WEBVTT - Cliff Notes: BUSSINESS CREDIT'S GOLDEN RULES 0:00:00.040 --> 0:00:03.600 An illegal alien from Guatemala charged with raping a child 0:00:03.680 --> 0:00:07.480 in Massachusetts. An MS thirteen gang member from Al Salvador 0:00:07.720 --> 0:00:11.840 accused of murdering a Texas man of Venezuelan charged with 0:00:11.920 --> 0:00:15.840 filming and selling child pornography in Michigan. These are just 0:00:15.920 --> 0:00:19.680 some of the heinous migrant criminals caught because of President 0:00:19.720 --> 0:00:23.320 Donald J. Trump's leadership. I'm Christy nom the United States 0:00:23.320 --> 0:00:28.120 Secretary of Homeland Security. Under President Trump, attempted illegal border 0:00:28.160 --> 0:00:31.680 crossings are at the lowest levels ever recorded, and over 0:00:31.760 --> 0:00:34.960 one hundred thousand illegal aliens have been arrested. If you 0:00:35.040 --> 0:00:38.920 are here illegally, your next you will be fined nearly 0:00:39.000 --> 0:00:43.000 one thousand dollars a day, imprisoned, and deported. You will 0:00:43.040 --> 0:00:46.680 never return. But if you register using our CBP home 0:00:46.720 --> 0:00:50.120 app and leave now, you could be allowed to return legally. 0:00:50.479 --> 0:00:55.240 Do what's right. Leave now. Under President Trump, America's laws, 0:00:55.400 --> 0:00:57.840 border and families will be protected. 0:00:57.920 --> 0:01:00.000 Sponsored by the United States Department of Homeland Security. 0:01:00.320 --> 0:01:01.240 Herman, what's going on? 0:01:01.320 --> 0:01:01.480 Man? 0:01:01.520 --> 0:01:02.040 How are you? 0:01:02.320 --> 0:01:04.360 I'm feeling good fellas man. Thank you for having me 0:01:04.440 --> 0:01:05.760 and I truly appreciate it. 0:01:06.200 --> 0:01:09.120 We appreciate you taking time out. I know there was 0:01:09.200 --> 0:01:13.040 plenty of preparation for tomorrow. I'm sure you're part of it, 0:01:13.160 --> 0:01:16.920 but blessed blessed people with loads of information. So we 0:01:17.040 --> 0:01:18.080 really appreciate that. 0:01:18.400 --> 0:01:19.640 Thank you, Thank you so much. 0:01:20.280 --> 0:01:30.240 The Haitian CEO. Yes, yes, yes, it's very important. 0:01:30.920 --> 0:01:31.880 Bald head and beards. 0:01:32.319 --> 0:01:33.480 You did you dig? 0:01:34.760 --> 0:01:37.920 So, Irman is a master when it comes to credit, 0:01:38.560 --> 0:01:43.520 business credit, and this is something that's extremely important. Once again, 0:01:43.640 --> 0:01:45.560 I feel like we can never have this conversation enough. 0:01:45.560 --> 0:01:47.000 I put a post up today and it just went 0:01:47.040 --> 0:01:49.760 crazy and it just shows you how hungry people are 0:01:49.880 --> 0:01:53.440 for the information and it's extremely important. So we're going 0:01:53.480 --> 0:01:55.160 to do a deep dive into the into the world 0:01:55.160 --> 0:01:58.600 of credit. But before we start, I wanted to just 0:01:59.240 --> 0:02:03.919 talk about the university situation again. So, you know, meeting 0:02:04.040 --> 0:02:07.080 with Robert Smith when we met with him a while back, 0:02:07.600 --> 0:02:09.640 and he was telling us, right, you know, Robert Smith 0:02:09.720 --> 0:02:14.600 is he's the richest black person in America. So he 0:02:14.800 --> 0:02:18.600 was saying how he got his start and finances was 0:02:18.639 --> 0:02:23.600 through mergers and acquisition, and he was telling us the 0:02:23.639 --> 0:02:26.440 whole play behind the mergers and acquisition and that you know, 0:02:26.520 --> 0:02:29.480 that's the real game that they play on the highest 0:02:29.560 --> 0:02:34.040 level of finance, and that's really what he was doing 0:02:34.080 --> 0:02:36.480 as an investment banker, was broke away those deals for 0:02:36.600 --> 0:02:40.840 mergers and acquisitions. So you know, you got to listen 0:02:40.880 --> 0:02:42.880 to what people speak and you have to be able 0:02:42.880 --> 0:02:45.560 to apply to information in real time and process it 0:02:45.639 --> 0:02:50.400 very quickly, so you know, earn your Lisia. We've obviously 0:02:50.400 --> 0:02:53.880 built the tremendous media platform and there's other people in 0:02:53.880 --> 0:02:57.760 the space that we respect, and Recession Pool is an 0:02:58.040 --> 0:03:02.760 educational platform that has because an extremely impressive platform. They've 0:03:02.760 --> 0:03:05.240 done a lot of great events, they've built an extremely 0:03:05.280 --> 0:03:09.480 strong community, they've done live events for their members only 0:03:09.520 --> 0:03:12.720 only for their members, and we've seen it firsthand and 0:03:12.760 --> 0:03:18.000 it actually was a major inspiration for investments. So, you know, 0:03:18.160 --> 0:03:21.680 seeing and just being really impressed with the infrastructure what 0:03:21.760 --> 0:03:27.480 they've been able to accomplish, not an acquisition, but a merger, 0:03:28.320 --> 0:03:33.680 a merger of e y L University and Recession Proof. 0:03:34.400 --> 0:03:38.040 So it's early a Lesion university powered by Recession Proof. 0:03:39.520 --> 0:03:42.600 It's just got bigger, yeah, basically. 0:03:43.000 --> 0:03:43.080 So. 0:03:45.000 --> 0:03:47.960 So you know, I feel like that's an important step 0:03:48.040 --> 0:03:53.760 forward for the culture. 0:03:54.040 --> 0:03:54.560 Absolutely. 0:03:54.600 --> 0:03:56.160 So you know, you got to be able to work together, 0:03:56.600 --> 0:03:59.560 You've got to be able to put egos aside. You 0:03:59.640 --> 0:04:03.760 have to be able to sit at the same table 0:04:04.280 --> 0:04:08.760 and understand that you know, yeah, you have more power 0:04:09.000 --> 0:04:13.600 in collaboration as opposed to competition. And this is something 0:04:13.600 --> 0:04:15.680 that you know, I don't think a lot of people 0:04:15.720 --> 0:04:19.360 really expected, but I think it's going to be something else, 0:04:19.360 --> 0:04:19.960 a game changing. 0:04:20.160 --> 0:04:20.800 Yeah, I think. 0:04:21.000 --> 0:04:25.080 I mean just from a standpoint of inspiring each other, 0:04:25.160 --> 0:04:27.640 pushing each other and wanted to see the best for 0:04:27.680 --> 0:04:27.919 each other. 0:04:27.960 --> 0:04:29.560 I think we've done that over the past two years. 0:04:29.560 --> 0:04:33.080 Like you said, when we went to the Recession conference 0:04:33.080 --> 0:04:35.400 in Miami and looked at what was put together, we 0:04:35.800 --> 0:04:38.960 knew that, you know what, this is something that we 0:04:39.000 --> 0:04:40.320 can do at a law scale. 0:04:41.240 --> 0:04:44.080 So to be merging with such such a. 0:04:44.120 --> 0:04:49.520 Prestigious and illustrious community like RPX, it is something that 0:04:49.600 --> 0:04:53.920 is the community. You know, it's going to serve them wholeheartedly, 0:04:54.000 --> 0:04:55.240 and I'm excited for it. 0:04:55.240 --> 0:04:55.440 Man. 0:04:55.760 --> 0:04:58.640 The way that they've structured, you know, their community and 0:04:58.960 --> 0:05:01.600 all the things that they have was like, this is 0:05:01.640 --> 0:05:04.400 something that can add value to our community. And likewise, 0:05:04.440 --> 0:05:06.120 you know, this is going to be pieces that you know, 0:05:06.400 --> 0:05:07.960 our earners are going to be added over there. 0:05:08.000 --> 0:05:09.279 So it's a. 0:05:09.560 --> 0:05:12.159 It's a game changer for the for the financial literacy 0:05:12.160 --> 0:05:15.920 community overall. So I'm excited. So shout out to everybody 0:05:16.240 --> 0:05:20.279 marp X shouts are earners. Yeah, the biggest just got bigger. 0:05:20.120 --> 0:05:22.560 More, more, more value. And like I said, it's now 0:05:22.600 --> 0:05:24.760 you're going to have EYO University is going to have 0:05:25.279 --> 0:05:27.200 the best parts of a session proof from or Session 0:05:27.200 --> 0:05:29.200 proof is gonna have the best parts of YO University. 0:05:29.240 --> 0:05:32.000 So you know, they have those chapters in place. This 0:05:32.040 --> 0:05:34.359 is where the chapters come from. This is where the 0:05:34.400 --> 0:05:37.520 courses come from, as far as you know, like Dan's 0:05:37.520 --> 0:05:39.640 course and a bunch of other courses that's actually going 0:05:39.720 --> 0:05:42.240 to be in Sonnounced. You don't have to go and 0:05:42.279 --> 0:05:45.200 buy courses from all of these other different outlets. Where 0:05:45.240 --> 0:05:48.039 in one community you have all the courses in under 0:05:48.080 --> 0:05:51.880 one roof. That's revolutionary within itself, and that's something that 0:05:52.000 --> 0:05:55.400 is like, you know, you gotta kind of bring all 0:05:55.440 --> 0:05:57.800 of the it's like mob boss, like you bring all 0:05:57.800 --> 0:05:59.360 of the families together, like you know what I mean. 0:05:59.400 --> 0:06:01.640 So it's like that's a revolutionary thing to have all 0:06:01.680 --> 0:06:04.280 of the courses under one umbrella. I don't think that's 0:06:04.279 --> 0:06:07.360 ever really been done before. So it's in a volume 0:06:07.400 --> 0:06:10.880 as low Joy. 0:06:11.000 --> 0:06:11.599 Which one is it? 0:06:11.640 --> 0:06:11.719 This? 0:06:11.760 --> 0:06:13.479 One? Yeah? A second, I don't think you can go ahead? 0:06:14.920 --> 0:06:20.120 So yeah, so e texts learn the word learn So 0:06:20.320 --> 0:06:24.440 for zero one, two, three, eight, seven, four, seven nine, 0:06:25.080 --> 0:06:28.039 and we'll be giving you updates on the relaunch of 0:06:28.120 --> 0:06:35.599 EYL University, UH launching on Friday right before Madison Square Garden. 0:06:36.279 --> 0:06:36.680 Good time. 0:06:37.520 --> 0:06:41.560 There's always something, there's always something. The never the never 0:06:41.720 --> 0:06:45.919 finished strategy, it's never finished. It's always it's always under 0:06:46.120 --> 0:06:50.280 construction more a lot more so. All right, so let's 0:06:50.320 --> 0:06:53.680 let's get into this. Let's get into this business conversation. 0:06:53.760 --> 0:07:00.760 Extremely important. The differences between business credit and corporate credit, 0:07:00.920 --> 0:07:03.080 corporate credit. I haven't really talked about that too much. 0:07:03.120 --> 0:07:05.080 What's the difference between business credit and corporate credit? 0:07:05.760 --> 0:07:09.080 So the main difference between business credit and corporate credit 0:07:09.320 --> 0:07:11.120 is that business credit. 0:07:11.440 --> 0:07:13.120 Which a lot of people talk about kind. 0:07:12.960 --> 0:07:16.760 Of familiar with, is that it's connected to your Social 0:07:16.800 --> 0:07:20.520 Security number, it's connected to you having good credit. So 0:07:20.560 --> 0:07:25.080 you're basically co signing for your business. So what we 0:07:25.240 --> 0:07:27.920 like to teach our mentees, our friends, our clients are 0:07:27.920 --> 0:07:30.880 people who are listening to our earners, is also at 0:07:30.880 --> 0:07:33.640 the same time, try to build up your business so 0:07:33.680 --> 0:07:36.160 that it can get corporate credit. Corporate credit is not 0:07:36.320 --> 0:07:40.880 connected to your social whatsoever. It's just utilizing your EI in. 0:07:41.360 --> 0:07:44.560 So you got like Jeff bazo So or Steve Jobs 0:07:44.880 --> 0:07:47.520 resumee Steve Jobs. When they were building up their companies, 0:07:47.560 --> 0:07:49.760 they were also building up their EI in so they 0:07:49.760 --> 0:07:53.120 didn't have to personally guarantee anything for their business. So 0:07:53.160 --> 0:07:55.880 that's super important to make sure that you're not just 0:07:55.920 --> 0:07:58.920 building up your business credit, which is a great starting 0:07:58.960 --> 0:08:01.160 capital that you need. You get that can quit twenty five, 0:08:01.240 --> 0:08:03.720 thirty fifty thousand for your business, but at the same 0:08:03.800 --> 0:08:07.160 time also building up your corporate credit so you can 0:08:07.280 --> 0:08:08.480 build up your business like in. 0:08:08.480 --> 0:08:11.840 A year or two. Right, So you're not personal guaranteeing anything. 0:08:11.880 --> 0:08:14.360 You're getting money and you're not giving the banks your 0:08:14.400 --> 0:08:16.720 Social Security number to get business credit cards and loans, 0:08:16.720 --> 0:08:17.080 et cetera. 0:08:17.200 --> 0:08:17.560 Like that. 0:08:19.560 --> 0:08:23.120 Okay, everybody hit the like button. This is extremely important 0:08:23.160 --> 0:08:25.920 to almost two thousand people on YouTube. 0:08:25.960 --> 0:08:26.239 Thousand. 0:08:26.520 --> 0:08:31.240 That's pretty impressible. You're hitting the like button and share please. 0:08:31.920 --> 0:08:32.080 Yeah. 0:08:32.520 --> 0:08:34.600 One of the things we've done is we set up 0:08:34.679 --> 0:08:37.760 multiple LLCs, so I want you to dive into that 0:08:37.840 --> 0:08:40.520 setting up multiple LLCs so that you can get six 0:08:40.559 --> 0:08:41.200 figure funding. 0:08:41.760 --> 0:08:44.960 Oh yeah, so if you if you understand that hack. 0:08:45.080 --> 0:08:48.640 If I know one LLC can get me ten, fifteen, 0:08:48.679 --> 0:08:52.240 twenty five thousand, right, then why wouldn't I do that 0:08:52.280 --> 0:08:53.600 with multiple LLCs? 0:08:53.720 --> 0:08:53.920 Right? 0:08:54.280 --> 0:08:58.600 So me, I love coming up with LLCs, even though 0:08:58.600 --> 0:08:59.960 whether I'm not going to use them or not. Like 0:09:00.000 --> 0:09:01.680 I come up with the idea of success as receipts. 0:09:01.679 --> 0:09:03.480 It's one of my brands, right or Audit your Circle 0:09:03.520 --> 0:09:05.560 another one of my brands. Right, But I also turned 0:09:05.600 --> 0:09:09.280 it into an LLC. Right, So I know one LLC 0:09:09.400 --> 0:09:12.000 I can get twenty five thirty forty thousand dollars. Then 0:09:12.160 --> 0:09:14.960 the other LLC I know I can duplicate that exact 0:09:15.000 --> 0:09:17.600 same process. So there's a lot of people sitting with three, 0:09:17.640 --> 0:09:20.160 four or five LLCs. They haven't done anything with them. 0:09:20.240 --> 0:09:22.040 There's a hearn, how am I going to get funding 0:09:22.120 --> 0:09:24.320 for it? My business didn't make any money. That's not 0:09:24.400 --> 0:09:26.760 important right now. If you got the good credit, you 0:09:26.800 --> 0:09:30.319 can personally guarantee though all those LLC's and get funded 0:09:30.360 --> 0:09:32.959 from them, and then you'll look up and you got 0:09:33.000 --> 0:09:35.680 six figures and funding to do startup capital for whether 0:09:35.679 --> 0:09:37.080 we're trying to business you're trying. 0:09:36.840 --> 0:09:40.080 To do so the keys that have good personal credits, 0:09:40.080 --> 0:09:42.319 so you can be a guarantee for those LZ's. 0:09:42.600 --> 0:09:45.880 That's the key when you are building business credit. But again, 0:09:45.920 --> 0:09:47.360 like we said a couple of minutes ago, at the 0:09:47.400 --> 0:09:49.120 same time, you want to build a corporate credit for 0:09:49.160 --> 0:09:50.200 those businesses also. 0:09:50.640 --> 0:09:52.160 But I know a lot of us we just want 0:09:52.160 --> 0:09:52.800 to get to it. 0:09:53.080 --> 0:09:54.920 So you got the good credit you got over six 0:09:55.040 --> 0:09:57.120 eighty and above, go get to it. 0:09:57.559 --> 0:10:00.000 Go get that money, Go get that go get that bag. First. 0:10:01.640 --> 0:10:05.840 What's the ten commandments when it comes to business credit? 0:10:07.320 --> 0:10:11.040 The ten commandments to getting your business funded. 0:10:11.200 --> 0:10:13.679 Number one, I want you all to write this down right, 0:10:13.840 --> 0:10:16.840 because this is how you maximize to ensure. 0:10:16.960 --> 0:10:19.200 How much funding you can get for your business. 0:10:19.320 --> 0:10:22.200 Right So, if you know throughest bank or key bank, 0:10:22.280 --> 0:10:24.200 you know that they're gonna give you twenty five thousand 0:10:24.240 --> 0:10:27.000 dollars no dock, you know that right whenever you are 0:10:27.040 --> 0:10:30.920 missing certain things from this ten commandments and knocks it 0:10:30.960 --> 0:10:32.800 down a couple of thousands. So number one, you want 0:10:32.800 --> 0:10:34.960 to make sure you have a proper, proper business name. 0:10:35.120 --> 0:10:38.400 The name of my company is Bellisloan Enterprises. Right, it's 0:10:38.440 --> 0:10:41.640 a general name. There's a lot of high risk industries 0:10:41.679 --> 0:10:44.160 out there, right, so real estate, trucking. So if that's 0:10:44.200 --> 0:10:46.960 sitting your business name, it's gonna limit how much funding 0:10:47.000 --> 0:10:49.240 you're gonna get, or they probably deny you the money. 0:10:49.559 --> 0:10:51.960 So like Bellastone Enterprise will get twenty five thousand, but 0:10:52.000 --> 0:10:57.319 Bellasloan real estate company that that same profile is probably 0:10:57.320 --> 0:10:59.720 gonna get ten thousand. So having the proper business name 0:10:59.800 --> 0:11:00.320 is a important. 0:11:00.360 --> 0:11:00.760 Number Two. 0:11:01.080 --> 0:11:02.840 You want to make sure you have a great business 0:11:02.880 --> 0:11:06.440 address right, brick and mortar, of course, but if not, 0:11:06.559 --> 0:11:09.199 get yourself a virtual address, because if you're going to 0:11:09.280 --> 0:11:11.400 the bank, try to maximize how much money you get. 0:11:11.679 --> 0:11:13.679 You want to make sure you look like a real business. 0:11:13.840 --> 0:11:16.600 Try to not look like a mom and pop where 0:11:16.600 --> 0:11:19.760 you're giving them your home address as your business address. 0:11:19.760 --> 0:11:21.480 You want to walk into Chase, you want to walk 0:11:21.520 --> 0:11:24.360 into Wells Fargo like a real, outstanding business. 0:11:24.360 --> 0:11:25.400 That's commandment number two. 0:11:25.520 --> 0:11:27.920 Commandment number three, you want to have a legitimate email 0:11:28.000 --> 0:11:32.360 address info at bellostone Enterprises dot com, not bellosone Enterprises 0:11:32.400 --> 0:11:35.400 at gmail, those little things these banks are looking at. 0:11:36.160 --> 0:11:38.360 Commandment number four. Want to make sure you have a 0:11:38.360 --> 0:11:41.960 real business website. So I told a couple of my 0:11:42.080 --> 0:11:46.080 mentees this, when everybody was getting the SBAEI d L money, right, 0:11:46.400 --> 0:11:50.040 if they didn't have a proper email, he literally got 0:11:50.080 --> 0:11:53.040 kicked to a real underwriter, right, So the real underwriter 0:11:53.120 --> 0:11:55.160 was looking to see if he was a legit, legitimate business. 0:11:55.200 --> 0:11:57.319 Because you're given an at Gmail and you're trying to 0:11:57.320 --> 0:11:59.240 get one hundred and fifty thousand, it didn't make sense. 0:11:59.679 --> 0:12:02.120 So commanding number four, having a good business email. 0:12:02.160 --> 0:12:04.000 Commandment number five, you want to make sure you have 0:12:04.440 --> 0:12:08.640 a business website, a real presence online so that the 0:12:08.679 --> 0:12:10.840 banks know you're legit, like I'm not giving you twenty 0:12:10.840 --> 0:12:13.400 five thirty fifty thousand dollars and you're not going anywhere. 0:12:13.760 --> 0:12:17.520 And then once you have all this demographic information, next commandment, 0:12:17.760 --> 0:12:19.520 that's what you put on your LLC. 0:12:20.200 --> 0:12:21.120 Because before when I. 0:12:21.120 --> 0:12:24.400 Started talking about business funding, everybody ran and got an LLC, 0:12:24.520 --> 0:12:26.920 but they putting their cell phone number, their home address 0:12:26.960 --> 0:12:28.920 on it. Now you want to set up your business 0:12:29.200 --> 0:12:32.679 demographics first, then you put that on a business application 0:12:32.760 --> 0:12:36.000 your LLC. Excuse me, Then you get your EI in 0:12:36.480 --> 0:12:38.679 and then once your business is structured, I want you 0:12:38.679 --> 0:12:41.880 to open up a business checking account and a business 0:12:41.920 --> 0:12:43.840 saving account. Now, I want to stay on this real quick. 0:12:44.440 --> 0:12:46.080 Commandment number seven. I want to stay on this real 0:12:46.160 --> 0:12:50.000 quick because how you open up your business checking account 0:12:50.040 --> 0:12:53.880 and saving account is important. The more products that you 0:12:54.120 --> 0:12:57.360 have with a bank, the better the relationship with the bank, 0:12:57.559 --> 0:12:59.360 the more likely they are to get you funded. 0:12:59.640 --> 0:12:59.800 Right. 0:12:59.800 --> 0:13:01.960 So, if I'm walking into a bank and I'm like, hey, 0:13:02.040 --> 0:13:03.760 can I get a twenty five thousand dollars credit card? 0:13:03.760 --> 0:13:07.320 I gotta get great credit. That's wonderful, right, But isn't 0:13:07.360 --> 0:13:09.160 it better if I'm ope? If I go to the bank, 0:13:09.160 --> 0:13:12.120 I get my LLC, my EI in documentation, I give 0:13:12.160 --> 0:13:14.400 them my operator agreement. I'm like, hey, can I open 0:13:14.480 --> 0:13:16.720 up a checking account? Can I open up a savings 0:13:16.760 --> 0:13:19.560 account with you? So, now just open up two products 0:13:19.559 --> 0:13:22.000 with them. I put fifty dollars in each account, write 0:13:22.000 --> 0:13:25.360 nothing crazy, and then I ask them for funding. So 0:13:25.600 --> 0:13:29.640 building relationships with bank is crucial one of those unknown 0:13:29.640 --> 0:13:33.160 steps to help you get more funding from that same bank. 0:13:34.120 --> 0:13:40.520 Commandment number nine. Having different relationships with different tiers of banks. 0:13:41.080 --> 0:13:44.520 I always tell everyone to please start first with getting 0:13:44.559 --> 0:13:48.160 funding and relationships with credit unions. In your area first, 0:13:48.600 --> 0:13:51.240 So I tell them, listen, go to Google Maps, type 0:13:51.280 --> 0:13:52.400 in the word credit. 0:13:52.160 --> 0:13:54.040 Union and put in your zip code. 0:13:54.240 --> 0:13:58.080 You'll see ten fifteen credit unions in your zip code alone. 0:13:58.320 --> 0:14:00.640 That you can go and start a business relatelationship with 0:14:01.080 --> 0:14:05.160 right and then find out give them a call, Hey, Truemark, 0:14:05.160 --> 0:14:08.000 where do you pull from? We pull from Ecofax. Another bank, 0:14:08.040 --> 0:14:10.480 where do you pull from? We pulled from TransUnion? Another 0:14:10.520 --> 0:14:12.679 one where you pull from we pulled from Experience. So 0:14:12.760 --> 0:14:16.200 now you're getting three relationships. You know they're pulling from 0:14:16.240 --> 0:14:18.920 different credit bureaus. So when you go to the second bank, 0:14:18.960 --> 0:14:20.680 they didn't know you just got twenty five thousand from 0:14:20.680 --> 0:14:22.880 the first bank. So just like that, if each of 0:14:22.920 --> 0:14:24.840 them give you ten thousand on a bad Saturday, you 0:14:24.920 --> 0:14:28.720 just raise yourself thirty thousand dollars right from three different banks. 0:14:28.400 --> 0:14:31.040 So credit unions left to give bigger bags out. So 0:14:31.040 --> 0:14:33.720 I always tell people start with credit unions first. Then 0:14:33.800 --> 0:14:36.360 work your way up to the different tiers where you 0:14:36.360 --> 0:14:39.520 will work your way up to like citizens where they're 0:14:39.560 --> 0:14:42.960 like more regional or truest. The more regional our nationwide, 0:14:43.000 --> 0:14:44.400 and then you hit up the big boys. Then you 0:14:44.400 --> 0:14:46.200 go to Wells Fargo. Then you go to Chase, but 0:14:46.280 --> 0:14:48.880 start in your community first. And then lastly, of course 0:14:48.880 --> 0:14:51.000 commandment number time asks them for that money, ask them 0:14:51.040 --> 0:14:53.120 for that funding, and you should be in good position 0:14:53.200 --> 0:14:55.080 to maximize what you can get from each bank. 0:14:56.720 --> 0:15:01.360 It's ten Busnett commandments. What you gotta say that at 0:15:01.360 --> 0:15:01.680 the end. 0:15:02.040 --> 0:15:06.040 So we're applying to the banks, we're spending our applications. 0:15:06.080 --> 0:15:07.640 You got this thing called the power for it? Can 0:15:07.680 --> 0:15:08.320 you break that down? 0:15:09.000 --> 0:15:09.920 The power of the four? 0:15:09.920 --> 0:15:12.720 All right, So there's a little there's a little a 0:15:12.760 --> 0:15:14.480 bank information that they don't want you to know, right, 0:15:14.520 --> 0:15:15.920 love when people say down, So I'm gonna say it 0:15:15.920 --> 0:15:17.640 to you what they don't want you to know, So 0:15:18.640 --> 0:15:23.200 save the power for say, for instance, you have two 0:15:23.240 --> 0:15:26.560 credit cards, right, they're ten thousand dollars each limit. 0:15:26.680 --> 0:15:28.640 That's a credit availability that you got. 0:15:29.160 --> 0:15:33.440 But you make thirty thousand dollars a year, right, So 0:15:33.840 --> 0:15:35.640 the bank is going to look at that application. 0:15:35.720 --> 0:15:38.200 They were like, this person is actually high risk. 0:15:38.800 --> 0:15:42.360 Why because tomorrow he can max out the cars to 0:15:42.440 --> 0:15:46.320 twenty thousand dollars, right, but he only makes thirty thousand 0:15:46.360 --> 0:15:50.120 dollars a year. Right, So the bank actually looks at 0:15:50.120 --> 0:15:53.400 you as somebody that's actually risky. So sometimes I tell 0:15:54.800 --> 0:15:57.800 my earners, my mentees, I tell them, hey, if you 0:15:57.880 --> 0:16:00.960 got to you gotta somebody on your tea, a code signer, 0:16:01.080 --> 0:16:04.360 somebody else who doesn't look at high risk. So somebody 0:16:04.360 --> 0:16:07.080 who's less high risk is the power for. So twenty 0:16:07.160 --> 0:16:11.000 thousand dollars multiplied by four is eighty thousand dollars. So 0:16:11.040 --> 0:16:13.720 the bank is looking for somebody who makes eighty thousand 0:16:13.760 --> 0:16:17.600 dollars a year, right who has twenty thousand available credit card. 0:16:17.800 --> 0:16:20.520 That person is low risk to the bank. 0:16:20.760 --> 0:16:22.280 So that's why I say the power of for is 0:16:22.280 --> 0:16:25.400 what the banks look at when assessing somebody's credit profile 0:16:25.640 --> 0:16:27.200 to see how much funding they can give them. 0:16:27.200 --> 0:16:28.760 On the business side. 0:16:29.400 --> 0:16:32.920 So talk about credit union funding. 0:16:34.160 --> 0:16:36.200 Credit union funding kind of talked about it a little 0:16:36.200 --> 0:16:38.920 bit earlier. It's the best place to start. It's the 0:16:38.920 --> 0:16:42.600 best place to go when you are trying to get funding. 0:16:42.800 --> 0:16:44.960 For everybody that's on a call, I know we all 0:16:45.000 --> 0:16:47.080 go into the name brands first. We're gonna go to Chase, 0:16:47.080 --> 0:16:49.600 We're gonna go to Wells Fargo, and they're great institutions. 0:16:49.760 --> 0:16:52.000 But I want everybody to start in their community first, 0:16:52.120 --> 0:16:54.480 because the credit unions are ready to invest in the 0:16:54.520 --> 0:16:57.240 people that are in their community first, right, I even 0:16:57.360 --> 0:16:59.680 have I even have a strategy where a lot of 0:16:59.720 --> 0:17:02.880 my where they're like, listen, well, there's a great bank 0:17:02.880 --> 0:17:06.800 in Virginia. Right, Virginia got a great bank, but my 0:17:07.000 --> 0:17:08.760 LLC is not in Virginia's in Pennsylvania. 0:17:08.800 --> 0:17:10.880 We'll get a foreign entity, right. 0:17:10.840 --> 0:17:14.760 So you can do business in the state of Virginia, 0:17:14.840 --> 0:17:16.560 and then you hit up that credit union because you 0:17:16.600 --> 0:17:18.760 know they give away thirty thousand dollars real quick if 0:17:18.760 --> 0:17:21.159 you got a six to ninety credit score. So getting 0:17:21.160 --> 0:17:24.919 a foreign entity is how you literally multiply or mimic 0:17:24.960 --> 0:17:28.000 your LLC in all fifty states, so you can get 0:17:28.000 --> 0:17:29.959 the capitol in different places. So I travel a lot. 0:17:30.000 --> 0:17:32.520 I'm in Atlanta, I'm in Miami, I'm in Cali. So 0:17:32.560 --> 0:17:34.399 I make sure I got foreign entities in those different 0:17:34.400 --> 0:17:36.240 statescause if I happen to be out there and my 0:17:36.280 --> 0:17:38.280 man's give me a good play, Like Yo, this's credit Union, bro, 0:17:38.280 --> 0:17:40.160 They're giving fifty thousand dollars line of credit. You got 0:17:40.160 --> 0:17:41.919 a seven hundred credit score, then I want to make 0:17:41.920 --> 0:17:44.040 sure I'm in position to go there, because I know 0:17:44.040 --> 0:17:45.919 credit unions are going to give me a bigger bag 0:17:46.160 --> 0:17:47.879 than regional or national banks. 0:17:49.480 --> 0:17:52.159 So what are the three things as entrepreneurs that we 0:17:52.200 --> 0:17:54.399 can do to get the most funded? 0:17:54.480 --> 0:17:54.600 Right? 0:17:54.600 --> 0:17:56.119 A lot of times when we try to start a business, 0:17:56.160 --> 0:17:57.600 fund is obviously always the issue. 0:17:57.680 --> 0:17:58.840 What are the three things that we can do to 0:17:58.880 --> 0:18:00.120 make sure we get the most. 0:18:01.520 --> 0:18:03.040 To make sure you get the most fun and to 0:18:03.080 --> 0:18:05.639 put yourself in position to get the bigger bag. Number one, 0:18:05.800 --> 0:18:09.600 make sure your inquiries are low on your credit report. 0:18:10.000 --> 0:18:12.800 So if I told you true Marcus pulling from TransUnion, 0:18:13.160 --> 0:18:17.720 make sure you have under three inquiries from that credit bureau, 0:18:18.000 --> 0:18:20.600 or make sure you don't have any recent inquiries in 0:18:20.640 --> 0:18:22.960 the last six months. So keep your inquiries though. That's 0:18:22.960 --> 0:18:26.040 gonna maximize your funding. Number two. I know it sounds 0:18:26.040 --> 0:18:29.280 sexy that yo, I'm the owner of Bellis Loan Enterprises. 0:18:29.320 --> 0:18:32.679 It sounds great, right, owners don't make money. You know 0:18:32.720 --> 0:18:35.879 who make money? Who get consistent bread w two employees. 0:18:36.080 --> 0:18:38.680 So when I open up a bank account, I tell 0:18:38.720 --> 0:18:42.080 them I am the president, I'm the CEO, I'm the CIO, 0:18:42.560 --> 0:18:45.479 right because they know I'm getting paid every week, So 0:18:45.520 --> 0:18:47.280 they know I'm gonna pay this check every week. They 0:18:47.280 --> 0:18:49.240 know I got I got a certain salary, so I'm 0:18:49.240 --> 0:18:51.840 gonna make sure I get money every week and number 0:18:51.880 --> 0:18:52.680 three five. 0:18:53.880 --> 0:18:56.120 This episode is brought to you by P ANDC Bank. 0:18:56.520 --> 0:18:59.280 A lot of people think podcasts about work are boring 0:18:59.480 --> 0:19:02.800 and sure or they definitely can be, but understanding a 0:19:02.800 --> 0:19:06.119 professional's routine shows us how they achieve their success little 0:19:06.119 --> 0:19:10.080 by little, day after day. It's like banking with P 0:19:10.160 --> 0:19:13.000 and C Bank. It might seem boring to save, plan 0:19:13.119 --> 0:19:16.280 and make calculated decisions with your bank, but keeping your 0:19:16.280 --> 0:19:19.080