Participants: Cordell Thomas
Series Code: TITTB
Program Code: TITTB000043
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00:01 On Take It To The Bank,
00:02 you'll find ways to get out debt, 00:09 solve your credit card problems, 00:14 how to make in stick with a budget, 00:19 simple ways to save, 00:24 buying or selling a home, and many more finical matters 00:29 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 going to talk about some interesting things today. 00:38 And I think you should be excited 00:41 to know that college debt 00:43 is something you don't even need to incur. 00:45 Did you know that there are colleges out there 00:49 that offer free tuition? 00:51 Did you know that if you want to extend 00:53 your college education 00:55 or find college education somewhere, 00:57 if you know where to look, you can find schools 00:59 that are willing to offer a variety of things? 01:01 If you are good enough in your high school days, 01:04 there are things you can get in reference to scholarships 01:07 and other programs that don't even address 01:11 the issue of loans. 01:13 Meaning that, this college education thing 01:15 can be accessible for all of you that are out there. 01:18 It's a matter of how you address the specific issue. 01:21 But as we talk about this thing called debt, 01:23 there's a lot of things that you need to be 01:25 aware of as you go into this overall process, 01:29 it can be quite stressful. 01:30 You do well in high school, you probably will be invited 01:33 to many different schools. 01:35 But those schools are going to provide 01:37 different costs associated with tuition 01:39 and room and board, 01:41 and other elements that can be as much as 01:42 20 to 30, 000 dollars a year. 01:44 So, it's very important, it's incumbent upon you 01:47 to look for those resources that are available 01:52 that can help defray that cost or even get rid of it, 01:55 eliminate it completely. 01:57 But many people aren't aware, there are close 01:58 to 15 different schools around the United States 02:01 that are offering free tuition programs 02:03 that can make your educational experience very wonderful 02:08 when you know you won't have to come out of college 02:11 worried about the issue called debt. 02:14 Many kids, young people, 02:16 I was able to talk to one around 02:17 in the kitchen room area after a birthday party 02:20 and he was talking about going to school. 02:23 We mentioned these same specific issues, 02:25 we mentioned the same concerns 02:27 about looking at free tuition and or starting out 02:31 maybe in a community college settings 02:33 until you figure out really what area you're interested in. 02:37 But many of us are so worried about the college issue 02:40 and the importance of trying to pay 02:42 for that type of education, 02:46 and we forget the importance of planning after the fact, 02:49 because realistically, 02:51 you're college education is supposed to provide you 02:54 the opportunity to make more money. 03:00 A college education is very important. 03:03 It teaches you many new things, depending on where you go 03:06 you can gain fantastic opportunities 03:08 to share, to serve. 03:09 There are some wonderful Christian institutions 03:13 that provide opportunities to go outside 03:15 of the United States and do mission projects 03:18 and learn what it means to give. 03:20 And it makes you happier because we know that the study 03:22 on happiness says that if I can give to somebody else 03:25 instead of spending on myself, I am a happier individual. 03:30 But consider this, many young people 03:33 like yourselves will come out of college 03:35 with close to 20,000 to 26, 000 dollars worth 03:39 of student loan debt. 03:43 And many of you will come out of that 03:45 undergraduate experience worried 03:46 about paying that debt back, which is very good. 03:50 You should be concerned 03:52 about taking care of your obligations. 03:54 But there are areas you can go to 03:56 and studies that you can find out about 03:59 that you can get rid of your student loan debt 04:02 if you go into public service. 04:03 Did you know that? 04:05 Did you know that there are other ways 04:07 of deferring the debt for a few months or years? 04:10 Did you know there are other things you can do 04:13 to help take care of that debt? 04:15 And one of the things 04:16 I always try to tell young people is this, 04:19 when you come out of school, 04:20 I want you to start looking forward in your life, 04:22 start looking forward to the next ten years of your life 04:25 because right now 04:27 when you think about this eight wonder 04:30 of the world is what they call it, 04:31 the rule of 72, it means you have the time 04:35 to actually invest and that investment can help you 04:39 because of the time that you currently have. 04:41 One of the secret hints is talk to your parents 04:44 about finding out more about a Roth IRA 04:47 or some type of investment that you can get involved in. 04:51 Why is that? 04:52 Because if you are able to save 04:54 after you get out of school 150 dollars a month, 04:57 2000 dollars a year over the first ten years 05:00 of your working life, 05:02 you wouldn't have to save another penny. 05:06 That 20,000 dollars based on your time investment 05:08 on compound interest, 05:10 you could have a lot of funds available to you 05:14 after retirement at age 70. 05:16 But many of us don't think that far ahead. 05:18 The money could be in excess of 5, 6, 700,000 dollars 05:22 dependent on several different variables. 05:24 But the key is right now 05:26 getting involved when you have the time. 05:28 Thereafter you can... 05:29 Because you're in the habit of saving, 05:31 you can continue the process of saving, 05:34 you can continue the process of doing what you're doing 05:37 and putting that money aside 05:38 and the funds that you would have available 05:41 to you post retirement would be exponential. 05:44 So we're talking about student loans, 05:45 we're talking about loans, 05:47 loan deferral, those type of issues. 05:48 And I had a wonderful conversation 05:50 about that specific issue 05:52 with one of our financial advisors 05:54 that we work with in Orange County. 05:56 Mr. Joshua Hernandez 05:57 and I'd like to go to that conversation. 06:01 College debt is relevant to a lot of us 06:03 and you have been responding. 06:05 It's quite interesting, 06:07 the responses we've got in emails. 06:09 And I'm going to focus on one email 06:10 and, of course, we're gonna bring in 06:12 our expert on investments, 06:14 financial expert Mr. Joshua Hernandez 06:16 thank you for being here. 06:17 Sure. I appreciate it. 06:19 The young lady actually sent me an email. 06:22 "So I'm a student presently 06:24 and some loans prior to in, two colleges, 06:27 from two colleges I went to. 06:29 And I noticed on the firstforeducation.gov 06:34 website, they are promoting 06:35 a consolidation loan through President Obama." 06:38 Okay, so she's asking now 06:40 I have loan debt right now about 10,000 dollars 06:43 and I'm looking to go to graduate school. 06:46 If you can take us a little bit through the process 06:49 of considering the decision of getting another loan, 06:53 consolidating the loans that she already has together 06:56 or is there another approach 06:58 that she should take in reference too 07:00 her college debt? 07:01 And then what I'd like you to do also is 07:04 how can she start thinking about 07:06 not only the college debt 07:07 is will come out with when she's done, 07:09 but planning for here future long term in reference 07:11 to investing and savings and that type of thing? 07:15 Great question. 07:18 I'm not an expert in types of college programs 07:21 in terms of consolidation and debt, 07:24 but I can tell you about, 07:26 maybe the thought process in considering 07:27 what will be the best scenario 07:29 or what to start thinking about. 07:31 I think specifically, I read the email and there was, 07:34 you know, part of that debt can be 4 percent interest rate 07:38 and then another part of it was about 6 percent 07:40 and so does that make sense or you know 07:42 how do you determine what part of that works? 07:44 And the first thing I'd think about is, 07:46 you know, what's the interest rate 07:48 that they're charging you now? 07:50 Is the new interest rate lower than that? 07:53 Now if there's two different loans involved, 07:55 is the interest rate on the first and the second, 07:58 if you average them together, 07:59 is that lower than the current interest rate 08:03 that you're getting charged in your current loan? 08:05 If you were to switch over to another loan, 08:08 is there a fee or penalty to transfer over? 08:12 So consider the penalties involved as well. 08:15 And then is there a timeframe? 08:16 You know, how long you can have this loan for? 08:19 And when do you have to pay it off? 08:23 Another idea that comes in mind is, 08:27 you know, deferral you can, 08:29 you can defer a lot of these loans 08:30 until you're done with school. 08:32 And so maybe you don't have to pay for it 08:34 for a little while. 08:35 One of the recommendations that I offer college students 08:38 is if you're deferring your loan, 08:40 you don't pay until you're out. 08:42 Start saving money or start paying off your loan 08:46 now, even before you have to start paying it. 08:49 As an example, if they tell you that when you start to... 08:52 When you start having to pay your loan 08:54 and that payment is 100 dollars a month. 08:58 If you can start putting 100 dollars a month 09:00 into your own savings account 09:02 as if you're paying off that loan. 09:04 And then when you have to pay for that loan, 09:06 well, you've already got some money already, 09:07 you can fund into it, 09:08 and you immediately decreased a portion of that debt. 09:12 Or you've got, you know, monthly payments, 09:13 you've already got money putting into, 09:16 couple of ideas. 09:18 Fantastic. 09:19 So as a college student, 09:20 there are different approaches I can take 09:22 specific to setting up a saving account, number one, 09:26 which if you have the concept of an emergency savings 09:29 as we typically talk about, 09:30 you can tap into it if you have broken down a car, 09:34 you need to tap into that to do other things. 09:36 But for the primary issue of college debt, 09:39 which a lot of youth students get involved in, we all do, 09:43 I know I had college debt, 09:45 but there are other opportunities too. 09:51 And those are the opportunities, 09:53 what are they? 09:54 You know, tax deferred growth, 09:55 many other things that come to mind, 09:57 but when you look at the conversation we had, 09:59 many different possibilities came to mind. 10:02 Think about it? 10:03 When you have an opportunity to think ahead, 10:06 looking forward, we get a concept of how we can plan, 10:10 better plan to manage some of these expenses. 10:12 Do college loans, student loans ever go away? 10:16 No, they will stay with you and stay with your family 10:19 as long as you still have it. 10:21 So it's incumbent upon you to figure a way 10:23 how you can begin the process of paying this debt off, 10:28 whether it be through public service, 10:30 by planning ahead and starting to put certain funds away 10:34 into a specific account that's needed to address that. 10:37 But guess what? 10:38 It comes down to a simple issue that many of us miss, 10:41 what is that issue? 10:42 That issue is this. 10:44 If you don't plan, you will never figure out 10:47 where you need to go. 10:49 The planning process is key because if you have a budget 10:53 and you understand what you're doing. 10:54 And yes, a budget applies to you as a college student, 10:57 it applies to what you have to accomplish, 11:00 it applies to you and your success. 11:02 The earlier that you start with planning and budgeting 11:07 the better off that you will be in planning for your future. 11:12 So then we went in further in this conversation 11:15 I had with Josh, and we talked a little bit more 11:17 about tax deferred growth and the like. 11:21 And here is what that conversation had to offer. 11:23 Listen keenly. 11:25 Are there other things they can look for, 11:28 not just looking back at paying off debt, 11:31 but future, kind of, 11:32 investments that they can think of as students that may help 11:36 them as their debt decreases their net worth 11:39 can also increase from financial assets 11:40 that they develop? 11:42 Definitely, and you can definitely start saving 11:44 for your future while you're going to school. 11:46 You know, while you're investing 11:47 in your own personal financial... 11:49 Your own personal education, you can start investing 11:51 in your own future at the same time. 11:53 And so a lot of students are working part time jobs, 11:56 a lot of students may have already 11:57 had some savings available, 11:59 and a small portion of that can already, 12:01 you know, can be invested in an investment 12:03 account like an IRA, a Roth IRA. 12:07 What is that? 12:09 Explain IRA, what is that mean? 12:11 It's an individual retirement account. 12:12 Okay. 12:14 And so anyone, an individual can have a savings account, 12:18 it's like a savings account, but the account has options 12:22 like stocks and bonds and it's tied to investment 12:24 in the stock market. 12:26 So, you know, as the value of those stocks and bonds, 12:28 you know, fluctuate and potentially increase, 12:31 the money you're investing 12:32 in that account can also increase. 12:35 What is the benefit of saving in an IRA? 12:37 Is that pre-tax dollars that go in? 12:39 You're not taxed on those, those funds, correct? 12:43 The benefit in IRA usually, you use that money it's, 12:47 it's after tax money. 12:48 So you get a paycheck and you put that into an IRA. 12:51 Now in an IRA, the amount of money 12:53 you invest in an IRA can be a tax deduction. 12:56 It can lower your yearly income at the end of the year. 12:59 One of the benefits of... 13:01 Another benefit of an IRA is that it grows tax deferred. 13:04 So as the value of your account increases, 13:07 you're not taxed on the additional value 13:09 of the increase. 13:12 And so that's another benefit of an IRA. 13:16 Interesting. You can get tax deferred. 13:17 So there are a lot of different venues 13:19 a college student can use as a plan 13:22 towards finishing school 13:25 and starting their overall career. 13:27 Yeah, an important piece 13:29 I want to make sure that we're aware of in an IRA, 13:30 it is a long term investment. 13:31 So depending on your liquidity needs, 13:33 depending on how much access you need to that money, 13:36 you know that an IRA is a long term investment. 13:38 So if you ever need money from an IRA 13:40 and you pull money out 13:42 of that IRA before 59 and a half, 13:44 there are taxes and penalties that can be incurred 13:46 if you pull it out too soon. 13:49 And so you want to keep an eye on that. 13:51 And if you need something liquid then, 13:53 you know, a basic savings account 13:54 where you can have access to that money a little easier 13:57 that doesn't have any penalties or taxes 13:59 that pull money out for more short term or mid term, 14:03 kind of, savings is important, idea for that idea. 14:06 Wonderful opportunities out there for savings 14:08 and for developing wealth. 14:10 And not only the career that you'll have after college 14:13 that will help you pay off your debt, 14:15 but also the funds that you'll have saved towards 14:18 that future value of that investment, 14:20 which is great. 14:22 Now I'm going to take you back to one other part of the email 14:25 that we haven't yet reviewed 14:26 and I want to ask a question about that. 14:28 And, she's asking, all right. 14:30 "I have a line of credit from a bank 14:33 that's close to 2000 dollars. 14:34 Now I want to pay it off." 14:36 So it means that she has, 14:38 she's used up some of that line of credit. 14:40 "But I don't have the finances to take care of it. 14:44 Could I add that in with my student loans, 14:46 which are funded from the government?" 14:49 Whether it's to subsidize or on subsidized loans, 14:53 the question is can you incorporate it 14:55 under a government type loan? 14:57 Yeah, that's a great question. 14:59 So the first thought is, 15:01 I don't think that a student loan 15:05 can incorporate any outside debt. 15:07 You know, student loan is specifically 15:09 for educational purposes. 15:11 So I've not heard of any programs that can do that. 15:14 So no, I don't think that's possible. 15:16 You can't incorporate your line of credit 15:18 and move it into your student loan. 15:20 Now I'm able to do the opposite. 15:23 If you've got a line of credit, 15:24 which is, kind of, having a credit card 15:27 and you might be able to incorporate your student loan 15:29 into your line of credit. 15:31 And one of the reasons why that would work 15:33 is if your line of credit offers a lower interest rate 15:36 than your current college debt. 15:39 So if it is lower interest rate, 15:42 then you'll be paying less long term. 15:44 And you can... It's like using a credit card 15:46 to pay off your college tuition. 15:49 So again, you have to look at your interest rate, 15:51 if they're going to charge you any fees 15:53 in closing it early and things like that. 15:59 A lot of great ideas in there 16:01 and I hope you've picked up on a couple of things 16:03 that are there, the Roth IRA, 16:04 the IRA, Individual Retirement Account. 16:07 All of these things have a thing to play, 16:09 but I had a question from one of the viewers 16:12 that was asking about tuition and school 16:16 and what if I can't afford to actually go to school 16:19 or pay for school at a community college level 16:21 or anywhere else? 16:23 What if I can't make it to that first level 16:26 and getting into any type of school? 16:28 But, of course, you know, there's a performance measure 16:30 that you should have in high school 16:32 and many of us as inner city 16:33 and urban urbanites, do with very well in school, 16:36 you perform well. 16:38 Concentrate on your school work, 16:39 concentrate on what you are given to do 16:42 and do your best at it and remember this 16:45 that if you've fit specific criteria, 16:46 there are programs that are out there based on your geography, 16:50 and I can check on that on your behalf, 16:52 but there are some independent development accounts programs 16:55 that if you reach a specific savings goal, 16:59 the money is put aside 17:00 into a tertiary bank accounts, it's managed, 17:04 they will match your funds dependent on the program 17:07 two to one, three to one, and even four to one. 17:09 So if you want to save money, those specific accounts 17:12 can actually go towards buying a new car, 17:15 putting down payment on a house, college tuition fees, 17:18 and as well as starting a new business. 17:20 So there are options that are available 17:22 to you as a young person 17:24 in whatever geography or urban community that you live. 17:27 And it's not something that you should give up too easily on. 17:30 Because we have resources, 17:32 there are things that are available 17:34 and I would love to have an opportunity 17:35 to get an email from you and or call 17:38 asking that same question so we can check 17:40 on those specifics on your behalf. 17:43 But a lot of things came out of the conversation 17:44 with Josh where I think that we all should be aware of. 17:47 One of the things has to do 17:48 with the simplicity of a budget, 17:50 understanding that investment account 17:54 should not be touched, 17:55 because it's a long term investment, 17:57 that's what an IRA is all about. 17:59 And when I tell you about it, put the money aside 18:02 and don't ever intend on trying to get that back 18:05 until you need it at 59 and a half. 18:08 Because you will incur fees, 18:11 the overall objective for that type of account 18:14 is to save for your retirement. 18:15 So know that the long term investment. 18:18 But what is a simple part of? 18:20 Is a fact that if you, as a young person, 18:23 begin with a budget and a system, 18:26 no matter if you make 1000 dollars a month, 18:28 1,500 dollars a month, 6000 dollars a month, 18:31 all that matters is, you have now begun 18:33 the process of engaging in this process that says, 18:36 "I'm going to allocate time to figuring out my expenses, 18:40 figuring out what I spend, 18:41 and figuring out where I can save, 18:44 cutback, substitute, 18:45 and make sure I have emergency savings in place, 18:48 so I can take some care of some of those other things 18:52 that I can take care of." 18:53 Remember, a retirement account, a long term investment 18:55 should only come about when you've got your house in order. 18:58 There is no way that you can maintain 19:01 a long term savings investment account 19:05 when you can't even, 19:06 when you're spending 19:08 what you make on a monthly basis. 19:09 It can't happen. 19:11 Something has to give. 19:12 So make sure you've already studied, 19:14 put something away in savings, 19:16 you have that additional funding 19:17 and additional ability to take some other funds 19:21 and put into account that you'll probably 19:23 never touch for a long time. 19:25 And that the wisdom of budgeting, 19:26 the simplicity of understanding that if I know where I'm at, 19:30 I know where I want to go. 19:31 And know this that if you plan and you understand 19:35 and you get in touch with the right resources, 19:38 they might find out there are programs available for you, 19:41 yes, you, to be able to get access 19:43 to that type of college experience. 19:46 The other thing that's was relevant 19:48 to our conversations with Joshua, 19:50 I had to do with the issue 19:53 that we all spend what we make. 19:55 We talk about that issue 19:56 and the importance of how we should address 20:00 how we are how we utilize our budget? 20:03 The budget in and of itself is in agreement 20:06 with yourself, your family, your spouse 20:08 that I am going to spend in this manner 20:11 and I am going to ensure that I put funds away 20:14 in this manner on a monthly, 20:15 on a quarterly basis and I will ensure 20:17 that I have the funds necessary 20:19 to maintain this individual retirement account 20:22 and I will know that if I fit the right criteria, 20:24 I can ask the right questions, 20:26 and I can get access to some funds 20:28 that can match my savings 20:30 and can go towards getting me into that venue 20:33 that I would like to get into. 20:35 But let's go back to the conversation with Joshua. 20:37 Here we talked about the spending issue, 20:40 spending what you make. 20:41 This was very interesting. 20:43 Let's take a look. 20:46 This is just another scenario that just always comes up 20:50 and it's a question that always comes up. 20:52 It's quite interesting because a lot of students are, 20:53 okay, they're gonna come out 20:55 with a job paying them about 50, 60,000 dollars a year 20:58 and you want to buy a home, 20:59 you want to buy these type of elements. 21:01 Long term, we're always talking long term now, 21:03 is from an investment standpoint, 21:05 how do I, as an individual, prepare for those long term, 21:09 my promotions at work and the different scenarios 21:14 that happen in my life as I evolve, 21:17 does my home evolve? 21:18 Does my growth, the types of car I drive evolve? 21:20 Do I always have to keep up with the Joneses, 21:22 that kind of a thing? 21:24 If I go from 60,000 dollars a year 21:27 and I have a nice house 21:28 and I go to 75,000 dollars a year, 21:31 does that necessarily mean I need to move up 21:33 in the house size? 21:35 Does it necessarily mean I need to change the car? 21:37 Do you need to spend what you earn? 21:40 Right, that's a great question. 21:42 One of the biggest mistakes I see people make 21:45 is that they feel obligated to spend what they make. 21:49 You know, as soon as a promotion happens at work, 21:52 they're in their current car, before they get to their house, 21:56 they're already driving a new car. 21:58 Mentally, they've already bought 22:00 the car that they want to buy. 22:02 And that car they want to buy maybe just eat 22:06 more on a monthly payment 22:07 than what they just got in the promotion. 22:09 But it's just enough for them to say and justify buying it. 22:12 So one of the biggest success... 22:14 Several of the biggest success stories 22:16 I've seen in savings accounts with my clients 22:19 are clients that have been in their career 22:21 for 10-15 years and they never used their promotion money, 22:27 they stayed-- You know, they got a decent income, 22:30 they bought a home, they bought a car they were happy 22:33 with that did the job, 22:35 and every time they got a promotion, 22:38 they would just stock that extra money 22:39 away into savings account. 22:41 And they lived, just as they were five, eight, 22:44 ten years ago, when they had first got their job. 22:47 And it's just amazing how significant of an increase 22:50 their savings begins to grow. 22:53 So not only did they stock that extra money away, 22:56 but they still kept their savings plan as it was. 22:59 If they were starting to save 100 dollars a month, 23:02 they still save 100 dollars a month, 23:03 but they also moved in that extra money 23:05 into their savings account. 23:07 So having that mentality, 23:09 you know, definitely want to live, you don't want to, 23:11 you know, stay in a cabin, 23:12 if that's where you started, and, 23:14 you know, if you're looking to move into a place 23:16 with some nice utilities and thing like that, 23:18 you know, you deserve those things. 23:20 We talked about earlier, live life, 23:22 enjoy the money you make. 23:23 But you don't have to spend it all. 23:28 Live life, enjoy the money, but remember this, 23:32 happiness doesn't come from spending on yourself. 23:36 Enjoy by spending on others, by supporting others, 23:39 by using you're ability to gain 23:43 through the experience of budgeting, 23:45 so you can support these agencies that are giving 23:48 the Gospel to the world. 23:49 Now in reference to some of the things that were said, 23:52 I heard the story of, you know, a professional athlete that, 23:56 you know, when we think about it, 23:57 they're not really in their profession that long. 24:00 And typically, from the status of football, 24:03 many of them last in the league for about three years, 24:06 an average of three years. 24:08 And within five years after they're retired, 24:10 they're out of cash. 24:11 It's a big issue and one story is told of one gentleman 24:14 that had to retire from the game 24:16 and he just gotten his, 24:19 I believe some type of monies from an injury 24:23 that he had incurred on the football field 24:25 and it was a lump sum. 24:27 Part of it was already taken out 24:28 for some type of child support payment. 24:31 But he said as he was driving home, 24:33 he had that 54,000 dollars, 24:36 I believe it is, on him as he was driving home. 24:39 And guess what? 24:40 As he was driving home he saw that new vehicle that, 24:44 it was a new vehicle at the time that was available 24:46 and it cost almost 40,000 dollars 24:50 with all the bells and whistles. 24:51 And guess what he did? 24:52 With his last 54,000 dollars, that gentleman went 24:56 and bought the next best thing. 24:58 He didn't think about the future. 25:01 He thought about now, 25:03 about greed, about getting what he wanted now. 25:05 And I think that's one of the things 25:07 we need to take in from the standpoint of understanding 25:11 why God is saying 25:13 that if we have godliness with contentment 25:16 that is a great game. 25:18 Being at peace with where you're at, 25:20 studying the venues, studying the horizon, 25:23 seeing what works for you, 25:25 figuring out the programs that are available, 25:27 thinking for the future, 25:28 because when most people buy cars, 25:30 they don't realize that there are costs associated with it 25:33 as would be insurance payments, and gas, 25:37 and maintenance and all of these other elements 25:40 from that standpoint. 25:42 Thinking of the future talks about this issue called college 25:45 and I'm talking to that market 25:47 that's looking at going to school 25:48 or may have recently finished school 25:50 or may have finished school a few years back, 25:52 but still has the college debt. 25:54 There are different resources 25:55 that you can use to help pay off the debt quicker 25:57 or pay it off through public service. 25:59 There are a lot of things that you can do to support 26:03 what you're doing and support the ability to get into school, 26:07 whether you don't have the funds, 26:09 there are ways to find the funds. 26:11 If you do well in school, 26:13 there are opportunities through scholarships. 26:15 And when you look at school, 26:17 understand that that debt that you have can be minimized, 26:21 and if you think future... 26:24 For a future tense, 26:25 you can begin planning your future 26:27 by putting money aside 26:29 right now to pay for those other expenses 26:32 that will come your way. 26:34 So we take a look at that. 26:36 We thank Mr. Joshua Hernandez 26:38 for his for his time and for his insight 26:39 because it provides you an opportunity to look more 26:43 so at your finances 26:45 and look at one of the big things 26:47 that cause a lot of stress in people's life. 26:50 College student loan debt is one of the top three 26:52 along with bank loans 26:54 and along with credit card debt. 26:56 Those top three are things that you should be aware of. 26:59 Start thinking about it now, 27:01 and begin the process of understanding 27:04 the value in your life when you can live it, 27:08 without the debt 27:09 and live it with the peace of mind 27:11 knowing that you can support 27:13 and do and be for others. 27:16 So we talk about student loan debt, 27:18 we talk about college debt, 27:20 we talk about you as an individual. 27:22 Wherever you live, there are opportunities, 27:26 there are chances for you 27:28 to become something far greater than yourself. 27:31 And when you plan for your future, 27:33 you're planning to become wealthy, 27:35 not because of how much money you will make, 27:38 but because how you will manage your money, 27:42 how you will spend your money, how you will save your money, 27:45 how you will buy assets with your funds, 27:48 and how you will invest your funds. 27:50 I am thrilled to have this opportunity 27:52 to talk to you about this issue called debt 27:55 because I've seen it in my life 27:56 and in other lives. 27:58 If you think, 27:59 then you can take that extra to the bank and save. 28:03 God bless. |
Revised 2016-02-18