WEBVTT - Ep. 67 — The Unbanking of America

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<v Speaker 1>We're back. We're back. The one is really nice. Randomly,

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<v Speaker 1>what are you talking about?

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<v Speaker 2>The weather's nice? It was disgusting today.

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<v Speaker 3>No, it's actually like it's warmish.

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<v Speaker 2>It's warm, but it's like a blanket of death has

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<v Speaker 2>fallen upon New Jersey and New York. It's so gray.

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<v Speaker 1>Yeah, I mean, like, what nice for Jersey winter.

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<v Speaker 2>Let's be real, Okay, I mean it's not like there's

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<v Speaker 2>not two feet of snow, so I guess you got it. Yes,

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<v Speaker 2>But I was like it was good, like stay in

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<v Speaker 2>bed until two pm?

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<v Speaker 3>Whoopsie, Yeah, yeah it was. I could barely get out

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<v Speaker 3>of bed today.

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<v Speaker 2>I was like, why I heard the vacum cleaner and

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<v Speaker 2>I was like, I guess I'll get up clean now.

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<v Speaker 1>How do you know?

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<v Speaker 3>Oh so guys it's brown and bush and yeah yah,

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<v Speaker 3>yeah you know.

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<v Speaker 2>Yeah, we're here, be in here. Thank you for coming

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<v Speaker 2>back for another week.

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<v Speaker 1>Yes, before we do we how.

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<v Speaker 2>Many sixty six are sixty six or so? Txty seventh show?

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<v Speaker 2>I always have to check every week.

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<v Speaker 1>We're in our golden years.

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<v Speaker 2>We are we can get social Security financial nerd joke.

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<v Speaker 2>I know they're like, what but before we get into

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<v Speaker 2>the show and it's a very exciting shoul We have

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<v Speaker 2>a cool guest today, cool updates from Tiffany on the

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<v Speaker 2>Dreamcatchers and the Literature Challenge today. But before all of

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<v Speaker 2>that goodness, we want to ask again. At the end

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<v Speaker 2>of the show last week we mentioned this, but we

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<v Speaker 2>really would like your support leaving us reviews on iTunes.

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<v Speaker 2>We know that you guys love the show. We've had

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<v Speaker 2>a record months so far with down loads and subscribers.

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<v Speaker 2>So thank you, thank you, thank you, yes, thank you

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<v Speaker 2>for supporting our little show. But do you really want

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<v Speaker 2>to show your support more than subscribing? You could go

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<v Speaker 2>to iTunes and leave just a short review with you know,

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<v Speaker 2>five stars, however you feel about it that day, five stars,

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<v Speaker 2>five stars know So Mandy Hat Someone email message us

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<v Speaker 2>on Facebook and said, how do you do that? It's

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<v Speaker 2>kind of okay, how do you do that? So if

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<v Speaker 2>you're listening on your phone, just go to your my

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<v Speaker 2>podcast app if you have an iPhone maybe you have

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<v Speaker 2>there's a different way on the Android. But if you

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<v Speaker 2>go to where we listen to our podcast, you should

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<v Speaker 2>be able to click our name and go to our

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<v Speaker 2>show page and you can write a review there. I

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<v Speaker 2>think it's actually easier just to go to Google. Go

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<v Speaker 2>to Google, or open up your iTunes and look for

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<v Speaker 2>Brown Ambition Podcasts in the iTunes store, and easily, right

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<v Speaker 2>there you'll see a tab I think it's in the

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<v Speaker 2>top left corner that says write a review. And it's

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<v Speaker 2>literally like a two second process. I don't think you'd

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<v Speaker 2>have to sign in. I think you just have to

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<v Speaker 2>you know, lead. I don't think you can probably do

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<v Speaker 2>it anonymously.

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<v Speaker 1>If somebody knows, tweet us.

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<v Speaker 2>Yeah, troubleshoot it support.

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<v Speaker 3>Yes, if somebody out there knows, someone's like no, that's

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<v Speaker 3>not how you do it.

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<v Speaker 2>But after last week's show, we had about twenty or

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<v Speaker 2>thirty new reviews, So thank you. Let's just get even

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<v Speaker 2>more because, like I said, it's for some reason, iTunes

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<v Speaker 2>just loves the podcast that have more reviews, and it's

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<v Speaker 2>actually pretty heavily weighted besides just the number of people

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<v Speaker 2>who are downloading. So I've learned that I would like

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<v Speaker 2>to really push us up in the rate, and I

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<v Speaker 2>think that's the way to do it.

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<v Speaker 1>So get reviewing, Yes, thank you.

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<v Speaker 2>Unless it's a one star and then you can stay home.

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<v Speaker 1>Nobody cares about those. So how is your week.

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<v Speaker 2>My week was a week. It was a busy, busy week.

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<v Speaker 4>You know.

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<v Speaker 2>I talked about doing Hello Fresh and I was super excited.

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<v Speaker 1>Yeah, so I need you to resend me that link.

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<v Speaker 2>Did you not use my free box?

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<v Speaker 1>Yeah?

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<v Speaker 2>She left money on the table.

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<v Speaker 3>It was like a week and I started to I

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<v Speaker 3>started to apply, but I was waiting for my new

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<v Speaker 3>card in the mail.

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<v Speaker 2>Oh go, mind, wait a second, are you like my father?

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<v Speaker 2>She literally just pulled her card out of her cardholder

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<v Speaker 2>and there was a a Vental floss pick behind it.

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<v Speaker 2>My father keeps one in his wallet.

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<v Speaker 1>You never know.

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<v Speaker 3>So I was waiting for my new my new card

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<v Speaker 3>in the mail, so I didn't have it at the

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<v Speaker 3>moment when you so, if you can reacend it, because

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<v Speaker 3>I do want to try.

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<v Speaker 2>Hell, I'll see if I got another one. But this

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<v Speaker 2>week I did. I didn't plan it very well because

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<v Speaker 2>we had a lot of afterwork engagements. Okay, I opened

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<v Speaker 2>the fridge today and we have three meals left from

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<v Speaker 2>our form four meals. Yeah, so I'm like, okay, I'm

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<v Speaker 2>gonna cook one for lunch and then you do one

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<v Speaker 2>for dinner. We'll do one for lunch tomorrow because okay,

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<v Speaker 2>I want to go bad and you know.

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<v Speaker 1>You know for sure that would be crazy.

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<v Speaker 2>But what happened this week? Oh my goodness, Oh you

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<v Speaker 2>know I have an update on the well shoot other

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<v Speaker 2>than the world ending and yes, the you know it

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<v Speaker 2>has happened. Voldemort has the elder wand and he's taken

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<v Speaker 2>over the country.

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<v Speaker 3>But okay, because our fearless heroes are still trying their best.

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<v Speaker 2>Are Yeah, the women of the world were out there.

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<v Speaker 4>Yes.

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<v Speaker 2>Oh it was so like well suising to my soul

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<v Speaker 2>yesterday to see all the women.

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<v Speaker 3>Around the world. That's what really like touched me. It

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<v Speaker 3>was like, wow. It wasn't just I heard all seven

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<v Speaker 3>continents participated.

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<v Speaker 2>Or Antarctica, yes, Penguin's.

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<v Speaker 3>March, but I heard somebody was like, yo, do you

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<v Speaker 3>know you got to be a bad, a terrible person.

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<v Speaker 1>Indeed to get people in Arctica to.

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<v Speaker 2>Out, they're like negative five thousand degrees. What I need

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<v Speaker 2>to see pictures.

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<v Speaker 3>Yes, I think I'm going to google it. I'm gonna

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<v Speaker 3>be google it. But yeah, I heard all seven consonants.

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<v Speaker 2>I was really depressed because I got really sick yesterday

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<v Speaker 2>and I had The march started around eleven thirty in

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<v Speaker 2>New York and I was really a sick, the kind

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<v Speaker 2>of sick where you don't want to be too far

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<v Speaker 2>from facilities, if you know what I mean. So I

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<v Speaker 2>didn't go, and then we had plans later that day.

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<v Speaker 2>But I was on Instagram all day scrolling through and

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<v Speaker 2>liking every single picture and they were just some amazing

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<v Speaker 2>the signage, and I love seeing the moms out there

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<v Speaker 2>with their little kids and really beautiful Women's March protests

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<v Speaker 2>Reach Antarctica photos. That's a good number of people Antarctica.

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<v Speaker 2>That's like twenty five.

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<v Speaker 3>That's thirty people ant Look, that's crazy. It's actually a

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<v Speaker 3>really good number of people.

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<v Speaker 2>Oh, they were on an expedition trip seven and I

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<v Speaker 2>couldn't get out of my apartment all seven consonants. Well,

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<v Speaker 2>I'm ashamed, but I did read that there were more

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<v Speaker 2>people at the Women's in DCA than what's his face

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<v Speaker 2>is inauguration, which he actually.

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<v Speaker 3>Had a press conference about which I thought, Wow, your

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<v Speaker 3>ego so salty.

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<v Speaker 2>I mean, seriously, you know, none of the press conference.

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<v Speaker 2>He went to the CIA to talk about national security,

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<v Speaker 2>and that's where he decided to call out the media

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<v Speaker 2>for sharing that photo. If you haven't seen it yet,

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<v Speaker 2>it'll it'll soothe your soul like a sue mine. It's

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<v Speaker 2>the two thousand and nine inaugural crowd compared to twenty seventeen,

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<v Speaker 2>which is amazing. There's like half the number of people.

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<v Speaker 2>I think, I think one less than that. One third

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<v Speaker 2>the number came out for Trump as they did for

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<v Speaker 2>Obama and nine, which that was amazing.

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<v Speaker 1>It was I had the giggles.

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<v Speaker 2>You needed that too, because it was such a dark day.

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<v Speaker 2>It was Friday. Oh, it felt like Friday the thirteenth

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<v Speaker 2>or something.

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<v Speaker 3>And what it goes to show you is that, like,

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<v Speaker 3>because you know, when when when he won, we were

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<v Speaker 3>all confused, like do more people really?

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<v Speaker 1>Do they really feel like this?

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<v Speaker 3>Is that, you know? And just the fact that way

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<v Speaker 3>more people came out for the marching than than for

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<v Speaker 3>the the march for him, I guess you could call

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<v Speaker 3>it it just I'm not certain what happened as far

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<v Speaker 3>as the election is concerned and why it's swayed in

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<v Speaker 3>that direction. But I think that that he has woken

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<v Speaker 3>a sleeping giant. And I think that people are like, oh,

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<v Speaker 3>because I think so many people. To me, they weren't

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<v Speaker 3>pro Hillary and they weren't necessary, but they definitely were

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<v Speaker 3>not pro Hams, so they were just kind of chilling.

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<v Speaker 1>And now they're like, whoa, whoa.

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<v Speaker 2>Because it's real now he was elected.

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<v Speaker 1>Yeh, whoa, whoa, whoa.

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<v Speaker 3>I can no longer just kind of chill on the sideline.

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<v Speaker 3>I have to do something, And I think I thank

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<v Speaker 3>him honestly for that, because I think that there is

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<v Speaker 3>no more powerful movement than people who are joined together

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<v Speaker 3>under a common cause. The downfall of you, my cheated

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<v Speaker 3>delicious friends, is cheating cheato.

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<v Speaker 2>The news chet was the other one.

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<v Speaker 3>Lovey has like if you don't know lovey awtimately love

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<v Speaker 3>you dot com. Right. She has this great uh, this

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<v Speaker 3>great blog post of why will still continue to disrespect

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<v Speaker 3>how she plans.

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<v Speaker 2>She came off like a how long hiatus, like a

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<v Speaker 2>month long as in her first business of order was

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<v Speaker 2>to take down Trump and continue to pledge to take

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<v Speaker 2>him down. Yes, I feel like that's what's happening. Though,

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<v Speaker 2>I feel like artists especially, but anyone out there, it's

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<v Speaker 2>never been like this is a call to actually like,

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<v Speaker 2>it's never been a more important time to get involved,

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<v Speaker 2>to speak up, to get your life right, yep, to

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<v Speaker 2>prepare yourself and protect yourself from whatever is coming. I

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<v Speaker 2>mean one of the first things he sat down in

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<v Speaker 2>his you know chair to do in the old Oval office,

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<v Speaker 2>which makes my stomach hurt thinking about it, was to

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<v Speaker 2>start walking back Obamacare, start setting the stage for that.

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<v Speaker 2>And he even cut the homeowners first time homeowners yeah,

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<v Speaker 2>insurance tax cut. Yeah, that's random. Yeah, like just why

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<v Speaker 2>you know, and I know, and I mean not even

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<v Speaker 2>about Trump. I mean, you know, I got into a

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<v Speaker 2>little texting war with some family members or just one

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<v Speaker 2>in particular, who I won't name, who I suspect was

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<v Speaker 2>a Trump supporter and I you know, and I was

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<v Speaker 2>and they were like, you know, he's president, just get

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<v Speaker 2>over it. And I'm like, it's not about him. It's

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<v Speaker 2>like everyone he is bringing into power around him.

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<v Speaker 1>It's not.

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<v Speaker 3>And that's what I read that. That's the part that's

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<v Speaker 3>what irritated me. I'm like, people are so self centered

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<v Speaker 3>and then they're thinking, oh, this is just you guys whining.

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<v Speaker 3>It's honestly, it's not. That's not what this is. It's

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<v Speaker 3>about the policies that are now going to be going forward.

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<v Speaker 3>Did you see it was like so epic this Facebook

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<v Speaker 3>post that became viral. Now, this young guy that was like,

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<v Speaker 3>oh my god, I'm so glad you know that he's

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<v Speaker 3>gonna do president, because now we can get rid of

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<v Speaker 3>this Obamacare and it's he started to like like talk

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<v Speaker 3>about it.

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<v Speaker 1>He was saying.

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<v Speaker 3>Somebody was like, don't you use what is Obamacare? The

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<v Speaker 3>real official name is ACA Affordable Care right, And he

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<v Speaker 3>was like, yeah, so maybe this affordable care I think

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<v Speaker 3>can really get a chance. And they were like, they

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<v Speaker 3>were like somebody was like yeah, somebody was like, don't

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<v Speaker 3>you use affordable care. Yeah, that's what I use, but

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<v Speaker 3>I don't use Obamacare. They're like, that's the same thing.

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<v Speaker 3>He's like, no, it's not. He was like, they were like, yo,

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<v Speaker 3>it is so epic, and you could see.

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<v Speaker 4>He told me.

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<v Speaker 2>The White House was so against Obamacare becoming a thing

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<v Speaker 2>that everyone said, because then you could point it to

0:10:06.840 --> 0:10:10.000
<v Speaker 2>the enemy and attach it and forget what it actually does.

0:10:10.080 --> 0:10:12.400
<v Speaker 3>So he actually voted against the only health insurance that

0:10:12.400 --> 0:10:14.960
<v Speaker 3>he was able to get because it was called Obamacare.

0:10:14.960 --> 0:10:16.960
<v Speaker 3>And they were like, wow, you literally voted against your

0:10:16.960 --> 0:10:19.000
<v Speaker 3>own health and he was silent. I'm like, why is

0:10:19.000 --> 0:10:20.880
<v Speaker 3>this Somebody actually wrote why is this post still?

0:10:20.880 --> 0:10:21.000
<v Speaker 4>Love?

0:10:21.080 --> 0:10:23.400
<v Speaker 1>I would delete this as soon as possible.

0:10:23.760 --> 0:10:26.680
<v Speaker 3>But I just thought to myself, Wow, I wonder how

0:10:26.720 --> 0:10:30.440
<v Speaker 3>many people voted against themselves out of fear and ignorance

0:10:30.440 --> 0:10:33.240
<v Speaker 3>because they did not realize like if you have a child,

0:10:33.320 --> 0:10:37.280
<v Speaker 3>that's that's you know, above twenty six, you know, or

0:10:37.520 --> 0:10:39.640
<v Speaker 3>below but twenty or like what above eighteen?

0:10:39.679 --> 0:10:41.600
<v Speaker 1>Now what does it?

0:10:41.600 --> 0:10:43.280
<v Speaker 2>It had to be younger than twenty six, like.

0:10:43.280 --> 0:10:45.040
<v Speaker 3>Right, that was before, right you used to at least

0:10:45.040 --> 0:10:46.160
<v Speaker 3>be able to be like, oho, I didn't get a

0:10:46.200 --> 0:10:47.960
<v Speaker 3>you know, I don't have a job just yet, but

0:10:48.000 --> 0:10:50.679
<v Speaker 3>I could still be under my parents, you.

0:10:50.640 --> 0:10:51.400
<v Speaker 1>Know, insurance.

0:10:51.720 --> 0:10:54.080
<v Speaker 3>And now that's not that you know, that's in danger

0:10:54.120 --> 0:10:57.520
<v Speaker 3>of not being so or pre existing diseases like that's just.

0:10:57.920 --> 0:10:59.800
<v Speaker 2>I mean, it wasn't It was just a few years

0:10:59.840 --> 0:11:03.199
<v Speaker 2>ago that you could have had cancer, which is out

0:11:03.200 --> 0:11:06.160
<v Speaker 2>of your control, and if you needed insurance you wouldn't

0:11:06.160 --> 0:11:09.240
<v Speaker 2>get it, like or diabetes even could have just qualified

0:11:09.240 --> 0:11:09.880
<v Speaker 2>you from health care.

0:11:09.920 --> 0:11:14.280
<v Speaker 3>But like, my nephew has full blown sickle style and yeah,

0:11:14.480 --> 0:11:15.960
<v Speaker 3>we just found out. And I was just like, well,

0:11:16.000 --> 0:11:18.160
<v Speaker 3>not just found that, but you know, and I was

0:11:18.200 --> 0:11:20.680
<v Speaker 3>just thinking about that, like, so what does that? What

0:11:20.720 --> 0:11:23.360
<v Speaker 3>does that mean? You know, this is a pre existing condition,

0:11:23.640 --> 0:11:26.200
<v Speaker 3>you know, and it just made me really work, you know,

0:11:26.240 --> 0:11:30.080
<v Speaker 3>because that hit really close to home, like there's going

0:11:30.120 --> 0:11:31.559
<v Speaker 3>to be a cap of how much insurance.

0:11:32.040 --> 0:11:33.600
<v Speaker 1>He might reach that cap by the time he's five.

0:11:33.640 --> 0:11:34.280
<v Speaker 1>Then what happens?

0:11:34.320 --> 0:11:34.480
<v Speaker 3>You know?

0:11:34.720 --> 0:11:38.000
<v Speaker 2>Yeah, my father as soon as Obamacare or sorry, the

0:11:38.040 --> 0:11:40.520
<v Speaker 2>Affordable Care dot came into being, the Healthcare dot Gov

0:11:40.679 --> 0:11:42.640
<v Speaker 2>was launched that very first year, I signed my dad

0:11:42.720 --> 0:11:45.320
<v Speaker 2>up and he's been My family, A lot of them

0:11:45.320 --> 0:11:48.120
<v Speaker 2>are morbidly obese, and he's a diet He was a

0:11:48.120 --> 0:11:50.240
<v Speaker 2>diabetic and he was morbidly obese, and one of the

0:11:50.280 --> 0:11:51.679
<v Speaker 2>first things he did was he went and got his

0:11:51.720 --> 0:11:54.360
<v Speaker 2>all of his checkups. And he hasn't had insurance since

0:11:55.840 --> 0:11:58.440
<v Speaker 2>I was ten or eleven because he quit his job

0:11:58.880 --> 0:12:00.600
<v Speaker 2>and went up to be an entreprene were in launch

0:12:00.600 --> 0:12:04.160
<v Speaker 2>of restaurant business, and he never had insurance. He survived

0:12:04.200 --> 0:12:06.400
<v Speaker 2>because he had friends see the medical profession who would

0:12:06.400 --> 0:12:08.520
<v Speaker 2>give him, like, you know, a discount on dental services

0:12:08.520 --> 0:12:10.720
<v Speaker 2>and things like that. But he became really unhealthy and

0:12:10.720 --> 0:12:12.800
<v Speaker 2>he went in all his checkups and his doctor was like,

0:12:12.840 --> 0:12:15.240
<v Speaker 2>it's time you need to get gasher bypass surgery. And

0:12:15.280 --> 0:12:17.760
<v Speaker 2>he got the surgery, which probably saved his life. He's

0:12:17.760 --> 0:12:20.320
<v Speaker 2>no longer diabetic and Obamacare covered it.

0:12:20.360 --> 0:12:21.120
<v Speaker 1>Like all of it.

0:12:21.160 --> 0:12:24.160
<v Speaker 2>Wow, and he's like a whole different person now, so healthy.

0:12:24.160 --> 0:12:26.480
<v Speaker 2>And it makes me and it just sort of shatters

0:12:26.520 --> 0:12:29.040
<v Speaker 2>me to think that people you know, like my father

0:12:29.120 --> 0:12:31.600
<v Speaker 2>won't have access because they chose not to work for

0:12:31.640 --> 0:12:34.400
<v Speaker 2>a company, which is a lot of people, you know.

0:12:34.720 --> 0:12:36.840
<v Speaker 3>I'm like, and even then I've just been reading I

0:12:36.840 --> 0:12:38.360
<v Speaker 3>have not I'm not gonna lie, I don't have all

0:12:38.440 --> 0:12:40.800
<v Speaker 3>the details, but like, there are even people who even

0:12:40.800 --> 0:12:42.240
<v Speaker 3>if you work for a company, there are.

0:12:42.120 --> 0:12:46.000
<v Speaker 1>Things that don't get covered. Yeah, which is just like sol.

0:12:45.800 --> 0:12:48.480
<v Speaker 2>I just got my dental bill, so believe me.

0:12:48.679 --> 0:12:49.959
<v Speaker 1>Yeah, I just I don't know.

0:12:50.040 --> 0:12:53.080
<v Speaker 3>I just it's a scary time. And I've been being

0:12:53.200 --> 0:12:56.560
<v Speaker 3>very careful about how much I've allowed myself to ingest

0:12:56.600 --> 0:13:00.400
<v Speaker 3>because it gets really scary, really scary, not.

0:12:59.679 --> 0:13:00.960
<v Speaker 1>Not just frustrating him mad.

0:13:01.000 --> 0:13:04.000
<v Speaker 3>And I think that's what a lot of Trump supporters saying, Oh,

0:13:04.040 --> 0:13:06.920
<v Speaker 3>you guys are a bunch of winers. No, it's people. Yes,

0:13:06.960 --> 0:13:09.760
<v Speaker 3>we're people mad and upset. But now there's real fear

0:13:09.840 --> 0:13:10.760
<v Speaker 3>that is setting.

0:13:10.520 --> 0:13:12.800
<v Speaker 2>To be fearful. Yeah, I think it's more important than

0:13:12.800 --> 0:13:15.560
<v Speaker 2>ever to pay attention though, because someone needs to be watching,

0:13:15.840 --> 0:13:18.720
<v Speaker 2>you know, the media needs and it's such a scary

0:13:20.400 --> 0:13:22.560
<v Speaker 2>it's like a it's a weird tightrope because you want

0:13:22.559 --> 0:13:24.880
<v Speaker 2>to be on him and watching him and be like

0:13:25.120 --> 0:13:27.560
<v Speaker 2>an aggressive reporter. But then you see what he does

0:13:27.600 --> 0:13:29.120
<v Speaker 2>when he doesn't like what you report about him. He

0:13:29.120 --> 0:13:31.599
<v Speaker 2>shuts you out, he shuts you down. It's going to

0:13:31.640 --> 0:13:33.520
<v Speaker 2>be really fair. I'm going to be watching like a hawk.

0:13:33.600 --> 0:13:35.920
<v Speaker 2>I mean one of the I mean again, I say

0:13:35.960 --> 0:13:37.640
<v Speaker 2>that one of the first acts he did as president

0:13:37.679 --> 0:13:39.960
<v Speaker 2>was go to the CIA to protect our nation from

0:13:40.080 --> 0:13:44.040
<v Speaker 2>outside terrorist attacks and decided to, you know, talk beef

0:13:44.080 --> 0:13:46.640
<v Speaker 2>with the media for posting a tweet you know of

0:13:46.679 --> 0:13:50.360
<v Speaker 2>a black sture, which is just like you know, Michelle Obama.

0:13:50.440 --> 0:13:52.520
<v Speaker 2>But the I go they go low, we go high.

0:13:52.559 --> 0:13:54.679
<v Speaker 2>He's just always low love. He doesn't know how to

0:13:54.720 --> 0:13:58.679
<v Speaker 2>go and he hire and mo Michelle everyone you saw

0:13:58.760 --> 0:14:01.640
<v Speaker 2>the inaugural, like the one takeaway wasn't that Michelle gift

0:14:01.920 --> 0:14:04.400
<v Speaker 2>or the Michelle meme? Like someone caught her in a

0:14:04.400 --> 0:14:08.160
<v Speaker 2>dirty look and it was I did I did feel

0:14:08.200 --> 0:14:10.960
<v Speaker 2>like the weather was like responding to did you see

0:14:11.040 --> 0:14:15.640
<v Speaker 2>the w yo? That was what comes so adorable.

0:14:15.920 --> 0:14:17.880
<v Speaker 3>First of all, I was like, because somebody, please help

0:14:17.880 --> 0:14:20.080
<v Speaker 3>this man with a show. I don't know how to

0:14:20.080 --> 0:14:22.600
<v Speaker 3>get this or don't like use a poncho. It was

0:14:22.720 --> 0:14:24.880
<v Speaker 3>like the Pancho the hood was like to his faith.

0:14:24.920 --> 0:14:26.480
<v Speaker 3>He was like, I don't know how it got into this.

0:14:26.960 --> 0:14:28.880
<v Speaker 1>I just was like, w W. I just wanted to

0:14:28.960 --> 0:14:30.560
<v Speaker 1>be like, I just what was Laura?

0:14:31.120 --> 0:14:32.560
<v Speaker 2>You just take this the type of thing she had

0:14:32.600 --> 0:14:33.520
<v Speaker 2>the bathroom br you take.

0:14:33.880 --> 0:14:35.560
<v Speaker 1>Of your kid, you like to stop it, just stop it.

0:14:35.640 --> 0:14:37.600
<v Speaker 2>When did he become so cute? And like I kind

0:14:37.640 --> 0:14:39.040
<v Speaker 2>of look at him, I'm like, I don't get you

0:14:39.040 --> 0:14:40.280
<v Speaker 2>have started him for yeah?

0:14:40.440 --> 0:14:43.160
<v Speaker 1>Right, you almost wished for him back. Paint me a picture.

0:14:43.440 --> 0:14:43.800
<v Speaker 3>G W.

0:14:44.040 --> 0:14:45.480
<v Speaker 1>Did you see he's actually a pretty good painting.

0:14:45.920 --> 0:14:48.040
<v Speaker 2>Yeah he is. He is a good painter, somebody wrote.

0:14:47.840 --> 0:14:49.680
<v Speaker 3>And I thought this was interesting that there was a

0:14:49.720 --> 0:14:53.160
<v Speaker 3>picture of him painting and the painting is actually pretty good.

0:14:53.160 --> 0:14:55.680
<v Speaker 3>Someone said, this is this is a clear cut example

0:14:55.720 --> 0:14:58.000
<v Speaker 3>of when kids are pushed into things that you know

0:14:58.080 --> 0:15:00.400
<v Speaker 3>that are really what their parents went not with they want.

0:15:00.400 --> 0:15:04.000
<v Speaker 3>He might have made an amazing artist versus you know,

0:15:04.160 --> 0:15:05.360
<v Speaker 3>the destroyer of the free world.

0:15:05.440 --> 0:15:08.080
<v Speaker 2>But you know, yeah, i'd prefer him in an art school.

0:15:08.160 --> 0:15:10.200
<v Speaker 3>Yeah, but you never know, maybe that's what he really enjoyed.

0:15:10.200 --> 0:15:12.160
<v Speaker 3>And it was like, no, this is what you're doing.

0:15:12.240 --> 0:15:14.760
<v Speaker 2>You're going to be the president. Yes, well they were there,

0:15:14.800 --> 0:15:17.840
<v Speaker 2>you know, Hillary, but I watched the beginning when they

0:15:17.880 --> 0:15:20.760
<v Speaker 2>were you know, before they come out for the actual speech.

0:15:20.840 --> 0:15:24.440
<v Speaker 2>They are all inside the Capitol and they're like being presented,

0:15:24.520 --> 0:15:26.560
<v Speaker 2>kind of like at a debutante ball. And I saw

0:15:26.640 --> 0:15:29.280
<v Speaker 2>Bill and Hillary preparing and you could see her, you know,

0:15:29.400 --> 0:15:34.160
<v Speaker 2>that lovely white suit, do you like a like steal herself?

0:15:34.200 --> 0:15:36.520
<v Speaker 2>And I was like, girl, I can't even imagine. Can

0:15:36.560 --> 0:15:38.720
<v Speaker 2>you imagine having to go out in that stage? What's like?

0:15:38.920 --> 0:15:40.880
<v Speaker 2>And then and then as soon as she got out,

0:15:40.880 --> 0:15:42.920
<v Speaker 2>the smile came on and the campaign lights hit her

0:15:42.960 --> 0:15:45.240
<v Speaker 2>and you can see her just like switch come on. Yeah,

0:15:45.280 --> 0:15:47.520
<v Speaker 2>And I really like that moment of humanity, like.

0:15:47.600 --> 0:15:49.440
<v Speaker 3>Yeah, this is this is this is real life and

0:15:49.440 --> 0:15:52.200
<v Speaker 3>this is crazy. But I hate put on my brave face.

0:15:52.280 --> 0:15:54.640
<v Speaker 2>And I could tell Michelle was like not into it.

0:15:54.680 --> 0:15:58.160
<v Speaker 3>And yes, I thought, wow, my friend, my best friend

0:15:58.200 --> 0:16:00.440
<v Speaker 3>lind to call me. She's like, girl, Michelle thought, I'm

0:16:00.480 --> 0:16:04.400
<v Speaker 3>over a ponytailing every black girl knows that Poe.

0:16:04.520 --> 0:16:06.320
<v Speaker 1>They're like, you know what, don't worry about it. You

0:16:06.360 --> 0:16:07.800
<v Speaker 1>didn't got to do. No, just just put it back

0:16:08.840 --> 0:16:09.480
<v Speaker 1>to be president.

0:16:10.560 --> 0:16:12.760
<v Speaker 2>That's exactly to put this big conon this.

0:16:12.920 --> 0:16:15.680
<v Speaker 3>I don't care, like you know what, I'm not even

0:16:15.720 --> 0:16:17.240
<v Speaker 3>trying to come out here stunt like I used to.

0:16:17.760 --> 0:16:19.680
<v Speaker 2>And Malania tried so hard to be her friend.

0:16:19.920 --> 0:16:22.480
<v Speaker 3>Yeah, I was like, I feel honestly, the truth is

0:16:22.600 --> 0:16:24.840
<v Speaker 3>I feel kind of bad for her because.

0:16:24.880 --> 0:16:26.800
<v Speaker 2>I can't tell why I feel bad for her though

0:16:26.880 --> 0:16:29.000
<v Speaker 2>she's as strong, you know, she's she got herself in

0:16:29.000 --> 0:16:32.640
<v Speaker 2>this position. Yeah, somebody wanted when you saw her dancing

0:16:32.640 --> 0:16:35.520
<v Speaker 2>with him, that looked really uncomfortable. She was held hostage.

0:16:35.600 --> 0:16:41.320
<v Speaker 3>Yes, somebody posted a beame said again if you need

0:16:41.360 --> 0:16:42.640
<v Speaker 3>help twice.

0:16:44.440 --> 0:16:46.800
<v Speaker 1>And I was rollic. I was like, that's how I feel.

0:16:47.080 --> 0:16:49.560
<v Speaker 1>I feel like I want to be like, are you okay?

0:16:50.120 --> 0:16:52.600
<v Speaker 2>Are you okay? I hated how smug is kids all

0:16:52.640 --> 0:16:54.440
<v Speaker 2>looked like, oh daddy in the White House.

0:16:54.480 --> 0:16:55.280
<v Speaker 1>I got this now.

0:16:57.000 --> 0:16:59.640
<v Speaker 2>Yeah, but stay woke. If you want a place you know,

0:16:59.640 --> 0:17:01.640
<v Speaker 2>in this WEE podcast, I'm gonna post some links to

0:17:01.680 --> 0:17:04.879
<v Speaker 2>some great organizations if you want to vote with your dollars,

0:17:04.920 --> 0:17:06.600
<v Speaker 2>which is what I've been doing. I've been pumping money

0:17:06.600 --> 0:17:10.439
<v Speaker 2>into things like planned parenthood, environmental organizations because if you

0:17:10.520 --> 0:17:14.520
<v Speaker 2>don't know, our president doesn't believe in climate change. So

0:17:14.560 --> 0:17:16.760
<v Speaker 2>I'll post some links if you want to. There's actually

0:17:16.760 --> 0:17:20.160
<v Speaker 2>a great Gothamas story with with good organizations to donate tokay,

0:17:20.640 --> 0:17:22.960
<v Speaker 2>and then go find your local I'll try and post

0:17:23.000 --> 0:17:24.760
<v Speaker 2>a link to where you can find your local senator

0:17:24.680 --> 0:17:27.480
<v Speaker 2>or congressman, because they're the ones who are going to

0:17:27.560 --> 0:17:30.000
<v Speaker 2>be the gatekeepers here, you know, voting for you know,

0:17:30.040 --> 0:17:31.959
<v Speaker 2>the policies he's put he's going to put forward as

0:17:31.960 --> 0:17:34.240
<v Speaker 2>people will put forward. So if you feel like you

0:17:34.280 --> 0:17:37.399
<v Speaker 2>can't do anything, you can. If you didn't get to

0:17:37.400 --> 0:17:39.800
<v Speaker 2>march yesterday, that's okay, you can. You can show your

0:17:39.800 --> 0:17:40.640
<v Speaker 2>support in other ways.

0:17:40.800 --> 0:17:41.720
<v Speaker 1>Yeah, for sure.

0:17:41.880 --> 0:17:45.760
<v Speaker 3>Nothing nothing works better than a dollar like actually, you know,

0:17:45.800 --> 0:17:48.000
<v Speaker 3>putting your money where your values are.

0:17:48.359 --> 0:17:48.479
<v Speaker 4>Ye?

0:17:49.440 --> 0:17:52.560
<v Speaker 3>Oh lord, are you ready to break or boost? I

0:17:52.560 --> 0:17:54.680
<v Speaker 3>don't even feel like a boost these days.

0:17:55.040 --> 0:17:57.080
<v Speaker 2>What there's gonna be something?

0:17:57.640 --> 0:17:57.720
<v Speaker 4>No?

0:17:57.880 --> 0:18:00.879
<v Speaker 3>Well, I do want to take a a brown break

0:18:00.920 --> 0:18:04.080
<v Speaker 3>from the folks on because I mean, my my social

0:18:04.080 --> 0:18:06.520
<v Speaker 3>media was largely positive about the Women's March. But there

0:18:06.520 --> 0:18:09.120
<v Speaker 3>were a few people that actually really respected that were

0:18:09.160 --> 0:18:13.760
<v Speaker 3>speaking disparagingly about it, and I was like, something, Yeah,

0:18:13.800 --> 0:18:15.399
<v Speaker 3>I was actually surprised because they're, like I said, there

0:18:15.400 --> 0:18:17.159
<v Speaker 3>were people who, you know, I'm used to, you know,

0:18:17.200 --> 0:18:19.000
<v Speaker 3>you have some friends, You're like, Lord, here they go.

0:18:19.400 --> 0:18:22.160
<v Speaker 1>But there were people who I was like, really, not you.

0:18:22.280 --> 0:18:23.080
<v Speaker 2>What were they saying?

0:18:23.119 --> 0:18:26.040
<v Speaker 3>What was what was so marching is not going to

0:18:26.160 --> 0:18:29.320
<v Speaker 3>do anything, and it's better to put your you know,

0:18:29.560 --> 0:18:31.959
<v Speaker 3>put action towards you know, whatever it is.

0:18:32.080 --> 0:18:34.280
<v Speaker 1>And you know, and so this is what I said.

0:18:34.720 --> 0:18:37.000
<v Speaker 3>This is gonna sound a little rudimentary or whatever, and sophomore,

0:18:37.080 --> 0:18:37.600
<v Speaker 3>but I don't care.

0:18:37.680 --> 0:18:40.040
<v Speaker 1>So you know how we love Harry Potter.

0:18:39.840 --> 0:18:43.000
<v Speaker 3>Right, yes, And we know how the defeat of He

0:18:43.040 --> 0:18:46.520
<v Speaker 3>who shall not be named, and that although Harry had

0:18:46.520 --> 0:18:50.280
<v Speaker 3>the clearly pivotal role in making that happen, they were

0:18:50.320 --> 0:18:52.160
<v Speaker 3>all of these supporting roles.

0:18:51.840 --> 0:18:53.320
<v Speaker 2>That were the Order of the Phoenix.

0:18:53.440 --> 0:18:53.640
<v Speaker 4>Huh.

0:18:53.760 --> 0:18:56.399
<v Speaker 3>Yeah, and just equal it's important from like, you know,

0:18:56.560 --> 0:18:59.080
<v Speaker 3>from who's that little weird girl looming?

0:19:00.560 --> 0:19:02.240
<v Speaker 1>Everyone ever all killed the snakes.

0:19:02.400 --> 0:19:04.159
<v Speaker 2>If not for the snake, he wouldn't have gotten the

0:19:04.200 --> 0:19:05.880
<v Speaker 2>seventh part of Voldemort's soul.

0:19:05.960 --> 0:19:07.959
<v Speaker 3>And so I have all that to say is that, like,

0:19:08.080 --> 0:19:11.960
<v Speaker 3>everybody's role is important. That yes, you mister intellectual or

0:19:12.000 --> 0:19:15.119
<v Speaker 3>missus intellectual, whatever you might be, you know, building a

0:19:15.119 --> 0:19:20.359
<v Speaker 3>nonprofit organization that teaches girls, that's great, But people marching

0:19:20.520 --> 0:19:23.199
<v Speaker 3>is also part of the larger picture of change. And

0:19:23.240 --> 0:19:25.760
<v Speaker 3>that's the part that I'm like it makes that made

0:19:25.760 --> 0:19:28.640
<v Speaker 3>me a little like upset with them, is that that

0:19:28.880 --> 0:19:32.679
<v Speaker 3>change doesn't just happen in one singular, focused way. That

0:19:32.880 --> 0:19:35.680
<v Speaker 3>all of these things matter, and that you might think

0:19:35.720 --> 0:19:39.000
<v Speaker 3>that like, oh, marching doesn't do anything but one you

0:19:39.000 --> 0:19:41.080
<v Speaker 3>don't know that how can you know that that there

0:19:41.080 --> 0:19:43.320
<v Speaker 3>could be a young girl in the march who goes

0:19:43.359 --> 0:19:45.520
<v Speaker 3>on to create a policy that goes on to you

0:19:45.560 --> 0:19:48.760
<v Speaker 3>don't know, there's so many things and almost three million

0:19:48.760 --> 0:19:50.879
<v Speaker 3>people march, how can you say that nothing, that that

0:19:50.920 --> 0:19:53.280
<v Speaker 3>has done nothing, if not, but to motivate people to

0:19:53.320 --> 0:19:54.120
<v Speaker 3>go home and do more.

0:19:54.640 --> 0:19:55.679
<v Speaker 1>So I say this.

0:19:55.600 --> 0:19:59.159
<v Speaker 3>Is that whatever way that you've chosen to change the

0:19:59.200 --> 0:20:02.080
<v Speaker 3>world around you, do that and then allow others to

0:20:02.160 --> 0:20:03.800
<v Speaker 3>choose for themselves how they're.

0:20:03.520 --> 0:20:05.320
<v Speaker 1>Going to express that change, you know.

0:20:05.680 --> 0:20:07.400
<v Speaker 3>And so that was like my kind of brown break

0:20:07.400 --> 0:20:11.280
<v Speaker 3>of like people tearing down you know, other people who

0:20:11.280 --> 0:20:13.040
<v Speaker 3>were just trying to do something, you know.

0:20:13.560 --> 0:20:16.080
<v Speaker 2>Right, Yeah, it's a positive thing. There's always going to

0:20:16.119 --> 0:20:17.760
<v Speaker 2>be people are going to try to politicize it. There

0:20:17.760 --> 0:20:19.920
<v Speaker 2>were people women of color who was saying they didn't

0:20:19.920 --> 0:20:21.760
<v Speaker 2>feel like the organizers were inclusive enough.

0:20:22.680 --> 0:20:24.639
<v Speaker 3>But it wasn't that a moment of color that started it.

0:20:25.080 --> 0:20:26.240
<v Speaker 2>But I don't actually know.

0:20:26.400 --> 0:20:29.320
<v Speaker 3>Yeah, if her name was Tasha something other, I feel

0:20:29.320 --> 0:20:30.440
<v Speaker 3>like I kind of got away from her.

0:20:31.080 --> 0:20:32.480
<v Speaker 2>But I really know it was with those pictures that

0:20:32.520 --> 0:20:34.280
<v Speaker 2>I saw, the celebrities that were out there. It was

0:20:34.359 --> 0:20:37.639
<v Speaker 2>a rainbow of beauty. And you know what, maybe it

0:20:37.640 --> 0:20:40.040
<v Speaker 2>did get politicized, maybe they were, you know, making money

0:20:40.080 --> 0:20:42.119
<v Speaker 2>off her or whatever, But like, you're never going to

0:20:42.160 --> 0:20:45.120
<v Speaker 2>see a moment like that, Yeah, I haven't in my life.

0:20:45.119 --> 0:20:46.800
<v Speaker 2>It was a crowd of hundreds of millions, or not

0:20:46.880 --> 0:20:49.239
<v Speaker 2>hundreds of millions, but millions of women out there, not

0:20:49.320 --> 0:20:51.879
<v Speaker 2>just women, but men too, with their children, and it

0:20:51.920 --> 0:20:52.680
<v Speaker 2>was a beautiful thing.

0:20:52.680 --> 0:20:54.920
<v Speaker 3>And I her name was Tamika Mawory. She it was

0:20:54.960 --> 0:20:57.760
<v Speaker 3>the brainchild of a woman named Tamika Maori. She is

0:20:57.800 --> 0:21:01.000
<v Speaker 3>the executive director of the National at Action Network.

0:21:01.240 --> 0:21:04.479
<v Speaker 2>Young Girl Oh wow, Yeah, Tamika Mallory. Mm hmm, well

0:21:04.480 --> 0:21:05.960
<v Speaker 2>then everyone should be singing her praise.

0:21:06.160 --> 0:21:07.639
<v Speaker 1>Yeah, but it kind of I get it. It kind of

0:21:07.640 --> 0:21:08.440
<v Speaker 1>grew beyond her.

0:21:08.920 --> 0:21:11.560
<v Speaker 2>Because you needed permits, it needed to be organized, It

0:21:11.560 --> 0:21:13.800
<v Speaker 2>became a whole. There had to be stages Madonna performed.

0:21:14.359 --> 0:21:15.000
<v Speaker 2>But I think.

0:21:14.880 --> 0:21:17.080
<v Speaker 3>Exactly, I think that it was just her initial call

0:21:17.160 --> 0:21:19.240
<v Speaker 3>to action. It led to people. But do you see

0:21:19.280 --> 0:21:21.720
<v Speaker 3>what I mean? Somebody might say, oh, Tamika, you're just talking,

0:21:21.760 --> 0:21:24.000
<v Speaker 3>but look at her initial call to action and how

0:21:24.000 --> 0:21:27.080
<v Speaker 3>it rippled to this, and so to me, there is

0:21:27.160 --> 0:21:28.520
<v Speaker 3>no small thing to do.

0:21:28.760 --> 0:21:31.959
<v Speaker 2>I think people just get automatically cynical when something big happens,

0:21:31.960 --> 0:21:34.400
<v Speaker 2>like when it becomes bigger than like the grassroots. You know, yeah,

0:21:34.400 --> 0:21:36.880
<v Speaker 2>that's you know it should that's the way it should work.

0:21:36.920 --> 0:21:39.240
<v Speaker 2>You should have a small group making a larger voice,

0:21:39.240 --> 0:21:41.000
<v Speaker 2>and then they make a larger voice and just expands

0:21:41.040 --> 0:21:43.639
<v Speaker 2>and expands until everyone you can't not pay attention. No

0:21:43.720 --> 0:21:47.320
<v Speaker 2>one did not see that mark yesterday. Mister Voldemort himself

0:21:47.320 --> 0:21:50.040
<v Speaker 2>probably saw that and was humping around the White House.

0:21:50.080 --> 0:21:52.240
<v Speaker 2>Sam mad in the world and think in the media

0:21:52.320 --> 0:21:54.920
<v Speaker 2>was to blame. But like that message just proved I mean,

0:21:54.920 --> 0:21:56.800
<v Speaker 2>that's the kind of message that no one can ignore.

0:21:56.800 --> 0:21:59.080
<v Speaker 2>It's a powerful thing, and all the women out there,

0:21:59.119 --> 0:22:01.600
<v Speaker 2>it was just you know thing, thank you for doing.

0:22:01.320 --> 0:22:04.280
<v Speaker 3>That, so boost of women and our awesomeness and a

0:22:04.359 --> 0:22:07.480
<v Speaker 3>break to those sometimes who can't say anything nice. So

0:22:07.560 --> 0:22:17.760
<v Speaker 3>maybe they shouldn't say anything at all. So I got

0:22:17.760 --> 0:22:20.000
<v Speaker 3>this random song in my head, He's on down, E's

0:22:20.080 --> 0:22:22.119
<v Speaker 3>on down, Come on.

0:22:22.160 --> 0:22:22.639
<v Speaker 1>You know what it is?

0:22:22.640 --> 0:22:25.040
<v Speaker 3>I think it's because you're wearing this beautiful gold scarf

0:22:25.040 --> 0:22:26.639
<v Speaker 3>and it's making me think of Is.

0:22:26.640 --> 0:22:30.040
<v Speaker 2>It because they were live during the inaugural. Who was

0:22:30.080 --> 0:22:33.240
<v Speaker 2>it that started? I think it was Jamila Lamo from Uh.

0:22:33.280 --> 0:22:35.800
<v Speaker 2>She started she encouraged everyone to live tweet the whiz.

0:22:37.520 --> 0:22:38.720
<v Speaker 1>I love the pet No.

0:22:38.800 --> 0:22:41.080
<v Speaker 3>First of all, nobody was more petty than BuzzFeed with

0:22:41.200 --> 0:22:44.879
<v Speaker 3>the countdowns to next to lin. I'm here for all

0:22:44.920 --> 0:22:48.640
<v Speaker 3>this petty. So anyway, I know we have we hardly

0:22:48.720 --> 0:22:50.880
<v Speaker 3>ever have guests hod Hot.

0:22:51.080 --> 0:22:53.040
<v Speaker 2>Well when we do, they're awesome.

0:22:53.119 --> 0:22:56.760
<v Speaker 3>Yes they are, And we have an awesome guest today.

0:22:56.119 --> 0:22:58.320
<v Speaker 2>I get to chat with a really incredible author. I

0:22:58.359 --> 0:23:01.640
<v Speaker 2>was really uh excited that she said. Yes, it's always

0:23:01.640 --> 0:23:03.159
<v Speaker 2>surprising when they want to come on the show. But

0:23:03.280 --> 0:23:07.879
<v Speaker 2>I read this book called The Unbanking of America. The

0:23:07.960 --> 0:23:10.639
<v Speaker 2>name it's great, right, how the new middle class in

0:23:10.720 --> 0:23:14.560
<v Speaker 2>America survives. And it's by a writer professor at U Penn,

0:23:14.640 --> 0:23:18.760
<v Speaker 2>professor of city planning named Lisa Servaan. I hope, I

0:23:18.800 --> 0:23:21.760
<v Speaker 2>said her last name, right, We practice this and the

0:23:21.920 --> 0:23:24.439
<v Speaker 2>entire book is really it's it's fascinating. I mean, you're

0:23:24.480 --> 0:23:26.359
<v Speaker 2>we we know what's out there. I mean the banks

0:23:26.359 --> 0:23:28.920
<v Speaker 2>are so expensive now that people are turning even more

0:23:29.040 --> 0:23:33.920
<v Speaker 2>to these like alternative banks, like check cashing businesses are exploded.

0:23:34.000 --> 0:23:39.640
<v Speaker 2>Payday lenders have never been bigger, pawnshops even title loans,

0:23:39.960 --> 0:23:43.080
<v Speaker 2>all these types of products that are super expensive, but

0:23:43.119 --> 0:23:45.080
<v Speaker 2>people turn to them anyway.

0:23:44.800 --> 0:23:46.440
<v Speaker 1>And so like why and what can you do?

0:23:46.640 --> 0:23:49.040
<v Speaker 2>Yeah, And a lot of people are like condescending about it,

0:23:49.080 --> 0:23:52.560
<v Speaker 2>like yeah, if only they knew, like it's really expensive.

0:23:52.600 --> 0:23:54.280
<v Speaker 2>They're so dumb, why don't they just go to a bank.

0:23:54.560 --> 0:23:57.080
<v Speaker 2>What I loved about Lisa's book, again it's called The

0:23:57.160 --> 0:23:59.399
<v Speaker 2>Unbanking of America, is that she really wanted to know

0:23:59.440 --> 0:24:02.080
<v Speaker 2>why are people we'll go into these services. The math

0:24:02.160 --> 0:24:04.159
<v Speaker 2>isn't adding up. Millions of people are doing this and

0:24:04.240 --> 0:24:07.320
<v Speaker 2>yet I know that not everyone is an idiot. They're

0:24:07.320 --> 0:24:08.959
<v Speaker 2>not doing because they don't know any better. There has

0:24:09.000 --> 0:24:10.800
<v Speaker 2>to be a reason. So she didn't just do the

0:24:10.840 --> 0:24:13.840
<v Speaker 2>research although she is a researcher and professor. She actually

0:24:13.840 --> 0:24:17.480
<v Speaker 2>got jobs at a payday lender in Oakland, California, and

0:24:17.640 --> 0:24:19.920
<v Speaker 2>at a check cashing business in the Bronx, the South

0:24:19.920 --> 0:24:23.320
<v Speaker 2>Bronx in New York and spent months working down in

0:24:23.359 --> 0:24:26.080
<v Speaker 2>the trenches with these people and talking to people one

0:24:26.080 --> 0:24:28.320
<v Speaker 2>on one to find out why they were using these

0:24:28.359 --> 0:24:31.719
<v Speaker 2>services and what's happened to the banking industry in America

0:24:31.800 --> 0:24:34.680
<v Speaker 2>and why there are no better alternatives for people out there.

0:24:35.160 --> 0:24:39.000
<v Speaker 2>So here's my chat with miss Lisa Servan on Brown Ambition.

0:24:39.320 --> 0:24:42.720
<v Speaker 2>You can check out her book at Lisaservan dot com.

0:24:42.760 --> 0:24:45.680
<v Speaker 2>She also has a Tumblr page called money Stories dot

0:24:45.720 --> 0:24:48.840
<v Speaker 2>tumblr dot com where she collects stories from people out

0:24:48.880 --> 0:24:52.520
<v Speaker 2>there who are sharing their experiences in the banking industry.

0:24:52.560 --> 0:24:55.399
<v Speaker 2>So you have a story, go to Moneystories dot tumblr

0:24:55.440 --> 0:24:59.080
<v Speaker 2>dot com or lisaservon dot com and send her a note.

0:25:00.040 --> 0:25:11.560
<v Speaker 2>Without further ado, here's my interview with Lisa. Lisa, thank

0:25:11.560 --> 0:25:13.199
<v Speaker 2>you so much for coming on Brown Ambition.

0:25:14.440 --> 0:25:16.280
<v Speaker 4>Thank you for having me it's great to be here.

0:25:16.640 --> 0:25:19.000
<v Speaker 2>So I'm really really excited about your book because I

0:25:19.040 --> 0:25:21.879
<v Speaker 2>feel like in the book, again is called the on

0:25:22.080 --> 0:25:24.720
<v Speaker 2>Banking of America, How the middle Class, How the New

0:25:24.760 --> 0:25:27.960
<v Speaker 2>middle Class Survives, And one of the most compelling parts

0:25:28.000 --> 0:25:30.680
<v Speaker 2>of the book aside from the fact that you actually

0:25:30.760 --> 0:25:33.640
<v Speaker 2>wanted to see how people out in the world, real

0:25:33.720 --> 0:25:37.800
<v Speaker 2>people are using these alternative banking services like payday lenders

0:25:37.840 --> 0:25:40.680
<v Speaker 2>and check cashing companies. But you didn't just want to

0:25:40.720 --> 0:25:42.760
<v Speaker 2>do the research like a lot of people do. I mean,

0:25:42.800 --> 0:25:45.240
<v Speaker 2>you went out there and actually worked in the businesses

0:25:45.400 --> 0:25:48.199
<v Speaker 2>and were right face to face with these customers. And

0:25:48.680 --> 0:25:50.879
<v Speaker 2>beyond that, what I loved about the book is that

0:25:50.920 --> 0:25:54.560
<v Speaker 2>I feel like you had some respect for people, and

0:25:54.640 --> 0:25:57.080
<v Speaker 2>you know, the people who were using these services, and

0:25:57.160 --> 0:25:59.080
<v Speaker 2>you genuinely wanted to know, you know, what is it

0:25:59.080 --> 0:26:01.760
<v Speaker 2>that's driving you to use these services even though they're

0:26:02.280 --> 0:26:05.359
<v Speaker 2>like super expensive. So I guess my first question is

0:26:05.400 --> 0:26:07.800
<v Speaker 2>what surprised you when you got face to face with

0:26:07.920 --> 0:26:10.560
<v Speaker 2>people and asked them, you know, you know what is

0:26:10.680 --> 0:26:14.840
<v Speaker 2>driving you to use these these pricey services like petie

0:26:14.880 --> 0:26:16.919
<v Speaker 2>lenders and check cashing.

0:26:17.600 --> 0:26:21.240
<v Speaker 5>Right, that's a great question, you know, I wasn't surprised.

0:26:22.640 --> 0:26:25.840
<v Speaker 5>I knew there had to be a better answer than

0:26:26.040 --> 0:26:28.600
<v Speaker 5>simply these people are ignorant or if they only knew

0:26:28.600 --> 0:26:31.080
<v Speaker 5>what I know, you know, kind of middle class white lady,

0:26:31.359 --> 0:26:33.920
<v Speaker 5>they would do what I do. And which is why

0:26:34.000 --> 0:26:35.639
<v Speaker 5>I went to the field, because I felt like I

0:26:35.640 --> 0:26:39.480
<v Speaker 5>couldn't get that the answer to that question by just

0:26:39.560 --> 0:26:43.159
<v Speaker 5>you know, reading reports or looking at statistics. So I

0:26:43.280 --> 0:26:46.439
<v Speaker 5>wasn't surprised that people had a good answer, but I

0:26:46.480 --> 0:26:48.960
<v Speaker 5>was surprised what their reasons were.

0:26:49.040 --> 0:26:51.879
<v Speaker 4>And the reasons were, I would say the first.

0:26:51.600 --> 0:26:54.520
<v Speaker 5>One surprised me in particular that so many people told

0:26:54.560 --> 0:26:58.880
<v Speaker 5>me that the check cashers they used, in particular were

0:26:58.920 --> 0:27:01.600
<v Speaker 5>cheaper than banks, because I think when you read about

0:27:01.640 --> 0:27:02.680
<v Speaker 5>this stuff and.

0:27:02.640 --> 0:27:04.400
<v Speaker 4>This issue and people who.

0:27:04.240 --> 0:27:08.240
<v Speaker 5>Call the predatory and that they're part of the poverty industry,

0:27:08.280 --> 0:27:11.320
<v Speaker 5>et cetera, the first thing they say is they're expensive.

0:27:11.440 --> 0:27:13.560
<v Speaker 5>Why would so many people be using them? And I

0:27:13.560 --> 0:27:15.919
<v Speaker 5>can say more about that. But the other two reasons,

0:27:15.960 --> 0:27:19.880
<v Speaker 5>which were also surprising were that these businesses were much

0:27:19.880 --> 0:27:22.399
<v Speaker 5>more transparent than banks. It was much easier for people

0:27:22.400 --> 0:27:24.240
<v Speaker 5>to figure out how much they were going.

0:27:24.160 --> 0:27:25.720
<v Speaker 4>To be charged and when they were going to be.

0:27:25.760 --> 0:27:28.879
<v Speaker 5>Charged, and they often felt like they were being tricked

0:27:29.119 --> 0:27:31.480
<v Speaker 5>at banks. And the third thing was that they felt

0:27:31.520 --> 0:27:34.199
<v Speaker 5>like they got much better service at the Czech hashers

0:27:34.240 --> 0:27:35.800
<v Speaker 5>and at the pay day landers than they did from

0:27:35.800 --> 0:27:40.280
<v Speaker 5>their banks. And so I was really surprised that those

0:27:40.320 --> 0:27:42.320
<v Speaker 5>were the reasons. You know, I knew it had to

0:27:42.359 --> 0:27:44.720
<v Speaker 5>be something that made a lot of sense, but I

0:27:44.720 --> 0:27:45.600
<v Speaker 5>didn't know what it would be.

0:27:46.240 --> 0:27:48.600
<v Speaker 2>Yeah, when you say that the service element, I saw

0:27:48.600 --> 0:27:52.240
<v Speaker 2>that every day. I moved to Inwood, Manhattan with my

0:27:52.320 --> 0:27:55.680
<v Speaker 2>fiance who his family's Dominican. I lived there for about

0:27:55.680 --> 0:27:57.919
<v Speaker 2>eight months earlier this year, and we lived right across

0:27:57.920 --> 0:28:01.480
<v Speaker 2>the street from this giant like cashing palace I called

0:28:01.480 --> 0:28:03.480
<v Speaker 2>it sometimes. It had two entrances, and it looked really

0:28:03.520 --> 0:28:06.320
<v Speaker 2>super nice and it was like lit on Friday there.

0:28:06.400 --> 0:28:10.680
<v Speaker 2>Everyone came to the check cashing place, and it's sort of, yeah,

0:28:10.720 --> 0:28:14.600
<v Speaker 2>it was part of the fabric of the community. And

0:28:14.720 --> 0:28:17.399
<v Speaker 2>do you feel like the what's behind that is just

0:28:17.440 --> 0:28:20.680
<v Speaker 2>the fact that banks have gotten so much less prevalent

0:28:20.760 --> 0:28:24.760
<v Speaker 2>in people's everyday lives, especially a sensory session. It seems like,

0:28:25.240 --> 0:28:27.600
<v Speaker 2>you know, people you see banks closing up their brick

0:28:27.640 --> 0:28:31.240
<v Speaker 2>and mortar locations, so you know, is it a symptom

0:28:31.240 --> 0:28:33.240
<v Speaker 2>of just the fact that big banks have sort of

0:28:33.280 --> 0:28:35.040
<v Speaker 2>been moving out of these communities, or that they were

0:28:35.119 --> 0:28:36.600
<v Speaker 2>never there in the first place.

0:28:37.920 --> 0:28:40.640
<v Speaker 5>Think, I think it's part of it that that banks

0:28:40.640 --> 0:28:44.040
<v Speaker 5>are moving out, and you know, that's related to the

0:28:44.120 --> 0:28:47.760
<v Speaker 5>change in banks business models as well. Right, So many

0:28:47.840 --> 0:28:51.200
<v Speaker 5>of us, myself included, actually like being able to.

0:28:51.480 --> 0:28:55.160
<v Speaker 4>Bank online at night or on the weekend.

0:28:54.880 --> 0:28:56.640
<v Speaker 5>Or whatever and not have to go and stand in

0:28:56.640 --> 0:29:00.680
<v Speaker 5>a line. So I think we've all kind of voted

0:29:00.720 --> 0:29:04.960
<v Speaker 5>with our consumer behavior in that way. But it also

0:29:05.040 --> 0:29:07.840
<v Speaker 5>banks are also creating an incentive for us to do that.

0:29:07.960 --> 0:29:11.680
<v Speaker 5>You know, they recognize that a one transaction at a

0:29:11.720 --> 0:29:15.160
<v Speaker 5>teller costs a dollar and a transaction online cost a

0:29:15.160 --> 0:29:17.120
<v Speaker 5>couple of pennies, so they save a lot of money.

0:29:17.280 --> 0:29:19.960
<v Speaker 5>And you know, I've been in bank teller lines where

0:29:20.000 --> 0:29:21.640
<v Speaker 5>someone has come over and said, you know, can I

0:29:21.680 --> 0:29:23.360
<v Speaker 5>show you how to use the ATM to do that,

0:29:23.480 --> 0:29:27.400
<v Speaker 5>you know, clearly wanting me to develop a different kind

0:29:27.440 --> 0:29:29.760
<v Speaker 5>of habit, right than going to the teller line. So

0:29:29.960 --> 0:29:32.520
<v Speaker 5>I think that's part of it. Part of it is

0:29:32.520 --> 0:29:36.320
<v Speaker 5>also the different business models. So you know, the things

0:29:36.360 --> 0:29:38.600
<v Speaker 5>that you do at a check casher you can't do

0:29:38.760 --> 0:29:41.560
<v Speaker 5>in a bank or you can't do online. Right, If

0:29:41.960 --> 0:29:45.280
<v Speaker 5>you have a physical check and you want to cash it, well,

0:29:45.320 --> 0:29:47.400
<v Speaker 5>you could deposit it in your bank and now you

0:29:47.440 --> 0:29:50.920
<v Speaker 5>could take a picture of it. But what stops a

0:29:50.960 --> 0:29:52.880
<v Speaker 5>lot of people and causes them to go to the

0:29:52.920 --> 0:29:55.200
<v Speaker 5>check hasher instead is that it'll take days for.

0:29:55.240 --> 0:29:56.080
<v Speaker 4>That check to clear.

0:29:56.680 --> 0:29:58.280
<v Speaker 5>And if you know, if I go to the check casher,

0:29:58.360 --> 0:30:00.920
<v Speaker 5>I get my money right away. But other kinds of

0:30:01.000 --> 0:30:08.760
<v Speaker 5>things like sending money to relatives overseas, people can't do online.

0:30:09.120 --> 0:30:12.200
<v Speaker 5>So that's kind of part of it too. The guy

0:30:12.240 --> 0:30:14.800
<v Speaker 5>who was who was the president of the check cashing

0:30:14.800 --> 0:30:17.520
<v Speaker 5>firm where I worked in the South Bronx, he would

0:30:17.600 --> 0:30:21.600
<v Speaker 5>say banks want one customer with a million dollars and

0:30:21.800 --> 0:30:25.160
<v Speaker 5>check cashers want a million customers with one dollar because

0:30:25.280 --> 0:30:28.400
<v Speaker 5>check ushers actually make their money from people coming in

0:30:28.480 --> 0:30:31.840
<v Speaker 5>over and over again and doing transactions, whereas banks really

0:30:32.000 --> 0:30:35.160
<v Speaker 5>would rather you didn't come in at all. And I

0:30:35.160 --> 0:30:38.280
<v Speaker 5>think part of when you talk about the relationship, we

0:30:38.440 --> 0:30:41.800
<v Speaker 5>have in the process lost that relationship, and for many

0:30:41.840 --> 0:30:45.040
<v Speaker 5>people that's valuable, particularly if they're kind of living close

0:30:45.080 --> 0:30:47.400
<v Speaker 5>to the edge and they don't have a large monthly balance,

0:30:47.480 --> 0:30:50.000
<v Speaker 5>they sometimes actually need help from a banker, and it's

0:30:50.080 --> 0:30:51.480
<v Speaker 5>much harder to get that now.

0:30:52.120 --> 0:30:55.200
<v Speaker 2>Yeah, I mean, and it's just so expensive like that.

0:30:55.240 --> 0:30:57.400
<v Speaker 2>Of course you would feel you'd be so afraid of

0:30:57.400 --> 0:30:59.960
<v Speaker 2>getting that thirty five dollars overdraft fee that you know,

0:31:00.120 --> 0:31:02.160
<v Speaker 2>one or two dollars fee every time you kash should

0:31:02.200 --> 0:31:05.760
<v Speaker 2>check probably seems like nothing compared to that. It almost

0:31:05.760 --> 0:31:07.920
<v Speaker 2>feels like the banks are saying, you know, we don't

0:31:07.920 --> 0:31:10.320
<v Speaker 2>want you anyway, so if you can't handle these fees,

0:31:10.360 --> 0:31:12.440
<v Speaker 2>well then there's you know, nothing for you here.

0:31:13.280 --> 0:31:15.040
<v Speaker 5>Yeah, I mean, it's kind of like if you don't

0:31:15.080 --> 0:31:18.560
<v Speaker 5>have a large balance, you know that qualifies you for

0:31:18.600 --> 0:31:22.000
<v Speaker 5>this whatever it is, City Bank Gold or other preferential treatment.

0:31:22.720 --> 0:31:24.560
<v Speaker 5>You know, we're going to just make money off of

0:31:24.600 --> 0:31:27.600
<v Speaker 5>you from fees. And it's really about in the eighties

0:31:27.640 --> 0:31:31.120
<v Speaker 5>that banks started really switching how they made their money

0:31:31.200 --> 0:31:32.080
<v Speaker 5>off of consumers.

0:31:32.080 --> 0:31:33.800
<v Speaker 4>Where it used to be interest income.

0:31:33.480 --> 0:31:36.920
<v Speaker 5>And you know, you'd get three percent, you'd get three

0:31:36.960 --> 0:31:39.640
<v Speaker 5>percent interest on your savings account, and you'd pay six

0:31:39.680 --> 0:31:44.240
<v Speaker 5>percent for a loan, but interest rates were volatile. The

0:31:44.280 --> 0:31:47.760
<v Speaker 5>savings and loan crisis kind of showed how that could work.

0:31:48.360 --> 0:31:51.280
<v Speaker 5>And not be good for banks. And then they discovered

0:31:51.520 --> 0:31:53.880
<v Speaker 5>that they could make a ton of money off of fees,

0:31:54.040 --> 0:31:58.880
<v Speaker 5>over draft fees being the biggest culprit banks made. I

0:31:58.880 --> 0:32:02.880
<v Speaker 5>believe it's thirty two billion dollars in twenty fourteen from

0:32:02.880 --> 0:32:05.720
<v Speaker 5>overdraft fees. So that's a lot of money.

0:32:05.560 --> 0:32:08.840
<v Speaker 2>One fee alone. Yes, so let's keep ants on for

0:32:08.880 --> 0:32:11.680
<v Speaker 2>them and then hurting exactly right, millions of people out

0:32:11.680 --> 0:32:15.160
<v Speaker 2>there and not can people understand this either? You know,

0:32:15.200 --> 0:32:17.360
<v Speaker 2>my day job Magnify, we get a lot of emails

0:32:17.360 --> 0:32:19.840
<v Speaker 2>from people who can't even join a bank because they're

0:32:20.600 --> 0:32:23.440
<v Speaker 2>you know, there's a system called checks where your record,

0:32:23.880 --> 0:32:26.000
<v Speaker 2>your bank and checking behavior is tracked, and then if

0:32:26.000 --> 0:32:28.880
<v Speaker 2>you have too many overdraft fees, it's like you're blacklisted.

0:32:29.240 --> 0:32:30.520
<v Speaker 4>That's right, Which is that's.

0:32:30.440 --> 0:32:31.000
<v Speaker 2>Right either way?

0:32:31.480 --> 0:32:32.880
<v Speaker 5>Yeah, there are a couple of million people in the

0:32:32.960 --> 0:32:36.120
<v Speaker 5>United States that cannot get a bank account at all.

0:32:36.200 --> 0:32:38.760
<v Speaker 5>So that's a really important point that there are lots

0:32:38.760 --> 0:32:40.760
<v Speaker 5>of people who can't get a bank account because they've

0:32:40.760 --> 0:32:44.960
<v Speaker 5>had maybe too many instances of overdraft. You know, these

0:32:44.960 --> 0:32:47.239
<v Speaker 5>systems are all prone to failure too, so there are

0:32:47.280 --> 0:32:49.640
<v Speaker 5>plenty of people who've gotten booted out of their bank

0:32:50.000 --> 0:32:53.560
<v Speaker 5>for a very small problem or because of a clerical.

0:32:53.080 --> 0:32:55.560
<v Speaker 4>Mistake, and they cannot get back in even.

0:32:55.400 --> 0:32:58.000
<v Speaker 5>You know, in the banks to your point use this

0:32:58.160 --> 0:33:01.959
<v Speaker 5>check system and they share the information. So if I

0:33:02.040 --> 0:33:05.520
<v Speaker 5>have a problem at one bank, another bank is likely

0:33:05.560 --> 0:33:07.480
<v Speaker 5>to use the same software and they won't let me

0:33:07.560 --> 0:33:09.440
<v Speaker 5>start get an account there either.

0:33:09.600 --> 0:33:11.080
<v Speaker 4>So you know, for some.

0:33:11.000 --> 0:33:14.520
<v Speaker 5>People they're pushed out, they haven't opted out.

0:33:15.400 --> 0:33:17.360
<v Speaker 2>Yeah, And I can sort of see how then you

0:33:17.360 --> 0:33:19.320
<v Speaker 2>would run to the check cashing place and sort of

0:33:19.320 --> 0:33:23.000
<v Speaker 2>feel a place of companionship or at least like comfort level.

0:33:23.000 --> 0:33:24.840
<v Speaker 2>They're in your neighborhood. They'll probably look like you and

0:33:24.880 --> 0:33:27.080
<v Speaker 2>speak like you, and no people like you, and it

0:33:27.080 --> 0:33:30.640
<v Speaker 2>probably feels a lot more comfortable. Did your opinion of these,

0:33:30.920 --> 0:33:33.800
<v Speaker 2>you know, check cashing places and patia lenders? Did it change?

0:33:34.040 --> 0:33:36.520
<v Speaker 2>Because I know I'm definitely have been in that like

0:33:36.640 --> 0:33:39.080
<v Speaker 2>very black and white world of oh they're all terrible

0:33:39.240 --> 0:33:42.160
<v Speaker 2>and they're just completely predatory. How did your opinion of

0:33:42.200 --> 0:33:44.800
<v Speaker 2>them change throughout the course of your research and writing

0:33:44.880 --> 0:33:45.240
<v Speaker 2>the book?

0:33:45.760 --> 0:33:47.200
<v Speaker 4>You know, it definitely changed.

0:33:47.600 --> 0:33:52.040
<v Speaker 5>I wasn't really studying consumer financial services when I started

0:33:52.080 --> 0:33:55.920
<v Speaker 5>doing this, but the way that the story about how

0:33:55.960 --> 0:33:56.880
<v Speaker 5>I started doing it.

0:33:57.200 --> 0:33:57.880
<v Speaker 4>Doing the research.

0:33:57.920 --> 0:33:59.360
<v Speaker 5>The way I did was that I had a check

0:33:59.400 --> 0:34:01.560
<v Speaker 5>casher come to a class I was teaching and talk

0:34:01.600 --> 0:34:05.040
<v Speaker 5>about what he did. And you know, the only literature

0:34:05.080 --> 0:34:07.960
<v Speaker 5>that I could find find to assign to my students.

0:34:08.239 --> 0:34:10.680
<v Speaker 5>I mean, I, like you, I assumed that these guys

0:34:10.680 --> 0:34:12.760
<v Speaker 5>were up to no good. You know, they were charging

0:34:12.760 --> 0:34:14.799
<v Speaker 5>people too much, they were making money off the backs

0:34:14.800 --> 0:34:17.719
<v Speaker 5>of the poor in ways that weren't exactly ethical, and

0:34:18.920 --> 0:34:21.440
<v Speaker 5>that was pretty much, you know, the good research I

0:34:21.480 --> 0:34:23.040
<v Speaker 5>could find was saying the same thing.

0:34:23.080 --> 0:34:25.439
<v Speaker 4>And then when Joe Coleman, my.

0:34:24.840 --> 0:34:27.640
<v Speaker 5>My boss, ultimately my boss at the check cashing store,

0:34:27.719 --> 0:34:31.560
<v Speaker 5>came he really had a very compelling argument about why

0:34:31.600 --> 0:34:33.480
<v Speaker 5>he thought his businesses were.

0:34:33.320 --> 0:34:35.000
<v Speaker 4>Helping people in low income communities.

0:34:35.040 --> 0:34:37.320
<v Speaker 5>And you know, I didn't kind of buy the story

0:34:37.320 --> 0:34:40.160
<v Speaker 5>hook line and zincer, but I it made a lot

0:34:40.200 --> 0:34:42.840
<v Speaker 5>of sense, you know, which led me to go and

0:34:43.920 --> 0:34:46.080
<v Speaker 5>work in the stores. And I, if anything, so I

0:34:46.080 --> 0:34:47.800
<v Speaker 5>tried to go in kind of with an open mind,

0:34:48.600 --> 0:34:51.360
<v Speaker 5>but if anything, I was in that camp of like,

0:34:51.400 --> 0:34:52.479
<v Speaker 5>there's something wrong here.

0:34:52.520 --> 0:34:54.759
<v Speaker 4>You know, this costs way too much money. And I

0:34:54.840 --> 0:34:55.680
<v Speaker 4>realized that.

0:34:57.800 --> 0:35:02.560
<v Speaker 5>People were often making rational, logical decisions by choosing to

0:35:02.680 --> 0:35:06.440
<v Speaker 5>manage their money with check cashers and sometimes pay day lenders.

0:35:07.040 --> 0:35:09.279
<v Speaker 2>Did you feel like there is you know, and there

0:35:09.280 --> 0:35:12.080
<v Speaker 2>maybe are some less terrible pay day lenders out there.

0:35:12.080 --> 0:35:13.560
<v Speaker 2>I know in a lot of states, quite a few

0:35:13.600 --> 0:35:15.640
<v Speaker 2>maybe over when was it nineteen now or twenty that

0:35:16.040 --> 0:35:19.120
<v Speaker 2>states that actually cap? Because what really kills people with

0:35:19.160 --> 0:35:22.040
<v Speaker 2>payday loans? We kind of switching gears to talk about them. Yeah,

0:35:22.120 --> 0:35:24.560
<v Speaker 2>what really kills people is the interest rate, right, I

0:35:24.560 --> 0:35:27.720
<v Speaker 2>mean it's you, and it's never like someone it's usually

0:35:27.760 --> 0:35:30.120
<v Speaker 2>people don't just borrow that one time. They usually have

0:35:30.200 --> 0:35:32.000
<v Speaker 2>to do a roll over loan, and then you get

0:35:32.080 --> 0:35:34.239
<v Speaker 2>charged interest on that and then the fees and over

0:35:34.280 --> 0:35:37.799
<v Speaker 2>and over again, and all that interest ends up being

0:35:37.840 --> 0:35:41.080
<v Speaker 2>like hundreds of percentage points. And in some states that's different.

0:35:41.120 --> 0:35:43.359
<v Speaker 2>I think in New York the interest rate cap has

0:35:43.400 --> 0:35:46.120
<v Speaker 2>been set by officials so low that you can't even

0:35:46.160 --> 0:35:49.320
<v Speaker 2>really operate here and make money as a payday lender anymore.

0:35:49.360 --> 0:35:51.560
<v Speaker 2>But do you feel like enough is being done to

0:35:51.680 --> 0:35:54.200
<v Speaker 2>rein in the guys who really are bad actors out there?

0:35:55.000 --> 0:35:55.719
<v Speaker 4>Well? I think so.

0:35:55.800 --> 0:35:57.439
<v Speaker 5>The first point you make, I think, or the last

0:35:57.440 --> 0:35:59.360
<v Speaker 5>point you made, was that there are good actors and

0:35:59.400 --> 0:36:03.640
<v Speaker 5>bad actors, and I think that's true in almost any industry.

0:36:03.760 --> 0:36:07.120
<v Speaker 5>And pay day lending is illegal. I can't remember right

0:36:07.160 --> 0:36:09.239
<v Speaker 5>now if it's twelve or thirteen states. New York is

0:36:09.239 --> 0:36:12.319
<v Speaker 5>one of them. So there you can't. Well, technically you

0:36:12.320 --> 0:36:14.920
<v Speaker 5>can't get a payday loan in New York State. However,

0:36:16.160 --> 0:36:18.359
<v Speaker 5>it's pretty easy to get an online loan by an

0:36:18.360 --> 0:36:18.839
<v Speaker 5>out of state.

0:36:18.960 --> 0:36:21.320
<v Speaker 2>Rights are nuts.

0:36:20.960 --> 0:36:23.000
<v Speaker 5>Yeah, and there are hundreds of thousands of loans that

0:36:23.040 --> 0:36:25.200
<v Speaker 5>get made in New York State each year online because

0:36:25.200 --> 0:36:29.799
<v Speaker 5>it's very difficult to stop that business. Having said that, yes,

0:36:29.880 --> 0:36:34.759
<v Speaker 5>you're absolutely right that the cost is expensive. Right, So

0:36:35.320 --> 0:36:40.040
<v Speaker 5>when I said that people chose check hashers because they're

0:36:40.120 --> 0:36:43.560
<v Speaker 5>cheaper than banks pay day lenders, what happens is they're expensive,

0:36:43.600 --> 0:36:46.440
<v Speaker 5>but people who need the money typically feel like they

0:36:46.440 --> 0:36:49.440
<v Speaker 5>don't have another option. Maybe they're maxed down on their

0:36:49.440 --> 0:36:51.600
<v Speaker 5>credit card, or they don't have a credit card, they

0:36:52.000 --> 0:36:54.560
<v Speaker 5>don't have anyone in their friend or family network that

0:36:54.600 --> 0:36:56.919
<v Speaker 5>they could borrow from, or they don't feel right about

0:36:57.000 --> 0:36:59.200
<v Speaker 5>doing that. A lot of people told us about you know,

0:36:59.239 --> 0:37:02.560
<v Speaker 5>if I borrow money from my mother for my college duition,

0:37:02.719 --> 0:37:04.840
<v Speaker 5>she'll never let me hear the end of it. You know,

0:37:04.960 --> 0:37:06.640
<v Speaker 5>I can't even go to Starbucks and get a cup

0:37:06.640 --> 0:37:08.800
<v Speaker 5>of coffee because I might run into her and she'll

0:37:09.320 --> 0:37:13.920
<v Speaker 5>she'll make me feel bad. So but the problem is

0:37:13.960 --> 0:37:16.160
<v Speaker 5>that you take out one of these loans, and maybe

0:37:16.200 --> 0:37:19.040
<v Speaker 5>not everybody who's listening knows what they are, but they're

0:37:19.080 --> 0:37:23.040
<v Speaker 5>generally loans of between fifty and three hundred dollars. They're

0:37:23.080 --> 0:37:26.200
<v Speaker 5>called payday loans because they're due on your next payday

0:37:26.239 --> 0:37:28.920
<v Speaker 5>in full, and the intro.

0:37:29.440 --> 0:37:30.720
<v Speaker 4>The fees are very high.

0:37:30.840 --> 0:37:34.040
<v Speaker 5>So the place that I worked, which was in Oakland, California,

0:37:34.120 --> 0:37:37.839
<v Speaker 5>charged fifteen dollars per one hundred dollars lent. Now' it's

0:37:37.880 --> 0:37:40.440
<v Speaker 5>pretty high. But let's imagine you take out one hundred

0:37:40.480 --> 0:37:42.560
<v Speaker 5>dollars and you pay it right back in two weeks.

0:37:42.920 --> 0:37:45.040
<v Speaker 5>Maybe it was worth it to you to get that

0:37:45.760 --> 0:37:48.680
<v Speaker 5>eighty five dollars, you know, and pay the fifteen. But

0:37:48.800 --> 0:37:51.600
<v Speaker 5>as you noted correctly, a lot of people get to

0:37:51.640 --> 0:37:54.239
<v Speaker 5>that point where their next paycheck comes in and they

0:37:54.280 --> 0:37:56.239
<v Speaker 5>can't afford it. They still can't, they don't have the

0:37:56.280 --> 0:37:59.560
<v Speaker 5>extra money, and so they do what's called a rollover,

0:37:59.680 --> 0:38:02.719
<v Speaker 5>which is they get that one hundred dollars again. And

0:38:02.719 --> 0:38:06.560
<v Speaker 5>they pay another fifteen dollars, So that's you know, this

0:38:06.600 --> 0:38:09.920
<v Speaker 5>is what angers consumer advocates because they feel like the

0:38:10.000 --> 0:38:12.880
<v Speaker 5>loan is being sold as a very short term loan,

0:38:13.200 --> 0:38:14.920
<v Speaker 5>but then it's not being used in the way that

0:38:14.960 --> 0:38:19.680
<v Speaker 5>it's advertised, and that is a problem. The Consumer Finance

0:38:20.000 --> 0:38:24.200
<v Speaker 5>Protection Bureau, which is the government agency that was created

0:38:24.239 --> 0:38:26.800
<v Speaker 5>as part of Dodd Frank just a few five and

0:38:26.800 --> 0:38:30.080
<v Speaker 5>a half years ago, is for the first time issuing

0:38:30.280 --> 0:38:31.640
<v Speaker 5>some regulation.

0:38:31.320 --> 0:38:32.320
<v Speaker 4>On payday loans.

0:38:32.360 --> 0:38:37.440
<v Speaker 5>And most of these what I call alternative financial services providers,

0:38:37.440 --> 0:38:42.080
<v Speaker 5>like pay day lenders and check hashers, they are regulated

0:38:42.120 --> 0:38:44.440
<v Speaker 5>at the state, not the federal level, which which is

0:38:44.520 --> 0:38:47.440
<v Speaker 5>why you have different situations from one state to another.

0:38:47.840 --> 0:38:50.400
<v Speaker 5>So for the first time, a federal agency will regulate

0:38:50.600 --> 0:38:53.560
<v Speaker 5>these agencies, and one of the things that's going to

0:38:53.600 --> 0:38:58.640
<v Speaker 5>do is mandate that the lender verifies the borrowers' ability

0:38:58.680 --> 0:39:01.880
<v Speaker 5>to pay. That's the easier said. It's a great idea,

0:39:01.960 --> 0:39:03.359
<v Speaker 5>it's easier said than done, but.

0:39:03.560 --> 0:39:05.600
<v Speaker 2>Kind of like a credit card company.

0:39:05.920 --> 0:39:11.200
<v Speaker 5>Yes, at the exactly exactly, so you know, the idea

0:39:11.200 --> 0:39:14.000
<v Speaker 5>is to kind of keep people from getting in trouble

0:39:14.080 --> 0:39:18.200
<v Speaker 5>by taking out too much money, and it'll be One

0:39:18.200 --> 0:39:20.360
<v Speaker 5>of the things that will happen. Partly as a result

0:39:20.400 --> 0:39:22.759
<v Speaker 5>of that is people will also be making and the

0:39:22.800 --> 0:39:26.120
<v Speaker 5>industry has already started doing that. They're issuing more installment

0:39:26.200 --> 0:39:30.040
<v Speaker 5>loans as opposed to this traditional payday loan, which is

0:39:30.040 --> 0:39:30.919
<v Speaker 5>a lump sum loan.

0:39:31.040 --> 0:39:32.920
<v Speaker 4>You get it all and then you owe it all back.

0:39:34.719 --> 0:39:36.680
<v Speaker 5>So that will help consumers because they won't have to

0:39:36.719 --> 0:39:40.440
<v Speaker 5>come up with all the money at once. So I

0:39:40.480 --> 0:39:43.479
<v Speaker 5>do think that some good things are happening in terms

0:39:43.520 --> 0:39:48.720
<v Speaker 5>of regulation. The fact that lenders will have to charge

0:39:48.760 --> 0:39:51.600
<v Speaker 5>will have to verify someone's ability to pay means they're

0:39:51.600 --> 0:39:53.600
<v Speaker 5>going to have to take a little time between when

0:39:53.640 --> 0:39:55.759
<v Speaker 5>you apply for that loan and when they give you

0:39:55.800 --> 0:39:58.160
<v Speaker 5>the money, even if it's a couple of hours, and

0:39:58.560 --> 0:40:01.160
<v Speaker 5>that will allow other business who work charging less to

0:40:01.160 --> 0:40:03.200
<v Speaker 5>compete with them and hopefully lower the price.

0:40:04.680 --> 0:40:06.960
<v Speaker 2>You know, I've had family members who have taken out

0:40:07.000 --> 0:40:09.279
<v Speaker 2>title loans and payday loans and have been afraid to

0:40:09.320 --> 0:40:11.920
<v Speaker 2>admit it, but they have, you know, later on, and

0:40:11.960 --> 0:40:13.600
<v Speaker 2>when I ask them why, they're like, well, I just

0:40:13.640 --> 0:40:15.360
<v Speaker 2>needed to write then, and I was I was, you know,

0:40:15.600 --> 0:40:17.120
<v Speaker 2>thank god I had that, because I don't have an

0:40:17.120 --> 0:40:20.000
<v Speaker 2>emergency fund and you know, with regulations like I'm all

0:40:20.000 --> 0:40:22.040
<v Speaker 2>about the CFPB. I love them, I love the work

0:40:22.040 --> 0:40:24.160
<v Speaker 2>they're doing. I'm worried for their future. I think, like

0:40:24.160 --> 0:40:27.279
<v Speaker 2>a lot of people are. But what's out there for

0:40:27.360 --> 0:40:30.399
<v Speaker 2>people who may need those loans and may not have

0:40:30.600 --> 0:40:33.920
<v Speaker 2>emergency funds set aside, and you know, may feel like

0:40:34.280 --> 0:40:37.719
<v Speaker 2>with these regulations that they're actually limiting their options for

0:40:38.160 --> 0:40:40.239
<v Speaker 2>cash flow when they when they run into you a

0:40:40.280 --> 0:40:40.760
<v Speaker 2>hard time.

0:40:41.680 --> 0:40:43.280
<v Speaker 4>Well, that's a terrific point.

0:40:43.320 --> 0:40:45.520
<v Speaker 5>And you know, I think so much of the conversation

0:40:45.600 --> 0:40:49.720
<v Speaker 5>around payday lenders has been about the businesses, and if anything,

0:40:49.760 --> 0:40:54.120
<v Speaker 5>it's been a sort of a paternalistic understanding of consumers

0:40:54.120 --> 0:40:57.520
<v Speaker 5>saying like they don't know any better, So you can't make.

0:40:57.400 --> 0:40:59.200
<v Speaker 4>These loans to them, because they'll get in too much

0:40:59.200 --> 0:41:01.360
<v Speaker 4>trouble and it'll be worse for them, you know.

0:41:01.440 --> 0:41:03.359
<v Speaker 5>And I went out not only did I work in

0:41:03.400 --> 0:41:05.960
<v Speaker 5>the payday lendering the shop and also in the check

0:41:06.000 --> 0:41:08.560
<v Speaker 5>hashing store, but I also interviewed scores of people who

0:41:08.600 --> 0:41:11.520
<v Speaker 5>had taken out the loans apart from you know, serving

0:41:11.560 --> 0:41:14.120
<v Speaker 5>them across the counter, and so many people told me

0:41:14.200 --> 0:41:17.200
<v Speaker 5>that they didn't like the loans necessarily they thought they

0:41:17.239 --> 0:41:21.560
<v Speaker 5>were expensive, but they felt like they really needed them.

0:41:21.440 --> 0:41:22.840
<v Speaker 4>When they didn't have any other option.

0:41:23.080 --> 0:41:24.640
<v Speaker 5>And you know, one of the things I try to

0:41:24.719 --> 0:41:27.279
<v Speaker 5>draw attention to in my book is that that is

0:41:27.320 --> 0:41:32.120
<v Speaker 5>the situation for an increasing number of Americans. Fifty percent

0:41:32.120 --> 0:41:35.719
<v Speaker 5>of Americans are living paycheck to paycheck. Fifty percent could

0:41:35.719 --> 0:41:38.040
<v Speaker 5>not come up with even two thousand dollars in the

0:41:38.080 --> 0:41:41.000
<v Speaker 5>event of an emergency. And that means not just you

0:41:41.040 --> 0:41:43.080
<v Speaker 5>don't have two thousand in the bank, but you don't

0:41:43.080 --> 0:41:45.480
<v Speaker 5>have anyone that you could borrow it from. And so

0:41:45.719 --> 0:41:48.840
<v Speaker 5>I heard lots of stories of people saying, you know,

0:41:49.040 --> 0:41:51.520
<v Speaker 5>I either take out this loan and I know it's expensive,

0:41:52.280 --> 0:41:55.480
<v Speaker 5>or I lose my job because I can't fix my

0:41:55.600 --> 0:41:58.200
<v Speaker 5>car unless I take out the loan and I can't

0:41:58.200 --> 0:42:01.040
<v Speaker 5>get to work without my car. Or my kids are sick,

0:42:01.400 --> 0:42:03.239
<v Speaker 5>you know, Or my kids are sick and I can't

0:42:03.239 --> 0:42:05.240
<v Speaker 5>take them to the doctor, or my kids are hungry

0:42:05.239 --> 0:42:07.640
<v Speaker 5>and I need to buy them food. And so, you know,

0:42:07.719 --> 0:42:09.919
<v Speaker 5>I'm fortunate enough in my life that I've never had

0:42:09.920 --> 0:42:15.080
<v Speaker 5>to face that kind of dire awful choice. But more

0:42:15.160 --> 0:42:18.239
<v Speaker 5>and more Americans these days are facing that choice, and

0:42:18.360 --> 0:42:20.680
<v Speaker 5>many people said, I didn't like the loan, but I'm

0:42:20.680 --> 0:42:22.640
<v Speaker 5>really glad it was there because otherwise my kids would

0:42:22.640 --> 0:42:23.240
<v Speaker 5>have been hungry.

0:42:23.280 --> 0:42:24.879
<v Speaker 4>Otherwise I would have lost my job.

0:42:25.040 --> 0:42:27.120
<v Speaker 5>And so, you know, at the same time that we're

0:42:27.160 --> 0:42:30.200
<v Speaker 5>talking about reforming the financial.

0:42:29.760 --> 0:42:31.399
<v Speaker 4>Services industry, we also have to.

0:42:31.320 --> 0:42:35.600
<v Speaker 5>Think about the fact that the kind of economic situation,

0:42:35.960 --> 0:42:41.719
<v Speaker 5>the situation of financial insecurity, has just expanded exponentially.

0:42:41.760 --> 0:42:43.080
<v Speaker 4>It's just much much worse.

0:42:43.120 --> 0:42:46.360
<v Speaker 5>It's much harder for people to be on stable footing

0:42:46.360 --> 0:42:48.640
<v Speaker 5>in terms of how much money they have to survive.

0:42:49.760 --> 0:42:50.000
<v Speaker 4>Now.

0:42:50.040 --> 0:42:53.200
<v Speaker 2>We love tips, we love actionable advice, and I know

0:42:53.520 --> 0:42:55.800
<v Speaker 2>you've spoken. Even on your website you have a button

0:42:55.800 --> 0:42:58.120
<v Speaker 2>for people who want to ditch their big bank yeah

0:42:58.160 --> 0:43:00.600
<v Speaker 2>and find someone, which I love. You know, I was

0:43:00.600 --> 0:43:03.000
<v Speaker 2>all about that ditch your bank movement after the recession

0:43:03.000 --> 0:43:05.759
<v Speaker 2>and for the financial crisis. You know, I'm a We're

0:43:05.760 --> 0:43:09.600
<v Speaker 2>a huge fan of online banks, barn Ambition and Magnify Money.

0:43:10.160 --> 0:43:12.120
<v Speaker 2>So do you feel like things are you know there's

0:43:12.160 --> 0:43:15.080
<v Speaker 2>banks online that are that are offering lo fi accounts now,

0:43:15.120 --> 0:43:17.279
<v Speaker 2>and can you talk a bit about alternatives that are

0:43:17.280 --> 0:43:20.040
<v Speaker 2>out there for people who may you know, find themselves

0:43:20.040 --> 0:43:21.640
<v Speaker 2>in a tight spot. And may not have all the

0:43:21.680 --> 0:43:23.160
<v Speaker 2>information about alternatives.

0:43:23.880 --> 0:43:26.799
<v Speaker 5>Sure, well, I think you know the kind of part

0:43:26.800 --> 0:43:28.840
<v Speaker 5>of the problem. And this goes back to that second

0:43:28.920 --> 0:43:31.359
<v Speaker 5>thing I said in terms of the reasons people are

0:43:31.440 --> 0:43:34.760
<v Speaker 5>choosing not to use banks but to use check cashers

0:43:34.880 --> 0:43:38.719
<v Speaker 5>instead is the issue of transparency. And so I think

0:43:38.880 --> 0:43:41.799
<v Speaker 5>financial services have gotten a lot more complex since I

0:43:41.880 --> 0:43:45.279
<v Speaker 5>was a kid, and it's very hard for people to

0:43:45.320 --> 0:43:48.440
<v Speaker 5>figure out where should I go. People often feel paralyzed,

0:43:48.480 --> 0:43:51.400
<v Speaker 5>you know, I thought this bank was was good, this

0:43:51.480 --> 0:43:53.279
<v Speaker 5>big bank, it's got a big name, and I had

0:43:53.280 --> 0:43:54.120
<v Speaker 5>a bad experience.

0:43:54.160 --> 0:43:55.200
<v Speaker 4>But where do I go now?

0:43:55.560 --> 0:43:59.560
<v Speaker 5>So I think helping people compare products and services side

0:43:59.560 --> 0:44:01.600
<v Speaker 5>by side, which you guys do a couple of other

0:44:01.640 --> 0:44:05.600
<v Speaker 5>sites do as well, is really important. I think that

0:44:05.680 --> 0:44:10.239
<v Speaker 5>there also are banks and credit unions that both serve

0:44:10.320 --> 0:44:13.960
<v Speaker 5>people better than some of the large banks. It's not

0:44:14.040 --> 0:44:16.120
<v Speaker 5>really just a large, small thing. But the problem is

0:44:16.160 --> 0:44:19.640
<v Speaker 5>you have to do your research. But there are hassle

0:44:19.680 --> 0:44:22.400
<v Speaker 5>free accounts. Key Bank offers a great hassle free account

0:44:22.440 --> 0:44:25.719
<v Speaker 5>if you're in one of the regions they serve sometimes

0:44:25.719 --> 0:44:28.279
<v Speaker 5>for people who've been have the check systems problem and

0:44:28.280 --> 0:44:30.440
<v Speaker 5>they've been booted out. There are some banks that have

0:44:30.520 --> 0:44:35.160
<v Speaker 5>a second chance account where you can get a second

0:44:35.320 --> 0:44:39.960
<v Speaker 5>get another account, even if you're on that blacklist. And

0:44:40.520 --> 0:44:43.600
<v Speaker 5>you know, people who use credit unions on average pay

0:44:43.680 --> 0:44:45.400
<v Speaker 5>lesson fees every year than people.

0:44:45.239 --> 0:44:46.000
<v Speaker 4>Who use banks.

0:44:46.000 --> 0:44:51.319
<v Speaker 5>Credit unions aren't nonprofit, they're cooperatives, so I think there

0:44:51.360 --> 0:44:53.759
<v Speaker 5>are good alternatives. But yeah, the reason I put the

0:44:53.800 --> 0:44:55.919
<v Speaker 5>button on my website this is how to leave your bank,

0:44:55.920 --> 0:44:57.840
<v Speaker 5>and I'd love to add you guys to the list

0:44:58.680 --> 0:45:00.719
<v Speaker 5>is because people need an easy one to figure these

0:45:00.760 --> 0:45:03.600
<v Speaker 5>things out, and our situations are different, so there isn't

0:45:03.640 --> 0:45:05.759
<v Speaker 5>really a one size fits all approach.

0:45:06.760 --> 0:45:07.520
<v Speaker 4>There are also some.

0:45:07.440 --> 0:45:11.080
<v Speaker 5>Really interesting innovations coming down the line from the fintech

0:45:11.239 --> 0:45:15.120
<v Speaker 5>kind of financial technology segment that should make it easier

0:45:15.280 --> 0:45:19.160
<v Speaker 5>and more cheap to bang. But absolutely people need to

0:45:19.200 --> 0:45:21.880
<v Speaker 5>do some comparison shopping and there are people and sites

0:45:21.880 --> 0:45:22.800
<v Speaker 5>out there that can help.

0:45:22.680 --> 0:45:24.399
<v Speaker 4>You do it well.

0:45:24.440 --> 0:45:26.480
<v Speaker 2>Lisa, thank you so much for coming on Brown Ambition.

0:45:26.520 --> 0:45:29.000
<v Speaker 2>I really appreciate you sharing and congratulations on the book.

0:45:29.400 --> 0:45:31.400
<v Speaker 4>Thank you so much. It's been a pleasure talking to you.

0:45:47.400 --> 0:45:51.480
<v Speaker 3>And we're back with questions how do you say questions

0:45:51.480 --> 0:45:53.279
<v Speaker 3>in Spanish?

0:45:53.160 --> 0:45:53.680
<v Speaker 1>And that's why.

0:45:56.440 --> 0:45:59.600
<v Speaker 3>So we have a question from Let's call her Lovely.

0:46:00.120 --> 0:46:03.600
<v Speaker 2>Okay, Hey, Lovely does not sound like a stripper name

0:46:03.640 --> 0:46:04.400
<v Speaker 2>at all.

0:46:04.880 --> 0:46:09.319
<v Speaker 3>So Lovely ask if question. I've been looking at my

0:46:09.400 --> 0:46:12.759
<v Speaker 3>credit report since the joining the Liverature Challenge credit edition

0:46:13.000 --> 0:46:16.680
<v Speaker 3>Woo Woo Shadow Dream Catcher, but I'm still confused about

0:46:16.680 --> 0:46:19.720
<v Speaker 3>the closed, sold or charge off accounts on my report.

0:46:19.760 --> 0:46:20.400
<v Speaker 1>Can you help?

0:46:20.760 --> 0:46:23.640
<v Speaker 3>Certainly, we can, She said, I would like to know

0:46:23.719 --> 0:46:26.040
<v Speaker 3>if I should make arrangements to pay them off or

0:46:26.160 --> 0:46:28.640
<v Speaker 3>just wait until they fall off my credit report.

0:46:28.840 --> 0:46:30.400
<v Speaker 1>And she told us the dates.

0:46:30.440 --> 0:46:32.960
<v Speaker 2>So well, let's start by reminding people what is what

0:46:33.000 --> 0:46:35.600
<v Speaker 2>does it mean when your account has been charged off

0:46:35.680 --> 0:46:36.080
<v Speaker 2>or sold?

0:46:36.280 --> 0:46:38.640
<v Speaker 3>That means the original company that you owed. So let's

0:46:38.680 --> 0:46:41.719
<v Speaker 3>just say you owed Sears and you bought a washing

0:46:41.760 --> 0:46:44.400
<v Speaker 3>machine from Sears and it was you know, I don't know,

0:46:44.400 --> 0:46:46.799
<v Speaker 3>you were making payments on it, right, and so at

0:46:46.880 --> 0:46:49.520
<v Speaker 3>some point you lost your job, so you stopped making payments.

0:46:50.000 --> 0:46:53.440
<v Speaker 3>So after everybody charges off or can they might have

0:46:53.440 --> 0:46:56.560
<v Speaker 3>a different charge off schedule, but after either thirty sixty

0:46:56.640 --> 0:46:59.520
<v Speaker 3>or ninety days, Sears says, you know what, Lovely's not

0:46:59.560 --> 0:47:01.239
<v Speaker 3>going to pay it. Yes, So they go to the

0:47:01.280 --> 0:47:03.640
<v Speaker 3>federal government and basically say, you know, we're just marking

0:47:03.640 --> 0:47:06.160
<v Speaker 3>this as a loss basically, and then they will sell it,

0:47:06.239 --> 0:47:10.080
<v Speaker 3>typically to a third party or is the second party

0:47:10.120 --> 0:47:13.120
<v Speaker 3>third party third Yeah, I'm like, wait, third party a

0:47:13.160 --> 0:47:16.240
<v Speaker 3>third party company where this is basically a debt collector

0:47:16.680 --> 0:47:18.920
<v Speaker 3>and now they own the debt.

0:47:18.560 --> 0:47:20.840
<v Speaker 1>And so that's when something is charged off or sold.

0:47:21.160 --> 0:47:23.120
<v Speaker 2>Yeah, it's just them saying. It's just them admitting this

0:47:23.160 --> 0:47:24.919
<v Speaker 2>is never gonna be paid off, so we're writing it off.

0:47:25.120 --> 0:47:27.320
<v Speaker 2>That doesn't mean that it's gonna fall off your credit report.

0:47:27.480 --> 0:47:29.360
<v Speaker 2>In fact, it really reflects badly. Once you have a

0:47:29.360 --> 0:47:32.320
<v Speaker 2>sold off account, it sucks. It's gonna drag your credit

0:47:32.360 --> 0:47:35.760
<v Speaker 2>down and it'll stay on there for you know, upboards

0:47:35.760 --> 0:47:37.479
<v Speaker 2>of seven years before it falls off.

0:47:37.800 --> 0:47:40.600
<v Speaker 3>But the good news is is that if a charge

0:47:40.600 --> 0:47:43.520
<v Speaker 3>off happens and it's over two years old where it

0:47:43.520 --> 0:47:48.000
<v Speaker 3>was actually charged off, then it's not making quite the

0:47:48.040 --> 0:47:50.680
<v Speaker 3>debt on your credit as things that are newer. So

0:47:51.280 --> 0:47:54.040
<v Speaker 3>our main advice is this, I'm not saying don't pay it,

0:47:54.520 --> 0:47:56.719
<v Speaker 3>but I want you to focus on things on your

0:47:56.760 --> 0:47:59.240
<v Speaker 3>credit report that have happened in the last two years

0:47:59.280 --> 0:48:03.279
<v Speaker 3>because that's what's really affecting your score. So if you

0:48:03.360 --> 0:48:05.240
<v Speaker 3>have like let's just say you have eight hundred dollars

0:48:05.280 --> 0:48:08.480
<v Speaker 3>and you have a charge off that happened last April,

0:48:08.480 --> 0:48:11.120
<v Speaker 3>and you have a charge off that happened four years ago,

0:48:11.480 --> 0:48:13.319
<v Speaker 3>and you have to decide where should I give the money?

0:48:13.360 --> 0:48:15.480
<v Speaker 3>To give the money to the charge off that happened

0:48:15.520 --> 0:48:17.279
<v Speaker 3>last April, because that's where you're going to see the

0:48:17.280 --> 0:48:19.280
<v Speaker 3>effect of improving your credit score.

0:48:19.480 --> 0:48:21.520
<v Speaker 2>Yeah, that's one in particular. She goes into a bit

0:48:21.560 --> 0:48:23.920
<v Speaker 2>of detail. She's basically had three accounts charged off. The

0:48:24.840 --> 0:48:28.280
<v Speaker 2>earliest or the oldest one was charged off in twenty eleven,

0:48:28.360 --> 0:48:31.160
<v Speaker 2>then twenty thirteen, then just this past April and twenty sixteen.

0:48:31.760 --> 0:48:34.399
<v Speaker 2>So it seems like focusing on that most recent one

0:48:34.400 --> 0:48:37.440
<v Speaker 2>that was charged off in April and the older ones,

0:48:38.560 --> 0:48:40.120
<v Speaker 2>you know, when you get to them, you get to

0:48:40.160 --> 0:48:43.480
<v Speaker 2>them and as a reminder though, and check what's your

0:48:43.480 --> 0:48:46.640
<v Speaker 2>state and maybe even contact a consumer attorney to be sure.

0:48:46.680 --> 0:48:50.399
<v Speaker 2>But states have statute the limitations on debt on debt,

0:48:50.480 --> 0:48:53.120
<v Speaker 2>and that just basically says after a certain number of years,

0:48:53.160 --> 0:48:56.520
<v Speaker 2>it can be from six to ten sometimes depending on

0:48:56.560 --> 0:48:59.040
<v Speaker 2>what state you live, on that debt collector or a

0:48:59.080 --> 0:49:02.120
<v Speaker 2>lender cannot sue you in core for the unpaid debt.

0:49:02.360 --> 0:49:05.040
<v Speaker 2>So generally, if it's reached past that point, you know,

0:49:05.760 --> 0:49:07.359
<v Speaker 2>if you feel bad about it and you just got

0:49:07.360 --> 0:49:09.200
<v Speaker 2>money laying around, you can make good on that debt.

0:49:09.440 --> 0:49:11.719
<v Speaker 2>You technically still owe it, but they can't. There's no

0:49:11.840 --> 0:49:14.160
<v Speaker 2>legal recourse for them at that point, which is why

0:49:14.200 --> 0:49:16.080
<v Speaker 2>it's even more important to focus on the ones that

0:49:16.160 --> 0:49:18.719
<v Speaker 2>you can still be sued for exactly, that are still

0:49:18.760 --> 0:49:20.120
<v Speaker 2>fresh on your credit report.

0:49:20.280 --> 0:49:22.600
<v Speaker 3>So like, for example, New Jersey, New York are statute

0:49:22.640 --> 0:49:26.120
<v Speaker 3>of limitations on revolving debt is six years, okay, so

0:49:26.160 --> 0:49:29.040
<v Speaker 3>then after so for example, so this twenty eleven one,

0:49:29.280 --> 0:49:31.120
<v Speaker 3>this would be past the statute.

0:49:31.480 --> 0:49:32.280
<v Speaker 1>Well if she's.

0:49:32.080 --> 0:49:34.319
<v Speaker 2>From this area, yeah yeah, yeah.

0:49:34.360 --> 0:49:36.040
<v Speaker 3>Some states it goes up to twenty so yeah, and

0:49:36.120 --> 0:49:37.120
<v Speaker 3>some states is three.

0:49:37.400 --> 0:49:37.640
<v Speaker 1>Yeah.

0:49:37.680 --> 0:49:39.279
<v Speaker 2>So there's a there's a good website I go to

0:49:39.360 --> 0:49:40.799
<v Speaker 2>for like some I mean it's kind of like the

0:49:40.800 --> 0:49:43.400
<v Speaker 2>Wikipedia of legal stuff, so you know, it's not the greatest,

0:49:43.400 --> 0:49:45.160
<v Speaker 2>but no lo dot Com I think has a list

0:49:45.200 --> 0:49:48.600
<v Speaker 2>of statutes per state. But great question. We get a

0:49:48.600 --> 0:49:49.799
<v Speaker 2>lot of questions on charge offs.

0:49:49.920 --> 0:49:52.799
<v Speaker 3>Yeah that's a good question, and good congratulations on the

0:49:52.800 --> 0:49:54.319
<v Speaker 3>Live with your Challenge Credit Edition.

0:49:54.560 --> 0:49:55.400
<v Speaker 2>I am in the right place.

0:49:55.880 --> 0:49:57.080
<v Speaker 1>I love when you dream catchers.

0:49:57.160 --> 0:49:59.560
<v Speaker 2>Just ride in and if you guys have questions again,

0:49:59.600 --> 0:50:02.840
<v Speaker 2>you know we're find us Brand Ambition podcast dot com.

0:50:02.920 --> 0:50:04.560
<v Speaker 2>You can just chat us right there, or you can

0:50:04.600 --> 0:50:07.520
<v Speaker 2>always just email us at Brand Ambition Podcasts at gmail

0:50:07.560 --> 0:50:11.640
<v Speaker 2>dot com or tweet us at the BA podcast on Twitter, Yes, Twitter,

0:50:11.880 --> 0:50:13.479
<v Speaker 2>Twata And why are there? Leave us a review?

0:50:13.560 --> 0:50:16.240
<v Speaker 3>Yes, I was gonna say that. While you're there on iTunes,

0:50:16.280 --> 0:50:31.640
<v Speaker 3>believe us the review and that's my show set up.

0:50:32.000 --> 0:50:36.040
<v Speaker 3>You're welcome, so make sure that you stay connected. You

0:50:36.120 --> 0:50:39.920
<v Speaker 3>can find us on social media. You can message us,

0:50:39.920 --> 0:50:42.040
<v Speaker 3>you can do everything that you'd like to do at

0:50:42.320 --> 0:50:44.680
<v Speaker 3>Brown Ambition podcast dot com.

0:50:44.840 --> 0:50:47.719
<v Speaker 2>Yes, ma'am. And while you're at it, please, like we said,

0:50:47.760 --> 0:50:49.040
<v Speaker 2>leave us a review if you could.

0:50:49.080 --> 0:50:49.440
<v Speaker 4>Please.

0:50:49.480 --> 0:50:52.080
<v Speaker 2>We love your support. We're doing very well, but the

0:50:52.080 --> 0:50:55.160
<v Speaker 2>more reviews we have on iTunes and other streaming channels,

0:50:55.200 --> 0:50:57.960
<v Speaker 2>the more people are likely to find the show, which

0:50:58.000 --> 0:51:00.360
<v Speaker 2>is super important as we're trying to grow. It's been

0:51:00.440 --> 0:51:02.360
<v Speaker 2>an amazing twenty seventeen so far, but it could be

0:51:02.440 --> 0:51:02.920
<v Speaker 2>so much.

0:51:02.760 --> 0:51:04.439
<v Speaker 1>Better, be so much better, so much better.

0:51:04.640 --> 0:51:09.880
<v Speaker 2>Tell you, tell your friends, cousins, Sisters Mama male woman,