WEBVTT - BA QA: How To Avoid Fraud 0:00:06.080 --> 0:00:09.319 It's time for the b a qa a. 0:00:09.720 --> 0:00:13.920 The ba qa which said b q a man good, 0:00:14.200 --> 0:00:18.279 the ba qa which a fine let b a qa a. 0:00:21.239 --> 0:00:23.280 So what is baqa? For the people who've never been 0:00:23.320 --> 0:00:23.760 here before? 0:00:24.480 --> 0:00:27.920 Where you been? Welcome friends? The Baqa is a very 0:00:27.960 --> 0:00:31.400 special bonus episode of ba that comes out on Fridays, 0:00:31.520 --> 0:00:34.520 and we answer your questions because we have a bajillion 0:00:34.600 --> 0:00:37.440 of them from y'all. You can ask us anything career, 0:00:37.680 --> 0:00:41.040 finance related, business related. Just remember that we are not 0:00:41.159 --> 0:00:43.919 your financial advisors, your investment advisors, anyone that you pay 0:00:44.040 --> 0:00:46.600 to actually give you advice, which means we're just making 0:00:46.680 --> 0:00:49.599 up things based on our own intelligence. So I say, 0:00:49.640 --> 0:00:51.240 get your salt shakers out and take it with a 0:00:51.479 --> 0:00:53.640 huge grain of salt. Whatever we say. But there's no 0:00:53.720 --> 0:00:56.160 getting around it. We are some smart brown women. Okay, 0:00:56.520 --> 0:01:00.040 So we love the segment. If y'all want to and 0:01:00.080 --> 0:01:03.480 that's your questions, you can go to Brandonambission podcast dot 0:01:03.600 --> 0:01:06.280 com and ask us anything, or you can slide into 0:01:06.319 --> 0:01:09.880 our dms on ig. We are at brand Ambission Podcast 0:01:10.080 --> 0:01:11.240 and send us a question there. 0:01:11.560 --> 0:01:12.600 Do you want the first question? 0:01:13.000 --> 0:01:13.759 I didn't take a breath. 0:01:13.800 --> 0:01:14.200 You read it. 0:01:15.440 --> 0:01:16.400 There's a lot of talking here. 0:01:17.360 --> 0:01:21.240 This is from Ashley from ig Hey, Mandy, I was 0:01:21.280 --> 0:01:23.880 one of your first Mandy money makers. Woo woo. We 0:01:24.120 --> 0:01:27.120 love a stand of Mandy. Thank you so much for 0:01:27.360 --> 0:01:29.920 all that you've done and taught me. My question today 0:01:30.080 --> 0:01:33.200 is how can I protect myself from identity theft? This 0:01:33.319 --> 0:01:36.440 morning I woke up to new emails about small business 0:01:36.840 --> 0:01:40.840 social security account update and a purchase of two new iPhones. 0:01:40.840 --> 0:01:46.200 Please help, Ashley, do you have to pay for credit security? 0:01:47.920 --> 0:01:52.320 Ooh wow, something's going on there, Like they're saying, yeah, 0:01:53.200 --> 0:01:55.840 your social security account has been updated, purchase of two 0:01:55.920 --> 0:01:58.640 new iPhones. The first thing I do whenever I get 0:01:58.680 --> 0:02:01.280 those emails is check the email address that it came from, 0:02:01.960 --> 0:02:04.120 because I just, for example, I just started to advertise 0:02:04.160 --> 0:02:06.320 on Facebook a week ago and I got the most 0:02:06.400 --> 0:02:11.240 legitimate looking email about my AD's account being in violation 0:02:11.400 --> 0:02:13.200 of their rules, which is like one of the It 0:02:13.280 --> 0:02:15.800 can happen all the time with your when you're doing ads. 0:02:15.840 --> 0:02:19.040 It's really easy to like upset the Facebook gods. And 0:02:19.120 --> 0:02:20.639 you don't want to do that because then you waste 0:02:20.680 --> 0:02:23.519 money in time anyway, And I was almost like, I 0:02:23.600 --> 0:02:25.639 need to click this link and figure out what I've done, 0:02:25.760 --> 0:02:27.919 but it just something about it, like the formatting. And 0:02:27.960 --> 0:02:30.040 so I checked the email address and it was like 0:02:30.080 --> 0:02:33.079 from an Outlook account, you know. So I think the 0:02:33.320 --> 0:02:36.320 first thing for to secure yourself is to be aware 0:02:36.520 --> 0:02:39.720 of what phishing attempts look like, which seems so old school, 0:02:39.760 --> 0:02:42.960 but they still happen, you know, So check that email address. 0:02:43.760 --> 0:02:46.639 You can also hover over any hyperlinks and see where 0:02:46.680 --> 0:02:49.280 it's actually trying to direct you to. And if it's 0:02:49.360 --> 0:02:52.240 not to, you know, a legitimate website, then I would 0:02:52.280 --> 0:02:55.639 just say, excuse me, immediately kick it to spam or 0:02:55.720 --> 0:02:59.280 to junk. That's how I feel about email. But now 0:02:59.320 --> 0:03:00.959 it's come into your text do you get do you 0:03:01.080 --> 0:03:02.720 get fishing? Text now? 0:03:03.160 --> 0:03:03.359 Girl? 0:03:03.480 --> 0:03:03.600 Yes? 0:03:03.840 --> 0:03:07.000 Talking about this the irs, I'm like, girls, so you texted. 0:03:06.760 --> 0:03:11.560 Now, I'm like, with your lack of funding right now? 0:03:12.240 --> 0:03:14.760 So no, first and foremost that like whatever I get 0:03:14.800 --> 0:03:17.079 to Mandy's point, you know, I checked the email to say, like, 0:03:17.160 --> 0:03:20.880 who's the email at just coming from? And then typically 0:03:21.040 --> 0:03:23.320 I'll call the company directly if that's available to me 0:03:23.400 --> 0:03:26.080 to call the company directly. But one thing I had 0:03:26.120 --> 0:03:28.560 to do so when my late husband was still here. 0:03:29.000 --> 0:03:30.680 His I don't know why but they used to steal 0:03:30.720 --> 0:03:33.519 that man's, that poor man's identity all the time. Like 0:03:33.680 --> 0:03:35.600 literally one time they bought a car and we only 0:03:35.680 --> 0:03:39.640 knew because they they were like based in I don't know, 0:03:39.880 --> 0:03:42.840 like upstate New York someplace far where they were getting 0:03:42.920 --> 0:03:45.720 tickets from easy Paths and so they were. 0:03:45.560 --> 0:03:48.920 Going on tour with Janelle's name, Jerelle's name, and then 0:03:49.240 --> 0:03:49.960 got a loan or. 0:03:49.960 --> 0:03:52.000 Something something, and then they were get like, you know, 0:03:52.080 --> 0:03:53.600 they had an easy Pass account they put in his 0:03:53.760 --> 0:03:55.760 name and was not paying the ticket, so we were 0:03:55.840 --> 0:03:57.320 getting easy Pass tickets. 0:03:57.320 --> 0:03:59.520 That's how we found out. It was just a mess. 0:03:59.520 --> 0:04:01.520 I would say at least three times when I was 0:04:01.560 --> 0:04:03.840 with him and he said it happened before, Like I'm like, 0:04:04.080 --> 0:04:06.840 so I'm assuming that his probably information was on some 0:04:07.560 --> 0:04:10.600 crazy you know, like what it's like the dark web, 0:04:11.200 --> 0:04:13.080 you know, and so they're probably just swapping it out. 0:04:13.160 --> 0:04:17.840 Plus two, Jerell's an identical twin. His twins name is Terrell, 0:04:17.960 --> 0:04:20.920 so you have Jerrell Smith Terrell Smith, both born on 0:04:21.040 --> 0:04:23.600 the same day, and so oftentimes they would see each 0:04:23.600 --> 0:04:27.560 other's things on each other's credit reports, because that happens 0:04:27.600 --> 0:04:30.880 too with juniors. Oftentimes that will happen, especially if you're 0:04:30.880 --> 0:04:32.720 in the same house. Your dad is a senior, you're 0:04:32.720 --> 0:04:35.600 a junior, but you're both named Robert Smith and you 0:04:35.680 --> 0:04:38.640 live at the same place. So sometimes you'll see your 0:04:38.720 --> 0:04:41.240 stuff on each other's credit report. But it happens with 0:04:41.360 --> 0:04:42.880 twins who have similar names too. 0:04:43.720 --> 0:04:45.760 Oh really, so what would they do then? Would they 0:04:45.800 --> 0:04:47.920 have to like dispute it or yeah? 0:04:48.000 --> 0:04:48.240 Girl? 0:04:48.279 --> 0:04:50.080 They was like whatever. 0:04:50.279 --> 0:04:56.000 I was like, this is why your credits are like whatever. 0:04:56.720 --> 0:04:58.240 So when I came along, I said, bab we got 0:04:58.360 --> 0:05:00.880 do something about this because this is crazy. So we actually, 0:05:01.080 --> 0:05:02.520 this is not sponsored. 0:05:02.120 --> 0:05:02.600 Or anything like that. 0:05:02.680 --> 0:05:04.560 They haven't give me any money like as budgety Store 0:05:04.680 --> 0:05:07.880 or Brownhibition. We actually signed up for LifeLock. 0:05:07.800 --> 0:05:09.200 And it stopped it instantly. 0:05:10.320 --> 0:05:12.600 Tell me about LifeLock or these Yeah, because I haven't 0:05:12.680 --> 0:05:14.400 I have never invested in something like that. 0:05:14.839 --> 0:05:16.600 I can't remember how much LifeLock costs because now I 0:05:16.720 --> 0:05:18.320 just like, haven't automated. I think at the time it 0:05:18.400 --> 0:05:19.840 was like maybe like ten bucks a month. Maybe it's 0:05:19.839 --> 0:05:21.679 a little bit more now maybe twenty bucks or something. 0:05:21.760 --> 0:05:22.320 Whatever it is. 0:05:23.000 --> 0:05:27.920 So we got LifeLock, signed up for it, and what 0:05:28.279 --> 0:05:30.640 I like about LifeLock is even for me. I remember 0:05:30.760 --> 0:05:32.640 once I went to go open up a bank account 0:05:32.920 --> 0:05:35.320 at like my regular bank or whatever, and the bank 0:05:35.480 --> 0:05:37.479 was like, we're not able to and I'm like why, 0:05:38.680 --> 0:05:41.080 And then I got a text from LifeLock saying someone 0:05:41.160 --> 0:05:42.720 was trying to open up a bank account. If that's you, 0:05:42.920 --> 0:05:44.919 click yes, If that's you, click no, and I was like, oh, 0:05:45.000 --> 0:05:48.039 that's right, So I had to approve. So I would 0:05:48.080 --> 0:05:50.640 get a text or email and typically it's a text, 0:05:50.680 --> 0:05:54.680 email and phone call to say any new card, any 0:05:54.760 --> 0:05:58.000 new bank account, any new debt that I'm trying to 0:05:58.040 --> 0:06:01.480 get into. LifeLock would me up and say is this you, 0:06:02.640 --> 0:06:05.040 which you know like sometimes if you forget like me, 0:06:05.160 --> 0:06:06.920 which I always forget, and I'm like, why can't you 0:06:07.040 --> 0:06:07.360 open it? 0:06:07.400 --> 0:06:12.200 I'm like, oh, that's right. So that's one thing like LifeLock. 0:06:11.880 --> 0:06:15.039 But also too you can go directly to like Experience 0:06:15.120 --> 0:06:17.920 Equofax TransUnion and you can actually freeze. I did this 0:06:18.520 --> 0:06:22.960 with Jirell after he passed away. My financial advisor Angelie 0:06:23.000 --> 0:06:25.240 said right away, Tiffany, because when people know that someone 0:06:25.279 --> 0:06:28.120 passed away, they know you're in grief, and they will 0:06:28.240 --> 0:06:32.440 sometimes attack that person's you know, financial credit and background 0:06:32.680 --> 0:06:35.279 and just start using it up. So I went into 0:06:35.400 --> 0:06:39.560 each of those specific accounts and froze his credit. And 0:06:39.680 --> 0:06:43.080 you can freeze and unfreeze, but I froze it obviously indefinitely, 0:06:43.200 --> 0:06:45.520 so no one can open up anything in his name. 0:06:45.680 --> 0:06:47.680 And I just am not paying attention because it's not me, 0:06:48.120 --> 0:06:48.799 and so that's. 0:06:48.600 --> 0:06:51.880 Something so sparker too. I did that now I'm remembering 0:06:51.880 --> 0:06:53.480 because I was telling Tiffan, like, I think I'm pretty 0:06:53.480 --> 0:06:57.159 delinquent with my identity, but I did do the credit freeze. 0:06:57.200 --> 0:06:59.720 This was I mean think for Equifax data breach back 0:06:59.760 --> 0:07:02.760 in twenty sixteen really spooked me. But I mean there's 0:07:02.760 --> 0:07:04.560 so many. It's just so many data breaches they can't 0:07:04.560 --> 0:07:06.080 even keep It's not even that big of a news 0:07:06.120 --> 0:07:09.000 anymore because it just happens all the time. But yeah, 0:07:09.120 --> 0:07:11.040 credit freeze is. And I remember then I started shopping 0:07:11.080 --> 0:07:13.120 for a mortgage, and I was annoyed by it because 0:07:13.120 --> 0:07:14.880 I'm like, damn it, I got to unfreeze and all that. 0:07:15.120 --> 0:07:18.360 So now that I'm not shopping for a mortgage, I did. 0:07:18.560 --> 0:07:21.360 You can thaw it, and then it's just annoying because 0:07:21.400 --> 0:07:23.720 you have to like thaw it at the bureaus where 0:07:23.760 --> 0:07:26.120 your loan, your lender is gonna request to chut it, 0:07:26.200 --> 0:07:28.320 you know, but I think it's totally worth it because 0:07:29.120 --> 0:07:32.040 why wouldn't you want to have that extra layer of protection, 0:07:32.720 --> 0:07:34.520 you know, because like even opening a cell phone, you 0:07:34.560 --> 0:07:36.720 can't do that if you have a credit freeze nothing. 0:07:37.000 --> 0:07:38.960 So a credit freeze to me is if you know 0:07:39.080 --> 0:07:41.320 you're not getting anything for a while and something like 0:07:41.400 --> 0:07:44.480 this has happened, you can freeze just to stop any activity. 0:07:44.560 --> 0:07:46.000 Let's just say your stuff is in a dark web, 0:07:46.280 --> 0:07:48.160 I'm freezing it for the next two months, no one 0:07:48.280 --> 0:07:51.080 is gonna and then after that, if you don't want 0:07:51.160 --> 0:07:53.520 the issue, like Mandy said, the thaw and freeze, saw 0:07:53.560 --> 0:07:57.440 and freeze, you can get like a LifeLock or some 0:07:57.560 --> 0:08:00.800 similar type of company where before anything happens, you know, 0:08:00.880 --> 0:08:01.920 you get the text or the call. 0:08:02.080 --> 0:08:04.480 You just have to prove. And so those two things. 0:08:04.480 --> 0:08:08.120 Honestly, since then, you know, Jirell's identity stopped being stolen, 0:08:08.240 --> 0:08:10.560 and I never had my identity stolen. But I signed 0:08:10.600 --> 0:08:11.960 up because I was like, well, we're here now, because 0:08:12.000 --> 0:08:13.840 you could do like a family plan, and so my 0:08:13.960 --> 0:08:18.360 identity has never been stolen, which is you know there have. 0:08:18.400 --> 0:08:19.000 Been things on there. 0:08:19.040 --> 0:08:21.640 They're like, I don't recognize this, and I realized, like, oh, 0:08:21.840 --> 0:08:24.240 the company sometimes has a different working name than a 0:08:24.400 --> 0:08:25.200 doing business name. 0:08:25.280 --> 0:08:27.200 And I'm like, ah, that was me. 0:08:29.920 --> 0:08:32.400 Oh god, I've been there. I'm like, I would never 0:08:32.520 --> 0:08:36.280 spend that much. Meanwhile, it's like, yeah, the little those 0:08:36.320 --> 0:08:40.360 four am Instagram scrolls they always get me with their kids' 0:08:40.400 --> 0:08:45.000 shoes ads. Oh man, what else do I was, Oh, 0:08:45.040 --> 0:08:48.280 there's something else? So oh, A friend of a friend 0:08:48.840 --> 0:08:53.400 recently lost eight thousand dollars right before Christmas, right before 0:08:53.440 --> 0:08:56.400 the holiday season, through like it was a phone called 0:08:56.440 --> 0:08:59.240 tech scam. And so it started with text messages from 0:08:59.240 --> 0:09:02.120 her bank. Was City Bank texting her and it looked 0:09:02.120 --> 0:09:05.280 really legit, and then they escalated to calling her and 0:09:06.320 --> 0:09:10.800 we're so convincing that she ended up giving her account 0:09:10.800 --> 0:09:14.880 information over the phone, and then they drained her not hurt, 0:09:15.000 --> 0:09:18.520 and it was her checking account, which is really painful, 0:09:18.760 --> 0:09:21.040 you know, because with your checking account it's sometimes harder 0:09:21.120 --> 0:09:24.640 to get those funds back. And it was a zell or. Sorry, 0:09:24.720 --> 0:09:27.640 she didn't give them account information, she zelled them. She 0:09:27.880 --> 0:09:29.960 zeld them. And if you guys know anything about Zell, 0:09:30.440 --> 0:09:33.240 one of the pieces of controversy is that you know, 0:09:33.400 --> 0:09:35.640 you go through these steps when you send a transfer 0:09:35.679 --> 0:09:37.720 where they're like, be sure you know this person, because 0:09:37.720 --> 0:09:40.040 if you don't, we are not covering you. Because if 0:09:40.040 --> 0:09:41.839 it's you who hits the submit button and you know 0:09:41.920 --> 0:09:45.600 what you're doing, like, we are not libable libable, we're 0:09:45.679 --> 0:09:48.640 not liable for funds that you lose. So she was 0:09:49.000 --> 0:09:51.319 I think she's still fighting to maybe get that eight 0:09:51.400 --> 0:09:54.439 grand back. But she's like a single mom, and you know, 0:09:54.520 --> 0:09:57.840 it's a lot of money to lose. So if they're 0:09:57.840 --> 0:10:00.480 asking you for zell, you deserve to be asking for 0:10:00.640 --> 0:10:03.040 every ounce of proof, and banks probably will not be 0:10:03.120 --> 0:10:05.199 doing that. I would just say that first and foremost. 0:10:05.640 --> 0:10:08.000 And then she ended up I think something struck her 0:10:08.080 --> 0:10:10.960 as odd. And then she called City herself, and they 0:10:11.000 --> 0:10:15.360 were like, oh no, oh no. So if they're if 0:10:15.400 --> 0:10:19.679 they're saying that they're from City, don't bother about inconveniencing them, Like, 0:10:19.760 --> 0:10:22.120 don't worry about that, you know, hang up, say cool, 0:10:22.160 --> 0:10:23.600 you can call me back before they want this eight 0:10:23.640 --> 0:10:26.320 grand and call your own number directly. 0:10:26.880 --> 0:10:27.520 That's the key. 0:10:28.080 --> 0:10:29.160 One of the women that we know, I think her 0:10:29.200 --> 0:10:33.560 name is Shannon she lost her house down payment because 0:10:33.559 --> 0:10:35.960 they have the scam where you know, when you make 0:10:36.000 --> 0:10:38.720 the transfer, like the wire transfer when you're purchasing at home, 0:10:39.360 --> 0:10:41.640 and so what they'll do is they'll you're they'll send 0:10:41.720 --> 0:10:43.480 you a fake bank like, hey, I know, we said 0:10:43.520 --> 0:10:45.360 this is the wire number. This is actually the updated 0:10:45.400 --> 0:10:48.000 wire number. She did not know because it looked official. 0:10:48.280 --> 0:10:50.240 Because what they do is they like mimic what your 0:10:50.280 --> 0:10:52.840 bank sends, and she sent it, and wires are notorious 0:10:52.840 --> 0:10:55.679 that once it's gone, is gone. They had me social 0:10:55.760 --> 0:10:59.160 because you know, I bought my house cash five hundred 0:10:59.160 --> 0:11:00.000 and twenty thousand dollars. 0:11:00.120 --> 0:11:02.160 That can't go to the wrong person. So what I 0:11:02.280 --> 0:11:04.320 did was I'm mosy my way on down to the. 0:11:04.360 --> 0:11:09.439 Bank and said look me in there, and that's when 0:11:09.480 --> 0:11:11.319 we did the wire on the phone. 0:11:11.400 --> 0:11:14.480 Like so the key with that is always, always always. 0:11:14.920 --> 0:11:17.240 I didn't call the number that was on the paper 0:11:17.920 --> 0:11:19.720 and we're making the transfer if I think I had 0:11:19.760 --> 0:11:21.160 the money and like Ally or something like that, and 0:11:21.200 --> 0:11:22.880 I was transferred to like their bank was like Wells 0:11:22.880 --> 0:11:25.839 farg or whatever that like I call, I go to 0:11:25.920 --> 0:11:28.320 the Ally website and called that number there. 0:11:28.400 --> 0:11:30.040 I never the key with anybody. 0:11:30.120 --> 0:11:33.199 Sometimes somebody is telling you something financial, even if it 0:11:33.240 --> 0:11:35.480 seems up to I don't, like, I want to hang up, 0:11:35.480 --> 0:11:37.400 and I'm just gonna call back because I'd rather call 0:11:37.480 --> 0:11:40.600 back the official number so I know for sure that like, oh, 0:11:40.920 --> 0:11:43.880 this is who I'm speaking to, versus like who is this? 0:11:44.040 --> 0:11:45.719 So that was key I was, but I was still 0:11:45.800 --> 0:11:48.160 nervous because you know, you just you just feel like 0:11:48.160 --> 0:11:51.439 you never know, you never know. So thankfully, you know, 0:11:51.600 --> 0:11:53.000 like it all worked out, because that would have been 0:11:53.080 --> 0:11:55.000 like you would have seen a weeping willow of a tiffany, 0:11:55.480 --> 0:11:56.280 like I love that. 0:11:57.920 --> 0:12:00.640 And when it's wired and it's gone, you know, Canaries 0:12:00.800 --> 0:12:02.880 or you know, some other country and you can't get 0:12:02.920 --> 0:12:07.199 that back. Man, what else? Two factor authentication is huge, 0:12:07.559 --> 0:12:09.319 or any accounts that you have, because I feel like 0:12:09.360 --> 0:12:11.400 you break into my Gmail, you have my life, you 0:12:11.480 --> 0:12:15.079 know everything about me. So two factor authentication, these these 0:12:15.120 --> 0:12:18.760 basic practices. But I'm glad at least that your like 0:12:18.800 --> 0:12:22.160 spidey sense has perked up enough to ask, because that 0:12:22.440 --> 0:12:26.040 is wild and credit monitoring you can I think she said, 0:12:26.160 --> 0:12:30.520 what did she ask? Is credit thought she has something 0:12:30.520 --> 0:12:32.720 about a credit card. Maybe that's the next question. Anyway, 0:12:33.520 --> 0:12:35.719 with your credit card. It's smarter to just, you know, 0:12:35.800 --> 0:12:39.000 in general, buy big things with your credit card or 0:12:39.120 --> 0:12:40.959 or use your credit card for most purchases if you 0:12:41.120 --> 0:12:43.480 know you can do that responsibly because you do have 0:12:43.880 --> 0:12:47.520 Most credit cards offer zero dollar fraud liability, so if 0:12:47.520 --> 0:12:50.000 there is fraud and it's on your credit card, then 0:12:50.080 --> 0:12:52.440 they will cover it, you know, no questions ask, Whereas 0:12:52.520 --> 0:12:56.000 with your debit card, some of them have limits on 0:12:56.040 --> 0:12:58.800 how much they'll cover or limits on you have to 0:12:58.920 --> 0:13:01.640 catch it and poured it within a certain time frame 0:13:01.800 --> 0:13:04.360 like thirty to sixty days, and if you don't, then 0:13:04.400 --> 0:13:06.040 there's less of a chance that they'll be able to 0:13:06.080 --> 0:13:09.120 recover the funds for you. So that's why there's like 0:13:09.200 --> 0:13:12.000 a bit of a case for using credit versus debit 0:13:12.080 --> 0:13:14.679 for any big, you know, purchases and things like that. 0:13:15.880 --> 0:13:21.000 But yeah, stay stay vigilant, y'all, stay woke. Two factor authenticate, 0:13:22.679 --> 0:13:26.480 look up the email addresses, call them directly. That's our 0:13:26.559 --> 0:13:31.760 last that's a good summary, summarized summarration. I can't talk summation, 0:13:32.640 --> 0:13:35.560 recap of our of our of our advice. We're really 0:13:35.760 --> 0:13:39.960 really smart, trust us. Okay, cool, let's take a break. 0:13:41.040 --> 0:13:42.240 It's like I'm gonna get the next one. 0:13:42.280 --> 0:13:47.439 Mannis stop, get down, we take a break, Russa, pay 0:13:47.559 --> 0:13:49.719 some bills and be right back in black. 0:13:52.200 --> 0:13:53.720 And we're back. 0:13:54.679 --> 0:13:54.800 Man. 0:13:54.880 --> 0:13:57.120 You got the next question? Yes? 0:13:57.240 --> 0:14:01.040 Sorry, This comes from listener Jelisa Jalsa says, Hey, Tiffany, Amandra. 0:14:01.120 --> 0:14:03.360 I hope it's okay to call you Mandra. Yes, of course, 0:14:03.920 --> 0:14:06.280 I love you both so much. My name is Jalisa, 0:14:06.440 --> 0:14:08.400 like Jalisa from a different Yes. 0:14:08.559 --> 0:14:08.800 Girl. 0:14:09.280 --> 0:14:12.079 I first let me say I love Love Love the documentary. 0:14:12.200 --> 0:14:14.960 I'm sure she's talking about Tiffany's documentary. Was it called again? 0:14:15.120 --> 0:14:16.800 I'm get Smart form plenty, get. 0:14:16.760 --> 0:14:21.120 Smart with Money. And Arianna, who was Tiffany's mentee, is 0:14:21.280 --> 0:14:25.280 me I need some advice from my financial girlfriends. Sorry, 0:14:25.320 --> 0:14:27.000 but it's going to be a long one, Julisa, We've 0:14:27.040 --> 0:14:30.480 seen longer, but it's okay. I'm a little over ten 0:14:30.600 --> 0:14:32.760 k in debt. It's a mix of credit and a 0:14:33.120 --> 0:14:37.080 credit card, IRS and a personal loan. Before researching, I 0:14:37.160 --> 0:14:40.400 opened a BT a BT credit card and was approved 0:14:40.400 --> 0:14:43.760 for eighty five hundred dollars zero percent interest for eighteen 0:14:43.800 --> 0:14:47.360 months with a three percent balance transfer fee. I wasn't 0:14:47.400 --> 0:14:49.680 aware that you cannot transfer debt from one account to 0:14:49.760 --> 0:14:51.080 another within the same bank. 0:14:51.240 --> 0:14:52.160 Yes. Important. 0:14:53.120 --> 0:14:54.760 I work a part time job that gives me an 0:14:54.800 --> 0:14:57.200 extra four to sixty seven a month, and my full 0:14:57.240 --> 0:14:59.280 time job gives me an extra two hundred dollars a 0:14:59.360 --> 0:15:03.440 month after bills have been paid. My question is should 0:15:03.440 --> 0:15:07.120 I put everything except the one credit card on the beat? 0:15:08.280 --> 0:15:08.400 Oh? 0:15:08.440 --> 0:15:10.640 I know what BT is? Balance transfer? I'm like, what 0:15:10.760 --> 0:15:15.760 bank is BT? I'm caught up. Now Should I put 0:15:15.840 --> 0:15:19.000 everything except one credit card onto the balance transfer credit 0:15:19.080 --> 0:15:21.720 card and work on paying them both down? Or go 0:15:21.840 --> 0:15:24.400 back to the basics and use the debt snowball method? 0:15:24.480 --> 0:15:27.520 Thank you so much for all you do. Okay, So 0:15:27.640 --> 0:15:29.880 she has ten k in debt. It's a mix of 0:15:29.920 --> 0:15:34.240 credit card IRS, personal loan. She has gotten approved for 0:15:34.480 --> 0:15:37.160 up to eighty five hundred dollars on the zero percent 0:15:37.360 --> 0:15:41.360 balance transfer card. Okay, she's not going to be able 0:15:41.400 --> 0:15:43.480 to transfer all of that because some of it comes 0:15:43.520 --> 0:15:46.360 from the same bank. This is very important. Tell them 0:15:46.400 --> 0:15:48.200 about it, Tiff. The whole balance transfer thing. 0:15:48.440 --> 0:15:53.360 So, balance transfers are when you have, like ideal you 0:15:53.440 --> 0:15:55.560 have one card that the interest rate you're paying interest 0:15:55.680 --> 0:15:58.440 on it, and the ideal situation is that you get 0:15:58.480 --> 0:16:01.080 another card that I can cover what you are on 0:16:01.160 --> 0:16:04.200 the first card, but they give you no interest payments 0:16:04.360 --> 0:16:07.760 for ideally more than a year, So her credit score 0:16:07.800 --> 0:16:09.920 must be pretty decent. They gave her eighteen months because 0:16:09.960 --> 0:16:11.720 that's like one of the highest that you can get. 0:16:11.760 --> 0:16:12.920 And I think that's what I had gotten when I 0:16:12.960 --> 0:16:15.880 made my balance transfer, which is great, which means let's 0:16:15.960 --> 0:16:18.760 just pretend like she was able, like you know, the 0:16:19.040 --> 0:16:21.160 math is easy. Where she owed ten thousand on this 0:16:21.320 --> 0:16:24.120 one card and a different bank, and she has a 0:16:24.200 --> 0:16:27.120 balanced transfer card of eighty five hundred. She makes the 0:16:27.240 --> 0:16:29.880 transfer over to the eighty five hundred. Some of it 0:16:29.920 --> 0:16:31.800 will still stay on the old car, you know, the 0:16:32.320 --> 0:16:35.360 fifteen hundred or whatever left, but now she can every 0:16:35.640 --> 0:16:38.160 sense that she gives to the new card actually goes 0:16:38.200 --> 0:16:41.080 to the money owed. So that's the benefit. That's how 0:16:41.080 --> 0:16:43.000 I was able to get that. You know, remember my 0:16:44.160 --> 0:16:46.040 my friend who's in jail now, who you know? I had, 0:16:46.080 --> 0:16:50.320 the jake, the thief who oh he's a child. Well 0:16:50.360 --> 0:16:51.880 he was in jail temporarily. I don't know IF's still 0:16:51.880 --> 0:16:54.440 in jail, let's hope. So he left me thirty five 0:16:54.480 --> 0:16:56.200 thousand dollars in credit card debt and how I was 0:16:56.240 --> 0:16:58.720 able to pay it off is I got a couple 0:16:58.760 --> 0:17:01.640 of balanced transfer cards and transfer the thirty five thousand 0:17:01.960 --> 0:17:04.480 to those cards so I can focus on just paying 0:17:04.520 --> 0:17:07.600 the principle, not the principle and the fees and the interest, 0:17:08.200 --> 0:17:10.240 you know, And it took me about three years to 0:17:10.320 --> 0:17:12.120 do so. So one, you're you know, you're in pretty 0:17:12.160 --> 0:17:14.160 decent shape to start. 0:17:14.200 --> 0:17:16.040 But what the thing is like you have to be 0:17:16.119 --> 0:17:18.720 careful because like her, yes, you may not know you 0:17:18.880 --> 0:17:21.440 can't transfer money from this, like you can't get a 0:17:21.520 --> 0:17:24.960 Chase balance transfer card and transfer money from another Chase card. 0:17:25.400 --> 0:17:27.479 Banks use this as a tool to get new business. 0:17:27.520 --> 0:17:29.240 They don't want your old business, Like are your old 0:17:29.320 --> 0:17:32.280 news girl? We got you for twenty three point nine 0:17:32.320 --> 0:17:33.879 to nine apl already, We're not going to give you 0:17:34.000 --> 0:17:38.320 zero percent. No, but Wells Fargo, but Bank of America, 0:17:38.440 --> 0:17:40.520 these other banks they will offer. So you have to 0:17:40.560 --> 0:17:42.720 be careful to think ahead. Okay, you want to apply 0:17:42.840 --> 0:17:46.080 for BT at a totally different issue or a totally 0:17:46.080 --> 0:17:46.600 different bank. 0:17:47.440 --> 0:17:50.000 Sorry to interrupt, No, no, so I just so if 0:17:50.040 --> 0:17:53.920 it was me, because it was me, I would transfer. Well. One, 0:17:54.160 --> 0:17:57.720 be careful with balance tress for cards too, because sometimes 0:17:58.200 --> 0:18:00.440 at the end of the eighteen months you have not 0:18:00.560 --> 0:18:03.520 paid it off, it not only jumps to whatever the 0:18:03.640 --> 0:18:06.520 new interest rate is, but all the interests might come 0:18:06.640 --> 0:18:09.760 due from the very beginning. So be careful, careful, careful, 0:18:09.840 --> 0:18:12.720 Ja Lisa, Like, what are the terms? Because mine was 0:18:12.760 --> 0:18:14.399 one of those. So I said, Tippany, I don't care 0:18:14.520 --> 0:18:16.720 what you do, Sis, you got to get this money 0:18:16.800 --> 0:18:18.800 off this card in the eighteen months that they've given you, 0:18:19.280 --> 0:18:20.920 or you're not going to owe. You're not going to 0:18:20.960 --> 0:18:23.399 owe the twenty percent on like the balance that's left over. 0:18:23.440 --> 0:18:25.360 You're going to owe the twenty percent on the original 0:18:25.400 --> 0:18:28.080 balance you transferred over, which is sempre. 0:18:28.880 --> 0:18:29.840 So be careful of that too. 0:18:30.359 --> 0:18:32.840 But I would honestly transfer over all that I could 0:18:33.840 --> 0:18:35.800 and then pay my zero percent interest. I would make 0:18:35.840 --> 0:18:38.480 that card the priority. I would still do the snowball method, 0:18:38.840 --> 0:18:41.160 but I would make that, you know that the priority 0:18:41.240 --> 0:18:43.600