don't think I have all the perks that you have, but I'm sure there's like ways to upgrade. And yeah.
02:03:25:12 - 02:03:34:17
Speaker 2
No, I was going to say that though. That was one of the thing that I actually sold, not only you. So I knew that you had purchased a timeshare and also my partner and sister, she has a timeshare as well.
02:03:35:01 - 02:03:36:03
Speaker 1
Okay, there she is it.
02:03:36:03 - 02:03:56:18
Speaker 2
And so I'm and so both you guys, from what I understood, had poor experiences with the timeshare and then I did so I before I purchased it. I also do, but I was like, Why do people hate timeshares? What's going on? And everything that I read was like, Oh, I got to pay this fee every year, even if I don't use it.
02:03:56:18 - 02:04:13:02
Speaker 2
And then it was like a lot of people were like, Oh, I got to go to the specific place, I got to use specific dates, and I can always get that data from work. And when I looked at it and so this is I think this is really helpful for the audience from where I want to go with this is you have to pick something that works for you and your family.
02:04:13:03 - 02:04:38:16
Speaker 2
Absolutely. Like my thought was, is worst case scenario, I get totally I get 12 days, I get I already spend going back my required travel that I told you guys about. I already been I spend at minimum 1500 dollars per trip on accommodations because we have to stay there bigger up. And then we set you to stay a couple days and then go back and I was like, so that's $3,000 a year.
02:04:38:16 - 02:04:57:08
Speaker 2
So my break even. So, you know, guys, I was like and I found the place that I would stay, you know, with that and, and so I was like, Well, that's worth it. And then on top of that, when I saw the flat rate, I was like, just my last month, in the last month I would have this or in the last three months is what I looked at because I've been like couple of places in the last three months.
02:04:57:08 - 02:05:17:05
Speaker 2
I was like, I would have saved X dollars and it made sense for my lifestyle. Yeah. And then looking to it, my plan to do the traveling during the summer, I was like, I was going to spend X dollars before I actually helped me in this way. And so yes, yes, yes. It is an investment. If you can't afford it, don't do it.
02:05:17:06 - 02:05:38:02
Speaker 1
Yeah, yeah. And I think that's for me. Like I. So go back to the reason you thought I don't have it anymore. And so, I mean, I didn't pay a lot of money in my opinion. I didn't pay a lot of money for the timeshare. I thought it was worth it. Right? Which is why I made the purchase my month.
02:05:38:02 - 02:05:59:13
Speaker 1
My annual fees are a couple of hundred bucks, which I mean, who wants to pay a couple hundred bucks? But if you really think about like I'm a heavy point person, like on credit cards and so I like fly with planes, I stay in hotels with points. But your credit cards charge you annually. So I just kind of chalk it up to like whatever is part of your annual fees.
02:06:00:06 - 02:06:15:10
Speaker 1
And so, but it's not a huge unreasonable amount like it doesn't hurt for me to do that, but I did try to get out of it. And so I had researched a couple of places that, you know, say that they can get you out.
02:06:15:10 - 02:06:18:18
Speaker 2
Yeah. And by the way, it has to be a law firm that specializes in this.
02:06:18:18 - 02:06:24:09
Speaker 1
In order to get out. So these contracts are like, you know, by ironclad. Yes. Binding. You get a deed.
02:06:24:09 - 02:06:24:22
Speaker 2
And everything.
02:06:24:22 - 02:06:42:18
Speaker 1
You get a deed. And like it's just really hard to get out. And so I had heard Dave Ramsey talking about, you know, he he has a couple of referral partners. And I think he was referring one of these groups who get you out of time series. And so I reached out to them and a couple other folks and I mean, they could do it, they could get me out.
02:06:42:23 - 02:07:06:02
Speaker 1
But the break even point was like 20 years because the fees that I pay are so little. And so it's like I could maybe decide to travel within the next 20 years. Yeah. You know, if I wanted to ever figure it out or I could just, you know, pay this money. And I was like, let's just see what the next 20 years as far as, like, go up, you know, and I have a family and all that stuff we might want to use that.
02:07:06:02 - 02:07:07:09
Speaker 1
So yeah, that's why.
02:07:07:10 - 02:07:31:03
Speaker 2
But I mean, so, so speaking to that though, I you did points with that but I don't think I talked about before. But when you buy a timeshare you do actually own a specific duration of a specific location. Yeah. With Hilton specifically, they actually did it like they needed me. Technically, I own a home, a one bedroom in Miami at a particular time for a week.
02:07:31:15 - 02:07:34:02
Speaker 1
I felt crazy. They could make a contract like.
02:07:34:05 - 02:07:59:13
Speaker 2
Hey, yes, yes. And so what they do is the deed is so that you can assess a specific value, a dollar value to your ownership. Like, so you know that if this hotel is worth $10 million and they have 1000 rooms, right, then you get a week. So divide by 52, you know, and they can actually specify a particular value here ownership.
02:07:59:13 - 02:08:17:11
Speaker 2
So you can actually see that. All right. Not that they appreciate or anything, but but like you do get specific level ownership so you're able to like will it to someone else like so I had to sign the thing that says that something happens to me, you know, call out my kids. Now your kids are going to be responsible.
02:08:17:11 - 02:08:25:23
Speaker 2
They will lose it if they don't pay their taxes, which is the annual fee that she was talking about. But it is a piece of ownership and I think it's pretty cool too.
02:08:26:15 - 02:08:37:22
Speaker 1
Yeah, I never really thought about it in that regard. But yeah, I guess there there is some additional perks and I think you're merely making me want to like look into this. Well, and.
02:08:37:22 - 02:08:55:17
Speaker 2
Also, by the way, I'm sure you never know this, but you don't do enough. But when you get to that point because it is a it's a vacation home ownership, your vacation house, like the property taxes and stuff is tactical. So that fee that you pay every year, a portion of that should be they'll give you a 1098 to deduct that off your taxes.
02:08:55:19 - 02:09:04:05
Speaker 1
Darling, I know that's what I was about to ask you. Like, what other tax implications are we knowing about for the last ten years? IRS, please don't be listening.
02:09:05:12 - 02:09:09:20
Speaker 2
But no. So you didn't itemize, so it only helps if you advertise. So you're fine. You didn't do anything illegal.
02:09:10:07 - 02:09:12:17
Speaker 1
Thank you. IRS. In your.
02:09:12:20 - 02:09:37:19
Speaker 2
Case. No, I'm not giving tax advice, but I do know that rule. But yeah as buddy so I mean all in all I would say that if it your situation if you can financially afford it. Yes if it's going to be beneficial, look at your other expenses. Like for me, it was a complete evaluation of really money that I already spend and if this will be beneficial or not, and that's kind of how I made that determination.
02:09:37:20 - 02:09:53:02
Speaker 1
And for a lot of people's lifestyle who vacation literally like twice a year, once a year like it and it's on a routine. You have kids, you can only travel this week, you know, between these weeks in the summertime or during the holidays, like it actually makes a lot of sense.
02:09:53:06 - 02:10:05:19
Speaker 2
But I'm going to say that like I think you went in with that flat rate like I was. That's why I was like, so, so guys, I can work fully remote, like, forever. And I'm like.
02:10:06:07 - 02:10:08:00
Speaker 1
I'm like, can I use your.
02:10:08:11 - 02:10:10:17
Speaker 2
So, by the way, I can give you rooms, gas car.
02:10:11:03 - 02:10:20:08
Speaker 1
Okay, but okay, now we talking because your girl's got to be home and I need a place to stay, so thank you. Okay. That's all I need to know.
02:10:20:15 - 02:10:21:13
Speaker 2
That it's so funny.
02:10:21:13 - 02:10:30:09
Speaker 1
That is all people we move in who lives here serious full time and. Yeah, but I get you one. So until next time and.
02:10:31:05 - 02:10:38:13
Speaker 2
That company I've been talking about, you give you an affiliate message here. Come on, now. So you heard of a black girl fly back?
02:10:38:17 - 02:10:43:16
Speaker 1
We go to work on that. But if people and so next time you are I'm you go to this Nicole.
02:10:43:16 - 02:11:06:10
Speaker 2
And I'm Shannon Dixon and we are black girl fly you.