Speaker 1: Hey, hey, hey, it's time for b a q A. Hey, okay,
Speaker 1: it's time for b a q wait, come on, many, hey, hey,
Speaker 1: it's time for any.
Speaker 2: Till you left my tab, I don't know what you're doing.
Speaker 2: Oh there you are.
Speaker 1: So for those who don't know, me and Mandy are
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Speaker 1: What is it?
Speaker 2: It's like that part when I almost forget what the
Speaker 2: next the next move in the wobble is and you're
Speaker 2: kind of looking.
Speaker 1: Over wait, yeah, get in there. Well it's time for
Speaker 1: b a q A. And we got some awesome questions.
Speaker 1: But if you have questions, mayby, how can the people
Speaker 1: ask questions? Oh?
Speaker 2: How can't you ask questions? You can? You can go
Speaker 2: to brandambispodcast dot com and click ask us anything. You
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Speaker 2: at gmail dot com with your questions, try to make
Speaker 2: them detailed. You don't have to say your name. You
Speaker 2: can stay anonymous. We're happy to call you whatever alias
Speaker 2: you prefer. So who knows, try out a do name
Speaker 2: with our show. But we love to get y'all's questions.
Speaker 1: Okay, so first question you want me to read it?
Speaker 2: Yes? Please?
Speaker 1: Okay, it's from Brian, he says, Hey, First, thank you
Speaker 1: so much forather you do for our community, New Welks.
Speaker 1: My question is about the statute of limitations slash the
Speaker 1: zombie debt. I read your article about how to settle
Speaker 1: your credit card debt, and I have some questions about
Speaker 1: the statute of limitations for debt collection. Does that statute
Speaker 1: of limitations change if you move from one state to
Speaker 1: another or does the original state in which you open
Speaker 1: the account supersede your current state of residence?
Speaker 2: Bryant, Yeah, well zombie debt.
Speaker 1: So yeah, so let's explain zombie debt.
Speaker 2: Let's do it. So, zombie debt occurs. So something you
Speaker 2: may not realize is when you so let's say you
Speaker 2: run up a credit card and you don't pay it off.
Speaker 2: There's several things that happen over a long period of time.
Speaker 2: Eventually What may happen is that you're so delinquent that
Speaker 2: the credit card issuer or the debt collector just charges
Speaker 2: it off and that goes on your credit report, is
Speaker 2: a charge off, and it's not good for your credit.
Speaker 2: And then they may send it to a collector who
Speaker 2: will try to pursue that debt. And in each state
Speaker 2: they have a specific window of time, a window of
Speaker 2: opportunity when lenders or debt collectors can actually sue you
Speaker 2: to recoup that debt. And this is important. It means
Speaker 2: the time in which they can sue you to recoup
Speaker 2: that debt. And once that statute of limitations has passed,
Speaker 2: they technically can't sue you. They can still pursue, and
Speaker 2: do they ever try. They definitely will try, but technically
Speaker 2: they don't have the legal authority at that point to
Speaker 2: actually sue you. So what that means for you, So,
Speaker 2: if you have a super old debt that was charged
Speaker 2: off forever ago, and you get a phone call and
Speaker 2: they're like, hey, we want you to make a payment,
Speaker 2: just one dollar, just ten dollars on this old account,
Speaker 2: if that has passed the statute of limitations in your state,
Speaker 2: there's technically no benefit to you giving them money. In fact,
Speaker 2: if you do give them money, what it can do
Speaker 2: is resurrect that debt. Then it breathes new. It's like
Speaker 2: it's like infecting a zombie or how do zombies turn
Speaker 2: into zombies? Who knows?
Speaker 1: Whatever they buye So it basically is a zombie bite you.
Speaker 1: And now yeah, it basically statute of limitation. It starts
Speaker 1: back over. So in New Jersey, New York, like the
Speaker 1: statute of limitation of evolving debt, meaning like credit card
Speaker 1: debt is six years. So if it's your seven and
Speaker 1: it's like oh and you don't realize and you pay
Speaker 1: that one dollar, then literally it can start back at
Speaker 1: year zero again and work its way back up. So
Speaker 1: just be mindful. So just so you guys know, that's
Speaker 1: what it is. And so Brian, no, whatever whatever state
Speaker 1: that you incurred that in, it stays there. It doesn't
Speaker 1: because technically you can go from a state with, you know,
Speaker 1: a six year statute limitation to a state with three
Speaker 1: year and be like wooo, sorry Nanna and boo boo.
Speaker 1: So they're like, no, wherever you started, that's that's where
Speaker 1: it is. So it won't.
Speaker 2: It won't.
Speaker 1: It's with the original state where you opened up the account.
Speaker 1: It doesn't supersede. It's not about your current residence if
Speaker 1: you've moved. If you open that account when you're in Jersey,
Speaker 1: it's with Jersey, and then if you go to you know, California,
Speaker 1: it's still Jersey.
Speaker 2: Brian's on the run, Brian, next, like you bos a
Speaker 2: question for a friend.
Speaker 1: Proximo we Spanish?
Speaker 2: Okay, Hey hey, oh look at this morning.
Speaker 1: They say, hey, hey, just like me. Hey, hey, hey,
Speaker 1: Tifney and Mandy love you ladies, love you back? Keep
Speaker 1: up this? Oh, let's you. I'm sorry, Mandy, I read
Speaker 1: you read I read the last one. You could read
Speaker 1: this one? My bad girl.
Speaker 2: Oh thank you, you're so generous. All right? Hey hey, hey, hey,
Speaker 2: Tiffany and Mandy love you ladies. I giggle right along
Speaker 2: with y'all while taking notes. I have a question about
Speaker 2: paying back debt currently. This is my debt, and she
Speaker 2: goes on to list one, two, three, four, five, six
Speaker 2: different types of debt line of credit, credit card, another
Speaker 2: credit card, some kind of zero percent credit card. I
Speaker 2: don't know, different accounts. Am I reading that right? So
Speaker 2: basically what she's asking is should I concentrate and pay
Speaker 2: off a line of credit that is accruing at seven
Speaker 2: percent and my balance is ten five hundred dollars, Or
Speaker 2: should I concentrate on paying down credit cards while they
Speaker 2: are charging zero percent and two percent? So she has
Speaker 2: a total of eleven thousand dollars on those two credit
Speaker 2: cards which are charging zero percent and two percent, and
Speaker 2: wants to know if she should prioritize those or a
Speaker 2: line of credit at her bank which is charging seven
Speaker 2: percent for a balance of ten So about the same
Speaker 2: amount of money, but vastly different.
Speaker 1: But pourquet, I see she has regular credit card. It
Speaker 1: says twenty percent. We ain't gonna talk about that. It
Speaker 1: looks like we talk about the wrong things, sister child,
Speaker 1: We're gonna call you giggles. So she said, you're gonna giggle,
Speaker 1: so giggles. I'm concerned that we're not mentioning that the
Speaker 1: second item on your list says twenty percent credit card,
Speaker 1: it's forty five hundred dollars. That would be my main
Speaker 1: priority because it's that's expensive, giggles, that's pricing, you know.
Speaker 1: So that's where I would put, quite honestly, where I
Speaker 1: put my energy.
Speaker 2: Yeah, I mean, just reading this kind of stresses me. Out,
Speaker 2: and it makes me think of people who are kind
Speaker 2: of juggling those multiple debts, and all you're doing is
Speaker 2: kind of making your minimum payments and just staying above water.
Speaker 2: So I commend you, Giggles for at least trying to strictrategically,
Speaker 2: you know, attack this debt. So the two zero percent
Speaker 2: interest cards that she has, those are zero percent until
Speaker 2: twenty twenty two. So in my mind, set your set
Speaker 2: a calendar alert even for March or April or sorry,
Speaker 2: yeah late, it's like March and May next year, So
Speaker 2: I would set a calendar alert for like February, just
Speaker 2: to be sure that you don't miss and you want
Speaker 2: to get back on top of those cards. Check the
Speaker 2: on those zero percent offers. Check the fine print and
Speaker 2: make sure that there's not a deferred interest clause, because
Speaker 2: if there is, you may be sitting pretty until early
Speaker 2: next year, but then get slapped with all the interest
Speaker 2: that you would have been accruing if you leave money
Speaker 2: on your if you leave a balance on those cards,
Speaker 2: well let's see. I mean, I agree with Tiff. I
Speaker 2: think that the smartest thing to do is order these
Speaker 2: from most expensive to least and do your best to
Speaker 2: attack them. So starting with that twenty percent credit card
Speaker 2: and then moving on to your seventy percent interest.
Speaker 1: Line credit, there's a thirteen yeah, number four.
Speaker 2: Okay, this is interesting, Okay you are I'm confused why
Speaker 2: you show these cards, That's what I guess.
Speaker 1: I'm just I would love to know, like, what is
Speaker 1: it about the line of credit that made you think
Speaker 1: that you should I can understand the zero percent because
Speaker 1: you're like, I can put all of my money that
Speaker 1: I put toward it goes to the money goes to
Speaker 1: the principle. So I can understand why you bring that up.
Speaker 1: But what is it about the line of credit that
Speaker 1: makes you think that you should pay that first versus
Speaker 1: the twenty percent and the thirteen percent credit card? So
Speaker 1: that's what I'm curious about. So I would focus on
Speaker 1: the twenty then the thirteen. To Mandy's point, what will
Speaker 1: that is? What will your zero percent cards be in
Speaker 1: March and in May? If they're going to be like
Speaker 1: thirty percent something crazy, then then I might rethink my strategy.
Speaker 1: Or if it's not paid off, I have to pay
Speaker 1: back all the interest from before, then my strategy might
Speaker 1: be to focus on the zero percent cards. It depends
Speaker 1: on what happens if there if it's not paid off
Speaker 1: in full by March in May, if it's a I
Speaker 1: think astronomical those cards first, if it's something not so bad,
Speaker 1: twenty percent, then thirteen percent, then you know, whatever, the
Speaker 1: the whatever. I would do my interest rates in order
Speaker 1: from highest to lowest basically and.
Speaker 2: Count those zero percent cards as their regular APR once
Speaker 2: you check the fine print. Yeah, that's smart, that's smart.
Speaker 2: I mean in general, having this many lines of credit
Speaker 2: and credit cards kind of it just tells me there's
Speaker 2: something underlying that's probably that's problematic with your cash flow.
Speaker 2: So I would also say, really focus on bringing an
Speaker 2: additional income, trying to find any way that you can
Speaker 2: bring an extra income to really attack, you know, these debts,
Speaker 2: so that you can get debt free. Because each card
Speaker 2: balance isn't that insane?
Speaker 1: Yeah, add it up.
Speaker 2: When you add it up, that's I'm gonna do some
Speaker 2: quick math. That's like fifteen k plus four, that's nineteen
Speaker 2: plus five twenty four. That's like twenty five twenty six
Speaker 2: thousand dollars in total. That's a lot to have on
Speaker 2: all credit lines, which could be variable aprs and change
Speaker 2: with the market. So you definitely want to get that
Speaker 2: under control.
Speaker 1: So make a little bit more tighten a belt, spend
Speaker 1: a little bit less. Put it toward your expensive debt
Speaker 1: especially first. Okay, giggles, we're gonna have you looking good.
Speaker 1: It's ohpa's bank account, all right? Number three?
Speaker 2: This primstracted thinking about her oprah's bank account.
Speaker 1: This is from quotes Kia. Okay, hey, Kiya. She has
Speaker 1: a question for her parents. They're planning to relocate to
Speaker 1: another state within the next two years. They plan to
Speaker 1: rent out their current home that still has a mortgage,
Speaker 1: but they are trying to determine if they should dip
Speaker 1: into their retirement accounts to pay off their current home
Speaker 1: and then buy a new home in their new city
Speaker 1: or simply rent in the new city. In either option,
Speaker 1: they would rent out their current home for more than
Speaker 1: enough to cover the mortgage. They're both six and fly,
Speaker 1: I bet Kia and have about one million safe for retirement.
Speaker 1: Oh they all fly and are five and ten years
Speaker 1: away from retirement. Are they Because it's not like they're there.
Speaker 1: There's about one hundred K left to pay on the house,
Speaker 1: and they feel that paying this off will improve their
Speaker 1: credit score, which is currently pretty low. And debt to
Speaker 1: income ratio which is very high to due to student loans,
Speaker 1: so they can qualify to buy a new house. I'm
Speaker 1: concerned about them dipping into their retirement accounts. What do
Speaker 1: you think they should do? Well, First of all, let's
Speaker 1: give a round for falls to Kia's million dollars saving parents,
Speaker 1: because that's not an easy thing. So you know, commend
Speaker 1: your mama and pop up you know, papa about that
Speaker 1: because that's awesome. And there's a lot here so to
Speaker 1: really unpack. She's got parents, they have a million dollars
Speaker 1: safe for retirement, boohoo. They do have a house that
Speaker 1: they want to pay off, and they're like, it's about
Speaker 1: one hundred thousand dollars. Do they go from one million
Speaker 1: to nine hundred thousand to pay off the house? Because
Speaker 1: this will hopefully want improve their credit score because they
Speaker 1: want to buy another house, and I guess just not
Speaker 1: having you know, that particular debt, or they can just
Speaker 1: pay it off more naturally by renting out the house
Speaker 1: and having someone else pay the mortgage via rent. I'll
Speaker 1: say what I'm leaning toward, Kiki. If your parents were
Speaker 1: you know, forty five, I might be like, you know what,
Speaker 1: maybe I would dip a little sock maybe, but honestly,
Speaker 1: not at sixty, not at sixty, especially since they can
Speaker 1: rent and the renter will pay their mortgage. I feel
Speaker 1: nervous about so close to retirement taking money out of
Speaker 1: your retirement account that's not specifically for retirement. You know,
Speaker 1: let the renter just pay off the mortgage. I mean,
Speaker 1: and here's the thing, I don't even know at this age,
Speaker 1: why do they need to buy a house.
Speaker 2: I know I said that that's what I was gonna say.
Speaker 2: Don't buy another house.
Speaker 1: Go ahead, I know, I'm like, don't don't buy another house.
Speaker 2: My dad is sixty. He is desperate to buy a
Speaker 2: house right now. And I'm like, you don't have to,
Speaker 2: but he just something about he wants I mean, helmes
Speaker 2: are in where he wants to live in, like the
Speaker 2: boon The Boonies of Georgia aren't that pricey. But you know,
Speaker 2: first of all, do your parents want our advices? Michael,
Speaker 2: I'm a little nervous. I'm like this woman. They don't
Speaker 2: want to. They don't want to know what made you
Speaker 2: take me? Then? Baby grown? They talk about yeah, but
Speaker 2: I would say, like, if you're depends on what kind
Speaker 2: of retirement they want. But you can have a you
Speaker 2: can have a home that you rent. Yes, you know
Speaker 2: you don't have to buy a house.
Speaker 1: Yeah, it's a financial because here's the thing. Much mortgage
Speaker 1: you're gonna get is between fifteen and thirty years. What
Speaker 1: are we trying to Are we trying to owe for
Speaker 1: the next fifteen years? No, you want to be footloose
Speaker 1: and fancy free as sixty. I know your pop still
Speaker 1: got it in him. Your mom's still dipping on a
Speaker 1: dance floor. If it was me, no disrespect to your parents,
Speaker 1: and I'd be like, hey, parents, I know, I'm like,
Speaker 1: you know, you're like, girl, this baby's talking. But I
Speaker 1: would be like, I'm going to rent in our new city.
Speaker 1: I'm going to let someone else pay off my mortgage.
Speaker 1: I ain't got to worry about it, and I'm going
Speaker 1: to lean into the four percent rule for my million
Speaker 1: dollars that I have saved. That four percent rule is
Speaker 1: this is then on average, I know, the last year
Speaker 1: the market has been crazy, but on average, if we
Speaker 1: look over the last you know, one hundred years, the
Speaker 1: market has yielded between like seven to ten percent, so
Speaker 1: to be conservative, eight percent, the four percent rule is
Speaker 1: that you have your money put up and you pull
Speaker 1: out four percent a year, because it means that you'll
Speaker 1: put pull out on typically less than what your money
Speaker 1: has returned to you, and you'll never you'll never have
Speaker 1: to dip into that one million, and you can live
Speaker 1: off that four percent, you know. And so I would
Speaker 1: be living off the four percent rule, keeping that million
Speaker 1: dollars in the bank less somebody else pay my mortgage,
Speaker 1: you know, renting a nice apartment. Because here's the thing
Speaker 1: about apartment too. You ain't got to shovel. You don't
Speaker 1: gotta what raake. Oh there's a leak. I'm sorry, mister
Speaker 1: super you need to fix that. No, sir, I feel
Speaker 1: like buying a home when you're younger makes more sense
Speaker 1: when you're like having a kid and you want something
Speaker 1: more stable whatever. But no, like if my parents' house
Speaker 1: wasn't paid off, that was their plan that they were
Speaker 1: gonna get a condo, you know, so they don't have
Speaker 1: to worry about kind of like the household chore. So
Speaker 1: that's what I wo suggest, Kia. But your parents are
Speaker 1: grown and they're gonna do grown things.
Speaker 2: Yeah, let us know how that goes. I want you
Speaker 2: to sit down and say so mommy and daddy and
Speaker 2: I tell you what my friends and Mandy and Tiffany
Speaker 2: think you should do with your money.
Speaker 1: She's gonna be like press play, no disrespect mister and
Speaker 1: missus Kia. First of all, they're gonna be like, why
Speaker 1: are you tell my business? Right?
Speaker 2: Oh no, they don't want any of their any of
Speaker 2: theirs out there. But I think this they've given you
Speaker 2: a gift, which sounds like they're gonna be okay. So, yeah,
Speaker 2: how is your finances?
Speaker 1: Yeah? The house you focus on mom and dad?
Speaker 2: You good girl.
Speaker 1: I can only see her mom being like, meanwhile, me
Speaker 1: and your daddy's good. Me and daddy good. But you're
Speaker 1: over here asking to borrow five hundred dollars. You worry
Speaker 1: about me and my retirement? Your parents? Yeah?
Speaker 2: I was just like, why why do you worry? Kiya?
Speaker 1: But honestly, k you being an awesome daughter. These questions
Speaker 1: were awesome. I hope you like this ba QA.
Speaker 2: I like this format right, and you too. I'm glad
Speaker 2: we switched it in.
Speaker 1: Yeah. Yeah, see so yes, we'll be doing the b
Speaker 1: a QA every week. So if you have some QA
Speaker 1: for the ba what you gotta do? Andy ask us.
Speaker 2: Oh my boss, my bad, you served it. I dropped
Speaker 2: the ball picking it back up. You can go to
Speaker 2: Brandnivision podcast dot com dot ask us anything, or hit
Speaker 2: us up on IG. I check my ig quite often
Speaker 2: Brand and Vision Podcast. I probably will respond to your
Speaker 2: message if you and this one just saying uh, send
Speaker 2: us your question there or email us Brandonbission Podcast at
Speaker 2: gmail dot com.
Speaker 1: And one last favor poor for war. That means please
Speaker 1: in Spanish. If you love the ba qa, and especially
Speaker 1: if you have a friend that could quite hobnously use
Speaker 1: the advice, please share the link to this podcast with
Speaker 1: at least three friends coworkers, mom, dad, cousin, Auntie and them,
Speaker 1: because we would really love to share our delicious brown
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Speaker 1: I promise you you won't regret it. We're gonna treat
Speaker 1: them good, real.
Speaker 2: Good to Superman just open the door and slam it.
Speaker 1: Yes, I like bruh, I told you mondays Well, the
Speaker 1: good thing is We ain't got to worry about that
Speaker 1: because we're gonna be taping early. I'm doing the what
Speaker 1: is this called the bogel like that? You know that's
Speaker 1: I don't like, you know, think about mister me and
Speaker 1: Madia both doing it like.
Speaker 2: It is.
Speaker 1: Let me buy the many got a little little rhythm.
Speaker 2: Okay, man, you haven't seen you came to my wedding
Speaker 2: way but entire.
Speaker 1: But yes, I'm saying you didn't like that dancing like
Speaker 1: you know?
Speaker 2: Yes I dance, you should say. Me and Rio we
Speaker 2: cut a ro.
Speaker 1: With a little two step rhythm.
Speaker 2: Now I thought you knew where I was from and
Speaker 2: who I am. Not a person a little bit of money,
Speaker 2: I could still.
Speaker 1: Move, all right, Jenny from the block, all right? Until
Speaker 1: next time. The a q A is out out by