Take it to the Bank

Six Things In Your Wallet

Three Angels Broadcasting Network

Program transcript

Participants: Cordell Thomas

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Series Code: TITTB

Program Code: TITTB000031


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 and many more financial matters
00:29 on Take it to the Bank.
00:32 Hi, and welcome back to Take it to the Bank.
00:35 You caught me looking for my wallet
00:36 because this is what this segment is all about.
00:39 What's in your wallet, or murse,
00:43 or purse or satchel or--?
00:46 Hey, there's so many different words out there,
00:48 we can use for things that we carry around,
00:50 but for this time
00:51 we'll just consider the global term wallet.
00:55 Okay, I was just looking at something,
00:56 I just realized that I had taken the insurance card
00:59 for my son with me.
01:01 So, now if something happens back at home,
01:04 my spouse won't have hers,
01:06 his card which is kind of interesting
01:08 but we have copies of it made so we've have duplicate copies,
01:12 so if there's a concern
01:13 she can actually take it and run with it.
01:15 Which is some of the things
01:16 we'll actually talk about today,
01:18 because we've always thought about the process of discussing
01:22 why do we have what we have in our wallet.
01:24 But nobody's talked about what are some of the items
01:27 you must have in your wallet,
01:28 and what are some of the items that you should have
01:31 and you should avoid having in the wallet.
01:33 Today, we'll talk about
01:34 what you should have in your wallet.
01:35 But we're dealing with a whole different environment
01:38 when we're talking about wallet.
01:40 I would suffice to say
01:42 that smartphones are going to take over
01:44 what our wallet has been doing over the past several decades
01:47 and years.
01:49 I'll give you a statistic.
01:51 Ten percent of all photographs ever taken
01:57 were taken last year.
01:59 Can you catch that?
02:01 We've had cameras for over two centuries.
02:05 But ten percent of all pictures ever taken
02:09 were taken last year.
02:12 Isn't that interesting
02:14 because of technology we now have the ability
02:15 to take pictures anywhere we go,
02:17 wherever we were at,
02:19 we have these smartphones that have these ability,
02:21 these applications that you can take pictures,
02:24 you can download them, you can transfer them,
02:26 you can send them everywhere.
02:27 But what I always try to do
02:29 is get people to ask the critical question.
02:32 How in the world do they know
02:35 how many pictures have been taken?
02:37 Well, you know in your smartphone
02:39 there is a location thing in your smartphone.
02:42 So wherever you go
02:43 and wherever you take a picture,
02:45 they know where that picture was taken.
02:47 And of course, with certain smartphones
02:50 when you sync them into your computer,
02:53 you find that you have to store the information
02:58 which is a good thing because when I lost my phone
03:01 when I jumped into a pool last summer,
03:03 I lost the phone.
03:06 But I was able to buy a new phone and plug it in
03:09 and download all the information
03:11 via my last sync.
03:12 So that information that I have in my phone
03:16 is stored somewhere.
03:19 And then question I asked to you as a person
03:22 that dwells in inner city.
03:24 How many times has your photo been taken,
03:25 you don't even know it.
03:27 How much of your information is out there, out there,
03:30 just transferred all over the place
03:32 without your knowledge of it,
03:33 and the fact is when you take a picture,
03:35 the picture is not just yours
03:37 because it's based on what you're using
03:40 they may storage that information
03:41 and use it to track.
03:43 Therefore, they have a very good idea
03:47 of how many pictures are being taken on an ongoing basis
03:51 and stored in comparison what was taken over history.
03:55 So that number is dramatic to me,
03:57 that 10 percent of all pictures ever taken
04:01 were taken just last year.
04:03 And the other statistic is 90 percent of the information
04:09 that we've gained was gained just last year.
04:14 We are dealing with an information glut,
04:19 where we are finding so much things to do
04:22 with the information that we have.
04:24 Did you know,
04:28 that your credit card company is using information
04:30 that they track on your spending patterns.
04:33 So now we can predict your behaviour
04:35 based on the fact that if you are an individual
04:38 that has purchased
04:39 a couple of just recently purchased gym memberships,
04:43 and you have purchased flowers recently,
04:46 and you've purchased hotel stays
04:48 in the same city that you live.
04:51 The credit card company can predict
04:52 that this guy is headed for divorce.
04:54 Why? The patterns.
04:56 Why do you need a hotel room in the same city that you live?
04:59 Why do you need flowers?
05:02 Why did you just purchase that new gym membership?
05:06 Their profiles that are out there about everyone,
05:08 and we're dealing with what's in your wallet.
05:10 We have to also talk about
05:12 what's happening with technology
05:14 because that wallet that you have
05:16 typically carries your coupons and some of the things
05:20 that you like to walk around with such as your gift cards,
05:25 and then of course, your identity
05:26 and all of those other features.
05:29 But all of that is gradually merging
05:32 right into your smartphone, because your smartphone now
05:35 has all of your contact information,
05:37 has all of your pictures,
05:39 remember the time when we had wallets
05:40 and we had all the pictures that just flowed right out.
05:43 And you can show everyone
05:45 the history of your, of your family
05:47 and the pictures that you, you love so well.
05:49 But now, you have all of that,
05:51 I have the history of my young children
05:55 in my smartphone.
05:56 I can see the day they were born
05:58 all the way up to yesterday,
06:00 because that is something I can capture
06:03 and take with me, and show whoever I want.
06:06 So now, it's a simpler methodology.
06:08 But how about things such as your driver's license
06:11 and such things as your credit cards
06:13 and, and all of that information.
06:15 I will tell you right now,
06:17 that that information
06:19 is slowly being merged into your smartphone device,
06:23 so you would be able to take your smartphone
06:26 and go to a store and purchase what you need to purchase
06:28 by swiping it,
06:30 that your identity and identification features
06:33 such as your driver's license can also be installed.
06:35 I can now go through an app.
06:39 I can, the app is called 'passbook'
06:42 if you think about it,
06:43 you can go and buy the app if you have a smartphone.
06:46 That will categorize and store and file all of your coupons,
06:51 then all of your tickets,
06:53 and many different things that you have
06:56 that you need to store.
06:58 Your gift cards for example,
06:59 so you would have it right in your smartphone,
07:01 and it can be scanned at whatever retail
07:03 or service provider that you need.
07:05 Additionally, I can have my plane tickets
07:09 in my smartphone so I don't have to carry any paper out,
07:12 and as I get to the gate to get on my plane,
07:15 they can just scan what I have in my smartphone
07:19 and it registers you as the individual
07:22 and you can get on your flight and go.
07:23 So these smartphones are gradually
07:26 taking over the capacity of what our wallet
07:29 has always been for us over the past.
07:32 So it can also categorize your coupons, your receipts,
07:37 all of those type of things
07:39 are a part of the wallet that you have.
07:41 So again, we go back to the critical question of you
07:44 as an individual that's dealing with urban market.
07:48 Now we've talked to you
07:49 specifically about some of the simple things
07:52 about your privacy and about your personal data,
07:54 your personal information,
07:56 and how you can protect that information.
07:58 Because all you know is--
08:00 and you can probably identify is what it feels like
08:04 when you lose a dollar
08:06 or what it feels like when you lose 50 dollars.
08:08 What it feels like when you lose your smartphone
08:10 or what it feels like when you lose your wallet.
08:13 All of that information is out there on you now,
08:17 and what is a critical element
08:18 that you should think about now,
08:20 as you walk around
08:21 with this pocket book in your back pocket
08:24 or this thing that you hold in your hand
08:26 or whatever the case may be.
08:28 It's critical that you know this
08:30 because, if I asked you,
08:33 "Is it essential to carry a extra key in your wallet?
08:39 What would your answer be?
08:40 What are the top ten items
08:43 that you should carry in your wallet and why?
08:46 We asked a few young people that same question.
08:49 And here are some of their responses.
08:54 I would say cash, for sure cash.
08:57 There's many reasons, just telling some,
09:00 you might need to help somebody,
09:02 somebody might be needing it
09:03 or you might need something on the spot.
09:06 Some sort of emergency and you may,
09:08 there may not be a way to, you know, to use a card,
09:10 that's just some of them, I would say cash and also--
09:14 six right?
09:18 Yeah, your identification just in case something,
09:20 in case something happens.
09:22 So they can be able to identify you,
09:24 and you don't have to go to the problems
09:26 of you know going missing
09:28 or causing strains to other people.
09:31 Couple of things I'd carry is,
09:33 I don't want to carry so much credit card or debit card
09:37 because, then I got to do a swipe
09:39 so I'd carry about $100 of cash, and that's it.
09:45 And military ID, then you got to carry your driver's licence
09:51 because you're driving and that's all I need.
09:56 You should carry your licence,
09:58 a little bit of money, your credit card,
10:02 I mean, one credit card if you really need it,
10:05 if you don't, don't take it.
10:09 And a little bit of cash if you needed it.
10:15 Carry your ID, your telephone ID,
10:17 or driver's licence anything to identify who you are,
10:20 also at least something
10:23 not either a card or credit card
10:26 not a credit card but a debit card or some cash
10:28 to have to help you wherever you're at,
10:31 and also one more thing
10:33 is something that has like about information
10:36 just like some important things
10:37 that give you legit to certain things
10:38 like if something were to happen to you,
10:40 people were able to help you and that's basically I think.
10:45 Essential things that you should carry in your wallet,
10:47 I believe are your ID, contact information.
10:52 Any allergies you might be allergic to.
10:56 It's my belief it's important for people
10:58 to know what allergies you have just in case of an accident.
11:03 You don't want to get the medication
11:05 that you may be allergic to,
11:07 will make the things, anything worse.
11:12 Another thing would probably be about $30 in cash,
11:17 emergency credit card,
11:19 and anything that will identify you
11:22 in case of any emergencies.
11:25 Like to include obviously, my driver's license,
11:29 my medical card, my bank card, and emergency credit card,
11:35 and I also like to insert a little paper
11:38 that just as in case of an emergency call
11:40 and I put my dad's name and number.
11:45 I really like working with these young people,
11:47 they have a real sense of understanding
11:50 of the important items that you need to carry with you
11:54 on an ongoing basis.
11:56 And their responses are really, really good.
12:00 But then it comes down to a sense
12:02 of how comfortable are you losing a $100.
12:06 How comfortable are you losing $50?
12:08 What's a comfortable amount of cash
12:10 that you think would be appropriate
12:14 to have in your wallet at all times?
12:17 We're going to talk about those types of issues,
12:19 but we're also going to think about you as an individual
12:22 wherever you're at.
12:23 Many of us consider the fact that all of us,
12:28 we assume that all of us are in the same boat
12:29 and we're not.
12:31 Many of us are dealing with challenges in our lives.
12:33 Some of us aren't dealing with some of the same challenges.
12:35 Some are dealing with financial issues,
12:37 some are dealing with more relationship issues.
12:39 But in this situation, we're talking about the finances.
12:42 And we realize
12:43 that there is a whole host thousands of urban dwellers
12:46 that are ready and willing to work
12:48 and of course, based on circumstances,
12:51 they have difficulties crossing those barriers
12:54 into long term employment.
12:55 And many of those things is what we're trying to study
12:58 and discuss with them.
12:59 But one of the things,
13:01 since we're talking about the wallet specifically here,
13:03 one of things we talked about
13:04 and we study was the fact that many individuals
13:07 are dealing with the issue of self-sufficiency.
13:12 What do I mean by self-sufficiency?
13:13 It's a big term that they use out there in media
13:16 but, it all has to do with how able are you
13:20 to take care of your family.
13:22 How able are you to find the money
13:25 to pay the mortgage, get the groceries, pay the gas,
13:27 and all the other elements of supporting your family.
13:30 And when you think about those specific things,
13:32 you begin to understand
13:33 that we're dealing with a crisis in the United States.
13:36 Primarily because, minimum wage
13:39 is what we all have to deal with
13:42 and minimum wage in and of itself
13:44 means that you're in poverty, right,
13:45 because one working adult in a family of three
13:50 for example, means that you're bringing home
13:53 approximately $18,000 a year at minimum wage.
13:56 Why?
13:57 Because, we can't afford specific things like day care,
14:00 so one of the parents will have to stay home
14:03 with the children to take care of them.
14:06 It's a big, big issue.
14:08 So as we look at tax credits and look at other elements
14:11 to help support you as an individual
14:14 means that we talk to your specific need.
14:17 In fact, when you look at where you live,
14:21 if you live in Los Angeles,
14:23 or you live in Riverside self-sufficiency
14:27 or the cost to support your family
14:30 is more like between 52 and $55,000 a year.
14:35 That's a lot of money
14:36 when you're looking at a family of four,
14:38 and one going to school, one needing day care
14:41 and two families that are two parents or adults
14:44 that are working full time.
14:46 Now, I look at that from the standpoint
14:48 of how do we assess your specific needs.
14:51 What are your concerns?
14:53 And how do you develop tangible understanding
14:57 of what you should do to get a job.
15:00 What you should do as you go around?
15:02 How you should manage your funds?
15:05 How you should manage the information that you have?
15:08 The critical information that you have
15:11 and that's about you
15:13 and that's about your family has to be protected
15:15 in a specific type of way.
15:16 And many times that we don't think of as an important issue
15:21 because we're trying to fight through the issues
15:24 of finding that next good job
15:26 or finding enough revenue or money
15:31 or work that can support our families
15:34 and those that we care so much about.
15:37 But I tend to think
15:39 that this is one of the more important areas of your life.
15:42 Once you have decided what your budget is,
15:46 and what you have,
15:47 I would suffice to say that you have a debit card.
15:50 You probably have some kind of bank card,
15:52 you have your driver's license to get around
15:54 or an ID to get on the bus lines.
15:57 You have a variety of different things
15:59 which are no different than anyone else.
16:03 And so, now as we think about what you have in your wallet.
16:07 Let's talk about those specific items
16:09 that are important to have, and why that is.
16:13 What is the first thing
16:14 we typically carry in our wallet?
16:18 The first thing you should probably have
16:19 and I would recommend
16:21 is emergency contact information in your wallet.
16:24 So if your wallet goes lost,
16:25 someone knows where to give it back.
16:28 Typically, if you lose your wallet,
16:30 it's going to be returned without the cash in it
16:32 probably unless you get a good Samaritan
16:34 who wants to give it back to you.
16:36 But don't really count on having that money in there
16:40 when it's returned.
16:41 Why?
16:43 And that's what I said earlier
16:44 is what amount of money are you comfortable losing,
16:50 because that's really gonna be the key.
16:51 You don't want to carry a lot of money
16:53 but money is still important to have in your wallet.
16:56 And so, if you have your wallet and it is lost,
16:59 you want to make sure those individuals have a place
17:01 that they can contact or someone they can send it to
17:04 or where they can return that piece of information,
17:08 so emergency contacts is a critical area for you
17:12 to keep in mind as a part of your wallet,
17:16 something that you keep in your wallet.
17:17 Number two, health insurance card,
17:20 if something negative happens in your life
17:22 and you get into a car accident.
17:23 It's essential that as you take into the emergency room
17:26 that they know that they can give you medical attention.
17:31 You have that card that's available
17:33 that gives them the information they need,
17:35 who to contact, what to do and where to go.
17:38 The other issue about an accident
17:40 or emergency type of situation
17:44 is the health card is of benefit,
17:46 but also it's information about you and your health.
17:51 Are you a diabetic?
17:52 Are there specific things that you're allergic to?
17:55 Many of those items are essential
17:57 to have as a part of your wallet,
18:01 so that you can be safer than most
18:06 knowing that the doctor may not give you something
18:08 that may actually hurt you or kill you.
18:10 But they'll probably do the tests
18:12 that are necessary.
18:13 So we've talked about those two items
18:15 first of all, emergency contact list.
18:18 The emergency contact list
18:19 would probably have information about you,
18:22 things that you might be allergic to
18:23 medical information so they would know,
18:25 and then of course, an insurance card.
18:27 But number three, what other item is important
18:30 to have as a part of your wallet.
18:33 I would say a AAA card,
18:36 your insurance information on your card,
18:38 your registration, that type of information.
18:41 Now, many people have told me,
18:44 why would you carry a registration in your wallet?
18:46 Why don't you just leave it in your car?
18:48 Well, that's also something you can do,
18:50 because now what we're thinking about is,
18:53 items that are essential but we want to make sure
18:56 that we're still safe when we, if we lose our card.
19:01 Now, the thing with a smartphone
19:03 that's really interesting is I always have a pass code
19:06 or something on my phone so it's locked.
19:08 So nobody can actually easily get into the phone.
19:13 But your wallet is not the same,
19:14 your wallet's drop, your wallet's really open,
19:16 it has access to your cards,
19:17 it has access to whatever is in your wallet.
19:20 So you have to take care of what's there.
19:23 And we now know I just saw when I ran a report on people,
19:29 what people carry in their wallets.
19:31 It was kind of interesting
19:32 because some of the people make comments on of the story.
19:35 And one of these individuals made a comment
19:37 about what they carry in their wallet
19:39 and, and they said that realistically
19:43 you have to be so careful
19:44 because people are using technology now
19:47 to actually scan and read what's in your wallet
19:50 while it's in your back pocket.
19:52 So now you don't have to worry about,
19:53 only worry about pickpockets and thieves,
19:57 but you're worrying about technology thieves
19:59 who are waving these wands behind your pocket
20:02 or by your purse, which is scanning
20:05 and reading all of your information.
20:07 Now there's a lot of fear factor in there,
20:09 because I don't think people talk enough
20:11 about this specific concern as much as they should.
20:14 But I will tell you
20:16 that if someone is standing around you
20:18 for an extended amount of time,
20:20 and they have something in their hand
20:22 that they seem to be using or some type of purpose,
20:26 walk away from them
20:27 because these devices are not yet sophisticated enough
20:31 to read what's in your wallet very quickly.
20:36 So it takes time.
20:37 So if someone is standing there holding something,
20:40 be smart about your surroundings,
20:42 walk away and or keep moving.
20:46 There are other things that we can talk about
20:48 in reference to safekeeping in your wallet,
20:50 and we'll talk about in a few minutes.
20:51 But it's key to know
20:54 that there are technologies out there
20:55 that people are using for the wrong purposes.
20:58 If you are in an urban area, there are some kind of wallets
21:04 that have a protective coating around it
21:06 that prevent things from being read through them.
21:09 So you can do some research online
21:12 and you can find out some of that of information
21:14 that can help protect you if need be.
21:18 So we went, gone through a list of emergency contacts.
21:21 We've gone through health insurance information,
21:23 important medical information,
21:25 we've talked about AAA card or insurance information
21:28 that you should pretty much have with you,
21:30 towing that kind of thing
21:32 if you have a problem or a flat tire with your car.
21:35 But then we have number five.
21:37 I don't know
21:38 if this is something you would have in a man's wallet,
21:41 but I would suspect it's something
21:43 that a woman can have in their purse
21:45 or if a man carries a murse or a satchel,
21:48 he can have it in there too.
21:49 But this was interesting
21:50 a small notepad and a ballpoint pen.
21:54 Well, I'm not quite certain if it's going to fit in this.
21:59 And I don't know if it's necessary to do,
22:01 but guess what I do have,
22:03 I have a small this smartphone where I take my notes.
22:06 I take notes, I write things down,
22:09 I e-mail it to myself,
22:11 that's how useful these things are from mine's perspective
22:15 because, now I don't have to carry the ballpoint pen
22:17 and the notes, the information,
22:20 all of that kind of stuff is here.
22:21 It's categorized, it's neat. I can read it.
22:24 Those types of things are very important
22:27 as you're looking at what you keep in a wallet.
22:31 Now, some people have told me that it would be great
22:34 to carry a business card in your, in your wallet
22:38 and I would throw that out to you.
22:40 One of the things I'm worried about.
22:42 And I worry about all the time is if I lose my wallet,
22:46 not only do they have my personal information,
22:49 not only they'll have my driver's license
22:51 which typically has my home address,
22:53 but now they can set up a profile of who I am
22:56 if it falls into the wrong hands.
22:58 Which now they know not only where I live,
23:01 they have my credit card, my debit card information,
23:03 they have my personal information,
23:05 they have my health information
23:08 so they can create a whole different identity of who I am
23:12 because of what they have,
23:14 and now I have a business card in there
23:16 that tells them not only where I live,
23:18 but where I work.
23:20 I would tend to think
23:21 that a business card can be held in a different container
23:24 or used differently
23:26 or you can even have your contact information
23:29 they can send out of your smartphone.
23:31 But I would tend to think in a wallet
23:34 you don't necessarily.
23:35 Less I guess is more because you don't have to have
23:38 all of that critical information
23:40 that can lead people to create a whole new profile
23:43 of who you are and that creates a devastating situation
23:47 where you have to unravel this nightmare of identity theft
23:53 which are critical issues nowadays.
23:55 So we've gone through the notepad and ballpoint pen.
24:00 How about high value coupons?
24:03 People carry those with them, we go shopping,
24:05 we keep them with us to, to get discounts on different things.
24:10 What I choose to do is I have the pass book app
24:13 which gives me an opportunity to categorize my gift cards,
24:17 categorize my coupons,
24:19 categorize all of those type of my receipts,
24:22 my tickets, my airport and airline things
24:24 that are of vital importance to me.
24:26 So I don't necessarily have to carry around
24:29 all that paperwork.
24:30 And I don't yet have the receiving capabilities
24:33 so I can scan in a receipt
24:35 and put it and log it into, into my smartphone.
24:39 I carry the receipts temporarily,
24:42 and when I get home, I take them out
24:44 and categorize them and file them.
24:46 Why not receipts?
24:49 You know people can begin to process
24:52 and develop profiles of you
24:53 from the receipts that you have.
24:54 There's a lot of information
24:56 that comes on specific type of receipts,
24:58 dependent on how you pay for something
25:00 at a retailer or a grocery store.
25:03 If you do it may be minimal
25:05 or it may be a lot of information
25:06 if you paid by credit card or via cash.
25:09 I technically think that it would be beneficial
25:13 to temporarily have them as you get them home,
25:15 but take them out
25:17 and keep your wallet empty of any type of information
25:20 that can used to develop profiles on who you are.
25:25 Number seven is a club card.
25:28 You can carry a club card if you like to
25:31 or you can have those put into like an app type of setting
25:35 if you need to from a categorical standpoint.
25:38 Number eight, enough cash for emergency purposes
25:42 or to split the meal if you have lunch with somebody.
25:47 What is enough cash?
25:49 The gentleman online on our interview
25:52 said how about a $100.
25:53 Some of them said $50.
25:55 I typically think between 25 and $50.
25:58 Why that number?
26:00 Well, my number has actually gone up over the years why?
26:03 Because, gas to fill up my gas tank is $50 now.
26:10 So $50 if I run into a problem or a situation,
26:14 I now have the amount of money
26:15 that I can use to put the gas in my car.
26:19 It also is the right amount that if you split a lunch bill,
26:23 you have enough to do that, and lunches typically run
26:25 if you have a group of people between 15, 20, $25
26:29 so I typically say,
26:31 comfortable amount of cash to have
26:33 about 25 to $50 in your wallet.
26:37 And the other item that I would say has been mentioned
26:41 and, and, and talked about is stomach medicine
26:45 that came up as one of the top ten items
26:48 which was surprising to me
26:51 but it's always nice to have some kind of items.
26:54 Look, just ask my mother-in-law,
26:56 she carries everything if I need a napkin,
26:59 if I need medicine, if I need a thimble,
27:03 if I need a paperclip you just name it, she has it.
27:06 Somehow, it comes out of nowhere.
27:08 But for me as a man,
27:09 and what the type of thing I carry,
27:12 I don't have that information and I would say,
27:15 I don't have the capacity to carry stomach medicine on me
27:18 so I just don't.
27:19 But those are different things that you can think of
27:23 when you're looking at what you carry and why.
27:27 So those items are what I would tend to think
27:30 are important to have in your wallet
27:33 and as someone that lives in urban areas,
27:35 it's important to watch your surroundings,
27:38 watch where you go,
27:39 make sure you're not around individuals
27:41 that are looking at suspicious behaviour,
27:43 realize what you have
27:46 gives a perspective of who you are,
27:48 and people are looking for that information
27:51 and as always to take it from you.
27:53 In this case
27:55 I thank you for being a part of Take it to the Bank.
27:57 Take care.


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Revised 2016-07-18