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Speaker 1: This episode is brought to you by P and C Bank.

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Speaker 1: pushing your vision forward.

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Speaker 2: Let's talk about some personal finance tips. A perpetual debt trap. Right,

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Speaker 2: this is good. This is good stuff.

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Speaker 3: So where we're going with the weddings.

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Speaker 1: Yeah, I looked at this you want to, Yeah, read

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Speaker 1: it all? Because I'm looking I'm checking off, like.

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Speaker 2: Fifty thousand dollar weddings. That's actually cheap. That's on the

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Speaker 2: cheap side.

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Speaker 4: It is.

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Speaker 3: It is fifty.

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Speaker 2: Thousand dollars weddings, five hundred thousand dollars in mortgage, five

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Speaker 2: hundred dollars a month car.

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Speaker 3: Car.

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Speaker 2: No, that's cheap too. Yep, most most parts. Yeah, fifty,

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Speaker 2: I think that's the average. That's like the Corolla one

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Speaker 2: hundred thousand dollars in student loan debt. And then we

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Speaker 2: didn't even calculate credit card debt in this situation either.

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Speaker 2: So that's probably for the America probably around five five

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Speaker 2: to ten thousand dollars in credit card debt. Yeah, welcome

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Speaker 2: to America, right, American jam turned to a night there

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Speaker 2: real fast.

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Speaker 3: You know what's crazy about this?

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Speaker 2: So we was in Ghana and it was explaining to

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Speaker 2: us and the same thing when we was in the Ua,

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Speaker 2: but it was like, but in Ghana, they don't have

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Speaker 2: they don't have the same understanding of debt that Americans have.

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Speaker 3: Like if you want a.

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Speaker 2: House, like let's say the house costs three hundred thousand dollars,

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Speaker 2: you buy a house for three hundred thousand dollars, right,

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Speaker 2: Like you save, you get other family members involved, having

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Speaker 2: Like if your car cost sturdy, like you buy the

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Speaker 2: car right.

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Speaker 3: Like even if you rent, you.

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Speaker 2: Pay like two months two years in advance on the rent, right,

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Speaker 2: so it's like you're putting down a down payment pretty

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Speaker 2: much to actually rent. Their understanding of debt structure is

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Speaker 2: completely different. Where Americans you're actually taught to put as

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Speaker 2: little money down as possible, and there aren't some benefits

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Speaker 2: with that obviously, as far as leveraging, I get it,

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Speaker 2: real estate plays. But everybody's not don people's. Let's just

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Speaker 2: be honest, right, everybody's not don people's. Most people are

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Speaker 2: looking to put as little possible because they don't have

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Speaker 2: any money. Yeah, is that I don't have enough, play

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Speaker 2: me put it as little bit as possible and then

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Speaker 2: I'll pay the rest on the back end. And that

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Speaker 2: has led over a trillion dollars I think in debt

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Speaker 2: for the country, as far as credit card debt. America,

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Speaker 2: which is in shambles and it's getting it from its leadership.

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Speaker 2: When you look at the country is borrowing trillions of

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Speaker 2: dollars and every level of American society we live on debt,

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Speaker 2: from the United States government to States, businesses, to households,

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Speaker 2: the individuals in the city.

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Speaker 4: Even Houston said the number of money in Houston, Houston's broke.

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Speaker 4: Right now.

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Speaker 2: We're all we're all in a big Ponzi scheme of debt,

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Speaker 2: and yeah, what's what's the deal with that?

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Speaker 5: I think going back to basics, try and pay your car.

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Speaker 5: I know we brought it up on Blackout. If you

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Speaker 5: even if you got a lump summer money that you

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Speaker 5: paid off and then people are like no, but if

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Speaker 5: you get a two percent rate, I'm like no, Like

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Speaker 5: the two percent rates are gone. I don't know if

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Speaker 5: you guys have looked the news, but quantitative easing is over.

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Speaker 5: So but banks do this to enslave you. And if

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Speaker 5: you look at how can you have any money if

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Speaker 5: you have one hundred and fifty thousand student loans, a

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Speaker 5: eight hundred dollars car payment. We're not even going to

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Speaker 5: talk about childcare and childcare services. I think the number

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Speaker 5: one goal has to be to put money into places

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Speaker 5: that are going to grow for you, and like we

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Speaker 5: talked about before, keeping those expenses low. Even on the

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Speaker 5: media side, most of the companies that went out of

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Speaker 5: business had incredibly high overhead. I remember, I'm sure Joe

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Speaker 5: told you just when he went, when you ever had

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Speaker 5: the interview with him, Spotify had a town full of

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Speaker 5: content houses, actual houses that look like Big Brother before

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Speaker 5: they signed anybody to put it in the houses to

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Speaker 5: film twenty seven million dollar.

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Speaker 4: Loss, So you got all the the lighting and all

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Speaker 4: that that's good, but no content to come out of it.

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Speaker 5: And I think the blueprint has to be low overhead,

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Speaker 5: high income, and fifty percent of that money invested. I

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Speaker 5: keep saying, everyone talks badly about Dave Ramsey, but that

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Speaker 5: model works. There's some flaws and for sure, but for

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Speaker 5: his business to be debt free, and for him to

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Speaker 5: be debt free, there's a benefit for being debt free

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Speaker 5: when things go wrong. So we got to replace these

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Speaker 5: high cost weddings and even on the fashion spending. You know,

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Speaker 5: what's the quote, you're buying things to impress people that

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Speaker 5: don't even know you. Yeah, we have to stop pushing

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Speaker 5: that narrative, and I think we have to go to

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Speaker 5: a zero debt model country like at this point, I

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Speaker 5: don't know when debt costs are going to be normal.

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Speaker 5: For us to have a trillion dollars plus in credit

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Speaker 5: card debt with interest rates going higher, no good political leadership.

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Speaker 5: But Vanguard and Blackrock don't get paid. That's why keep

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Speaker 5: telling me, I'll invest in Vanguard and Blackrock.

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Speaker 3: Here's one of the you know, you know, the best

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Speaker 3: way two to help clean up your credit.

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Speaker 4: What's that?

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Speaker 2: It's extremely complicated, but I'll kind of make it easy

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Speaker 2: as understandings possible. It's called pay your bills on time

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Speaker 2: that it's called the pay a bill on time play.

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Speaker 2: So it's like, you know, it's it's one of it's

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Speaker 2: one of these things.

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Speaker 6: Right, we have very few breaking news groundbreaking. So the

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Speaker 6: thing about that settle in for a second, Yeah, buy

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Speaker 6: my ebook. The thing about it is that.

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Speaker 2: At some point in time, you you got to realize

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Speaker 2: to live within your means, right or pay for things

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Speaker 2: that you can afford, wait to buy things that you

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Speaker 2: can't afford, right Because even with the mortgage, and they're like, well, mortgage.

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Speaker 3: Is it's a tax right off?

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Speaker 2: Okay, the interest on your mortgage tax right off. But

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Speaker 2: you're paying six thousand dollars a month for your mortgage,

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Speaker 2: and you're paying two thousand dollars a month for property tax,

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Speaker 2: and you're paying one thousand dollars a month for shrubbery,

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Speaker 2: and you're paying.

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Speaker 3: Five hundred escaping electrician for your electric bill. And then

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Speaker 3: so where's the right off in these situation? How's how

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Speaker 3: to get you?

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Speaker 2: So you get to write off you're spending ten thousand

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Speaker 2: dollars a month, you get to write off fifteen hundred

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Speaker 2: dollars and you think that that's the best thing that's

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Speaker 2: ever happened in this world.

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Speaker 4: Yeah, and then they day before it wasn't even capped

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Speaker 4: and now it was capped out a certain amount.

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Speaker 3: Once again, nothing is done for the benefit of the consumer.

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Speaker 2: They're giving you a write off on your on your

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Speaker 2: on your mortgage interest because they want you to have

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Speaker 2: mortgage interest. Yeah, it's an incentive, it's a sentive. It's

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Speaker 2: called the incentive play. Right, So if they can keep

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Speaker 2: you at a seven percent interest, eight percent from paying

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Speaker 2: the bank, right, it's not like you get nothing in this.

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Speaker 3: World for free.

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Speaker 2: So okay, yeah, you get you get a deduction for it,

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Speaker 2: but you're paying interest. That's the part that nobody seems

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Speaker 2: to understand in the situation. And you're paying everything else.

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Speaker 2: So I'm not saying a mortgage is bad, but I'm

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Speaker 2: just saying it's just that mentality of always trying to

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Speaker 2: rationalize why debt is a good thing, and every part

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Speaker 2: of a lot of parts of the world is not.

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Speaker 2: It's not normalized like that, right, Like that's the best

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Speaker 2: financial advice that you can get. Pay your bills on time,

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Speaker 2: don't buy things you can't afford, don't borrow money unless

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Speaker 2: you know you can pay it back. Self fund if possible,

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Speaker 2: Live below your means, don't live up to the expectations

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Speaker 2: of others. Don't try to impress others. Don't buy depreciating

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Speaker 2: assets over the course of time, invest money and things

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Speaker 2: that will go up over the course of time. I mean,

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Speaker 2: we can make this a little bit more complicated, but

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Speaker 2: ultimately it comes down to some self discipline here.

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Speaker 1: Yeah, And I think that to bring up the guna point,

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Speaker 1: the self discipline is the most glaring thing because it's

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Speaker 1: when you're talking about paying for things in cash. You're

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Speaker 1: talking about buying cars right like we saw the guys

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Speaker 1: in like like we don't there's no like system or

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Speaker 1: car payment plan. Like it's either you have the money

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Speaker 1: or you don't have the car, right or in some

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Speaker 1: extreme circumstances, they may give you two months to pay

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Speaker 1: off the car, right like we're doing five year financing.

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Speaker 4: Sometimes they put you in the six year financ seven

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Speaker 4: year plan. Now you know what I'm saying, with a.

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Speaker 1: Seven percent interest rate, and so to have the financial

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Speaker 1: discipline to purchase a vehicle or to purchase a home,

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Speaker 1: let's talk two hundred thousand.

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Speaker 4: How many of us can save two hundred thousand in

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Speaker 4: a lifetime.

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Speaker 1: You're watching people do it before they hit thirty, and

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Speaker 1: so the discipline that it takes to do that. But

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Speaker 1: I'm interested, right because if that was the perpetual depth trap,

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Speaker 1: then like what's the blueprint for the new trap? Because

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Speaker 1: I feel like one hundred thousand dollars student loan? We

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Speaker 1: can give solutions for that, right, like maybe school is

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Speaker 1: not the thing, or maybe if you're going to go

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Speaker 1: to school, take the community college, play or stay local

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Speaker 1: or live at home, like this solutions for that. But

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Speaker 1: like when you're talking about mortgages, is it do we

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Speaker 1: have to find the income level that makes it necessary

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Speaker 1: to rent or buy?

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Speaker 5: Like?

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Speaker 4: How what what would be there? I'm just have to

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Speaker 4: go back to living together. And that's another issue we

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Speaker 4: have to discide.

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Speaker 3: It's re enforced.

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Speaker 4: Isn't it that way anyway?

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Speaker 3: Right?

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Speaker 1: Like if we watch more kids that are graduating with

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Speaker 1: high levels of debt coming out of school, I've seen

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Speaker 1: people twelve hundred and fifteen hundred dollars a month and

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Speaker 1: student loan that's rent. You can't do both, right, so's

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Speaker 1: I have to go back home? But if your parent

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Speaker 1: has been renting, maybe there isn't a home.

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Speaker 4: To go back to.

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Speaker 1: So it gets tricky, right, So what what are like?

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Speaker 1: And this is just like open ended, like what would

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Speaker 1: be like the blueprint for this to create a new system?

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Speaker 1: Right to not fall in that death trap playing your

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Speaker 1: bills is one we got? Like what else do we think?

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Speaker 4: I mean?

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Speaker 5: We got to realize who, even on a self discipline side,

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Speaker 5: we're fighting against the banks that own the media that

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Speaker 5: make the propaganda for it to be cool to go

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Speaker 5: into debt. Like we can have a whole argument around

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Speaker 5: how hip hop has driven consumerism to a whole bunch

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Speaker 5: of shit that we don't need. Got to start a

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Speaker 5: business early, have to invest early. That's why these conversations

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Speaker 5: are incredibly important and giving a blueprint for what to do.

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Speaker 5: But just realizing, like all debt is and I know

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Speaker 5: people like there's good, that there's bad debt. That shit

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Speaker 5: sounds good until you have to pay it to those

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Speaker 5: year they're paying fifteen thousand dollars a money in good debt. Man,

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Speaker 5: it sucks if it's coming out of your business or

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Speaker 5: your personal It doesn't feel good when that money is

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Speaker 5: constantly being going out of your account and then the

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Speaker 5: money isn't coming in as fast. I think we have

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Speaker 5: to focus a lot more on not having debt, and

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Speaker 5: then we have to go back to multi generational family.

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Speaker 4: Living and succession planning.

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Speaker 5: But I think that's a tough thing in our community

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Speaker 5: because a lot of the families are not getting long

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Speaker 5: because Instagram has replaced the famiorlyy inn when the last

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Speaker 5: time you know somebody black kind of emory.

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Speaker 4: I always see, I feel.

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Speaker 3: Like I don't know that went to on.

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Speaker 4: I don't know if anybody that has them means and

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Speaker 4: probably in ten years.

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Speaker 7: An illegal alien from Guatemala charged with raping a child

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Speaker 7: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 7: accused of murdering a Texas man of Venezuelan charged with

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Speaker 7: filming and selling child pornography in Michigan. These are just

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Speaker 7: some of the heinous migrant criminals caught because of President

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Speaker 7: Donald J. Trump's leadership. I'm Christy Noman, the United States

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Speaker 7: Secretary of Homeland Security. Under President Trump, attempted illegal border

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Speaker 7: crossings are at the lowest levels ever recorded, and over

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Speaker 7: one hundred thousand illegal aliens have been arrested. If you

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Speaker 7: are here illegally. Your next you will be fine nearly

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Speaker 7: one thousand dollars a day, imprisoned and deported. You will

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Speaker 7: never return. But if you register using our CBP home

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Speaker 7: app and now, you could be allowed to return legally.

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Speaker 7: Do what's right, leave now. Under President Trump America's laws,

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Speaker 7: border and families.

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Speaker 4: Will be protected. Sponsored by the United States Department of

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Speaker 4: Homeland Security,