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Speaker 2: Let's talk about some personal finance tips. A perpetual debt trap. Right,
Speaker 2: this is good. This is good stuff.
Speaker 3: So where we're going with the weddings.
Speaker 1: Yeah, I looked at this you want to, Yeah, read
Speaker 1: it all? Because I'm looking I'm checking off, like.
Speaker 2: Fifty thousand dollar weddings. That's actually cheap. That's on the
Speaker 2: cheap side.
Speaker 4: It is.
Speaker 3: It is fifty.
Speaker 2: Thousand dollars weddings, five hundred thousand dollars in mortgage, five
Speaker 2: hundred dollars a month car.
Speaker 3: Car.
Speaker 2: No, that's cheap too. Yep, most most parts. Yeah, fifty,
Speaker 2: I think that's the average. That's like the Corolla one
Speaker 2: hundred thousand dollars in student loan debt. And then we
Speaker 2: didn't even calculate credit card debt in this situation either.
Speaker 2: So that's probably for the America probably around five five
Speaker 2: to ten thousand dollars in credit card debt. Yeah, welcome
Speaker 2: to America, right, American jam turned to a night there
Speaker 2: real fast.
Speaker 3: You know what's crazy about this?
Speaker 2: So we was in Ghana and it was explaining to
Speaker 2: us and the same thing when we was in the Ua,
Speaker 2: but it was like, but in Ghana, they don't have
Speaker 2: they don't have the same understanding of debt that Americans have.
Speaker 3: Like if you want a.
Speaker 2: House, like let's say the house costs three hundred thousand dollars,
Speaker 2: you buy a house for three hundred thousand dollars, right,
Speaker 2: Like you save, you get other family members involved, having
Speaker 2: Like if your car cost sturdy, like you buy the
Speaker 2: car right.
Speaker 3: Like even if you rent, you.
Speaker 2: Pay like two months two years in advance on the rent, right,
Speaker 2: so it's like you're putting down a down payment pretty
Speaker 2: much to actually rent. Their understanding of debt structure is
Speaker 2: completely different. Where Americans you're actually taught to put as
Speaker 2: little money down as possible, and there aren't some benefits
Speaker 2: with that obviously, as far as leveraging, I get it,
Speaker 2: real estate plays. But everybody's not don people's. Let's just
Speaker 2: be honest, right, everybody's not don people's. Most people are
Speaker 2: looking to put as little possible because they don't have
Speaker 2: any money. Yeah, is that I don't have enough, play
Speaker 2: me put it as little bit as possible and then
Speaker 2: I'll pay the rest on the back end. And that
Speaker 2: has led over a trillion dollars I think in debt
Speaker 2: for the country, as far as credit card debt. America,
Speaker 2: which is in shambles and it's getting it from its leadership.
Speaker 2: When you look at the country is borrowing trillions of
Speaker 2: dollars and every level of American society we live on debt,
Speaker 2: from the United States government to States, businesses, to households,
Speaker 2: the individuals in the city.
Speaker 4: Even Houston said the number of money in Houston, Houston's broke.
Speaker 4: Right now.
Speaker 2: We're all we're all in a big Ponzi scheme of debt,
Speaker 2: and yeah, what's what's the deal with that?
Speaker 5: I think going back to basics, try and pay your car.
Speaker 5: I know we brought it up on Blackout. If you
Speaker 5: even if you got a lump summer money that you
Speaker 5: paid off and then people are like no, but if
Speaker 5: you get a two percent rate, I'm like no, Like
Speaker 5: the two percent rates are gone. I don't know if
Speaker 5: you guys have looked the news, but quantitative easing is over.
Speaker 5: So but banks do this to enslave you. And if
Speaker 5: you look at how can you have any money if
Speaker 5: you have one hundred and fifty thousand student loans, a
Speaker 5: eight hundred dollars car payment. We're not even going to
Speaker 5: talk about childcare and childcare services. I think the number
Speaker 5: one goal has to be to put money into places
Speaker 5: that are going to grow for you, and like we
Speaker 5: talked about before, keeping those expenses low. Even on the
Speaker 5: media side, most of the companies that went out of
Speaker 5: business had incredibly high overhead. I remember, I'm sure Joe
Speaker 5: told you just when he went, when you ever had
Speaker 5: the interview with him, Spotify had a town full of
Speaker 5: content houses, actual houses that look like Big Brother before
Speaker 5: they signed anybody to put it in the houses to
Speaker 5: film twenty seven million dollar.
Speaker 4: Loss, So you got all the the lighting and all
Speaker 4: that that's good, but no content to come out of it.
Speaker 5: And I think the blueprint has to be low overhead,
Speaker 5: high income, and fifty percent of that money invested. I
Speaker 5: keep saying, everyone talks badly about Dave Ramsey, but that
Speaker 5: model works. There's some flaws and for sure, but for
Speaker 5: his business to be debt free, and for him to
Speaker 5: be debt free, there's a benefit for being debt free
Speaker 5: when things go wrong. So we got to replace these
Speaker 5: high cost weddings and even on the fashion spending. You know,
Speaker 5: what's the quote, you're buying things to impress people that
Speaker 5: don't even know you. Yeah, we have to stop pushing
Speaker 5: that narrative, and I think we have to go to
Speaker 5: a zero debt model country like at this point, I
Speaker 5: don't know when debt costs are going to be normal.
Speaker 5: For us to have a trillion dollars plus in credit
Speaker 5: card debt with interest rates going higher, no good political leadership.
Speaker 5: But Vanguard and Blackrock don't get paid. That's why keep
Speaker 5: telling me, I'll invest in Vanguard and Blackrock.
Speaker 3: Here's one of the you know, you know, the best
Speaker 3: way two to help clean up your credit.
Speaker 4: What's that?
Speaker 2: It's extremely complicated, but I'll kind of make it easy
Speaker 2: as understandings possible. It's called pay your bills on time
Speaker 2: that it's called the pay a bill on time play.
Speaker 2: So it's like, you know, it's it's one of it's
Speaker 2: one of these things.
Speaker 6: Right, we have very few breaking news groundbreaking. So the
Speaker 6: thing about that settle in for a second, Yeah, buy
Speaker 6: my ebook. The thing about it is that.
Speaker 2: At some point in time, you you got to realize
Speaker 2: to live within your means, right or pay for things
Speaker 2: that you can afford, wait to buy things that you
Speaker 2: can't afford, right Because even with the mortgage, and they're like, well, mortgage.
Speaker 3: Is it's a tax right off?
Speaker 2: Okay, the interest on your mortgage tax right off. But
Speaker 2: you're paying six thousand dollars a month for your mortgage,
Speaker 2: and you're paying two thousand dollars a month for property tax,
Speaker 2: and you're paying one thousand dollars a month for shrubbery,
Speaker 2: and you're paying.
Speaker 3: Five hundred escaping electrician for your electric bill. And then
Speaker 3: so where's the right off in these situation? How's how
Speaker 3: to get you?
Speaker 2: So you get to write off you're spending ten thousand
Speaker 2: dollars a month, you get to write off fifteen hundred
Speaker 2: dollars and you think that that's the best thing that's
Speaker 2: ever happened in this world.
Speaker 4: Yeah, and then they day before it wasn't even capped
Speaker 4: and now it was capped out a certain amount.
Speaker 3: Once again, nothing is done for the benefit of the consumer.
Speaker 2: They're giving you a write off on your on your
Speaker 2: on your mortgage interest because they want you to have
Speaker 2: mortgage interest. Yeah, it's an incentive, it's a sentive. It's
Speaker 2: called the incentive play. Right, So if they can keep
Speaker 2: you at a seven percent interest, eight percent from paying
Speaker 2: the bank, right, it's not like you get nothing in this.
Speaker 3: World for free.
Speaker 2: So okay, yeah, you get you get a deduction for it,
Speaker 2: but you're paying interest. That's the part that nobody seems
Speaker 2: to understand in the situation. And you're paying everything else.
Speaker 2: So I'm not saying a mortgage is bad, but I'm
Speaker 2: just saying it's just that mentality of always trying to
Speaker 2: rationalize why debt is a good thing, and every part
Speaker 2: of a lot of parts of the world is not.
Speaker 2: It's not normalized like that, right, Like that's the best
Speaker 2: financial advice that you can get. Pay your bills on time,
Speaker 2: don't buy things you can't afford, don't borrow money unless
Speaker 2: you know you can pay it back. Self fund if possible,
Speaker 2: Live below your means, don't live up to the expectations
Speaker 2: of others. Don't try to impress others. Don't buy depreciating
Speaker 2: assets over the course of time, invest money and things
Speaker 2: that will go up over the course of time. I mean,
Speaker 2: we can make this a little bit more complicated, but
Speaker 2: ultimately it comes down to some self discipline here.
Speaker 1: Yeah, And I think that to bring up the guna point,
Speaker 1: the self discipline is the most glaring thing because it's
Speaker 1: when you're talking about paying for things in cash. You're
Speaker 1: talking about buying cars right like we saw the guys
Speaker 1: in like like we don't there's no like system or
Speaker 1: car payment plan. Like it's either you have the money
Speaker 1: or you don't have the car, right or in some
Speaker 1: extreme circumstances, they may give you two months to pay
Speaker 1: off the car, right like we're doing five year financing.
Speaker 4: Sometimes they put you in the six year financ seven
Speaker 4: year plan. Now you know what I'm saying, with a.
Speaker 1: Seven percent interest rate, and so to have the financial
Speaker 1: discipline to purchase a vehicle or to purchase a home,
Speaker 1: let's talk two hundred thousand.
Speaker 4: How many of us can save two hundred thousand in
Speaker 4: a lifetime.
Speaker 1: You're watching people do it before they hit thirty, and
Speaker 1: so the discipline that it takes to do that. But
Speaker 1: I'm interested, right because if that was the perpetual depth trap,
Speaker 1: then like what's the blueprint for the new trap? Because
Speaker 1: I feel like one hundred thousand dollars student loan? We
Speaker 1: can give solutions for that, right, like maybe school is
Speaker 1: not the thing, or maybe if you're going to go
Speaker 1: to school, take the community college, play or stay local
Speaker 1: or live at home, like this solutions for that. But
Speaker 1: like when you're talking about mortgages, is it do we
Speaker 1: have to find the income level that makes it necessary
Speaker 1: to rent or buy?
Speaker 5: Like?
Speaker 4: How what what would be there? I'm just have to
Speaker 4: go back to living together. And that's another issue we
Speaker 4: have to discide.
Speaker 3: It's re enforced.
Speaker 4: Isn't it that way anyway?
Speaker 3: Right?
Speaker 1: Like if we watch more kids that are graduating with
Speaker 1: high levels of debt coming out of school, I've seen
Speaker 1: people twelve hundred and fifteen hundred dollars a month and
Speaker 1: student loan that's rent. You can't do both, right, so's
Speaker 1: I have to go back home? But if your parent
Speaker 1: has been renting, maybe there isn't a home.
Speaker 4: To go back to.
Speaker 1: So it gets tricky, right, So what what are like?
Speaker 1: And this is just like open ended, like what would
Speaker 1: be like the blueprint for this to create a new system?
Speaker 1: Right to not fall in that death trap playing your
Speaker 1: bills is one we got? Like what else do we think?
Speaker 4: I mean?
Speaker 5: We got to realize who, even on a self discipline side,
Speaker 5: we're fighting against the banks that own the media that
Speaker 5: make the propaganda for it to be cool to go
Speaker 5: into debt. Like we can have a whole argument around
Speaker 5: how hip hop has driven consumerism to a whole bunch
Speaker 5: of shit that we don't need. Got to start a
Speaker 5: business early, have to invest early. That's why these conversations
Speaker 5: are incredibly important and giving a blueprint for what to do.
Speaker 5: But just realizing, like all debt is and I know
Speaker 5: people like there's good, that there's bad debt. That shit
Speaker 5: sounds good until you have to pay it to those
Speaker 5: year they're paying fifteen thousand dollars a money in good debt. Man,
Speaker 5: it sucks if it's coming out of your business or
Speaker 5: your personal It doesn't feel good when that money is
Speaker 5: constantly being going out of your account and then the
Speaker 5: money isn't coming in as fast. I think we have
Speaker 5: to focus a lot more on not having debt, and
Speaker 5: then we have to go back to multi generational family.
Speaker 4: Living and succession planning.
Speaker 5: But I think that's a tough thing in our community
Speaker 5: because a lot of the families are not getting long
Speaker 5: because Instagram has replaced the famiorlyy inn when the last
Speaker 5: time you know somebody black kind of emory.
Speaker 4: I always see, I feel.
Speaker 3: Like I don't know that went to on.
Speaker 4: I don't know if anybody that has them means and
Speaker 4: probably in ten years.
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