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Speaker 1: An illegal alien from Guatemala charged with raping a child

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Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 1: accused of murdering a Texas man of Venezuelan charged with

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Speaker 1: filming and selling child pornography in Michigan. These are just

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Speaker 1: some of the heinous migrant criminals caught because of President

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Speaker 1: Donald J.

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Speaker 2: Trump's leadership.

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Speaker 1: I'm Christy nom the United States Secretary of Homeland Security.

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Speaker 1: Under President Trump, attempted illegal border crossings are at the

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Speaker 1: lowest levels ever recorded, and over one hundred thousand illegal

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Speaker 1: aliens have been arrested. If you are here illegally, your

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Speaker 1: next you will be fined nearly one thousand dollars a day, imprisoned,

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Speaker 1: and deported.

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Speaker 2: You will never return.

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Speaker 1: But if you register using our CBP home app and

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Speaker 1: leave now, you could be allowed to return legally.

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Speaker 2: Do what's right. Leave now.

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Speaker 1: Under President Trump, America's laws, border and families will be protected.

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Speaker 3: Sponsored by the United States Department of Homeland Security earners.

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Speaker 4: Listen up. When people all around the world first started

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Speaker 4: going out protesting this summer, you'd hear it over and over.

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Speaker 4: This time is different, But how and who are the

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Speaker 4: people trying to make it different and give us new

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Speaker 4: podcast Resistance posts, SAYI T. John Thomas Jr. Brings us

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Speaker 4: stories from the front lines of the movement for black lives,

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Speaker 4: told by the generation fighting for the change. It's a

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Speaker 4: show about people refusing to accept things as they are

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Speaker 4: and how we can make sure this time really is different.

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Speaker 4: Resistance is out now, follow and listen for free on Spotify.

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Speaker 5: All right, guys, so a lot of people asks us

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Speaker 6: Let's do it.

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Speaker 7: My graduates from my school being forced backdrop drop mic

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Speaker 7: drop backdrop drop.

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Speaker 8: We're gonna talk about some financial tips day people. Right,

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Speaker 8: We're going to try to give a few gyms that

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Speaker 8: people can use in a day to day life because

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Speaker 8: a lot of times, as you said, we don't know,

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Speaker 8: and it's an ongoing learning process.

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Speaker 6: Right.

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Speaker 8: So one of the things I want to talk about

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Speaker 8: is that we covered credit and the importance of credit.

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Speaker 8: And I know you have a credit company, right for sure.

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Speaker 8: But I got a question a DM where somebody says, like,

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Speaker 8: what's the best way to pay off your debt? Like,

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Speaker 8: I know some people have a process where they pay

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Speaker 8: off the higher interest credit cards first. Some people do

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Speaker 8: the lowest balances first, Like what's your philosophy on that?

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Speaker 6: Yeah?

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Speaker 9: So so I like, I like the lowest balanced philosophy,

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Speaker 9: and so I wrote a book called you know what

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Speaker 9: the fight goes? Twelve steps are paying your credit? Right,

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Speaker 9: and I talk about the snowballs is what it's called.

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Speaker 9: But the reason though, right, the reason why the philosophy

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Speaker 9: on taking your lowest balance and paying that all first

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Speaker 9: is important is.

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Speaker 6: Because you want some small wins, right.

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Speaker 9: It's the mindset I've seen people who try to say,

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Speaker 9: all right, you know what this credit card is charging me?

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Speaker 9: The highest interest rate, and so I'm gonna pay that

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Speaker 9: one first, and then they're paying the minimums and they're

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Speaker 9: trying to pay that off, and they wind up looking

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Speaker 9: at their credit card balances each month and it looks

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Speaker 9: like nothing is going anywhere. They get discouraged, and they

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Speaker 9: wind up doing something else because they don't see any

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Speaker 9: forward motion. The best way to pay down credit card

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Speaker 9: debt is it will always be to take all of

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Speaker 9: your credit card your credit cards, put them in order

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Speaker 9: from smallest to largest balance, make sure that you pay

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Speaker 9: off the minimums on all of the cards. But it's

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Speaker 9: gonna start with a budget. Right, You're gonna have to

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Speaker 9: budget a certain amount. You're gonna say, you know what,

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Speaker 9: I'm gonna budget four hundred dollars each month towards debt,

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Speaker 9: pay the minimums on all of the cards, and whatever's

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Speaker 9: left over from that four hundred dollars, you're gonna take

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Speaker 9: that money and you're gonna pay off the lowest amount completely.

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Speaker 6: Right. The following month, you do the same thing.

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Speaker 9: You take the lowest amount, you pay the minimums, and

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Speaker 9: then whatever's left over you snowball that amount to the

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Speaker 9: next one. You keep doing that until you get this

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Speaker 9: one account that's your biggest account, and now you take

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Speaker 9: that four hundred dollars and you tackle it. You keep

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Speaker 9: tackling and keep tackling it, and then eventually you'll realize

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Speaker 9: that you'll be debt free. That works because it motivates you. Right,

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Speaker 9: If you have a credit card that has two hundred

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Speaker 9: dollars on it and you're you went from having five

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Speaker 9: cards to four cards, you see like, oh wow, I

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Speaker 9: see the result.

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Speaker 6: I saw that.

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Speaker 9: I that if I stay focused, you know, I cut

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Speaker 9: down this one balance, then the next month, you know,

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Speaker 9: that card that has five hundred dollars, it takes you

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Speaker 9: two months to pay that off.

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Speaker 6: Then that's that.

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Speaker 9: Those are those small wins, and psychologically it gives you

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Speaker 9: the you know, the motivation to keep it.

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Speaker 10: At the same time, when you're chopping them down, you're

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Speaker 10: decreasing the utilization rate absolutely.

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Speaker 6: So we're trying to keep that under thirty hundred thirty.

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Speaker 9: Percent, and I think what people people love that thirty

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Speaker 9: percent number. But the fact of the matter too, is

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Speaker 9: that so your credit goes three hundred to eight fifty,

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Speaker 9: anything over seven twenty is excellent credit. Those who have

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Speaker 9: a seven twenty or above actually keep their utilization between

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Speaker 9: ten and fifteen percent, lower even lower, right, because the mindset,

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Speaker 9: or the way the Fyco algorithm works is that it

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Speaker 9: rewards people who don't seem as if they need credit.

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Speaker 9: So the more it looks like you need credit, the

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Speaker 9: more they'll lower your school That's.

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Speaker 8: A fact because actually, I just I haven't checked my

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Speaker 8: credit a long time. I just checked it and it

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Speaker 8: was a seven eighty and at fifteen percent futization ragual

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Speaker 8: exactly that same number in seven eighty.

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Speaker 10: So if you think about it, right, if I got

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Speaker 10: one hundred dollars card and I'm paying ninety dollars, right,

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Speaker 10: that seems affordable, right. But if I got a five

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Speaker 10: thousand dollars debt and I'm paying ninety, you don't feel

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Speaker 10: it exactly. You know what I'm saying. They gonna take

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Speaker 10: interest on that. Now you really only pay fifty dollars, right,

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Speaker 10: It doesn't feel the same.

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Speaker 6: But let me ask you this. Let me ask you this, though.

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Speaker 8: So Let's say you have ten credit cards, right, you

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Speaker 8: pay off all ten? Yeah, four, Now you only start

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Speaker 8: using one on a regular basis, You're not using the

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Speaker 8: other nine.

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Speaker 6: Does that hurt you? It doesn't, So, yes, and no. Right.

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Speaker 9: So what happens is this is that your utilization ratio

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Speaker 9: is an aggregate of all the cards that you have, right.

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Speaker 9: And so if you have you know, ten cards, you're

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Speaker 9: not using any other nine and you're only using the one,

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Speaker 9: it's gonna help you because that one card is a

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Speaker 9: small percentage of your total utilization. But what happens is

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Speaker 9: if you're not using the other nine cards and the

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Speaker 9: credit card companies realize that, you know what, this person's

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Speaker 9: not using the card, so I'm going to close this account.

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Speaker 9: Then as they close the account, that hurts you because

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Speaker 9: now fifteen percent of your score is based on your

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Speaker 9: length of credit history. And so one of those cards

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Speaker 9: might have been a card that you had for a

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Speaker 9: long time which was helping you score, and once that

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Speaker 9: card is closed, it negatively impacts you. Plus use, you

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Speaker 9: lose that utilization, right because now that credit limit is

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Speaker 9: no longer available, so that your utilization ratio is going

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Speaker 9: to go up once they close those cards, right, And

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Speaker 9: so it definitely is sort of like a gain, like

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Speaker 9: if you have that many credit cards. A lot of

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Speaker 9: times I like to say, if you want, like if

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Speaker 9: credit matters, right, if credit doesn't matter like, if you're

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Speaker 9: not gonna buy anything in a short term, then you know,

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Speaker 9: I wouldn't put stuff on your credit cards just to

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Speaker 9: keep this number up, right, But if credit matters, or

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Speaker 9: if you're gonna buy something or whatever the case may be,

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Speaker 9: and you need credit, I would say, you know, use

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Speaker 9: your credit some credit cards for things that you would

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Speaker 9: have paid cash for anyway.

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Speaker 6: Right.

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Speaker 9: And so if let's say, for instance, you use cash

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Speaker 9: to buy gas, right, use a credit card and that

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Speaker 9: money that you would have, you know, paid or that

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Speaker 9: money you would have used to buy the gas, pay

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Speaker 9: off the card with that.

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Speaker 11: This episode is brought to you by P and C Bank.

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Speaker 1: An illegal alien from Guatemala charged with raping a child

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Speaker 1: in Massachusetts. An MS thirteen gang member from El Salvador

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Speaker 1: accused of murdering a Texas man of Venezuelan charged with

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Speaker 1: filming and selling child pornography in Michigan. These are just

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Speaker 1: some of the heinous migrant criminals caught because of President

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Speaker 1: Donald J.

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Speaker 2: Trump's leadership.

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Speaker 1: I'm Christine Nohm, the United States Secretary of Homeland Security.

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Speaker 1: Under President Trump, attempted illegal border crossings are at the

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Speaker 1: lower levels ever recorded, and over one hundred thousand illegal

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Speaker 1: aliens have been arrested. If you were here illegally your

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Speaker 1: next you will be fine nearly one thousand dollars a day.

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Speaker 2: Imprisoned and deported, you will never return. But if you

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Speaker 2: register using our.

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Speaker 1: CBP home app and leave now, you could be allowed.

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Speaker 2: To return legally. Do what's right. Leave now.

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Speaker 1: Under President Trump, America's laws, border and families will be.

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Speaker 3: Protected sponsored by the United States Department of Homeland Security.

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Speaker 9: For that way is at least some activity on it.

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Speaker 9: So the credit card companies don't close.

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Speaker 8: Let me ask you this. Also, let's say you get

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Speaker 8: because they got all kind of credit card. Now they

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Speaker 8: got cards for like medical purposes.

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Speaker 1: Right.

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Speaker 8: So let's say you have a low utilization rate, but

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Speaker 8: you get one card for a medical purpose and you

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Speaker 8: max that card out. Yep, but your other utilization is good,

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Speaker 8: but you max that one card out, that hurts you.

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Speaker 9: It doesn't because it's the aggregate, the right. And so

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Speaker 9: if you let's say you had ten cards with one

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Speaker 9: thousand dollars, right, and you max out one card of

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Speaker 9: one thousand dollars, your your utilization is still only ten percent, right,

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Speaker 9: because your total available limit is ten thousand when you

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Speaker 9: look at all of the cars.

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Speaker 6: And so that's what I was saying, where when it Yeah.

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Speaker 9: When you close it, it can hurt you because if now,

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Speaker 9: if you max at one thousand dollars and let's say

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Speaker 9: the non card say, you know what, he ain't using

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Speaker 9: these cars to let me close these out. Now, your

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Speaker 9: utilization go from ten percent to one hundred percent. And

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Speaker 9: that's gonna immediately.

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Speaker 6: You know.

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Speaker 10: That's a smart shress, you though, Right, if you have

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Speaker 10: ten cars, maybe you have ten different purposes.

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Speaker 6: So if it's a supermarket, or if.

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Speaker 10: It's gas, or if it's you know, electronics or something

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Speaker 10: like that, like you have a purpose for each one,

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Speaker 10: just like I'm randomly all right, that one's max.

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Speaker 6: Let me go to the next. What I'm saying, make a

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Speaker 6: purpose for each car?

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Speaker 9: Yeah, because because because credit card debt is the worst

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Speaker 9: type of debt that you could possibly have, right, Like

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Speaker 9: credit card debt, you're paying more than what it's worth.

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Speaker 6: So yeah, and.

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Speaker 9: Student loans, I mean, but even with student loans, you know,

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Speaker 9: you know, at least with student loans you get a degree,

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Speaker 9: you know you're able to like, you know, you know

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Speaker 9: what I'm saying, Like I'm not a you know, because

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Speaker 9: I didn't get a degree till later on in life.

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Speaker 6: So I'm you know, I could go either way with

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Speaker 6: student loans.

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Speaker 9: But credit cards are like is there's no reason why

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Speaker 9: you should be paying credit card debt?

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Speaker 6: You know what I'm saying.

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Speaker 8: All right, let's good information, very good information. So let's

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Speaker 8: go retirement plan. Yes, right, people ask another question I

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Speaker 8: got in the DM Okay, so four one k yeah,

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Speaker 8: Ira raw ira cantut with the four one K?

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Speaker 6: Why is it a good idea for people to put

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Speaker 6: money into a four months man? So the foll on

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Speaker 6: k is it's like free money. So so first of all,

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Speaker 6: is this right?

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Speaker 9: Is that when you think about your the money that

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Speaker 9: you pay to the I R s uh, when you

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Speaker 9: put money into a retirementcount, it lowers you, you know,

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Speaker 9: what you have to pay to them, because part of

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Speaker 9: that money is now tax is not tax deductible, right,

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Speaker 9: or you don't pay taxes on that money, right. And

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Speaker 9: so putting your money in a full one K allows

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Speaker 9: you to say, you know what, Uh, in the future,

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Speaker 9: I'll have this money to retire off, but I don't

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Speaker 9: have to pay ten on it right now.

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Speaker 6: Right.

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Speaker 9: But also a lot of employers will match your four

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Speaker 9: one K, so they might they might match you up

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Speaker 9: to four percent, which means that if or four percent

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Speaker 9: six percent. Four percent has been sort of like the

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Speaker 9: industry norm that I've heard. And so if a job

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Speaker 9: says if you they want to encourage you to say

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Speaker 9: for retirement, so they say, if you put it, whatever

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Speaker 9: you put in, we're gonna we're gonna match it up

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Speaker 9: to four percent, which means that four percent is free money.

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Speaker 9: And as long as you're invested, they might they might

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Speaker 9: have a stipulation, all right, you have to be with

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Speaker 9: our company five years or whatever the case may be.

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Speaker 9: You keep that money and so not investing in a

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Speaker 9: four one K, you're actually losing money, free money that

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Speaker 9: the employer would have given you. And so you know,

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Speaker 9: so that's one reason. But then when you think about

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Speaker 9: a retirement, just as a whole, social Security might not

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Speaker 9: be here for us, and so by the time you know,

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Speaker 9: we become of age and it's time to retire, there's

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Speaker 9: gonna be a certain number that you're gonna need each

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Speaker 9: month to live off of, and you're gonna want to

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Speaker 9: have an account that will be able to supply some

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Speaker 9: of that income so that you you don't have to

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Speaker 9: be sixty seventy working at Walmart.

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Speaker 10: So and in terms of people who come from the

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Speaker 10: education field, obviously, I mean I speak to teachers all

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Speaker 10: the time, and yes, they educate our children, but they

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Speaker 10: have no idea about finance. So we don't have a

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Speaker 10: four to one kid, we have a four H three B.

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Speaker 6: Yeah, same thing.

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Speaker 9: Same, same exact thing, right, Because the importance of that,

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Speaker 9: especially you know someone that works in the education field,

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Speaker 9: is that you want to make sure that you're not

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Speaker 9: going to be able to teach forever and then when

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Speaker 9: it's time for you to leave that you know that institution.

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Speaker 9: You want to be able to have money coming in.

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Speaker 9: You want to diversify your income, and so putting putting

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Speaker 9: that money out up front is going to allow it

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Speaker 9: to grow and if you find right So you know

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Speaker 9: a lot of people are like weary, you know, especially

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Speaker 9: when you think about the Bernie madeoffs and what happened

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Speaker 9: in the you know, the great recession two thousand and eight,

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Speaker 9: two thousand and nine, people are like leary of you know,

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Speaker 9: putting their money in the markets. But if you remove

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Speaker 9: that isolated incident out on average, you know, you know,

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Speaker 9: when you look at the stock market, markets are you know,

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Speaker 9: it's always positive, right, and so just kind of keep

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Speaker 9: an eye out on where your money's being invested. But

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Speaker 9: that money is also gonna it's not like the money

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Speaker 9: that you put in is that's not gonna stay at

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Speaker 9: the amount that you put in. You're actually gonna earn

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Speaker 9: interest on that and that money is going to grow

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Speaker 9: through compound interest. So that way, you know, what you

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Speaker 9: start off with is gonna give you a nice little cushion,

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Speaker 9: you know, for you when you retire.

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Speaker 6: And also the raw there's another great way, Yeah, I

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Speaker 6: love it.

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Speaker 8: That's the way where you you don't pay you don't

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Speaker 8: save money or taxes today.

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Speaker 6: But it's tax freelated.

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Speaker 9: On absolutely, And honestly I like that better, right, because

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Speaker 9: what happens is this, you know, tax deductible means that

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Speaker 9: you know, I can deduct this amount if I put

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Speaker 9: If I put ten thousand dollars, or let's say I

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Speaker 9: put five thousand dollars towards my retirement, uh, and I

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Speaker 9: made forty five thousand dollars, then I'm only I could

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Speaker 9: deduct that five thousand off my taxes. I'm paying forty

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Speaker 9: thousand taxes. But then now that five thousand that I put,

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Speaker 9: when it grows to one hundred thousand when I retire,

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Speaker 9: you know I now need to pay taxes as I

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Speaker 9: will withdraw that money, right and so and so it's

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Speaker 9: it's you know, it's tax deductible, but you pay taxes later.

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Speaker 9: And the the whole thought process is that when I

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Speaker 9: get older, I'll have lower a lower tax burden, and

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Speaker 9: so that so.

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Speaker 6: That that works that way.

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Speaker 9: But with the WROW, I love the ROT because it's

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Speaker 9: not tax deductible, but it's tax free distribution, right, which means,

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Speaker 9: all right, great, I put five thousand dollars into this

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Speaker 9: into this rough IRA. This year, I made forty five

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Speaker 9: thousand dollars, I'm gonna pay forty five thousand in taxes

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Speaker 9: right But now that five thousand, when it grows to

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Speaker 9: one hundred thousand, and I could withdraw a tax free,

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Speaker 9: I never have to owe the irs anything on that money,

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Speaker 9: on that on that growth of that money. It's you know,

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Speaker 9: I love that especially for young people. Maybe if you're

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Speaker 9: a little older, you know, it may not necessarily be

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Speaker 9: the right thing to do. But the reason why I

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Speaker 9: love it for young people is because you know, right now,

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Speaker 9: as as a young person who has more, you know,

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Speaker 9: more earning ability.

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Speaker 6: You could take you know, bigger risk.

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Speaker 9: And if you take that money that's in a raw

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Speaker 9: and you put it into something that is giving you

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Speaker 9: a great rate of return, all of that growth, you

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Speaker 9: don't have to pay taxes on.

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Speaker 6: Yes.

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Speaker 8: Yeah, somebody said one time, they said, if if you,

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Speaker 8: if you, if you were never told the information, you

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Speaker 8: can't be help responsible. If you were told the information

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Speaker 8: and just chose not to do anything with that's on you, absolutely,

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Speaker 8: So you can.

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Speaker 6: Never say you weren't told.

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Speaker 8: The information applications to your application to you were trying

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Speaker 8: to give you as much information as we can give you,

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Speaker 8: but ultimately you have to apply it.

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Speaker 7: My graduates from my school being forced bad drop Drop,

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Speaker 7: Mike Drop bad Drop.

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Speaker 1: An illegal alien from Guatemala charged with raping a child

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Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 1: accused of murdering a Texas man of Venezuelan charged with

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Speaker 1: filming and selling child pornography in Michigan. These are just

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Speaker 1: some of the heinous migrant criminals caught because of President

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Speaker 1: Donald J.

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Speaker 2: Trump's leadership. I'm Christy nom the.

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Speaker 1: United States Secretary of Homeland Security. Under President Trump, attempted

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Speaker 1: illegal border crossings are at the lowest levels ever recorded,

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Speaker 1: and over one hundred thousand illegal aliens have been arrested.

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Speaker 1: If you are here illegally, your next you will be

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Speaker 1: fined nearly one thousand dollars a day, imprisoned, and deported.

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Speaker 2: You will never return.

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Speaker 1: But if you register using our CBP home app and

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Speaker 1: leave now, you could be allowed to return legally.

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Speaker 2: What's right? Leave now?

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Speaker 1: Under President Trump, America's laws border and families will be protected.

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Speaker 3: Sponsored by the United States Department of Homeland Security,