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Speaker 1: Hey, hey, hey, it's time for b a q A. Hey, okay,

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Speaker 1: it's time for b a q wait, come on, many, hey, hey,

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Speaker 1: it's time for any.

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Speaker 2: Till you left my tab, I don't know what you're doing.

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Speaker 2: Oh there you are.

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Speaker 1: So for those who don't know, me and Mandy are

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Speaker 1: testing out this video thing. No, you can't see us,

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Speaker 1: but I can see her. So I was trying to

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Speaker 1: get her to do the bomb. I'm like, come on, Manny,

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Speaker 1: come on, come on, show me, show me that.

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Speaker 2: Bob I was lost in tab purgatory.

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Speaker 1: What is it?

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Speaker 2: It's like that part when I almost forget what the

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Speaker 2: next the next move in the wobble is and you're

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Speaker 2: kind of looking.

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Speaker 1: Over wait, yeah, get in there. Well it's time for

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Speaker 1: b a q A. And we got some awesome questions.

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Speaker 1: But if you have questions, mayby, how can the people

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Speaker 1: ask questions? Oh?

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Speaker 2: How can't you ask questions? You can? You can go

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Speaker 2: to brandambispodcast dot com and click ask us anything. You

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Speaker 2: can also hit us up on Instagram at brand Ambission Podcast,

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Speaker 2: on the Gram and slide into our DMS and let's

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Speaker 2: see email. You can hit us up brand Ambition Podcast

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Speaker 2: at gmail dot com with your questions, try to make

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Speaker 2: them detailed. You don't have to say your name. You

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Speaker 2: can stay anonymous. We're happy to call you whatever alias

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Speaker 2: you prefer. So who knows, try out a do name

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Speaker 2: with our show. But we love to get y'all's questions.

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Speaker 1: Okay, so first question you want me to read it?

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Speaker 2: Yes? Please?

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Speaker 1: Okay, it's from Brian, he says, Hey, First, thank you

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Speaker 1: so much forather you do for our community, New Welks.

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Speaker 1: My question is about the statute of limitations slash the

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Speaker 1: zombie debt. I read your article about how to settle

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Speaker 1: your credit card debt, and I have some questions about

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Speaker 1: the statute of limitations for debt collection. Does that statute

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Speaker 1: of limitations change if you move from one state to

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Speaker 1: another or does the original state in which you open

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Speaker 1: the account supersede your current state of residence?

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Speaker 2: Bryant, Yeah, well zombie debt.

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Speaker 1: So yeah, so let's explain zombie debt.

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Speaker 2: Let's do it. So, zombie debt occurs. So something you

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Speaker 2: may not realize is when you so let's say you

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Speaker 2: run up a credit card and you don't pay it off.

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Speaker 2: There's several things that happen over a long period of time.

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Speaker 2: Eventually What may happen is that you're so delinquent that

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Speaker 2: the credit card issuer or the debt collector just charges

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Speaker 2: it off and that goes on your credit report, is

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Speaker 2: a charge off, and it's not good for your credit.

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Speaker 2: And then they may send it to a collector who

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Speaker 2: will try to pursue that debt. And in each state

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Speaker 2: they have a specific window of time, a window of

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Speaker 2: opportunity when lenders or debt collectors can actually sue you

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Speaker 2: to recoup that debt. And this is important. It means

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Speaker 2: the time in which they can sue you to recoup

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Speaker 2: that debt. And once that statute of limitations has passed,

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Speaker 2: they technically can't sue you. They can still pursue, and

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Speaker 2: do they ever try. They definitely will try, but technically

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Speaker 2: they don't have the legal authority at that point to

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Speaker 2: actually sue you. So what that means for you, So,

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Speaker 2: if you have a super old debt that was charged

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Speaker 2: off forever ago, and you get a phone call and

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Speaker 2: they're like, hey, we want you to make a payment,

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Speaker 2: just one dollar, just ten dollars on this old account,

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Speaker 2: if that has passed the statute of limitations in your state,

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Speaker 2: there's technically no benefit to you giving them money. In fact,

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Speaker 2: if you do give them money, what it can do

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Speaker 2: is resurrect that debt. Then it breathes new. It's like

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Speaker 2: it's like infecting a zombie or how do zombies turn

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Speaker 2: into zombies? Who knows?

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Speaker 1: Whatever they buye So it basically is a zombie bite you.

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Speaker 1: And now yeah, it basically statute of limitation. It starts

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Speaker 1: back over. So in New Jersey, New York, like the

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Speaker 1: statute of limitation of evolving debt, meaning like credit card

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Speaker 1: debt is six years. So if it's your seven and

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Speaker 1: it's like oh and you don't realize and you pay

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Speaker 1: that one dollar, then literally it can start back at

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Speaker 1: year zero again and work its way back up. So

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Speaker 1: just be mindful. So just so you guys know, that's

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Speaker 1: what it is. And so Brian, no, whatever whatever state

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Speaker 1: that you incurred that in, it stays there. It doesn't

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Speaker 1: because technically you can go from a state with, you know,

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Speaker 1: a six year statute limitation to a state with three

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Speaker 1: year and be like wooo, sorry Nanna and boo boo.

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Speaker 1: So they're like, no, wherever you started, that's that's where

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Speaker 1: it is. So it won't.

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Speaker 2: It won't.

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Speaker 1: It's with the original state where you opened up the account.

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Speaker 1: It doesn't supersede. It's not about your current residence if

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Speaker 1: you've moved. If you open that account when you're in Jersey,

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Speaker 1: it's with Jersey, and then if you go to you know, California,

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Speaker 1: it's still Jersey.

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Speaker 2: Brian's on the run, Brian, next, like you bos a

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Speaker 2: question for a friend.

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Speaker 1: Proximo we Spanish?

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Speaker 2: Okay, Hey hey, oh look at this morning.

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Speaker 1: They say, hey, hey, just like me. Hey, hey, hey,

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Speaker 1: Tifney and Mandy love you ladies, love you back? Keep

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Speaker 1: up this? Oh, let's you. I'm sorry, Mandy, I read

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Speaker 1: you read I read the last one. You could read

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Speaker 1: this one? My bad girl.

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Speaker 2: Oh thank you, you're so generous. All right? Hey hey, hey, hey,

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Speaker 2: Tiffany and Mandy love you ladies. I giggle right along

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Speaker 2: with y'all while taking notes. I have a question about

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Speaker 2: paying back debt currently. This is my debt, and she

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Speaker 2: goes on to list one, two, three, four, five, six

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Speaker 2: different types of debt line of credit, credit card, another

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Speaker 2: credit card, some kind of zero percent credit card. I

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Speaker 2: don't know, different accounts. Am I reading that right? So

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Speaker 2: basically what she's asking is should I concentrate and pay

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Speaker 2: off a line of credit that is accruing at seven

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Speaker 2: percent and my balance is ten five hundred dollars, Or

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Speaker 2: should I concentrate on paying down credit cards while they

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Speaker 2: are charging zero percent and two percent? So she has

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Speaker 2: a total of eleven thousand dollars on those two credit

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Speaker 2: cards which are charging zero percent and two percent, and

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Speaker 2: wants to know if she should prioritize those or a

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Speaker 2: line of credit at her bank which is charging seven

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Speaker 2: percent for a balance of ten So about the same

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Speaker 2: amount of money, but vastly different.

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Speaker 1: But pourquet, I see she has regular credit card. It

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Speaker 1: says twenty percent. We ain't gonna talk about that. It

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Speaker 1: looks like we talk about the wrong things, sister child,

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Speaker 1: We're gonna call you giggles. So she said, you're gonna giggle,

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Speaker 1: so giggles. I'm concerned that we're not mentioning that the

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Speaker 1: second item on your list says twenty percent credit card,

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Speaker 1: it's forty five hundred dollars. That would be my main

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Speaker 1: priority because it's that's expensive, giggles, that's pricing, you know.

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Speaker 1: So that's where I would put, quite honestly, where I

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Speaker 1: put my energy.

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Speaker 2: Yeah, I mean, just reading this kind of stresses me. Out,

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Speaker 2: and it makes me think of people who are kind

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Speaker 2: of juggling those multiple debts, and all you're doing is

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Speaker 2: kind of making your minimum payments and just staying above water.

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Speaker 2: So I commend you, Giggles for at least trying to strictrategically,

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Speaker 2: you know, attack this debt. So the two zero percent

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Speaker 2: interest cards that she has, those are zero percent until

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Speaker 2: twenty twenty two. So in my mind, set your set

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Speaker 2: a calendar alert even for March or April or sorry,

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Speaker 2: yeah late, it's like March and May next year, So

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Speaker 2: I would set a calendar alert for like February, just

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Speaker 2: to be sure that you don't miss and you want

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Speaker 2: to get back on top of those cards. Check the

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Speaker 2: on those zero percent offers. Check the fine print and

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Speaker 2: make sure that there's not a deferred interest clause, because

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Speaker 2: if there is, you may be sitting pretty until early

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Speaker 2: next year, but then get slapped with all the interest

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Speaker 2: that you would have been accruing if you leave money

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Speaker 2: on your if you leave a balance on those cards,

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Speaker 2: well let's see. I mean, I agree with Tiff. I

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Speaker 2: think that the smartest thing to do is order these

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Speaker 2: from most expensive to least and do your best to

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Speaker 2: attack them. So starting with that twenty percent credit card

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Speaker 2: and then moving on to your seventy percent interest.

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Speaker 1: Line credit, there's a thirteen yeah, number four.

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Speaker 2: Okay, this is interesting, Okay you are I'm confused why

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Speaker 2: you show these cards, That's what I guess.

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Speaker 1: I'm just I would love to know, like, what is

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Speaker 1: it about the line of credit that made you think

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Speaker 1: that you should I can understand the zero percent because

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Speaker 1: you're like, I can put all of my money that

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Speaker 1: I put toward it goes to the money goes to

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Speaker 1: the principle. So I can understand why you bring that up.

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Speaker 1: But what is it about the line of credit that

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Speaker 1: makes you think that you should pay that first versus

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Speaker 1: the twenty percent and the thirteen percent credit card? So

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Speaker 1: that's what I'm curious about. So I would focus on

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Speaker 1: the twenty then the thirteen. To Mandy's point, what will

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Speaker 1: that is? What will your zero percent cards be in

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Speaker 1: March and in May? If they're going to be like

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Speaker 1: thirty percent something crazy, then then I might rethink my strategy.

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Speaker 1: Or if it's not paid off, I have to pay

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Speaker 1: back all the interest from before, then my strategy might

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Speaker 1: be to focus on the zero percent cards. It depends

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Speaker 1: on what happens if there if it's not paid off

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Speaker 1: in full by March in May, if it's a I

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Speaker 1: think astronomical those cards first, if it's something not so bad,

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Speaker 1: twenty percent, then thirteen percent, then you know, whatever, the

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Speaker 1: the whatever. I would do my interest rates in order

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Speaker 1: from highest to lowest basically and.

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Speaker 2: Count those zero percent cards as their regular APR once

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Speaker 2: you check the fine print. Yeah, that's smart, that's smart.

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Speaker 2: I mean in general, having this many lines of credit

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Speaker 2: and credit cards kind of it just tells me there's

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Speaker 2: something underlying that's probably that's problematic with your cash flow.

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Speaker 2: So I would also say, really focus on bringing an

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Speaker 2: additional income, trying to find any way that you can

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Speaker 2: bring an extra income to really attack, you know, these debts,

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Speaker 2: so that you can get debt free. Because each card

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Speaker 2: balance isn't that insane?

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Speaker 1: Yeah, add it up.

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Speaker 2: When you add it up, that's I'm gonna do some

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Speaker 2: quick math. That's like fifteen k plus four, that's nineteen

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Speaker 2: plus five twenty four. That's like twenty five twenty six

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Speaker 2: thousand dollars in total. That's a lot to have on

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Speaker 2: all credit lines, which could be variable aprs and change

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Speaker 2: with the market. So you definitely want to get that

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Speaker 2: under control.

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Speaker 1: So make a little bit more tighten a belt, spend

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Speaker 1: a little bit less. Put it toward your expensive debt

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Speaker 1: especially first. Okay, giggles, we're gonna have you looking good.

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Speaker 1: It's ohpa's bank account, all right? Number three?

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Speaker 2: This primstracted thinking about her oprah's bank account.

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Speaker 1: This is from quotes Kia. Okay, hey, Kiya. She has

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Speaker 1: a question for her parents. They're planning to relocate to

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Speaker 1: another state within the next two years. They plan to

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Speaker 1: rent out their current home that still has a mortgage,

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Speaker 1: but they are trying to determine if they should dip

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Speaker 1: into their retirement accounts to pay off their current home

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Speaker 1: and then buy a new home in their new city

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Speaker 1: or simply rent in the new city. In either option,

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Speaker 1: they would rent out their current home for more than

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Speaker 1: enough to cover the mortgage. They're both six and fly,

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Speaker 1: I bet Kia and have about one million safe for retirement.

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Speaker 1: Oh they all fly and are five and ten years

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Speaker 1: away from retirement. Are they Because it's not like they're there.

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Speaker 1: There's about one hundred K left to pay on the house,

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Speaker 1: and they feel that paying this off will improve their

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Speaker 1: credit score, which is currently pretty low. And debt to

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Speaker 1: income ratio which is very high to due to student loans,

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Speaker 1: so they can qualify to buy a new house. I'm

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Speaker 1: concerned about them dipping into their retirement accounts. What do

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Speaker 1: you think they should do? Well, First of all, let's

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Speaker 1: give a round for falls to Kia's million dollars saving parents,

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Speaker 1: because that's not an easy thing. So you know, commend

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Speaker 1: your mama and pop up you know, papa about that

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Speaker 1: because that's awesome. And there's a lot here so to

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Speaker 1: really unpack. She's got parents, they have a million dollars

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Speaker 1: safe for retirement, boohoo. They do have a house that

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Speaker 1: they want to pay off, and they're like, it's about

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Speaker 1: one hundred thousand dollars. Do they go from one million

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Speaker 1: to nine hundred thousand to pay off the house? Because

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Speaker 1: this will hopefully want improve their credit score because they

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Speaker 1: want to buy another house, and I guess just not

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Speaker 1: having you know, that particular debt, or they can just

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Speaker 1: pay it off more naturally by renting out the house

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Speaker 1: and having someone else pay the mortgage via rent. I'll

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Speaker 1: say what I'm leaning toward, Kiki. If your parents were

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Speaker 1: you know, forty five, I might be like, you know what,

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Speaker 1: maybe I would dip a little sock maybe, but honestly,

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Speaker 1: not at sixty, not at sixty, especially since they can

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Speaker 1: rent and the renter will pay their mortgage. I feel

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Speaker 1: nervous about so close to retirement taking money out of

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Speaker 1: your retirement account that's not specifically for retirement. You know,

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Speaker 1: let the renter just pay off the mortgage. I mean,

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Speaker 1: and here's the thing, I don't even know at this age,

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Speaker 1: why do they need to buy a house.

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Speaker 2: I know I said that that's what I was gonna say.

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Speaker 2: Don't buy another house.

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Speaker 1: Go ahead, I know, I'm like, don't don't buy another house.

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Speaker 2: My dad is sixty. He is desperate to buy a

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Speaker 2: house right now. And I'm like, you don't have to,

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Speaker 2: but he just something about he wants I mean, helmes

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Speaker 2: are in where he wants to live in, like the

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Speaker 2: boon The Boonies of Georgia aren't that pricey. But you know,

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Speaker 2: first of all, do your parents want our advices? Michael,

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Speaker 2: I'm a little nervous. I'm like this woman. They don't

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Speaker 2: want to. They don't want to know what made you

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Speaker 2: take me? Then? Baby grown? They talk about yeah, but

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Speaker 2: I would say, like, if you're depends on what kind

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Speaker 2: of retirement they want. But you can have a you

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Speaker 2: can have a home that you rent. Yes, you know

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Speaker 2: you don't have to buy a house.

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Speaker 1: Yeah, it's a financial because here's the thing. Much mortgage

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Speaker 1: you're gonna get is between fifteen and thirty years. What

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Speaker 1: are we trying to Are we trying to owe for

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Speaker 1: the next fifteen years? No, you want to be footloose

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Speaker 1: and fancy free as sixty. I know your pop still

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Speaker 1: got it in him. Your mom's still dipping on a

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Speaker 1: dance floor. If it was me, no disrespect to your parents,

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Speaker 1: and I'd be like, hey, parents, I know, I'm like,

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Speaker 1: you know, you're like, girl, this baby's talking. But I

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Speaker 1: would be like, I'm going to rent in our new city.

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Speaker 1: I'm going to let someone else pay off my mortgage.

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Speaker 1: I ain't got to worry about it, and I'm going

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Speaker 1: to lean into the four percent rule for my million

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Speaker 1: dollars that I have saved. That four percent rule is

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Speaker 1: this is then on average, I know, the last year

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Speaker 1: the market has been crazy, but on average, if we

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Speaker 1: look over the last you know, one hundred years, the

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Speaker 1: market has yielded between like seven to ten percent, so

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Speaker 1: to be conservative, eight percent, the four percent rule is

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Speaker 1: that you have your money put up and you pull

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Speaker 1: out four percent a year, because it means that you'll

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Speaker 1: put pull out on typically less than what your money

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Speaker 1: has returned to you, and you'll never you'll never have

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Speaker 1: to dip into that one million, and you can live

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Speaker 1: off that four percent, you know. And so I would

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Speaker 1: be living off the four percent rule, keeping that million

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Speaker 1: dollars in the bank less somebody else pay my mortgage,

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Speaker 1: you know, renting a nice apartment. Because here's the thing

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Speaker 1: about apartment too. You ain't got to shovel. You don't

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Speaker 1: gotta what raake. Oh there's a leak. I'm sorry, mister

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Speaker 1: super you need to fix that. No, sir, I feel

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Speaker 1: like buying a home when you're younger makes more sense

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Speaker 1: when you're like having a kid and you want something

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Speaker 1: more stable whatever. But no, like if my parents' house

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Speaker 1: wasn't paid off, that was their plan that they were

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Speaker 1: gonna get a condo, you know, so they don't have

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Speaker 1: to worry about kind of like the household chore. So

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Speaker 1: that's what I wo suggest, Kia. But your parents are

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Speaker 1: grown and they're gonna do grown things.

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Speaker 2: Yeah, let us know how that goes. I want you

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Speaker 2: to sit down and say so mommy and daddy and

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Speaker 2: I tell you what my friends and Mandy and Tiffany

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Speaker 2: think you should do with your money.

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Speaker 1: She's gonna be like press play, no disrespect mister and

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Speaker 1: missus Kia. First of all, they're gonna be like, why

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Speaker 1: are you tell my business? Right?

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Speaker 2: Oh no, they don't want any of their any of

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Speaker 2: theirs out there. But I think this they've given you

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Speaker 2: a gift, which sounds like they're gonna be okay. So, yeah,

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Speaker 2: how is your finances?

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Speaker 1: Yeah? The house you focus on mom and dad?

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Speaker 2: You good girl.

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Speaker 1: I can only see her mom being like, meanwhile, me

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Speaker 1: and your daddy's good. Me and daddy good. But you're

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Speaker 1: over here asking to borrow five hundred dollars. You worry

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Speaker 1: about me and my retirement? Your parents? Yeah?

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Speaker 2: I was just like, why why do you worry? Kiya?

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Speaker 1: But honestly, k you being an awesome daughter. These questions

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Speaker 1: were awesome. I hope you like this ba QA.

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Speaker 2: I like this format right, and you too. I'm glad

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Speaker 2: we switched it in.

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Speaker 1: Yeah. Yeah, see so yes, we'll be doing the b

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Speaker 1: a QA every week. So if you have some QA

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Speaker 1: for the ba what you gotta do? Andy ask us.

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Speaker 2: Oh my boss, my bad, you served it. I dropped

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Speaker 2: the ball picking it back up. You can go to

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Speaker 2: Brandnivision podcast dot com dot ask us anything, or hit

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Speaker 2: us up on IG. I check my ig quite often

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Speaker 2: Brand and Vision Podcast. I probably will respond to your

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00:16:59,440 --> 00:17:01,920
Speaker 2: message if you and this one just saying uh, send

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Speaker 2: us your question there or email us Brandonbission Podcast at

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Speaker 2: gmail dot com.

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Speaker 1: And one last favor poor for war. That means please

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Speaker 1: in Spanish. If you love the ba qa, and especially

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00:17:13,800 --> 00:17:15,560
Speaker 1: if you have a friend that could quite hobnously use

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00:17:15,600 --> 00:17:19,920
Speaker 1: the advice, please share the link to this podcast with

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Speaker 1: at least three friends coworkers, mom, dad, cousin, Auntie and them,

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00:17:23,800 --> 00:17:27,960
Speaker 1: because we would really love to share our delicious brown

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Speaker 1: ambitiousness with the world. Yeah, you guys seem to be

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Speaker 1: enjoying the way we're doing the podcast now, so we

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Speaker 1: would just love even more people to listen and to

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Speaker 1: help more people. So share with at least three different people.

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Speaker 1: I promise you you won't regret it. We're gonna treat

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Speaker 1: them good, real.

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Speaker 2: Good to Superman just open the door and slam it.

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Speaker 1: Yes, I like bruh, I told you mondays Well, the

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Speaker 1: good thing is We ain't got to worry about that

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Speaker 1: because we're gonna be taping early. I'm doing the what

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Speaker 1: is this called the bogel like that? You know that's

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Speaker 1: I don't like, you know, think about mister me and

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Speaker 1: Madia both doing it like.

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Speaker 2: It is.

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Speaker 1: Let me buy the many got a little little rhythm.

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Speaker 2: Okay, man, you haven't seen you came to my wedding

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Speaker 2: way but entire.

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Speaker 1: But yes, I'm saying you didn't like that dancing like

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Speaker 1: you know?

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Speaker 2: Yes I dance, you should say. Me and Rio we

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Speaker 2: cut a ro.

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Speaker 1: With a little two step rhythm.

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Speaker 2: Now I thought you knew where I was from and

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Speaker 2: who I am. Not a person a little bit of money,

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Speaker 2: I could still.

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Speaker 1: Move, all right, Jenny from the block, all right? Until

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Speaker 1: next time. The a q A is out out by