Participants: Cordell Thomas
Series Code: TITTB
Program Code: TITTB000042
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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. 00:30 Hi, my name is Cordell Thomas 00:32 and welcome to Take It to the Bank. 00:34 We're gonna talk about for the next few minutes 00:36 this thing called debt. 00:38 The top major stresses in people's life, 00:42 the top one of the five that was listed is finance. 00:46 In many different studies the stresses in life 00:49 that can cause many different things 00:50 such as major kind of pains and stresses in your life, 00:56 as well as even divorce and other elements 00:59 that can be result of it is finance. 01:01 And the top cause for any type of financial problems has to do 01:04 with personal planning, poor budgeting. 01:09 And one of the things we've been trying to emphasize 01:11 is the importance of developing a budget. 01:14 Beginning the process of planning 01:16 because if you don't know where you're at, 01:19 you have no idea of where you want to go. 01:22 And many of us understand this debt crisis 01:25 from a standpoint of what it can do 01:29 in your life to create havoc. 01:35 One of the things people have asked me about is, 01:38 "Do you understand what it's like to be in debt 01:40 or do you just talk about it?" 01:42 I just talk about it? No. 01:43 I've been there. I know what it's like. 01:45 I understand about spending. 01:47 I understand the context of lack of personal planning. 01:50 I have been that advocate for no planning at all 01:54 and it had to change 01:57 because I wasn't content in life. 01:59 I was thinking more about money. 02:01 I was thinking more about making the next dollar 02:04 and I wasn't thinking about what God wanted me to do. 02:07 At one point in my life I thought 02:09 God wasn't really not a part 02:10 of what I was supposed to be about 02:12 and probably that was the most dissatisfying 02:15 and unhappy years of my life that I've ever had. 02:18 If you as an urban young person think 02:21 that happiness comes from following 02:23 what the media tell you, forget that. 02:26 If you think that you can gain happiness 02:29 by having a lot of money, forget it. 02:31 The Bible tells us that "Contentment and godliness, 02:35 there is great gain," 1 Timothy 6:6. 02:39 The Bible is also gonna tell you 02:40 as a young person that in Psalms 90 02:43 asking God to help us, number our days, 02:47 so that we may gain wisdom. 02:48 Look, you as the young person when I was there, 02:50 I though I had everything. 02:52 I had all the time in the world and now I realized 02:53 that I don't have that much time. 02:55 And it doesn't matter if I am driving here 02:58 or going there, 02:59 that life could be cut shorter by an accident happening. 03:02 So many different things in your life 03:04 that you need to do to take steps to plan 03:08 so you can avoid some of the same problems 03:10 that I may have had. 03:12 Yes, I've been in debt. 03:13 And I've had to pay off a substantial portion of that. 03:17 Yes, I have never. I didn't plan long term. 03:20 Yes, I understand what it's like 03:22 to spend every penny that you make 03:25 because I didn't have a plan 03:28 which is what the studies tell us. 03:29 The major cause for financial difficulties 03:33 is lack of a plan. 03:34 So your first step in that plan would be 03:37 to take care of the long term debt, 03:39 take a look at what you owe, where you owe it to, 03:42 and then begin the process of figuring out 03:45 how you can pay it off. 03:49 You're never going to be able to pay off 03:50 any type of long term debt without a plan. 03:52 And there are many different things 03:54 that you can begin the process of using 03:56 to help you take care of that long term debt. 03:59 There are apps that you can download 04:01 that can provide you an opportunity 04:04 to input some of that data and then of course, plan. 04:07 It will tell you exactly how long it will take you 04:11 to pay off the debt at a certain rate 04:13 in monthly basis. 04:14 There're other hints that I would also take, 04:16 that if you're having a specific concern, 04:18 contact your credit agency, tell them what's going on, 04:22 be proactive because it's in that proactiveness 04:25 that they can take the steps 04:27 to help you getting a hold of that kind of debt issue. 04:32 Now one of the things I actually had a chance to do 04:34 is meet with a financial planner 04:36 Mr. Joshua Hernandez 04:37 who helps us in variety of areas 04:39 out of Orange County 04:40 and he is provided us with this input on debt. 04:44 Here is our conversation. 04:47 We're talking debt 04:49 and we've talked a lot of the different issues 04:51 that are relevant to each one of our families, 04:54 when we talk about debt, the debt issue. 04:56 And we're gonna bring in 04:57 our financial expert here Joshua. 05:00 Joshua, as we talk about debt, 05:02 every one seems to be worried about debt in their lives 05:04 and we typically tell people look, 05:07 the way to take care of this issue is, 05:10 is begin to understand, 05:11 you need to spend less than you bring in. 05:13 Right. 05:14 So the concept of debt, 05:16 and as we're talking of investment 05:17 and long-term planning, 05:19 what would be some of the key issues 05:20 that you think would be relevant to individuals 05:23 who are dealing with this debt crisis right now? 05:25 Great question, Cordell. 05:27 You know, some of the first thoughts 05:29 that come to mind in terms of debt has to do 05:31 with making sure you're controlling your debt 05:34 before you start thinking about a lot of other things 05:36 in your life financially. 05:39 If one thing can really anchor you 05:43 down in the wrong direction 05:44 if you're not looking at a bigger picture. 05:46 So those who are investing and saving, you know, 05:49 you definitely want to have a portion of your money 05:51 going into debt and looking at your interest rate 05:54 in terms of debt is it, interest rate that's too high, 05:58 is it something you can negotiate to make a lower. 06:00 Often I ask an investment advisor, 06:02 how much, you know, if I've got debt, you know, 06:04 should I start saving for my retirement, 06:07 should I start saving some money? 06:09 If I start saving money, 06:11 it's gonna focus my efforts on saving money 06:15 and then I'm going to go backwards in debt 06:17 and that's a great point. 06:19 And so what I often say is make sure 06:22 you've got the debt scenario taking care 06:23 of where you've got a monthly budget 06:25 and you can see that there is a reduction 06:28 in your debt that you are paying off. 06:30 Make sure you could see some kind of advancement 06:33 in your debt scenario. 06:36 And as you got that handle, you also want to, 06:39 then you can start moving into the savings aspect of it. 06:43 Now you mentioned something, 06:44 if you don't mind me interrupting you... 06:45 Yeah, yeah. 06:47 You mentioned about budget of course, 06:48 and then of course, you mentioned about 06:49 calling your credit card companies and seeing 06:51 if they can reduce the interest rate. 06:54 Did I hear that correctly? Yes. 06:55 So in fact, you can actually call your creditors 06:58 and try to negotiate a reduced rate 07:01 and that may be helpful in paying off 07:03 the debt a little quicker. 07:04 Absolutely. Am I correct? 07:05 Absolutely. 07:07 You definitely want to make that effort, 07:08 it's worth the time. 07:09 Another thing I think about is making sure 07:12 that you're paying yourself. 07:14 And I like the concept of paying yourself first. 07:18 And what, you know, we're always really worried 07:20 about paying bills 07:22 and making sure that the bills are taken care of. 07:25 And at the end of the month, 07:26 what I often find happening in families is that 07:28 you end up paying everyone else, 07:30 but yourself. 07:31 That's interesting. It's interesting. 07:33 There are a couple of sports videos 07:36 that are out there that talk about some of these 07:37 famous personalities that have gone through debt 07:40 and gone into debt. 07:42 But of course, you begin to wonder, why? 07:44 They make millions, and millions of dollars 07:46 and it seems that once you talk about 07:49 how much you make 07:51 which I think is the first thing 07:52 you shouldn't do, 07:53 is if you are a wealthy person keep it to yourself, 07:56 live within your means, you don't have to tell anyone 07:59 because you get this entourage following you, 08:02 people coming, family members coming, 08:04 asking for monies. 08:08 It's quite interesting what Joshua had to say. 08:12 And one of the things that stood out to me 08:14 is about paying yourself first. 08:16 One of the things we think from our Christian financial 08:19 management perspective is paying God first, 08:22 the tithing principle. 08:23 It seems that you can do more with nine tenths 08:25 than most people do with ten tenths. 08:27 It seems that you spend your money a lot wiser 08:30 when you're giving God a portion of what 08:31 and if you keep God in your perspective. 08:33 Remember 1 Timothy 6:6, 08:36 "Godliness with contentment is great gain." 08:38 Being comfortable where you're at 08:40 and making sure you have a budget 08:42 which is the other thing that Joshua talked about. 08:45 Making sure you've budgeted 08:46 and make sure you're planning to 08:49 what you spend on an ongoing basis. 08:52 What the big thing is, most people think of is 08:54 I need to make a lot of money. 08:56 No, you don't. 08:57 All you need is to spend less than you make 09:00 and you're in a lot better situations 09:03 than most people are in the middle class 09:05 American realm. 09:06 So you as a demographic should think first of all about 09:09 the budgeting and planning perspective. 09:11 Plan, planning cannot, cannot be emphasized anymore 09:15 because that's a top reason 09:18 why people fall into financial crisis, 09:20 they lack the lack of planning. 09:23 The secondary thing of paying yourself first 09:25 or paying God first and tithing also lends 09:28 to a certain sense of planning 09:30 and spending a lot more in a more, 09:34 keeping the spending process as our priority 09:37 because you're not just going to spend on anything 09:39 and it not get caught up in this consumer perspective 09:43 that the world would like us to think of. 09:45 The third thing he talked about is making sure 09:47 you're seeing some type of formal inroads 09:53 into the debt that you have. 09:54 So if you have a credit card and you're using an app 09:56 that tells you is going to take two years to pay off, 09:59 continue to pay on it and try to pay 10:01 on the smallest amount of credit first 10:03 and then work yourself up to the largest credit debt 10:06 that you have. 10:08 And as you see yourself getting things done, 10:11 you feel better about yourself 10:13 and you're more likely to continue the process. 10:16 One of the things we do in Southern California 10:19 is we work with certain agencies 10:20 that provide some type of free money match programs, 10:23 why do they do that? 10:25 As they ask the questions, try to research 10:27 why these type of programs have become so prevalent 10:30 around the United States? 10:32 Is because we're trying to develop in people a habit, 10:35 the habit of putting money aside, 10:37 the habit of saving and the reinforcement of that 10:42 is when you reach a specific goal 10:45 and you get that match, it reinforces that behavior 10:49 and causes you to do more of the same thing. 10:53 So as we talk about that, we see that the primary issue, 10:57 issues involved in this debt issue is looking 11:01 to attack the debt, ensuring that you plan 11:04 and have a budget and ensuring 11:06 that you take a fiscal responsibility 11:08 in paying God first, paying self first, 11:10 and ensuring that you have that nine tenths there 11:14 to manage in a more crucial way 11:15 than most people do with ten tenths. 11:18 Remember again, godliness with contentment is great gain 11:22 and then you become a happier individual 11:24 when you're able to help someone else 11:29 and get involved in family and get involved in something 11:32 that's bigger and greater than you. 11:34 Because we find that happy people are those 11:36 that give away, give to others, 11:39 pay for somebody else as opposed to paying to themselves 11:42 which brings up a secondary issue 11:44 about this whole thing called debt. 11:48 Giving money away is just that. 11:52 When you give money away, you've given it away. 11:55 And if you give it to family members, 11:56 it's not necessarily a loan because you shouldn't expect 12:00 that money to come back, there's no promissory note, 12:03 there are no contracts involved, 12:04 you pretty much give that money to the individuals. 12:06 And all you have to do is talk to some of those individuals 12:09 who have made a lot of money 12:11 and people have come to borrow that money 12:13 and they've never seen that money 12:14 put back in their pockets. 12:16 So remember, that this thing 12:18 called loaning to family members 12:20 is a critical item that 12:22 we must take into consideration and that's another conversation 12:25 I had with Joshua Hernandez. 12:28 Here is what was said. 12:30 How do you approach the issue of a family member 12:33 asking for a loan or something like that? 12:35 Many different people have those questions, 12:38 we should help them or should we not, 12:39 but how does that, 12:41 how does that impact our long-term capacity? 12:44 Yeah, touchy subject, you know, 12:45 you love your family and you care about your family, 12:47 you want to help them and sometimes 12:51 which when you think you're helping someone is 12:53 actually making things a lot worse. 12:55 So one of the first thoughts, if I ever want to, 12:57 if I'm asked to loan someone some money, 13:01 the amount of money that that I'm going to loan out, 13:03 my first question is, 13:05 "Can I just give that money out away" 13:07 'Cause often I find the money 13:08 that you loan often never comes back. 13:11 So... Interesting. 13:13 Yeah, can you just give it to them 13:14 and not worry about it? 13:16 And so that's my first idea is just give it to them. 13:20 If you cannot loan money out, 13:22 if you are, if you don't have the room to be able to do that, 13:26 then don't do it. 13:27 That's the other part of it too. 13:30 As much as you'd like to help, 13:31 if it's gonna hurt you more than help them, 13:33 then don't do it. 13:38 Just say no. 13:42 If you don't have the means to do it, 13:43 then you shouldn't do it. 13:45 But family is always important part of our lives 13:47 and it's critical that we do have 13:48 an emergency savings 'cause emergencies do come up 13:51 on a variety of different levels. 13:53 And if you have the ability to do it, 13:55 it's always good to help because you feel better 13:57 when you're able to help somebody. 13:59 But you're never going to be able to help someone 14:00 unless you've put yourself 14:02 under the control of a planning proposal, 14:05 a proposal that considers a budget, 14:08 considers the different elements of 14:09 what you would like to do in your life, 14:11 what your accomplishments would like to be? 14:13 So this budget in and of itself should also incorporate short, 14:18 mid-term and long-term plans, retirement issues, 14:21 insurance issues, all of those type of things 14:24 and of course, that emergency savings that's there, 14:27 something that's aside that can be used 14:30 on a short-term and a quick basis 14:31 to give to somebody. 14:33 But you should also have that budgeted, 14:35 what is your maximum capacity in a number, a number, 14:39 how much money on a maximum basis, 14:41 on a monthly basis can you afford 14:43 to give to someone else? 14:46 And you might find that a challenging dilemma 14:51 but it also provides you the opportunity to think 14:53 through about what this whole thing is about 14:56 when you're looking at loans to which I don't consider loan 14:59 when you're giving money to family members. 15:02 All you need to do is see some of the stories 15:04 that some of these sports individuals 15:07 or wealthy individuals have had to deal with. 15:10 There were some stories on the internet 15:11 about these individuals that spend a lot of money 15:14 to win the lottery and when they won the lottery, 15:16 they found how quickly their friends, 15:19 quickly they developed a lot of friends 15:21 and how those that succeeded in maintaining 15:24 that lottery winning, and to lose friends, 15:29 and lose acquaintances 15:30 because people turned against them 15:32 when they were unwilling to just give up monies. 15:34 Many of the people that were successful, 15:37 they'll say all that 15:39 were successful in the lottery winnings 15:41 were individuals that 15:42 put themselves on a strict budget. 15:45 There are many stories about people 15:46 who won a lot of money which is, you know, 15:49 the lottery odds of winning a lottery, 15:51 we all know is pretty slim to none. 15:53 One in 176 million people will win the lottery, 15:58 only one in 176 million. 16:00 So we understand that the odds of winning 16:02 that are not likely but if you do win it, 16:05 it takes an appropriate action, 16:08 planning, developing a budget, and putting things aside 16:12 and assessing what you're going to live on a yearly basis 16:16 and then also making sure that you include 16:19 the necessity of paying your taxes. 16:22 People aren't aware that yes, we hear that these individuals 16:26 who are put all over the internet 16:29 now all their friends know that they've come up, 16:31 you know, with a lot of money, 16:33 so now those friends come in, they swoop in 16:36 and all they're doing is asking for a handout. 16:38 Those type of things happen 16:40 to everyone on an ongoing basis, 16:42 some of the things that you should think about 16:44 when you're looking at this thing called debt. 16:48 What are the most common types of debt? 16:50 College student loans, 16:53 bank loans, credit card debt, 16:58 those are the most common types. 16:59 And as debt goes up, 17:03 we find many other things happen 17:05 because of course, we tap into savings, 17:07 we try to get some of these things paid off, 17:09 but then of course, many of us haven't 17:10 taken the time to budget, 17:13 to take some personal planning 17:15 and taking assessment of where we're at 17:17 and where we want to go. 17:19 The moment we have a budget emplace, 17:20 some exciting things begin to happen. 17:22 We begin to get numbers, we begin to get patterns, 17:24 we begin to get an understanding of 17:28 where we are at currently? 17:29 What kind of debt we have? 17:31 And what kind of things 17:32 we need to really go after and pay? 17:34 I would download some type of app 17:36 on to your smartphone 17:38 that would help you assess your current level of debt. 17:41 The ones that's out there, study them. 17:43 There are some that are really good, Mint.com, 17:46 some of the other ones 17:47 that help you organize your receipts and coupons. 17:49 Some of those that are there to help you assess 17:52 how quickly you can pay off debt. 17:53 Once you start that process 17:55 and going down in that direction, 17:56 you begin the process of getting control 18:00 of this thing called debt 18:02 because you don't want it 18:03 to start spiraling out of control. 18:05 So we talked about some other key issues 18:08 that are relevant to this 18:09 and we talked to Joshua about that in this interview. 18:13 Here's what was said. 18:15 As a financial advisor what would be the key issue 18:17 you think is relevant in this segment on debt 18:21 as it applies to long-term savings? 18:23 What would you think is key to approaching? 18:26 Number one is, pay yourself first. 18:30 At the end of the day, the bank, 18:34 if you ever need that money back 18:36 will never give you that money back 18:38 if you've already spent it. 18:40 So always think about you and your family, you know, 18:43 even if it's just a little bit of money, 18:44 if it's $25 18:46 and that's where you're at in life, then do it. 18:47 And then start paying your bills, pay yourself first. 18:50 And then you definitely want to focus on your debt 18:53 and then manage it. 18:56 You also, you talked about a percentage, 18:58 we were talking earlier about how much would you pay in debt 19:00 and how much you pay in investments 19:02 and the overall idea of a percentage 19:05 you should invest in your retirement 19:07 or your futures is usually they say 19:09 about 10 percent of your monthly income. 19:13 I'd say at least make that the same for your debt, 19:15 you know, 10 percent debt, 10 percent monthly income. 19:18 If you've got an interest rate of 25-30 percent 19:21 on a credit card, that's, you know, 19:23 very overwhelming, handle that. 19:25 Handle that, maybe you can put 10 percent 19:28 as your savings account, 19:29 maybe you can only put in 2 or 5, 19:31 well then do that for now 19:33 and as you handle your debt scenario, 19:34 then you can increase your savings from thereon. 19:38 A lot of the topic, a lot of the terms 19:40 that were used it can be scary, investments, 19:42 those type of things, savings, budgets, 19:45 it's not really that tough. 19:47 All I ask you to do 19:49 is to talk with a financial individual, 19:52 a person that has an expertise 19:53 and he will make it simple for you 19:55 because this is not out of your reach, 19:57 I think a lot of the tools 19:59 that Joshua is sharing with us today 20:01 can be very, very helpful in getting a hold of our future 20:06 and being able to invest in that future by saving 20:10 and putting money aside. 20:15 Pay yourself first, is not really what that is 20:19 because I want you to remember that your responsibility 20:22 is to God first and pay your tithe. 20:27 From your nine tenths you'll find that nine tenth 20:29 is going to go a lot further 20:31 than you would ever believe it could. 20:33 Remember, godliness with contentment is great gain. 20:37 The information that Joshua provided 20:39 is very informative, 20:40 but I'd ask you to take control of the conversation, 20:43 talk to these financial advisors, 20:46 an individual that understands money 20:48 and ask the questions that are necessary 20:50 because it can only start with $150 a month, 20:54 could be the start you could have. 20:56 In some of these savings programs 20:59 that they have out there, 21:00 it could be as little as $50 or $75 a month. 21:04 And if you put this money away on a constant basis, 21:07 you will begin the process 21:09 of making a habit of saving money. 21:14 And when the habit is saving and not using the credit, 21:17 then you begin to see that discovery of the, 21:22 of how wonderful it is 21:24 to be comfortable with what you have, 21:25 that you don't have to buy everything out everyone has, 21:29 that you can be content in the fact 21:31 that you are saving money 21:32 that can be used for great gain, for great gain. 21:36 And as you develop that wealth, you can now understand 21:39 that God is asking you to give, 21:41 to do, to be for other people what he's been for to you. 21:45 The key issues here about debt is this, 21:48 that we're living in a society that's focused 21:52 on getting information about us. 21:53 They're looking to get information 21:56 through warranty cards, 21:57 information through your bank records, 21:59 information through your how you use your smartphone, 22:02 and we need to be very smart 22:03 about how we handle all of these technologies 22:06 that are available to us. 22:07 We can't get caught up in the fact 22:09 that this technology is going to be 22:11 such a great resource for us without understanding 22:16 that this technology is also creating information, 22:19 the tracks what we do. 22:22 Why is it critical to understand 22:24 that this information is tracking what we do? 22:26 Because we now know that their databases 22:29 of information that's looking at your expenditures, 22:33 your spending habits. 22:34 We're looking at the facts that there are people out there 22:37 in the media that are tracking what you do, 22:39 they buy this information up, they look at it, 22:42 they dissected and now it's created new jobs, 22:44 jobs that are just focused on developing algorithms 22:50 and programs that can figure out 22:53 how you can bring the information together 22:56 and put it in a resourceful way 22:58 that banks and other organizations 23:00 can study your behavior 23:01 and target you in a dramatic way. 23:04 All you need do is go to your social network 23:07 and go to a specific website 23:09 and you'll find that they're able to track 23:11 where you go, what you do, 23:13 and they're able to advertise specific things 23:16 that you have seen on the web. 23:19 They can target books and automotive equipment 23:22 that you've purchased 23:23 because of the tools and the mechanism 23:26 they have emplaced to get that information on you. 23:28 This whole world of technology is overwhelming 23:31 to many individuals 23:32 and it can be to you unless you study and understand 23:36 what they're trying to accomplish. 23:38 So you as an individual, do you get involved 23:41 in signing up every possible warranty card? 23:44 What I ask people to do is take that warranty card 23:47 and staple it to the receipt of any type of big ticket item 23:50 and or any item you may receive from a retailer 23:53 and put it in a file 23:54 because then you have all the information you need 23:56 to refer to that warranty 23:59 and you can get your item fixed. 24:01 People want information to know your demographics. 24:04 What type of social economic group you fit into? 24:07 Where you live? What you do? How often you spend? 24:10 Where you go on the Internet? 24:12 And that tool now is fine tuning the information 24:15 that all of these media conglomerates are getting 24:19 so that they can, 24:20 as they say manipulate your behavior 24:24 and try to get a better understanding 24:26 of how they can get you 24:28 into the retail establishment and consume. 24:37 Consumption is a big issue. 24:40 When you look at how much information is out there 24:43 and you look at the strategies that are being used 24:46 against many consumers out there, 24:49 we find that the consumers are now behaving 24:52 as they're told to behave. 24:54 You look at the regulation of advertising way back in 1984 24:58 and you begin to see that the system has won 25:01 and it's worked substantively so much so 25:04 that our personal savings rate has gone 25:06 from between 11 and 12 percent on an annual income basis 25:10 all the way down to a negative savings rate 25:12 in 2006-2007. 25:14 The only reason we've begun to save a little bit more 25:17 is because of the scares we received, 25:20 during the timeframe 25:21 when we saw foreclosure crises happen 25:24 and many people losing their homes 25:26 based on some of these subprime mortgages. 25:30 It's essential that we begin to understand 25:32 that what they want us to do is to spend. 25:36 They believe that middle class Americans are, 25:39 the middle class are the ones that can really 25:42 impact the economy in a dramatic way. 25:46 How does that happen? 25:47 Well, let's label what a middle class American is. 25:50 A middle class American is someone 25:52 that makes between $30,000, $35,000 25:54 to $40,000 a year 25:55 upwards of $80, 000 to $90,000 25:57 depending on what study you look at. 25:59 So that's a wide range, but they expect you 26:02 to spend so much so that they say 26:04 that when you get a tax break, 26:06 you get extra $2,500 during the tax return season, 26:11 they know that you are going to take that money 26:16 and you're going to spend it. 26:18 They know that many middle class Americans 26:21 are living paycheck to paycheck. 26:24 So they realize that they have us 26:27 in this little perspective of, 26:31 "Hey, we need to spur the economic growth. 26:34 So if we're going to do so, 26:36 we need to get middle class Americans 26:37 to save less and spend more." 26:40 I remember an article that came out 26:43 maybe several months ago that talked about the fact 26:47 that Americans were now saving more 26:51 and paying down their credit card debt 26:54 which is a great thing. 26:55 That is the right thing to do. 26:57 But as I was doing a lecture series 26:59 and bringing the specific information 27:01 to the attention of those attending, 27:03 I also said what you're going to find 27:05 especially in this type of economy 27:07 is a response to that type of article. 27:10 And we did see a response to that type of article. 27:13 We saw, some of the feds come out and actually say that, 27:17 "We want to spur continued economic growth." 27:22 So what we need is for you America 27:25 to go out and borrow more and spend more. 27:30 Use that money that you're going to get back 27:32 from your tax returns and go out and buy. 27:35 Buy that next tablet, buy that next smartphone, 27:39 buy that next car, 27:40 put a down payment on something 27:42 that you may not necessarily need and or want. 27:46 Debt, it's a critical issue. 27:49 It's a crisis in America, but you can handle it 27:51 by finding your contentment in God. 27:54 God bless and take it to the bank. |
Revised 2017-06-08