Participants: Cordell Thomas
Series Code: TITTB
Program Code: TITTB000031
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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 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. |
Revised 2016-07-18