WEBVTT - How To Avoid Fraud (How To Mondays) 0:00:06.160 --> 0:00:12.400 Hey, hey, hey, ba fam, here's another how to throwback. Yes, honey. 0:00:12.600 --> 0:00:15.400 In this episode, Mayday and I discussed how to avoid 0:00:15.520 --> 0:00:19.160 fraud and protect your identity. Aren't these like Monday throwback appies? 0:00:19.520 --> 0:00:23.640 Epic appies are epic and you see what I did there? Anyway, listen, 0:00:24.440 --> 0:00:27.760 love share, It's time. 0:00:27.680 --> 0:00:31.840 For the b a q a a the ba Qa 0:00:32.040 --> 0:00:35.960 which sir b q a mandod theo b a q 0:00:36.200 --> 0:00:39.080 a which in fine, let me a qa a. 0:00:42.040 --> 0:00:43.480 So what is b a q a For the people 0:00:43.520 --> 0:00:44.560 who've never been here before? 0:00:45.280 --> 0:00:45.959 Where you been? 0:00:46.280 --> 0:00:46.600 Welcome? 0:00:46.720 --> 0:00:49.600 Friends? The b a qa is a very special bonus 0:00:49.720 --> 0:00:52.479 episode of ba that comes out on Fridays, and we 0:00:52.640 --> 0:00:55.680 answer your questions because we have a bajillion of them. 0:00:55.840 --> 0:00:59.320 From y'all. You can ask us anything career, finance related, 0:00:59.360 --> 0:01:02.960 business related. Just remember that we are not your financial advisors, 0:01:02.960 --> 0:01:05.520 your investment advisors, anyone that you pay to actually give 0:01:05.560 --> 0:01:08.160 you advice, which means we're just making up things based 0:01:08.160 --> 0:01:10.880 on our own intelligence. So I say, get your salt 0:01:10.920 --> 0:01:13.040 shakers out and take it with a huge grain of salt. 0:01:13.040 --> 0:01:15.200 Whatever we say, but there's no getting around it. We 0:01:15.280 --> 0:01:19.080 are some smart brown women. Okay, So we love the segment. 0:01:19.400 --> 0:01:22.520 If y'all want to send us your questions, you can 0:01:22.600 --> 0:01:25.880 go to Brandanambission podcast dot com and ask us anything, 0:01:26.200 --> 0:01:29.160 or you can slide into our DMS on ig We 0:01:29.240 --> 0:01:32.039 are at brand Ambission Podcast and send us a question there. 0:01:32.400 --> 0:01:33.399 Do you what did the first question? 0:01:33.800 --> 0:01:36.520 I didn't take a breath you read it. There's a 0:01:36.560 --> 0:01:37.200 lot of talking here. 0:01:38.160 --> 0:01:42.040 This is from Ashley from IG. Hey, Mandy, I was 0:01:42.080 --> 0:01:44.680 one of your first Mandy money makers. Woo woo. We 0:01:44.920 --> 0:01:47.920 love a stand of Mandy. Thank you so much for 0:01:48.160 --> 0:01:50.720 all that you've done and taught me. My question today 0:01:50.840 --> 0:01:54.000 is how can I protect myself from identity theft? This 0:01:54.120 --> 0:01:57.240 morning I woke up to new emails about small business 0:01:57.640 --> 0:02:01.640 social security account update and a purchase of two new iPhones. 0:02:01.680 --> 0:02:07.040 Please help, Ashley, do you have to pay for credit security? 0:02:08.760 --> 0:02:13.119 Oh wow, something's going on there, Like they're saying, yeah, 0:02:14.000 --> 0:02:16.640 your social security account has been updated, purchase of two 0:02:16.720 --> 0:02:19.239 new iPhones as The first thing I do whenever I 0:02:19.320 --> 0:02:21.639 get those emails is check the email address that it 0:02:21.720 --> 0:02:24.400 came from, because I just for example, I just started 0:02:24.400 --> 0:02:26.799 to advertise on Facebook a week ago and I got 0:02:26.840 --> 0:02:30.440 the most legitimate looking email about my ADS account being 0:02:30.840 --> 0:02:33.400 in violation of their rules, which is like one of 0:02:33.480 --> 0:02:35.880 the It can happen all the time with your when 0:02:35.880 --> 0:02:39.280 you're doing ads, it's really easy to upset the Facebook gods. 0:02:39.800 --> 0:02:41.160 And you don't want to do that because then you 0:02:41.240 --> 0:02:43.880 waste money in time anyway, And I was almost like, 0:02:44.280 --> 0:02:46.040 I need to click this link and figure out what 0:02:46.080 --> 0:02:48.640 I've done, but it just something about it, like the formatting. 0:02:48.680 --> 0:02:50.760 And so I checked the email address and it was 0:02:50.800 --> 0:02:53.799 like from an Outlook account, you know. So I think 0:02:53.880 --> 0:02:56.679 the first thing for to secure yourself is to be 0:02:56.760 --> 0:02:59.919 aware of what phishing attempts look like, which seems to 0:03:00.080 --> 0:03:02.680 old school, but they still happen, you know. So check 0:03:02.760 --> 0:03:06.639 that email address. You can also hover over any hyperlinks 0:03:06.680 --> 0:03:08.799 and see where it's actually trying to direct you to. 0:03:09.600 --> 0:03:12.640 And if it's not to, you know, a legitimate website, 0:03:12.639 --> 0:03:15.639 then I would just say, excuse me, immediately kick it 0:03:15.720 --> 0:03:19.480 to spam or to junk. That's how I feel about email. 0:03:19.880 --> 0:03:21.320 But now it's like, come into your text do you 0:03:21.360 --> 0:03:23.280 get do you get fishing text? 0:03:23.400 --> 0:03:26.840 Now? Girl? Yes? Talk about this the irs. I'm like, girls, 0:03:27.000 --> 0:03:27.800 you texted now. 0:03:28.600 --> 0:03:32.359 I'm like, with your lack of funding right now? 0:03:33.040 --> 0:03:35.560 So no, first and foremost that like whatever I get 0:03:35.600 --> 0:03:37.720 to Mandy's point, you know, I check the email to say, 0:03:37.840 --> 0:03:41.120 like who's the email at just coming from? And then 0:03:41.280 --> 0:03:44.000 typically I'll call the company directly if that's available to 0:03:44.080 --> 0:03:46.680 me to call the company directly. But one thing I 0:03:46.760 --> 0:03:49.360 had to do so when my late husband was still here, 0:03:49.800 --> 0:03:51.440 his I don't know why, but they used to steal 0:03:51.520 --> 0:03:54.320 that man's that poor man's identity all the time. Like 0:03:54.480 --> 0:03:56.400 literally one time they bought a car and we only 0:03:56.480 --> 0:04:00.440 knew because they were like based in I don't know, 0:04:00.680 --> 0:04:03.320 like upstate New York or someplace far where they were 0:04:03.360 --> 0:04:06.520 getting tickets from easy Paths and so they were. 0:04:06.400 --> 0:04:09.720 Going to start with Janelle's name, Jerell's name, and then 0:04:10.040 --> 0:04:11.400 got a loan or something. 0:04:11.440 --> 0:04:12.960 Something, and then they were get like you know, they 0:04:13.000 --> 0:04:14.400 had an easy pass the cap they put in his 0:04:14.560 --> 0:04:16.560 name and was not paying the ticket, so we were 0:04:16.640 --> 0:04:19.560 getting easy pass tickets. That's how we found out. It 0:04:19.720 --> 0:04:21.360 was just a mess. I would say at least three 0:04:21.440 --> 0:04:23.040 times when I was with him and he said it 0:04:23.080 --> 0:04:26.120 happened before, Like I'm like, so I'm assuming that his 0:04:26.360 --> 0:04:30.120 probably information was on some crazy you know, like what 0:04:30.240 --> 0:04:32.880 it's like the dark web, you know, and so they're 0:04:32.880 --> 0:04:36.760 probably just swapping it out. Plus two, Jerell's an identical twin. 0:04:37.200 --> 0:04:39.799 His twins' name is Terrell, so you have Jerrell Smith 0:04:40.040 --> 0:04:43.120 Terrell Smith, both born on the same day, and so 0:04:43.279 --> 0:04:45.960 oftentimes they would see each other's things on each other's 0:04:46.160 --> 0:04:49.800 credits of reports, because that happens too with juniors. Oftentimes 0:04:49.839 --> 0:04:52.200 that will happen, especially if you're in the same house. 0:04:52.320 --> 0:04:54.800 Your dad is a senior, you're a junior, but you're 0:04:54.839 --> 0:04:57.359 both named Robert Smith and you live at the same place. 0:04:57.520 --> 0:05:00.480 So sometimes you'll see your stuff on the each other's 0:05:00.800 --> 0:05:03.080 credit report. But it happens with twins who have similar 0:05:03.200 --> 0:05:03.680 names too. 0:05:04.520 --> 0:05:06.560 Oh really, so what would they do then? Would they 0:05:06.600 --> 0:05:10.160 have to like dispute it or yeah? Girl, there was 0:05:10.279 --> 0:05:10.880 like whatever. 0:05:11.080 --> 0:05:16.799 I was like, this is why your credit oh life whatever. 0:05:17.520 --> 0:05:19.080 So when I came along, I said, bab we got 0:05:19.160 --> 0:05:21.200 you something about this because this is crazy. So we 0:05:21.320 --> 0:05:23.560 actually this is not sponsored or anything like that. They 0:05:23.600 --> 0:05:26.080 haven't give me any money like as Budgety Store or Brownhibition. 0:05:26.560 --> 0:05:30.000 We actually signed up for LifeLock and it stopped it instantly. 0:05:31.120 --> 0:05:33.400 Tell me about LifeLock or these Yeah, because I haven't 0:05:33.480 --> 0:05:35.200 I have never invested in something like that. 0:05:35.640 --> 0:05:37.400 I can't remember how much Lifelong costs caause now I 0:05:37.520 --> 0:05:39.120 just like haven't automated. I think at the time it 0:05:39.200 --> 0:05:40.640 was like maybe like ten bucks a month. Maybe it's 0:05:40.640 --> 0:05:42.479 a little bit more now maybe twenty bucks or something. 0:05:42.560 --> 0:05:46.600 Whatever it is. So we got LifeLock signed up for it. 0:05:47.160 --> 0:05:50.840 And what I like about LifeLock is even for me. 0:05:50.960 --> 0:05:52.840 I remember once I went to go open up a 0:05:52.880 --> 0:05:55.840 bank account at like my regular bank whatever, and the 0:05:55.920 --> 0:05:58.279 bank was like, we're not able to and I'm like why, 0:05:59.440 --> 0:06:02.000 And then I got a text from LifeLock saying someone's 0:06:02.040 --> 0:06:03.520 trying to open up a bank account. If that's you, 0:06:03.720 --> 0:06:05.760 click yes. If that's you, click no, And I was like, oh, 0:06:05.839 --> 0:06:08.839 that's right. So I had to approve. So I would 0:06:08.880 --> 0:06:11.440 get a text or email, and typically it's a text, 0:06:11.480 --> 0:06:15.480 email and phone call to say any new card, any 0:06:15.560 --> 0:06:18.800 new bank account, any new debt that I'm trying to 0:06:18.839 --> 0:06:21.840 get into. LifeLock would hit me up and say is 0:06:21.960 --> 0:06:25.599 this you, which you know, like sometimes if you forget 0:06:25.680 --> 0:06:27.360 like me, which I always forget, and I'm like, why 0:06:27.400 --> 0:06:31.120 can't you open it? I'm like, oh, that's right. So 0:06:31.279 --> 0:06:34.320 that's one thing like LifeLock, but also too. You can 0:06:34.400 --> 0:06:37.240 go directly to like Experience, Echo Fax, TransUnion and you 0:06:37.279 --> 0:06:40.640 can actually freeze. I did this with Jirell after he 0:06:40.720 --> 0:06:44.880 passed away. My financial advisor, Anjelie said right away, Tiffany, 0:06:44.920 --> 0:06:47.240 because when people know that someone passed away, they know 0:06:47.400 --> 0:06:50.440 you're in grief, and they will sometimes attack that person's 0:06:50.839 --> 0:06:54.240 you know, financial credit and background and just start using 0:06:54.279 --> 0:06:57.280 it up. So I went into each of those specific 0:06:57.360 --> 0:07:01.760 accounts and froze his credit. And you can freeze and unfreeze, 0:07:02.240 --> 0:07:05.120 but I froze it obviously indefinitely, so no one can 0:07:05.200 --> 0:07:07.120 open up anything in his name. And I just am 0:07:07.160 --> 0:07:09.520 not paying attention because it's not me, And so that's. 0:07:09.400 --> 0:07:12.680 Something so smart too. I did that now I'm remembering 0:07:12.680 --> 0:07:14.280 because I was telling Tiff'm like, I think I'm pretty 0:07:14.320 --> 0:07:17.960 delinquent with my identity, but I did do the credit freeze. 0:07:18.000 --> 0:07:20.640 This was I mean think Equifax data breach back in 0:07:20.760 --> 0:07:23.560 like twenty sixteen really spooked me. But I mean there's 0:07:23.560 --> 0:07:25.360 so many, it's just so many data breaches they can't 0:07:25.360 --> 0:07:26.880 even keep It's not even that big of a news 0:07:26.920 --> 0:07:29.800 anymore because it just happens all the time. But yeah, 0:07:29.920 --> 0:07:31.920 credit freeze, and I remember then I started shopping for 0:07:32.000 --> 0:07:34.120 a mortgage, and I was annoyed by it because I'm like, 0:07:34.160 --> 0:07:35.960 damn it, I got to unfreeze and all that. So 0:07:36.720 --> 0:07:39.160 now that I'm not shopping for a mortgage I did, 0:07:39.360 --> 0:07:42.200 you can thaw it, and then it's just annoying because 0:07:42.200 --> 0:07:44.520 you have to like thaw it at the bureaus where 0:07:44.560 --> 0:07:46.920 your loan. Your lender is gonna request to chat it, 0:07:47.000 --> 0:07:49.120 you know. But I think it's totally worth it because 0:07:49.920 --> 0:07:52.840 why wouldn't you want to have that extra layer of protection, 0:07:53.520 --> 0:07:55.320 you know, because like even opening a cell phone, you 0:07:55.360 --> 0:07:57.520 can't do that if you have a credit freeze nothing. 0:07:57.800 --> 0:07:59.720 So a credit freeze to me is if you know 0:07:59.800 --> 0:08:02.120 you're not getting anything for a while and something like 0:08:02.200 --> 0:08:05.280 this has happened, you can freeze just to stop any activity. 0:08:05.360 --> 0:08:06.800 Let's just say your stuff is in a dark web, 0:08:07.080 --> 0:08:08.960 I'm freezing it for the next two months, no one 0:08:09.080 --> 0:08:11.880 is gonna and then after that, if you don't want 0:08:11.960 --> 0:08:14.320 the issue, like Mandy said, the thaw and freeze saw 0:08:14.360 --> 0:08:18.240 and freeze, you can get like a lifeblock or some 0:08:18.360 --> 0:08:21.600 similar type of company where before anything happens, you know, 0:08:21.680 --> 0:08:23.240 you get the text or the call, you just have 0:08:23.400 --> 0:08:26.080 to prove and so those two things. Honestly, since then, 0:08:26.720 --> 0:08:29.840 you know, Jirell's identity stopped being stolen and I never 0:08:29.920 --> 0:08:31.800 had my identity stolen. But I signed up because I 0:08:31.840 --> 0:08:33.040 was like, well, we're here now because you could do 0:08:33.120 --> 0:08:35.600 like a family plan, and so my identity has never 0:08:35.720 --> 0:08:39.520 been stolen, which is, you know, there have been things 0:08:39.559 --> 0:08:42.439 on there. They're like, I don't recognize this, and I realized, like, oh, 0:08:42.640 --> 0:08:45.040 the company sometimes has a different working name than a 0:08:45.200 --> 0:08:48.000 doing business name, and I'm like, ah, that was me. 0:08:50.720 --> 0:08:53.199 Oh god, I've been there. I'm like, I would never 0:08:53.320 --> 0:08:57.280 spend that much. Meanwhile, it's like, yeah, the those four 0:08:57.320 --> 0:09:01.160 am Instagram scrolls, they always get me with their kids' 0:09:01.200 --> 0:09:05.800 shoes ads. Oh man, what else do I was, Oh, 0:09:05.840 --> 0:09:06.600 there's something else? 0:09:06.679 --> 0:09:07.520 So oh. 0:09:08.120 --> 0:09:11.800 A friend of a friend recently lost eight thousand dollars 0:09:12.000 --> 0:09:16.040 right before Christmas, right before the holiday season, through like 0:09:16.400 --> 0:09:18.719 it was a phone called tech scam, and so it 0:09:18.760 --> 0:09:21.360 started with text messages from her bank. It was Citibank 0:09:22.040 --> 0:09:24.040 texting her and it looked really legit, and then they 0:09:24.160 --> 0:09:29.599 escalated to calling her and we're so convincing that she 0:09:29.840 --> 0:09:33.559 ended up giving her account information over the phone, and 0:09:33.720 --> 0:09:36.320 then they drained her, not her, and it was her 0:09:36.960 --> 0:09:40.199 checking account, which is really painful, you know, because with 0:09:40.280 --> 0:09:43.040 your checking account it's sometimes harder to get those funds back. 0:09:43.800 --> 0:09:45.920 And it was a Zell or. Sorry, she didn't give 0:09:45.960 --> 0:09:49.280 them account information. She zelled them. She zeld them. And 0:09:49.400 --> 0:09:51.599 if you guys know anything about Zell, one of the 0:09:51.880 --> 0:09:54.600 pieces of controversy is that you know, you go through 0:09:54.640 --> 0:09:56.920 these steps when you send a transfer where they're like, 0:09:57.120 --> 0:09:59.000 be sure you know this person, because if you don't, 0:09:59.200 --> 0:10:01.320 we are not covering you. Because if it's you who 0:10:01.400 --> 0:10:04.120 hits the submit button and you know what you're doing, like, 0:10:04.240 --> 0:10:08.240 we are not libable libable, We're not libel for funds 0:10:08.280 --> 0:10:10.480 that you lose. So she was I think she's still 0:10:10.559 --> 0:10:13.160 fighting to maybe get that eight grand back. But she's 0:10:13.240 --> 0:10:15.880 like a single mom, and you know, it's a lot 0:10:16.000 --> 0:10:19.000 of money to lose. So what if they're asking you 0:10:19.080 --> 0:10:22.120 for Zelle, you deserve to be asking for every ounce 0:10:22.160 --> 0:10:24.199 of proof, and banks probably will not be doing that. 0:10:24.360 --> 0:10:26.679 I would just say that first and foremost. And then 0:10:26.720 --> 0:10:29.400 she ended up. I think something struck her as odd, 0:10:29.679 --> 0:10:32.040 and then she called City herself and they were like, 0:10:32.240 --> 0:10:37.000 oh no, oh no. So if they're if they're saying 0:10:37.040 --> 0:10:40.480 that they're from city. Don't bother about inconveniencing them, like, 0:10:40.559 --> 0:10:42.920 don't worry about that, you know, hang up, say cool, 0:10:42.960 --> 0:10:44.400 you can call me back before they want this eight 0:10:44.440 --> 0:10:47.120 grand and call your own number directly. 0:10:47.679 --> 0:10:49.640 That's the key. One of the women that we know, 0:10:49.679 --> 0:10:53.320 I think her name is Shannon, she lost her house 0:10:53.440 --> 0:10:56.280 down payment because they have the scam where, you know, 0:10:56.320 --> 0:10:58.600 when you make the transfer, like the wire transfer when 0:10:58.640 --> 0:11:00.959 you're purchasing at home. Yeah, and so what they'll do 0:11:01.160 --> 0:11:03.719 is they'll you're they'll send you a fake bank like, hey, 0:11:03.760 --> 0:11:05.280 I know, we said this is the wire number. This 0:11:05.320 --> 0:11:07.800 is actually the updated wire number. She did not know 0:11:07.840 --> 0:11:10.000 because it looked official. Because what they do is they 0:11:10.080 --> 0:11:12.319 like mimic what your bank sends, and she sent it, 0:11:12.400 --> 0:11:14.880 and wires are notorious that once it's gone is gone. 0:11:15.559 --> 0:11:17.079 You know. That had me social because you know, I 0:11:17.160 --> 0:11:20.800 bought my house cash five hundred and twenty thousand dollars 0:11:20.880 --> 0:11:23.200 that can't go to the person. So what I did 0:11:23.400 --> 0:11:25.360 was I'm mosy my way on down to the bank 0:11:25.920 --> 0:11:30.319 and said look me in the and that's when we 0:11:30.400 --> 0:11:33.040 did the wire on the phone. Like so the key 0:11:33.320 --> 0:11:36.520 with that is always always always I didn't call the 0:11:36.679 --> 0:11:39.760 number that was on the paper and we're making the transfer. 0:11:39.960 --> 0:11:41.360 If I think I had the money and like Ally 0:11:41.440 --> 0:11:42.800 or something like that, and I was transferred to like 0:11:42.840 --> 0:11:45.160 their bank was like Wells farg or whatever that like 0:11:45.360 --> 0:11:48.240 I call. I go to the Ally website and called 0:11:48.360 --> 0:11:51.319 that number there. I never the key with anybody. Sometime 0:11:51.360 --> 0:11:54.319 somebody is telling you something financial, even if it seems 0:11:54.440 --> 0:11:56.280 up to I don't, like, I'm want to hang up 0:11:56.280 --> 0:11:58.000 and I'm just going to call back because I'd rather 0:11:58.080 --> 0:12:00.360 call back the official number so I know for sure 0:12:00.800 --> 0:12:03.160 that like, oh, this is who I'm speaking to, versus 0:12:03.840 --> 0:12:05.880 like who is this? So that was key I was, 0:12:06.040 --> 0:12:07.760 but I was still nervous because you know, you just 0:12:08.440 --> 0:12:10.439 you just feel like you never know, you never know. 0:12:11.040 --> 0:12:13.320 So thankfully, you know, like it all worked out, because 0:12:13.360 --> 0:12:14.559 that would have been like you would have seen no 0:12:14.600 --> 0:12:17.079 weeping willow of a tiffany, like I love that. 0:12:18.720 --> 0:12:20.679 And when it's wired and it's gone, you know it's 0:12:20.679 --> 0:12:23.199 in the Canaries or you know, some other country and 0:12:23.240 --> 0:12:26.320 you can't get that back. Man, what else? Oh, two 0:12:26.400 --> 0:12:29.439 factor authentication is huge or any accounts that you have, 0:12:29.520 --> 0:12:31.240 because I feel like you break into my Gmail you 0:12:31.360 --> 0:12:34.160 have my life, you know everything about me, so two 0:12:34.240 --> 0:12:38.920 factor authentication, these these basic practices. But I'm glad at 0:12:39.000 --> 0:12:41.040 least that your like spidey sense has perked up enough 0:12:41.080 --> 0:12:45.480 to ask, because that is wild and credit monitoring you 0:12:45.600 --> 0:12:48.320 can I think she said, what did she ask? Is credit? 0:12:50.559 --> 0:12:52.320 I thought she hasked something about a credit card. Maybe 0:12:52.320 --> 0:12:55.360 that's the next question. Anyway, with your credit card, it's 0:12:55.400 --> 0:12:58.280 smarter to just, you know, in general, buy big things 0:12:58.360 --> 0:13:00.839 with your credit card, or use your credit card for 0:13:00.920 --> 0:13:03.319 most purchases if you know you can do that responsibly 0:13:03.600 --> 0:13:07.040 because you do have Most credit cards offer zero dollar 0:13:07.200 --> 0:13:09.719 fraud liability, so if there is fraud and it's on 0:13:09.840 --> 0:13:11.920 your credit card, then they will cover it, you know, 0:13:12.000 --> 0:13:15.959 no questions ask, Whereas with your debit card, some of 0:13:16.000 --> 0:13:18.880 them have limits on how much they'll cover, or limits 0:13:18.920 --> 0:13:21.400 on you have to catch it and report it within 0:13:21.440 --> 0:13:24.040 a certain timeframe, like thirty to sixty days, and if 0:13:24.080 --> 0:13:26.480 you don't, then there's less of a chance that they'll 0:13:26.480 --> 0:13:29.240 be able to recover the funds for you. So that's 0:13:29.280 --> 0:13:31.480 why there's like a bit of a case for using 0:13:31.559 --> 0:13:34.959 credit versus debit for any big, you know, purchases and 0:13:35.040 --> 0:13:40.240 things like that. But yeah, stay stay vigilant, y'all, stay woke, 0:13:40.800 --> 0:13:46.280 two factor authenticate, look up the email addresses, call them directly. 0:13:46.920 --> 0:13:50.959 That's our last that's a good summary, summarized summarration. I 0:13:51.040 --> 0:13:56.000 can't talk summation, recap of our of our advice. We're 0:13:56.120 --> 0:13:58.920 really really smart, trust us, Okay, cool. 0:14:00.040 --> 0:14:00.760 Let pike a break. 0:14:01.840 --> 0:14:03.040 It's like I'm gonna get the next one. 0:14:03.080 --> 0:14:08.240 Manny's stop, get down, We take a break, Russa, pay 0:14:08.360 --> 0:14:15.560 some bills and be right back in black and we're back. Man, 0:14:15.679 --> 0:14:17.920 you got the next question? Yes? 0:14:18.040 --> 0:14:21.840 Sorry, This comes from listener Jalisa. Jalisa says, Hey, Tiffany, Amandra. 0:14:21.920 --> 0:14:24.160 I hope it's okay to call you Mandra. Yes, of course, 0:14:24.720 --> 0:14:27.080 I love you both so much. My name is Julisa, 0:14:27.240 --> 0:14:29.200 like Julisa from a different Yes. 0:14:29.400 --> 0:14:29.640 Girl. 0:14:30.120 --> 0:14:32.880 First, let me say I love love love the documentary. 0:14:33.000 --> 0:14:35.520 I'm sure she's talking about Tiffany's documentary. Was it called 0:14:35.560 --> 0:14:39.560 again Get Smart? From Blenny Get Smart with Money? And Arianna, 0:14:39.600 --> 0:14:43.480 who was Tiffany's mentee, is me I need some advice 0:14:43.760 --> 0:14:46.640 from my financial girlfriends. Sorry, but it's going to be 0:14:46.680 --> 0:14:49.320 a long one, Julisa, We've seen longer, but it's okay. 0:14:50.040 --> 0:14:52.360 I'm a little over ten k and debt. It's a 0:14:52.440 --> 0:14:55.640 mix of credit and a credit card, IRS and a 0:14:55.720 --> 0:14:59.680 personal loan. Before researching, I opened a BT a BT 0:15:00.000 --> 0:15:02.600 credit card and was approved for eighty five hundred dollars 0:15:03.080 --> 0:15:06.160 zero percent interest for eighteen months with a three percent 0:15:06.280 --> 0:15:09.440 balance transfer fee. I wasn't aware that you cannot transfer 0:15:09.520 --> 0:15:11.880 debt from one account to another within the same bank. 0:15:12.040 --> 0:15:12.200 Yes. 0:15:12.480 --> 0:15:15.400 Important. I work a part time job that gives me 0:15:15.480 --> 0:15:17.720 an extra four to sixty seven a month, and my 0:15:17.800 --> 0:15:20.000 full time job gives me an extra two hundred dollars 0:15:20.040 --> 0:15:23.440 a month after bills have been paid. My question is 0:15:23.920 --> 0:15:27.360 should I put everything except the one credit card on 0:15:27.600 --> 0:15:27.960 the BEAT? 0:15:29.080 --> 0:15:29.200 Oh? 0:15:29.240 --> 0:15:31.440 I know what BT is? Balance transfer? I'm like, what 0:15:31.560 --> 0:15:36.560 bank is BT? I'm caught up. Now? Should I put 0:15:36.640 --> 0:15:39.800 everything except one credit card onto the balance transfer credit 0:15:39.880 --> 0:15:42.520 card and work on paying them both down? Or go 0:15:42.640 --> 0:15:45.200 back to the basics and use the debt snowball method? 0:15:45.280 --> 0:15:48.320 Thank you so much for all you do. Okay, So 0:15:48.440 --> 0:15:50.680 she has ten k in debt. It's a mix of 0:15:50.720 --> 0:15:55.040 credit card, IRS, personal loan. She has gotten approved for 0:15:55.280 --> 0:15:57.960 up to eighty five hundred dollars on the zero percent 0:15:58.160 --> 0:16:02.240 balance transfer card. She's not going to be able to 0:16:02.280 --> 0:16:04.440 transfer all of that because some of it comes from 0:16:04.480 --> 0:16:07.720 the same bank. This is very important. Tell them about it, Tiff. 0:16:07.880 --> 0:16:09.000 The whole balance transfer thing. 0:16:09.240 --> 0:16:14.120 So balance transfers are when you have, like ideal, you 0:16:14.240 --> 0:16:16.360 have one card that the interest rate, you're paying interest 0:16:16.480 --> 0:16:19.240 on it, and the ideal situation is that you get 0:16:19.280 --> 0:16:22.000 another card that can cover what you are on the 0:16:22.080 --> 0:16:25.200 first card, but they give you no interest payments for 0:16:25.840 --> 0:16:28.800 ideally more than a year. So her credit score must 0:16:28.800 --> 0:16:30.880 be pretty decent. They gave her eighteen months because that's 0:16:30.960 --> 0:16:32.600 like one of the highest that you can get, and 0:16:32.600 --> 0:16:33.880 I think that's what I had gotten when I made 0:16:33.920 --> 0:16:36.800 my balance transfer, which is great, which means let's just 0:16:36.880 --> 0:16:40.040 pretend like she was able, Like you know, the math 0:16:40.160 --> 0:16:42.280 is easy. Where she owed ten thousand on this one 0:16:42.360 --> 0:16:45.320 card and a different bank, and she has a balanced 0:16:45.360 --> 0:16:48.440 transfer card of eighty five hundred, she makes the transfer 0:16:48.640 --> 0:16:50.880 over to the eighty five hundred. Some of it will 0:16:50.880 --> 0:16:53.480 still stay on the old car, you know, the fifteen 0:16:53.560 --> 0:16:56.640 hundred or whatever left, but now she can every cent 0:16:56.800 --> 0:16:59.040 that she gives to the new card actually goes to 0:16:59.160 --> 0:17:01.920 the money owed, So that's the benefit That's how I 0:17:02.000 --> 0:17:05.000 was able to get that. You know, remember my my 0:17:05.080 --> 0:17:06.840 friend who's in jail now who you know? I had 0:17:06.880 --> 0:17:08.000 the jake, the thief. 0:17:08.800 --> 0:17:11.240 Who oh he's a jail Well, he. 0:17:11.280 --> 0:17:13.000 Was in jail temporarily. I don't know IF's still in jail. 0:17:13.080 --> 0:17:13.760 Let's hope, Okay. 0:17:14.200 --> 0:17:16.080 So he left me thirty five thousand dollars in credit 0:17:16.160 --> 0:17:17.520 card debt. And how I was able to pay it 0:17:17.560 --> 0:17:20.840 off is I got a couple of balanced transfer cards 0:17:20.880 --> 0:17:23.879 and transfer the thirty five thousand to those cards so 0:17:24.000 --> 0:17:26.440 I can focus on just paying the principle, not the 0:17:26.520 --> 0:17:29.720 principle and the fees and the interest, you know. And 0:17:29.800 --> 0:17:31.840 it took me about three years to do so. So one, 0:17:31.960 --> 0:17:35.080 you're you know, you're in pretty decent shape to start, but. 0:17:35.200 --> 0:17:36.840 I what the thing is like, you have to be 0:17:36.920 --> 0:17:39.520 careful because like her, yes, you may not know. You 0:17:39.680 --> 0:17:42.240 can't transfer money from this, like you can't get a 0:17:42.320 --> 0:17:45.760 Chase balance transfer card and transfer money from another Chase card. 0:17:46.200 --> 0:17:48.280 Banks use this as a tool to get new business. 0:17:48.320 --> 0:17:50.040 They don't want your old business, Like are your old 0:17:50.119 --> 0:17:53.080 news girl? We got you for twenty three point nine 0:17:53.119 --> 0:17:54.680 to nine apl already, We're not going to give you 0:17:54.800 --> 0:17:59.359 zero percent. But Wells Fargo, but Bank of America, these 0:17:59.400 --> 0:18:01.399 other banks they will offer, so you have to be 0:18:01.480 --> 0:18:03.680 careful to think ahead. Okay, you want to apply for 0:18:03.760 --> 0:18:06.880 a BT at a totally different issue or a totally 0:18:06.880 --> 0:18:07.400 different bank. 0:18:08.240 --> 0:18:10.800 Sorry to interrupt, No, no, So I just so if 0:18:10.840 --> 0:18:14.200 it was me, Because it was me, I would transfer 0:18:14.400 --> 0:18:16.880 well one. Be careful with balance treds for cards too, 0:18:17.480 --> 0:18:20.800 because sometimes at the end of the eighteen months, if 0:18:20.840 --> 0:18:23.760 you have not paid it off, it not only jumps 0:18:23.840 --> 0:18:26.480 to whatever the new interest rate is, but all the 0:18:26.600 --> 0:18:30.560 interests might come doe from the very beginning. So be careful, careful, careful. 0:18:30.640 --> 0:18:33.520 Ja Lisa like, what are the terms? Because mine was 0:18:33.560 --> 0:18:35.199 one of those. So I said, Tippany, I don't care 0:18:35.280 --> 0:18:37.520 what you do. Sis. You got to get this money 0:18:37.600 --> 0:18:39.600 off this card in the eighteen months that they've given you, 0:18:40.080 --> 0:18:41.720 or you're not going to owe. You're not going to 0:18:41.760 --> 0:18:44.199 owe the twenty percent on the balance that's left over. 0:18:44.240 --> 0:18:46.160 You're going to owe the twenty percent on the original 0:18:46.200 --> 0:18:50.200 balance you transferred over, which is cempre, so be careful 0:18:50.240 --> 0:18:53.120 of that too. But I would honestly transfer over all 0:18:53.160 --> 0:18:56.160 that I could and then pay my zero percent interest. 0:18:56.200 --> 0:18:58.320 I would make that card the priority. I would still 0:18:58.359 --> 0:19:00.800 do the snowball method, but I would make that you 0:19:00.880 --> 0:19:03.399 know that the priority to pay down and pay off 0:19:03.440 --> 0:19:05.560 as quickly as possible, since all your money is going 0:19:05.640 --> 0:19:08.800 directly to what you owe. But I would ask myself 0:19:09.400 --> 0:19:11.280 only transfer over what I know I could pay off 0:19:11.320 --> 0:19:13.679