WEBVTT - Breaking Free from Debt & Building Financial Wisdom

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<v Speaker 1>This episode is brought to you by P and C Bank.

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

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<v Speaker 2>this is good. This is good stuff.

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<v Speaker 3>So where we're going with the weddings.

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<v Speaker 1>Yeah, I looked at this you want to, Yeah, read

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<v Speaker 1>it all? Because I'm looking I'm checking off, like.

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<v Speaker 2>Fifty thousand dollar weddings. That's actually cheap. That's on the

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<v Speaker 2>cheap side.

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<v Speaker 4>It is.

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<v Speaker 3>It is fifty.

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<v Speaker 2>Thousand dollars weddings, five hundred thousand dollars in mortgage, five

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<v Speaker 2>hundred dollars a month car.

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<v Speaker 3>Car.

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<v Speaker 2>No, that's cheap too. Yep, most most parts. Yeah, fifty,

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<v Speaker 2>I think that's the average. That's like the Corolla one

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<v Speaker 2>hundred thousand dollars in student loan debt. And then we

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<v Speaker 2>didn't even calculate credit card debt in this situation either.

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<v Speaker 2>So that's probably for the America probably around five five

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<v Speaker 2>to ten thousand dollars in credit card debt. Yeah, welcome

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<v Speaker 2>to America, right, American jam turned to a night there

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<v Speaker 2>real fast.

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<v Speaker 3>You know what's crazy about this?

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<v Speaker 2>So we was in Ghana and it was explaining to

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<v Speaker 2>us and the same thing when we was in the Ua,

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<v Speaker 2>but it was like, but in Ghana, they don't have

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<v Speaker 2>they don't have the same understanding of debt that Americans have.

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<v Speaker 3>Like if you want a.

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

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<v Speaker 2>you buy a house for three hundred thousand dollars, right,

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<v Speaker 2>Like you save, you get other family members involved, having

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<v Speaker 2>Like if your car cost sturdy, like you buy the

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<v Speaker 2>car right.

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<v Speaker 3>Like even if you rent, you.

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<v Speaker 2>Pay like two months two years in advance on the rent, right,

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<v Speaker 2>so it's like you're putting down a down payment pretty

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<v Speaker 2>much to actually rent. Their understanding of debt structure is

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<v Speaker 2>completely different. Where Americans you're actually taught to put as

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<v Speaker 2>little money down as possible, and there aren't some benefits

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<v Speaker 2>with that obviously, as far as leveraging, I get it,

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<v Speaker 2>real estate plays. But everybody's not don people's. Let's just

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<v Speaker 2>be honest, right, everybody's not don people's. Most people are

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<v Speaker 2>looking to put as little possible because they don't have

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

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<v Speaker 2>me put it as little bit as possible and then

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<v Speaker 2>I'll pay the rest on the back end. And that

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<v Speaker 2>has led over a trillion dollars I think in debt

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<v Speaker 2>for the country, as far as credit card debt. America,

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<v Speaker 2>which is in shambles and it's getting it from its leadership.

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<v Speaker 2>When you look at the country is borrowing trillions of

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<v Speaker 2>dollars and every level of American society we live on debt,

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<v Speaker 2>from the United States government to States, businesses, to households,

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<v Speaker 2>the individuals in the city.

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<v Speaker 4>Even Houston said the number of money in Houston, Houston's broke.

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<v Speaker 4>Right now.

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<v Speaker 2>We're all we're all in a big Ponzi scheme of debt,

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<v Speaker 2>and yeah, what's what's the deal with that?

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<v Speaker 5>I think going back to basics, try and pay your car.

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<v Speaker 5>I know we brought it up on Blackout. If you

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<v Speaker 5>even if you got a lump summer money that you

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<v Speaker 5>paid off and then people are like no, but if

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<v Speaker 5>you get a two percent rate, I'm like no, Like

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<v Speaker 5>the two percent rates are gone. I don't know if

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<v Speaker 5>you guys have looked the news, but quantitative easing is over.

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<v Speaker 5>So but banks do this to enslave you. And if

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<v Speaker 5>you look at how can you have any money if

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<v Speaker 5>you have one hundred and fifty thousand student loans, a

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<v Speaker 5>eight hundred dollars car payment. We're not even going to

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<v Speaker 5>talk about childcare and childcare services. I think the number

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<v Speaker 5>one goal has to be to put money into places

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<v Speaker 5>that are going to grow for you, and like we

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<v Speaker 5>talked about before, keeping those expenses low. Even on the

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<v Speaker 5>media side, most of the companies that went out of

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<v Speaker 5>business had incredibly high overhead. I remember, I'm sure Joe

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<v Speaker 5>told you just when he went, when you ever had

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<v Speaker 5>the interview with him, Spotify had a town full of

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<v Speaker 5>content houses, actual houses that look like Big Brother before

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<v Speaker 5>they signed anybody to put it in the houses to

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<v Speaker 5>film twenty seven million dollar.

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<v Speaker 4>Loss, So you got all the the lighting and all

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

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<v Speaker 5>And I think the blueprint has to be low overhead,

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<v Speaker 5>high income, and fifty percent of that money invested. I

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<v Speaker 5>keep saying, everyone talks badly about Dave Ramsey, but that

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<v Speaker 5>model works. There's some flaws and for sure, but for

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<v Speaker 5>his business to be debt free, and for him to

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<v Speaker 5>be debt free, there's a benefit for being debt free

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<v Speaker 5>when things go wrong. So we got to replace these

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<v Speaker 5>high cost weddings and even on the fashion spending. You know,

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

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

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<v Speaker 5>that narrative, and I think we have to go to

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<v Speaker 5>a zero debt model country like at this point, I

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<v Speaker 5>don't know when debt costs are going to be normal.

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<v Speaker 5>For us to have a trillion dollars plus in credit

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<v Speaker 5>card debt with interest rates going higher, no good political leadership.

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

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<v Speaker 5>telling me, I'll invest in Vanguard and Blackrock.

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<v Speaker 3>Here's one of the you know, you know, the best

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<v Speaker 3>way two to help clean up your credit.

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<v Speaker 4>What's that?

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

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<v Speaker 2>as understandings possible. It's called pay your bills on time

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<v Speaker 2>that it's called the pay a bill on time play.

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<v Speaker 2>So it's like, you know, it's it's one of it's

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<v Speaker 2>one of these things.

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<v Speaker 6>Right, we have very few breaking news groundbreaking. So the

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<v Speaker 6>thing about that settle in for a second, Yeah, buy

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<v Speaker 6>my ebook. The thing about it is that.

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<v Speaker 2>At some point in time, you you got to realize

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<v Speaker 2>to live within your means, right or pay for things

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<v Speaker 2>that you can afford, wait to buy things that you

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

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<v Speaker 3>Is it's a tax right off?

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<v Speaker 2>Okay, the interest on your mortgage tax right off. But

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<v Speaker 2>you're paying six thousand dollars a month for your mortgage,

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

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<v Speaker 2>and you're paying one thousand dollars a month for shrubbery,

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<v Speaker 2>and you're paying.

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<v Speaker 3>Five hundred escaping electrician for your electric bill. And then

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<v Speaker 3>so where's the right off in these situation? How's how

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<v Speaker 3>to get you?

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<v Speaker 2>So you get to write off you're spending ten thousand

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<v Speaker 2>dollars a month, you get to write off fifteen hundred

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<v Speaker 2>dollars and you think that that's the best thing that's

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<v Speaker 2>ever happened in this world.

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<v Speaker 4>Yeah, and then they day before it wasn't even capped

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<v Speaker 4>and now it was capped out a certain amount.

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<v Speaker 3>Once again, nothing is done for the benefit of the consumer.

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<v Speaker 2>They're giving you a write off on your on your

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<v Speaker 2>on your mortgage interest because they want you to have

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<v Speaker 2>mortgage interest. Yeah, it's an incentive, it's a sentive. It's

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<v Speaker 2>called the incentive play. Right, So if they can keep

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<v Speaker 2>you at a seven percent interest, eight percent from paying

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

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<v Speaker 3>World for free.

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<v Speaker 2>So okay, yeah, you get you get a deduction for it,

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

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<v Speaker 2>to understand in the situation. And you're paying everything else.

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<v Speaker 2>So I'm not saying a mortgage is bad, but I'm

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<v Speaker 2>just saying it's just that mentality of always trying to

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<v Speaker 2>rationalize why debt is a good thing, and every part

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<v Speaker 2>of a lot of parts of the world is not.

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<v Speaker 2>It's not normalized like that, right, Like that's the best

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<v Speaker 2>financial advice that you can get. Pay your bills on time,

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<v Speaker 2>don't buy things you can't afford, don't borrow money unless

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<v Speaker 2>you know you can pay it back. Self fund if possible,

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<v Speaker 2>Live below your means, don't live up to the expectations

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<v Speaker 2>of others. Don't try to impress others. Don't buy depreciating

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<v Speaker 2>assets over the course of time, invest money and things

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<v Speaker 2>that will go up over the course of time. I mean,

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<v Speaker 2>we can make this a little bit more complicated, but

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<v Speaker 2>ultimately it comes down to some self discipline here.

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<v Speaker 1>Yeah, And I think that to bring up the guna point,

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<v Speaker 1>the self discipline is the most glaring thing because it's

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<v Speaker 1>when you're talking about paying for things in cash. You're

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<v Speaker 1>talking about buying cars right like we saw the guys

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<v Speaker 1>in like like we don't there's no like system or

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<v Speaker 1>car payment plan. Like it's either you have the money

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<v Speaker 1>or you don't have the car, right or in some

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<v Speaker 1>extreme circumstances, they may give you two months to pay

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

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<v Speaker 4>Sometimes they put you in the six year financ seven

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

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<v Speaker 1>Seven percent interest rate, and so to have the financial

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<v Speaker 1>discipline to purchase a vehicle or to purchase a home,

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<v Speaker 1>let's talk two hundred thousand.

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<v Speaker 4>How many of us can save two hundred thousand in

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<v Speaker 4>a lifetime.

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<v Speaker 1>You're watching people do it before they hit thirty, and

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<v Speaker 1>so the discipline that it takes to do that. But

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

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<v Speaker 1>then like what's the blueprint for the new trap? Because

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<v Speaker 1>I feel like one hundred thousand dollars student loan? We

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<v Speaker 1>can give solutions for that, right, like maybe school is

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<v Speaker 1>not the thing, or maybe if you're going to go

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<v Speaker 1>to school, take the community college, play or stay local

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<v Speaker 1>or live at home, like this solutions for that. But

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<v Speaker 1>like when you're talking about mortgages, is it do we

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<v Speaker 1>have to find the income level that makes it necessary

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<v Speaker 1>to rent or buy?

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<v Speaker 5>Like?

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<v Speaker 4>How what what would be there? I'm just have to

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<v Speaker 4>go back to living together. And that's another issue we

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<v Speaker 4>have to discide.

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<v Speaker 3>It's re enforced.

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<v Speaker 4>Isn't it that way anyway?

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<v Speaker 3>Right?

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<v Speaker 1>Like if we watch more kids that are graduating with

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<v Speaker 1>high levels of debt coming out of school, I've seen

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<v Speaker 1>people twelve hundred and fifteen hundred dollars a month and

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

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<v Speaker 1>I have to go back home? But if your parent

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<v Speaker 1>has been renting, maybe there isn't a home.

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<v Speaker 4>To go back to.

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<v Speaker 1>So it gets tricky, right, So what what are like?

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<v Speaker 1>And this is just like open ended, like what would

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<v Speaker 1>be like the blueprint for this to create a new system?

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<v Speaker 1>Right to not fall in that death trap playing your

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<v Speaker 1>bills is one we got? Like what else do we think?

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<v Speaker 4>I mean?

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<v Speaker 5>We got to realize who, even on a self discipline side,

0:12:02.240 --> 0:12:05.160
<v Speaker 5>we're fighting against the banks that own the media that

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<v Speaker 5>make the propaganda for it to be cool to go

0:12:07.280 --> 0:12:10.480
<v Speaker 5>into debt. Like we can have a whole argument around

0:12:11.040 --> 0:12:13.560
<v Speaker 5>how hip hop has driven consumerism to a whole bunch

0:12:13.600 --> 0:12:16.679
<v Speaker 5>of shit that we don't need. Got to start a

0:12:16.720 --> 0:12:19.760
<v Speaker 5>business early, have to invest early. That's why these conversations

0:12:19.760 --> 0:12:22.079
<v Speaker 5>are incredibly important and giving a blueprint for what to do.

0:12:23.679 --> 0:12:25.520
<v Speaker 5>But just realizing, like all debt is and I know

0:12:25.640 --> 0:12:27.840
<v Speaker 5>people like there's good, that there's bad debt. That shit

0:12:27.960 --> 0:12:30.559
<v Speaker 5>sounds good until you have to pay it to those

0:12:30.640 --> 0:12:33.800
<v Speaker 5>year they're paying fifteen thousand dollars a money in good debt. Man,

0:12:33.880 --> 0:12:36.880
<v Speaker 5>it sucks if it's coming out of your business or

0:12:36.920 --> 0:12:39.160
<v Speaker 5>your personal It doesn't feel good when that money is

0:12:39.200 --> 0:12:42.160
<v Speaker 5>constantly being going out of your account and then the

0:12:42.240 --> 0:12:44.760
<v Speaker 5>money isn't coming in as fast. I think we have

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<v Speaker 5>to focus a lot more on not having debt, and

0:12:47.720 --> 0:12:50.120
<v Speaker 5>then we have to go back to multi generational family.

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<v Speaker 4>Living and succession planning.

0:12:51.840 --> 0:12:53.600
<v Speaker 5>But I think that's a tough thing in our community

0:12:53.920 --> 0:12:55.720
<v Speaker 5>because a lot of the families are not getting long

0:12:55.760 --> 0:12:58.560
<v Speaker 5>because Instagram has replaced the famiorlyy inn when the last

0:12:58.559 --> 0:13:00.120
<v Speaker 5>time you know somebody black kind of emory.

0:13:02.280 --> 0:13:04.720
<v Speaker 4>I always see, I feel.

0:13:04.559 --> 0:13:07.839
<v Speaker 3>Like I don't know that went to on.

0:13:08.720 --> 0:13:11.319
<v Speaker 4>I don't know if anybody that has them means and

0:13:11.559 --> 0:13:12.480
<v Speaker 4>probably in ten years.

0:13:12.720 --> 0:13:16.320
<v Speaker 7>An illegal alien from Guatemala charged with raping a child

0:13:16.400 --> 0:13:20.160
<v Speaker 7>in Massachusetts. An MS thirteen gang member from Al Salvador

0:13:20.440 --> 0:13:24.520
<v Speaker 7>accused of murdering a Texas man of Venezuelan charged with

0:13:24.640 --> 0:13:28.480
<v Speaker 7>filming and selling child pornography in Michigan. These are just

0:13:28.640 --> 0:13:32.360
<v Speaker 7>some of the heinous migrant criminals caught because of President

0:13:32.440 --> 0:13:35.960
<v Speaker 7>Donald J. Trump's leadership. I'm Christy Noman, the United States

0:13:36.040 --> 0:13:40.800
<v Speaker 7>Secretary of Homeland Security. Under President Trump, attempted illegal border

0:13:40.840 --> 0:13:44.360
<v Speaker 7>crossings are at the lowest levels ever recorded, and over

0:13:44.480 --> 0:13:47.640
<v Speaker 7>one hundred thousand illegal aliens have been arrested. If you

0:13:47.760 --> 0:13:51.560
<v Speaker 7>are here illegally. Your next you will be fine nearly

0:13:51.679 --> 0:13:55.640
<v Speaker 7>one thousand dollars a day, imprisoned and deported. You will

0:13:55.760 --> 0:13:59.360
<v Speaker 7>never return. But if you register using our CBP home

0:13:59.440 --> 0:14:02.760
<v Speaker 7>app and now, you could be allowed to return legally.

0:14:03.200 --> 0:14:07.840
<v Speaker 7>Do what's right, leave now. Under President Trump America's laws,

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<v Speaker 7>border and families.

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<v Speaker 4>Will be protected. Sponsored by the United States Department of

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<v Speaker 4>Homeland Security,