Participants: Cordell Thomas
Series Code: TITTB
Program Code: TITTB000018
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00:01 On Take it to the Bank,
00:02 you'll find ways to get out of debt... 00:09 solve your credit card problems, 00:14 how to make and stick with the budget, 00:19 simple ways to save... 00:24 buying or selling a home, 00:26 and many more financial matters on Take it to the Bank. 00:32 Welcome to Take it to the Bank. 00:34 I am so happy that you're here. 00:36 This is one program 00:37 that I don't think that our young people should miss. 00:39 Our young people are very important. 00:41 I always think we should focus on them 00:43 as we try to teach them about financial issues, 00:46 you know, I'm teaching... 00:48 I've got a contract in Southern California 00:50 to teach a class and what we've worked out is 00:54 we're doing the financial literacy 00:55 for the parents in these under-served communities 00:59 and we believe that it's going to have an impact 01:01 on their kids. 01:03 One of the things they talk to us about is, 01:05 "Can you do a financial literacy class 01:06 for our young people ages like 6 to age 12?" 01:10 And I said, "Yes, it's perfect I could do it, 01:11 no problem at all." 01:13 But I think what we should do before we teach the kids 01:15 about financial literacy is, 01:17 we should talk to their parents about financial literacy. 01:18 Why? 01:20 Because an apple doesn't fall far from the tree, 01:23 we call this thing called gravity. 01:24 When an apple falls, it falls right underneath the tree, 01:26 when you have a child, 01:28 the child is gonna emulate or behave like the parent acts. 01:31 We see that in our foster care network, 01:33 we see that with a lot of young people 01:35 that are placed in foster care 01:37 when you look at their history 01:39 you can see that they are basically emulating 01:42 what they have had the opportunity to see 01:45 or experience or to evaluate over the course of their lives. 01:48 So what we're saying is 01:50 young people are vastly important 01:52 in this context of financial literacy 01:55 and the parents are of utmost important 01:58 because they are the examples that the children are watching. 02:01 So we are teaching the parents first 02:05 and then, of course, 02:06 we are following up with a class 02:09 for the young people. 02:10 And so we can tie that two together 02:11 and then we follow back, 02:13 loop back to the parents and talk to them 02:14 about what we talked to the kids about, 02:16 and tell them that this is critical 02:18 because if you want to change this dynamic, 02:22 the grip of poverty spans generations. 02:25 If you wanna stop that cycle, you're gonna have to do it 02:30 within one generation 02:31 because it's gonna continue itself regardless 02:33 of what you think. 02:35 So as we talk about today, financial problems in college, 02:40 we wanna talk to our young people 02:42 about how to prepare? 02:43 How to develop a context of 02:46 what you should do in reference to getting ready for college? 02:51 And what college you go to? 02:53 And how much you plan to spend for college? 02:55 And how you budget for college? 02:57 And how you save for college? And those type of elements. 03:00 There are four major things that we'll talk about today is 03:03 referencing credit cards, 03:04 we're gonna talk about being away from home, 03:06 we'll talk a little bit about course load, 03:10 and the work that you have to deal with, 03:12 and then, of course, educational expenses, 03:15 what you pretty much expect from school. 03:18 But what I would like to do right now 03:20 is I'm gonna to go through some footage 03:21 and I had an interview with a friend of mine 03:23 his name is Mr. Rodney Watson 03:25 and this is a brilliant young man 03:27 that I really appreciate. 03:28 We sit and talked for hours at a time 03:30 about this issue on finances with our kids 03:33 and how we teach them about saving more 03:36 and being better managers of money. 03:39 He's created different board games, 03:41 financial board games, 03:42 and has a great philosophy of how we should deal 03:46 with teaching our kids about credit 03:49 and about managing money. 03:50 So what we talked about today, was talking about, 03:54 who do you go to for advice? 03:57 Those type of people do you talk to for advice 03:59 about financial issues? 04:01 And we can go to the footage now 04:03 with Mr. Rodney Watson and myself. 04:05 Rodney Watson, a business manager out 04:08 in Southern California 04:09 and we talk about advice, who do you go to? 04:15 Hi, all. 04:16 Welcome back, Cordell Thomas with Take it to the Bank series 04:19 and I just wanted to chat with you a little bit 04:21 about some of the things that I've come across 04:24 and answers to some of these questions 04:25 that I've asked people on Venice Beach. 04:28 I went to Venice Beach. Yeah. 04:29 It's a tripped out place. Yes. 04:30 And we asked some people some questions. 04:32 And we ask them, one of the major questions is, 04:33 "Hey, when you have a crisis in your life, financial crisis, 04:37 who do you go to for advice?" 04:39 Now I'll give you some of the answers. 04:42 No, maybe I won't. I think, let me ask you. 04:44 When you think of a typical financial crisis 04:46 or something you need advice on, 04:48 who do you typically 04:49 or where would you go to for advice? 04:51 I would go to an expert for advice. 04:53 And there's a book called The Richest Man in Babylon 04:56 and in that book he says that, 04:58 "You don't go to the brick maker 05:00 to learn how to make bread." 05:02 So if you have a financial crisis 05:04 in your life or say... 05:06 Let's say it's not a financial crisis, 05:07 say you have a financial windfall 05:10 so you get a million dollars at one time. 05:13 What do you do? Who do you go to ask for advice? 05:15 One person you should not go to is your mom or your dad 05:19 because if they don't have a million dollars, 05:21 how can they help you. 05:22 There's a saying that we have in the financial world, 05:25 which says, "Never take advice from someone broker than you." 05:29 So your teacher and maybe even a pastor 05:32 or someone like that 05:34 if they have never managed a million dollars, 05:36 what advice can they give you about managing 05:39 that type of money? 05:40 You need to go and find someone 05:42 who has a million dollars or two and say, 05:44 "Hey, what do I do with this million dollars?" 05:48 Someone that's got a million dollars 05:49 and has used it successfully... 05:51 Exactly. 05:52 It's interesting because some of the questions 05:54 we asked are the same. 05:55 Who do you go to for advice? 05:57 We asked, I'd say about nine different people 05:59 and every single one of them bar none said, 06:03 "I make the decision myself or I go to my mom or dad." 06:09 Those are the people they go to. 06:10 Never did they say, "I go to an expert." 06:13 And it kind of makes sense. Yeah. 06:15 Why they're in that problem. 06:16 We're having, I mean, comments about what? 06:18 Several famous football players, 06:20 I won't name any of them. Exactly. 06:21 The basketball players 06:23 that have taken their millions of dollars of windfall 06:25 and now they are broke, 06:27 $80 million is gone 06:28 and they haven't really used it to make it better. 06:31 What advice would you give, 06:33 if you did get a million dollars? 06:35 Well, again I would go to someone who has the money. 06:38 There was a saying, another saying, 06:39 I love these sayings, they are rich. 06:41 It says, "Watch what poor people do 06:43 and don't do it that's why they're poor." 06:44 Right. 06:46 And we take our mindset, a $30,000 a year mindset 06:49 and put it into a million dollar mind, 06:52 it just won't work 06:54 because that 30 million dollar guy will still think, 06:58 you know, "Hey, I'm spending 30 million, 07:00 I've not earned 30 million so I must spend 30 million, 07:03 did I say million? 07:05 Thirty thousand. I mean thousand. 07:06 Now but that's okay. 07:07 But let me throw some back at you. Okay. 07:10 I got a person making $30,000 a year, 07:12 he's saving seven of that every year, 07:14 he's doing well, he's okay. 07:16 All right. 07:17 I mean, quite frankly 07:18 I think the United States mislabels people as poor, 07:21 poverty based on the amount of money they make. 07:24 It should be labeled as how they utilize their funds, 07:26 that's how they should be labeled, correct? 07:28 So you can have a millionaire 07:30 or a person that makes a million dollars, 07:33 but spends a million and one 07:35 and he is not typically a millionaire 07:38 because he's spending more than he makes, correct? 07:39 Exactly. 07:40 So you can have a person making a lot of money 07:42 and person making like 30 or $40,000 a year 07:45 because we're talking to urban, 07:46 we're talking to you guys in the urban demography right now. 07:49 And you don't have to make that much money to be successful, 07:53 but it's key that if you want to be successful with money, 07:57 you should talk to someone 07:58 that has been successful with money. 08:00 Exactly. 08:02 You talk to someone who's wealthy 08:03 and wealth is basically, how much you can... 08:07 How long can you live without any money coming in. 08:10 Okay. 08:11 And that is the type of wealth that you have, 08:13 so if you can live, you know, a month 08:18 before you need another paycheck, 08:20 then you're wealthy for month, your month in wealth. 08:24 A monthionaire. A monthionaire. 08:26 You know, if you save the money to where 08:28 you can live a good year without any money coming in, 08:31 well, you're wealthy for that one year. 08:33 But you're right, you do need that 08:35 continually income coming in, but most importantly, 08:38 you need to ask someone who is successful, 08:41 who does manage their money successfully, 08:44 if they have a million dollars and you know this, 08:46 "Hey, let me take you out to lunch. 08:48 I'll pay you. 08:50 I'll pay you a $1,000 if you're gonna show me 08:53 how I should spend this money? 08:55 How it should come, how it should go? 08:57 Who should I talk to? Who do you talk to? 09:00 Who are your mentors? 09:03 What are some investment tips? 09:04 You could even ask those type of questions as well. 09:06 Interesting. Interesting. 09:08 I have another question for you though. 09:09 When you're looking at someone 09:11 that is making $30,000 or $40,000, 09:14 he wants to invest some money, 09:15 he wants to do some things with it. 09:17 One of the keys that most people 09:19 aren't really aware of is the investment markets, 09:21 all of these type of things that are way over their head. 09:25 Again it goes back to the key issues 09:26 of getting the right advice, correct? 09:30 Correct. 09:31 So in the book "The Richest Man in Babylon", 09:34 he talks about that as well. 09:35 One of the five laws of gold is that, 09:38 "Never invest money in things that you're not familiar with." 09:42 So if you want to invest in whether it's real estate, 09:45 portfolio, or mutual funds, or stocks or bonds, 09:49 first you must educate yourself in it, 09:52 know about it, don't just, 09:54 it's okay to give it to someone who knows what they're doing, 09:57 but you should also know what that person is doing, 10:00 because like you said, those football players, 10:02 all those people, they did that 10:05 and they got taken in by scams, 10:08 Murdoch, good example. 10:10 Interesting. Interesting. 10:12 Do you know what the top three crisis 10:16 people are dealing with right now? 10:18 Top three crisis, well, one would be financial. 10:21 Yes. 10:22 And the second would most likely be relationships. 10:27 Exactly. 10:28 Yeah, yeah, you're right on line. 10:30 And the third one is most likely to having to do 10:35 with their jobs, I would say. 10:37 You got it, you nailed it. Exactly right. 10:39 Workplace stress, financial issues is number one, 10:42 workplace stress is number two, 10:44 and then the other one personal relationship 10:45 is number three, and they all have to do with financial. 10:48 Look at what some of the famous basketball players dealing 10:50 with right now with this situation 10:52 that also deals with finances. 10:55 Correct. 10:57 Workplace issues have to deal with paychecks 10:59 and how much someone takes home. 11:01 And then of course financial issues, 11:03 you spend more than you actually bring in. 11:05 And then it goes into other issues, 11:07 but then you talked about briefly 11:09 how much money do you have to survive on 11:12 if you lose your job tomorrow? 11:16 That's a key issue that most of us 11:17 don't aren't really aware of, 11:19 and in the urban areas we're dealing two years 11:22 before you find another job? 11:24 Correct. That's right. 11:25 Now there's something interesting about all of that, 11:28 because... 11:29 Okay, I received a call from a friend of mine 11:32 in San Diego 11:33 who's a wealthy entrepreneur that does philanthropist, 11:35 gave a lot of money away, 11:37 developed a whole bunch of things, 11:39 and I learned a lot from her. 11:40 She connected with me through LinkedIn 11:42 and we talked a bit, 11:44 but it was interesting, 11:46 she has her own consulting company. 11:51 And it's interesting, we all talk about, 11:53 got to find a job, 11:55 we'll create jobs for you, 11:56 unemployment and that kind of stuff. 11:58 Do you find the difference between a producer 12:00 and a consumer, 12:01 and what they actually do? 12:03 Do they have their own business 12:04 or do they work for other individuals? 12:06 That's a good question. 12:07 And the trend that's going on today 12:10 is to kind of get out of the workplace working 12:12 for someone else and to create your own job. 12:15 I tell my children and my two kids I said, 12:18 you know, when you get older 12:19 you're gonna have to create a job, 12:21 rather than find a job, 12:22 and the wealthy they do that 12:25 they might have a job but at the same time 12:27 they have the secondary thing 12:29 that they're doing, whether it's consulting, 12:31 teaching on the side, 12:32 whatever it is to bring that additional income in, 12:34 and that's gonna be key moving on to the future 12:38 because some jobs are getting phased out 12:40 because of technology. 12:42 Technology comes, we don't need that anymore. 12:45 So we're gonna have to get creative in 12:47 how we look at our future, 12:50 our children gonna have to get creative. 12:52 Yes, I could be a doctor 12:53 but now I may have to be a certain type of doctor, 12:56 I'm not specialized in this rather than that. 12:58 And again find those mentors that are out there. 13:01 Go out and read about entrepreneurs, 13:03 what are they doing? 13:04 What new jobs are opening up? 13:06 What new technologies are breaking forth now? 13:09 I have an iPad and I'll show my son, 13:11 look at all the accessories that are made for iPad. 13:14 Someone saw someone make something great 13:16 and they say, you know, what? 13:18 I can make something for that 13:19 and they created their own jobs. 13:20 Yes. 13:22 And with the Internet now... 13:23 Oh, that's even better. 13:25 Its expansion is fantastic, 13:26 you can do so many different things. 13:27 The key is this. 13:29 Unemployment takes a job away from you 13:31 but creates opportunities to develop a business mindset. 13:35 If you talk to the right people, 13:37 don't just jump into it, 13:38 ask questions about incorporating, 13:41 tax issues, make sure they talk to people 13:43 about the ramifications of doing something 13:45 in certain way versus just jumping in. 13:47 Many people have been hurt that way. 13:49 But the context is and talking to our experts, 13:51 Rodney, I really appreciate what you're doing for us 13:54 and I'll continue to come back of those lines you give us, 13:58 those comments you give us... 13:59 Well, good. 14:01 Those are fantastic, and I think it lays it in there 14:03 that you don't have to be a consumer all of your life. 14:06 You can become a producer 14:08 and in producing you can create your own way. 14:11 Well, that's it. Thank you. 14:13 Thank you, Rodney. Thank you, sir. 14:15 And you all, Take it to the Bank and save. 14:21 A whole host of issues talked about in that segment. 14:23 And I just, maybe we talked about too much 14:26 but we can glean about a variety of things 14:29 that we talked about 14:30 and it's always exciting to talk to Rodney 14:31 because he brings a whole new perspective in. 14:33 Now you pretty much understand 14:34 where I get that line don't go to a baker 14:37 if you need something built, right? 14:39 I mean, if you need a cake built, 14:41 maybe that's a different issue. 14:42 But that the context is the same, 14:44 he gives me those one liners and I got to use them. 14:47 I'm sorry, Rodney, but this is, you know, 14:49 I just have to use them so I'll try it out 14:51 maybe patent those remarks 14:53 and get your approval in using them. 14:56 But beyond that it's what we're dealing with 14:58 our young people, 15:00 the young people are coming into a generation 15:02 or millennials are dealing with, 15:04 you know, helicopter moms that are looking over them 15:07 and the parents are managing certain aspects 15:10 of their personal lives. 15:11 And the kids have control but they wanna feel independent 15:16 but they still lean on parents, 15:18 which is actually I think a very good thing. 15:20 As a Gen Xer we were more like latchkey kids coming home 15:24 to an environment 15:25 where the both parents were working 15:27 and we were home alone at times 15:29 in a safer environment. 15:31 But those things have changed now 15:32 with so many dynamics in our communities. 15:35 But what we wanna talk about today is financial problems 15:38 for college students. 15:40 We talked about, who do you go to for advice? 15:42 You go to an expert for advice 15:44 but there're many different issues 15:46 relative to going to school. 15:48 For example, I was just having a conversation 15:50 with one young man who talked about credit cards, 15:52 how do you apply for a credit card? 15:54 What do you think about credit card applications 15:56 and those types of things? 15:58 One of the critical issues that you need to be concerned 16:01 about is issue called credit. 16:03 What does a bank look to when they're evaluating 16:06 a young person for credit? 16:08 Well, they look at several different issues, 16:09 they look at... 16:10 And I'll give you the three Cs of being evaluated for credit. 16:14 Bank looks at your character, 16:15 the bank looks at your capacity, 16:17 and the bank looks at your capital, 16:18 the three Cs of evaluating someone for credit. 16:21 What is it? 16:23 Your character has to do 16:24 with your credit report basically, 16:27 looking at, "Have you paid your debts on time 16:30 in the past?" 16:32 That's what your credit report is. 16:33 It's your history of paying your debts on a timely basis. 16:36 Number two is capital, capital. 16:40 Do you have a savings account? 16:42 Do you have money placed away in a place 16:45 that if you have an emergency you can go after and get it, 16:48 which goes right back to what we talked about 16:51 in creating a budget. 16:53 A budget is set up specifically to give you an idea 16:56 where money is coming from and where money is going. 16:59 And if you look at your budget in the right way, 17:01 you can assess areas that you can save 17:04 and you can take that savings 17:05 and put it into an emergency fund. 17:07 That's what is critical. 17:09 Putting away money for emergencies 17:11 and that is what the bank is looking for 17:14 when they say you have capital, 17:16 this person has a savings account. 17:18 So we talked about, what, number one is character. 17:22 I pay my accounts on a timely basis 17:24 because it shows in my credit report 17:27 so they look at that. 17:28 Then they look at capital, this guy saves money, 17:31 he has a savings account at our bank, so, yes, 17:34 he has the two of the three Cs, and the third C is capacity, 17:39 capacity, what is capacity? 17:40 Capacity is, "I am at a job making money." 17:45 So I go and I work, and I take that money, 17:48 and I put it in the bank because that money 17:50 how is my income that supports the expenses 17:54 that go out of that account 17:56 and the bank will say 17:57 and this guy is pretty good at managing account 17:59 because it seems that he always has a surplus 18:01 at the end of the month, 18:03 which he plugs into a savings account. 18:05 And if you do it the right way, 18:06 you can put money in emergency savings, 18:08 short term, long term savings, maybe a CD, 18:11 or money market account 18:12 that you can't touch for a little bit, 18:14 and then, of course, a long term retirement, 18:16 planning for retirement, which a lot of young people 18:18 don't think about because 18:19 we don't have to worry about retirement, 18:21 I'm too young, I'm gonna live forever. 18:23 No big deal. 18:25 You know, that was only yesterday 18:26 I began thinking about that 18:27 because I had the opportunity 18:29 to save a lot more early on a life 18:31 but I had the same mentality as many do today 18:34 that it's not that important, 18:36 "I'm young, I got time on my side, 18:39 and I don't have to really work 18:40 from that end of things early on in life 18:42 so I had a good time." 18:44 I don't regret a lot of it but I do regret the fact 18:47 that I could be a lot further on from a saving standpoint now 18:50 if I would have thought about it then. 18:54 So, okay, the three Cs that the bank will look at 18:56 is character, yes, capacity, and, yes, I hear it capital, 19:02 that's exactly what we're looking at 19:04 in trying to understand 19:06 how a bank is gonna access you 19:07 as a college student trying to get credit. 19:11 Now when I talk to people about credit, 19:13 we talk about specifics about getting access 19:16 to a credit card. 19:17 Credit cards are one of the things 19:19 we'd like to talk about, 19:21 there are four things we'll talk about as we talk, 19:23 as we round out this conversation, 19:26 and go to a couple of clips towards the end about 19:29 what people are concerned about in reference to stress 19:33 and what they consider 19:34 as top three stresses in their life, 19:36 we'll close out the show with that. 19:39 Here's my point, 19:41 credit cards can be a good thing 19:44 and credit cards will be a bad thing. 19:47 Because if you get into credit card debt, 19:50 the bank is a business that will make money off of you, 19:54 it is just the way it is. 19:56 So credit cards is another revenue stream 19:58 for the bank. 20:00 So you get credit and if you don't understand credit 20:04 you will get into credit card debt. 20:06 I have an American Express card and we use it 20:08 because I have to pay it off at the end of the month, 20:11 that's key. 20:12 I use it for the purpose I need it 20:14 and I have to have the money 20:18 available to pay off that account at month end, 20:21 it's key and that's why I use it 20:22 'cause I don't want to have long term debt, 20:24 I don't ever wanna deal with that stuff 20:26 again because it is burdensome, it can be very burdensome. 20:29 So credit cards, avoid it, that's what I say. 20:33 If you're going to get it, think about it, 20:34 talk to the experts about it, talk to your parents about it, 20:37 and get a context of what that will do 20:40 to inhibit your abilities to be successful 20:43 before and after school. 20:46 Okay, we're talking about educational expenses. 20:48 There are many educational expenses 20:50 and I think that, you know, 20:51 I showed in a couple of other shows 20:53 about these scams that we should all be aware of. 20:56 There are a lot of scams. There are a lot of frauds. 20:58 Now I'm not saying that 20:59 the schools are committing fraud 21:00 against the students, I don't wanna even go there. 21:02 But think about this, you go to school 21:05 and you have to buy these books, 21:07 these books cost what? 21:09 $60 for a book a biology book and then after you're done 21:12 with the biology book at the end of the year, 21:14 you turn it back in to get money back on that book, 21:16 how much do they give you? 21:18 Yeah, $5, $7, if you're lucky. 21:21 Wouldn't it be easier if they just use the technology 21:24 that we have right now and put all the books 21:26 as apps right on your iPad 21:29 and you don't have to spend money on the book 21:31 but you have the information 21:32 but there is something out there, 21:34 you are cutting into a professor's revenue stream 21:38 because he writes the book 21:39 and wants to get paid on the effort 21:41 he put into writing a book for students 21:43 to learn about biology. 21:46 Well, you know, there are many different ways 21:48 he can probably get compensated if you put the book into an app 21:51 that goes on to your iPad but it would make it simpler. 21:54 Think about the stress free life 21:56 a student would have 21:57 when he doesn't have to carry around 58 pounds of books 22:00 to go to class and he just carries an iPad 22:03 and, of course, the work that 22:04 he has to do to accomplish his class work, 22:07 wouldn't that be very helpful? 22:08 Simple things but educational expenses 22:11 can go up dramatically from dorm room, 22:15 you have to pay for your dorm room, and rooms, 22:18 and board to the books to just the tuition 22:24 that has to be charged. 22:26 Now I ask people to take a look at a couple things, 22:30 do you need to go to Ivy League school? 22:32 Or is it better for you just to go to community college? 22:35 I would say going to a community college 22:37 initially for the first couple years 22:38 gives you an opportunity in a less expensive environment 22:42 to figure out what you wanna do. 22:43 I didn't know what I wanted to do 22:45 even after year four of college. 22:47 I was just like, "Well, I still have a couple of years 22:49 to figure it out." 22:50 But the context is, take the first couple of years 22:53 because they are pretty much general studies anyway 22:56 and figure out what you want to do. 22:58 Number two is take a look at where you wanna go 23:04 and what type of university 23:05 that you would like to apply for 23:07 in a couple of years and go and do the things 23:10 that would make your education beneficial. 23:14 Meaning, you'll get the degree in an area 23:16 that you wanted in 23:18 and you won't spend as much money to do so. 23:20 Okay, now being away from home is a big issue 23:25 that's one that can cause a lot of a concern, 23:27 we're always riding home for, 23:28 you know, "I got to do a bunch of stuff, 23:30 I don't have a job as yet so Mom and Dad can you help us? 23:34 Can you help us?" 23:35 And that goes to the parents, 23:37 if you have the emergency fund set away, 23:39 it's not cutting into what you have to use 23:41 to pay your typical expenses 23:43 so you can help your son and daughter 23:45 or son or daughter out in college. 23:46 But it's essential that they learn work ethic 23:49 so I would suspect that they should have 23:51 to get some type of part time work 23:53 and work it into their experience as a student. 23:58 And, of course, course workload 24:00 making sure you don't take too much of a course workload 24:03 that you can't fit in time to study, 24:05 fit in time to take Sabbath off, 24:07 and to rest, and relax, 24:08 and, of course, take time to have a part time job. 24:11 So you can supplement some of the needs 24:13 that you would have in a college study. 24:15 College is a big, big, big, big issue and a big, big cost 24:20 and if we don't prepare for it now, 24:22 it will come back and haunt us in the future. 24:25 So we talked about educational expenses, 24:28 we talked about course workload, 24:30 being away from home is an expensive item 24:33 getting through the homesickness is one thing 24:35 but once you get accustomed to the new community 24:37 and environment you're at, 24:39 think about how you spend money on stuff, 24:42 and think about if you wanna acquire credit 24:44 because it can be very detrimental, 24:46 think about it seriously and talk to the experts, 24:49 and talk to your parents. 24:50 With that said I would like to just share with you 24:54 a couple of the interviews I did at Venice Beach about, 25:00 what is the biggest stress in your life? 25:02 And what would you consider the top three stressors 25:05 that families go through? 25:06 And we'll come back and I'll close out. 25:07 Here's where we are. 25:09 Linda, what would you consider 25:10 the biggest stress in your life? 25:12 My daughter's. 25:14 Why? 25:16 I don't know. 25:17 My daughters are, 'cause I care, 25:19 if I didn't care I wouldn't stress. 25:21 Makes sense. 25:24 First question is what would you consider 25:25 the biggest stress in your life and why? 25:28 Biggest stress in my life today 25:30 will be may be a financial situations 25:33 that I'm going through with the family, 25:35 me raising two kids, being young, married guy, 25:38 you know, and society so that will be a stress. 25:43 Top three? 25:45 Changing of jobs, any kind of marital problems, 25:49 a divorce, or may be a new marriage, 25:51 and a death in the family may be. 25:56 Third question would be, 25:58 what do you consider the top three crises 26:00 that families deal with today? 26:03 Early pregnancy, stupidity, and jobs, lots of jobs. 26:16 These are major issues that you as a student, 26:19 you as a parent have to deal with. 26:21 Did you know that 45% of teens aged 13 to 17 26:26 are dealing with stress? 26:28 45% of them are contending with issues 26:31 and parents are only, 26:33 20% of parents consider their kids stressed. 26:37 Did you know 42% of these same teenagers are saying 26:40 they're having more headaches because of stress, 26:42 stress from issues all over the board 26:45 but when you consider the fact that the major stress 26:48 that we have in our lives is considered 26:50 through financial concerns, 26:52 we have to understand that these things 26:54 are relevant to you as a young person. 26:58 Stress is relevant to you as a parent, 27:00 we want to alleviate that type of concern 27:02 so we talk about stress from these specific areas 27:05 in reference to this one college stress 27:09 or preparing for college or financial problems 27:12 for college students are relevant 27:14 and they concern us in a dramatic way. 27:19 It's incumbent upon you as an individual 27:21 to consider what happens when you go to school. 27:24 It can get out of control very quickly, 27:26 you can get into debt, 27:28 and you could walk away from school 27:29 after a four year degree with $40,000 worth of debt, 27:32 do you want that? 27:34 Do you want that added stress on your life? 27:36 Let's try to prevent it by planning, 27:39 planning and the first thing you should do in planning 27:42 is to develop a budget. 27:44 Where does your money come from? 27:46 Where does your money go? 27:47 Plan to save a portion of that 27:49 so you can plan and prepare for school 27:52 understand how credit works. 27:54 And it's then that you can Take it to the Bank and save. 27:58 God bless. |
Revised 2017-05-11