1 00:00:01,880 --> 00:00:03,400 Speaker 1: How often do you think about credit? 2 00:00:03,960 --> 00:00:04,160 Speaker 2: You know? 3 00:00:04,200 --> 00:00:05,320 Speaker 3: You got me? You got me? 4 00:00:05,600 --> 00:00:09,719 Speaker 1: Why the how, the pitfalls, the benefits. I'm Troy Millions 5 00:00:09,840 --> 00:00:12,520 Speaker 1: and together with my partner Rashad Balau, we have been 6 00:00:12,640 --> 00:00:16,799 Speaker 1: financial educators under the unger Lijia banner and in this 7 00:00:16,920 --> 00:00:19,599 Speaker 1: series we can partner with Chase Freedom Rise to talk 8 00:00:19,640 --> 00:00:24,680 Speaker 1: to the next generation about credit confidence and specific steps 9 00:00:24,680 --> 00:00:29,360 Speaker 1: to building something real. This is Foundation Forward Episode two. 10 00:00:30,840 --> 00:00:34,720 Speaker 1: What is the time to start your credit journey? 11 00:00:37,360 --> 00:00:40,960 Speaker 4: My name is Jaden Wilson. I live in Santa Barbara, California. 12 00:00:41,159 --> 00:00:42,440 Speaker 1: It's a really beautiful day today. 13 00:00:42,600 --> 00:00:45,720 Speaker 4: I am studying economics. I have my real estate license, 14 00:00:45,800 --> 00:00:48,159 Speaker 4: I have an IT internship, and I work at a 15 00:00:48,200 --> 00:00:51,720 Speaker 4: local restaurant. I've seen my parents, you know, they are 16 00:00:51,720 --> 00:00:54,080 Speaker 4: definitely a big inspiration for me on why I work 17 00:00:54,160 --> 00:00:56,680 Speaker 4: so hard, you know, seeing my dad like do his 18 00:00:56,760 --> 00:00:59,160 Speaker 4: job and just see how my mom handles our finances. 19 00:00:59,200 --> 00:01:02,240 Speaker 4: Like they've had me understand like a different side of 20 00:01:02,240 --> 00:01:04,720 Speaker 4: things where it's like saving money on everything. It's every 21 00:01:04,800 --> 00:01:07,080 Speaker 4: day that extra dollars ten dollars that you save here, 22 00:01:07,080 --> 00:01:09,760 Speaker 4: it's going to need something And dobli are you talking 23 00:01:09,800 --> 00:01:12,560 Speaker 4: to a financial expert? I hope to learn the different 24 00:01:12,560 --> 00:01:16,240 Speaker 4: ways I can improve my credit usage and my credit score, 25 00:01:16,280 --> 00:01:17,880 Speaker 4: and how I can get loads in the future for 26 00:01:18,200 --> 00:01:18,640 Speaker 4: my house. 27 00:01:21,400 --> 00:01:24,960 Speaker 2: Gen z Express a general aversion to credit cards, describing 28 00:01:25,000 --> 00:01:27,880 Speaker 2: them as giving them the eye. 29 00:01:28,080 --> 00:01:28,800 Speaker 3: Man, how you doing? 30 00:01:28,800 --> 00:01:31,920 Speaker 1: It's going on, man, Troy Jaden, pleasure need you man? 31 00:01:32,240 --> 00:01:33,000 Speaker 2: How you doing? Man? 32 00:01:33,040 --> 00:01:35,240 Speaker 4: I'm doing really good. Thanks for coming and taking time 33 00:01:35,240 --> 00:01:36,319 Speaker 4: out of your day to come and see me. 34 00:01:36,560 --> 00:01:39,039 Speaker 5: Oh man, thank you for joining us. So I hear 35 00:01:39,120 --> 00:01:40,320 Speaker 5: you a man of many. 36 00:01:40,240 --> 00:01:48,720 Speaker 6: Hustles, Do you have any level of financial anxiety or 37 00:01:48,760 --> 00:01:51,360 Speaker 6: fear or does anything keep you up at night thinking 38 00:01:51,400 --> 00:01:52,440 Speaker 6: about finances? 39 00:01:53,280 --> 00:01:57,440 Speaker 4: Definitely? When I turn around at like twenty five and 40 00:01:57,480 --> 00:01:59,080 Speaker 4: I look at all these years I worked all like 41 00:01:59,120 --> 00:02:01,920 Speaker 4: the money, and I realized I only have like a 42 00:02:02,040 --> 00:02:03,880 Speaker 4: very small fraction of none of it after all those 43 00:02:03,960 --> 00:02:06,559 Speaker 4: years of working, what was the point of alving every 44 00:02:06,640 --> 00:02:08,480 Speaker 4: decision I make? Money is probably the first thing then 45 00:02:08,520 --> 00:02:11,400 Speaker 4: I think about. I mean, like it's like if like 46 00:02:11,440 --> 00:02:12,840 Speaker 4: everyone wants to go out to eat, you know, it's 47 00:02:12,840 --> 00:02:14,520 Speaker 4: like thirty dollars, Like do I want to spend that? 48 00:02:14,639 --> 00:02:17,080 Speaker 4: Everyone wants to go vacation somewhere, like, you know, do 49 00:02:17,160 --> 00:02:19,360 Speaker 4: I go do that? Like you can't start in the future, 50 00:02:19,440 --> 00:02:21,560 Speaker 4: like you don't have all this time. It's like you 51 00:02:21,600 --> 00:02:23,760 Speaker 4: got to start now. You have to start today, you know. 52 00:02:23,800 --> 00:02:25,760 Speaker 4: And it's like when you learn about compound interest, you know, 53 00:02:25,800 --> 00:02:28,160 Speaker 4: and it's like you got to start doing it. You're 54 00:02:28,160 --> 00:02:29,960 Speaker 4: gonna do it early, you know. It's like the first 55 00:02:29,960 --> 00:02:32,200 Speaker 4: three years could be millions of dollars in difference down 56 00:02:32,240 --> 00:02:34,600 Speaker 4: the line. So it's like, that's my mentality always say. 57 00:02:34,720 --> 00:02:36,919 Speaker 2: Sixty eight percent of gen z report that credit card 58 00:02:36,919 --> 00:02:38,600 Speaker 2: bill has caused them stress and anxiety. 59 00:02:38,760 --> 00:02:43,280 Speaker 5: Oh have you started to have experiences with credit cards yet? 60 00:02:43,800 --> 00:02:44,720 Speaker 4: Yes, yeah, I have. 61 00:02:45,240 --> 00:02:45,840 Speaker 1: How's that been. 62 00:02:46,360 --> 00:02:48,840 Speaker 4: I got my first card, my first credit card when 63 00:02:49,240 --> 00:02:51,200 Speaker 4: I first moved to Santa Barbara in my freshman year. 64 00:02:51,560 --> 00:02:54,280 Speaker 4: It's it's definitely been like a learning curve because it's 65 00:02:54,280 --> 00:02:56,400 Speaker 4: almost like you're giving like all this power and you 66 00:02:56,400 --> 00:02:58,079 Speaker 4: don't know really what to do with it. I was 67 00:02:58,120 --> 00:03:00,600 Speaker 4: always kind of confused on like I don't want to 68 00:03:00,680 --> 00:03:03,080 Speaker 4: get another one and then like that like affect me 69 00:03:03,240 --> 00:03:05,000 Speaker 4: on the line when getting another one, or I also 70 00:03:05,040 --> 00:03:06,560 Speaker 4: don't want to get one and then not have like 71 00:03:06,600 --> 00:03:08,760 Speaker 4: a use for it. I guess like that's like what 72 00:03:08,919 --> 00:03:10,120 Speaker 4: I want to learn. It's just like, how can I 73 00:03:10,160 --> 00:03:11,800 Speaker 4: make it work for me? You know? How could I 74 00:03:11,960 --> 00:03:12,959 Speaker 4: make this money throughout? 75 00:03:13,680 --> 00:03:16,600 Speaker 1: Without question? Jaden is a hard worker, and he reminds 76 00:03:16,680 --> 00:03:19,640 Speaker 1: us of another hustler a little further along on his journey, 77 00:03:19,760 --> 00:03:22,720 Speaker 1: a creator would start to make his credit grow in 78 00:03:22,720 --> 00:03:23,960 Speaker 1: the city that Never sleeps. 79 00:03:24,160 --> 00:03:27,200 Speaker 3: When I came to college, I started major in computer science, 80 00:03:27,240 --> 00:03:29,520 Speaker 3: major in economics for a little bit political science to 81 00:03:29,520 --> 00:03:31,560 Speaker 3: do something in politics, and I finally, just like I 82 00:03:31,600 --> 00:03:33,360 Speaker 3: realized that I wanted to just study history. 83 00:03:35,400 --> 00:03:36,600 Speaker 1: And probably just two. 84 00:03:36,400 --> 00:03:39,560 Speaker 3: Months before I graduated, I made my first TikTok that 85 00:03:39,680 --> 00:03:41,720 Speaker 3: blew up, and that's why I made the decision just 86 00:03:41,920 --> 00:03:43,040 Speaker 3: start social media. 87 00:03:43,120 --> 00:03:46,120 Speaker 5: Khalil Green has been nominated for two Emmys, is a 88 00:03:46,160 --> 00:03:49,800 Speaker 5: Peabody Award winner Forbes Thirty Under Thirty, and the first 89 00:03:49,840 --> 00:03:53,000 Speaker 5: Black student president at Yale University. He is a gen 90 00:03:53,120 --> 00:03:56,760 Speaker 5: Z historian blending education and entertainment. We sat down with 91 00:03:56,840 --> 00:03:59,280 Speaker 5: him to speak about his credit journey and any pearls 92 00:03:59,320 --> 00:04:00,000 Speaker 5: of wisdom he made. 93 00:04:00,120 --> 00:04:00,720 Speaker 1: Have for Jaden. 94 00:04:02,880 --> 00:04:05,280 Speaker 3: When I got to college, there were students around me 95 00:04:05,320 --> 00:04:07,880 Speaker 3: who some of them had credit cards. I realized that 96 00:04:08,040 --> 00:04:10,440 Speaker 3: making all these purchases and not doing on a credit 97 00:04:10,480 --> 00:04:13,760 Speaker 3: card was almost wasted potential because I could start building 98 00:04:13,760 --> 00:04:16,000 Speaker 3: my credit, I could start thinking about how I can 99 00:04:16,040 --> 00:04:18,719 Speaker 3: better my credit score. I mean, it feels so dumb now, 100 00:04:18,800 --> 00:04:20,720 Speaker 3: like you need to use the credit card to get 101 00:04:20,760 --> 00:04:22,599 Speaker 3: a lot of the benefits from it. I didn't know 102 00:04:22,640 --> 00:04:24,480 Speaker 3: how much it would affect me until much later on 103 00:04:24,520 --> 00:04:27,640 Speaker 3: when I was applying for my first apartment. But luckily 104 00:04:28,040 --> 00:04:30,560 Speaker 3: I listened to that voice in the back of my 105 00:04:30,600 --> 00:04:32,400 Speaker 3: head saying, Okay, this is something you should start doing. 106 00:04:32,760 --> 00:04:37,760 Speaker 3: I didn't always understand the difference between debit and credit cards. 107 00:04:38,080 --> 00:04:40,000 Speaker 5: Some people think a credit card is like a gift 108 00:04:40,040 --> 00:04:42,279 Speaker 5: card in a sense, where is if you have a 109 00:04:42,320 --> 00:04:46,400 Speaker 5: two thousand dollars limit, you're supposed to spend two thousand dollars. 110 00:04:46,480 --> 00:04:48,240 Speaker 3: But it's probably even worse because I feel like I 111 00:04:48,320 --> 00:04:51,479 Speaker 3: knew that, but I still living. Like sometimes it just 112 00:04:51,520 --> 00:04:54,039 Speaker 3: creeps up on you. Any work, when you're hustling, you 113 00:04:54,040 --> 00:04:56,520 Speaker 3: have like odd jobs. You have really good months, and 114 00:04:56,520 --> 00:04:58,320 Speaker 3: you have really like bad months, and you have to 115 00:04:58,720 --> 00:05:02,280 Speaker 3: be intentional about finding somewhere in the middle that you 116 00:05:02,320 --> 00:05:03,720 Speaker 3: can just put in your head for like how much 117 00:05:03,760 --> 00:05:05,800 Speaker 3: you should spend months to month. So I have a 118 00:05:05,800 --> 00:05:08,599 Speaker 3: good month. I have ten brand deals, five viral videos, 119 00:05:08,600 --> 00:05:10,160 Speaker 3: got one hundred k new followers. 120 00:05:11,160 --> 00:05:14,760 Speaker 1: The money might super fluctuates. Man, there's a moment in 121 00:05:14,800 --> 00:05:16,920 Speaker 1: every young man's life when you get the credit card, 122 00:05:17,120 --> 00:05:21,279 Speaker 1: and then there's a moment when that credit limit gets increased. Yeah, exactly. 123 00:05:21,920 --> 00:05:23,520 Speaker 1: One of the ways to help build it is to 124 00:05:23,560 --> 00:05:24,440 Speaker 1: be diverse. 125 00:05:24,120 --> 00:05:26,040 Speaker 3: Because rent factoring, like, what other things should I be 126 00:05:26,080 --> 00:05:27,720 Speaker 3: thinking about that I can add in easily? 127 00:05:27,839 --> 00:05:30,839 Speaker 1: Yeah, I think credit utilization. That's a big piece of it, 128 00:05:30,960 --> 00:05:33,960 Speaker 1: over thirty percent. How much debt do you have? The 129 00:05:33,960 --> 00:05:36,320 Speaker 1: mixture is important, The length of it is important. So 130 00:05:36,520 --> 00:05:39,679 Speaker 1: they look at your credit from a percentage base point, 131 00:05:39,760 --> 00:05:41,880 Speaker 1: and fifteen percent of that score is going to be 132 00:05:42,160 --> 00:05:44,359 Speaker 1: the mixture of credit. Another fifteen is the length of 133 00:05:44,400 --> 00:05:46,520 Speaker 1: your credit, so yeah, how long have you had the credit? 134 00:05:46,839 --> 00:05:49,839 Speaker 1: So really it's a trustworthy system. So if you factor 135 00:05:49,920 --> 00:05:51,760 Speaker 1: all those things in and you keep a good standing, 136 00:05:52,200 --> 00:05:54,040 Speaker 1: this is ways to improve your credit card and you're 137 00:05:54,040 --> 00:05:55,880 Speaker 1: going to see your limits increase. But this is the 138 00:05:55,920 --> 00:05:57,680 Speaker 1: most important thing. You got to be disciplined. 139 00:05:57,920 --> 00:06:01,160 Speaker 5: What advice would you give to somebody that is eighteen 140 00:06:01,200 --> 00:06:02,880 Speaker 5: that's just enrolling in college. 141 00:06:03,360 --> 00:06:05,840 Speaker 3: I would say just start thinking about the long term. 142 00:06:05,880 --> 00:06:07,719 Speaker 3: The important thing is to almost have faith in it. 143 00:06:07,839 --> 00:06:10,800 Speaker 3: Faith that these long term, these small things that you do, 144 00:06:10,839 --> 00:06:14,160 Speaker 3: getting a credit card, using that credit card, making your 145 00:06:14,160 --> 00:06:17,479 Speaker 3: payments on time, getting a job, choosing a career that 146 00:06:17,520 --> 00:06:19,760 Speaker 3: you're interested in, that they'll benefit you down the line, 147 00:06:20,160 --> 00:06:22,039 Speaker 3: because it canna all come back to you and you 148 00:06:22,160 --> 00:06:23,960 Speaker 3: just want to look back and say I made the 149 00:06:24,040 --> 00:06:26,680 Speaker 3: right decisions. So just have faith that these small things 150 00:06:26,680 --> 00:06:30,520 Speaker 3: will really pay off. I'd say that, Jaden. Number one, 151 00:06:30,560 --> 00:06:33,800 Speaker 3: I'm proud of you. Many people feel the pressure to 152 00:06:33,920 --> 00:06:37,120 Speaker 3: choose one thing very early on in life. I didn't 153 00:06:37,160 --> 00:06:39,520 Speaker 3: do that, and I'm very lucky because I didn't do that. 154 00:06:39,800 --> 00:06:42,640 Speaker 3: Keep going, keep trying new things, and only settle on 155 00:06:42,680 --> 00:06:43,680 Speaker 3: something when it feels. 156 00:06:43,560 --> 00:06:43,960 Speaker 4: Right for you. 157 00:06:45,000 --> 00:06:47,520 Speaker 1: We are totally aligned with Kalil's advice to Jaden. Now 158 00:06:47,600 --> 00:06:50,080 Speaker 1: we thought we'd add to it with Jaden's own EYL 159 00:06:50,160 --> 00:06:52,720 Speaker 1: and Chase Freedom Rise Foundation forward checklists. 160 00:06:54,000 --> 00:06:56,000 Speaker 5: First, make a plan for your short term. 161 00:06:56,080 --> 00:06:58,000 Speaker 1: We're gonna add credit, We're gonna figure out how to 162 00:06:58,080 --> 00:06:58,479 Speaker 1: leverage it. 163 00:06:58,600 --> 00:07:01,240 Speaker 5: Second, apply for a credit card, a specifically designed for 164 00:07:01,320 --> 00:07:05,040 Speaker 5: someone with no credit distort. Third, limit your credit usage 165 00:07:05,080 --> 00:07:06,280 Speaker 5: and pay your bill month for. 166 00:07:06,240 --> 00:07:09,320 Speaker 1: Credit utilization that you want to keep those things pretty low. 167 00:07:09,279 --> 00:07:12,240 Speaker 5: And for actively monitor your credit report. 168 00:07:13,240 --> 00:07:15,920 Speaker 4: It was really eye opening talking to them. It really 169 00:07:16,040 --> 00:07:18,120 Speaker 4: was nice to have someone who like knew what they 170 00:07:18,120 --> 00:07:21,640 Speaker 4: were talking about, who actually cared and definitely I'm going 171 00:07:21,720 --> 00:07:23,640 Speaker 4: to implement their plan and like get a new credit 172 00:07:23,640 --> 00:07:24,280 Speaker 4: card for sure. 173 00:07:25,040 --> 00:07:28,000 Speaker 1: The future is bright. Jaden is an oppressive young man. 174 00:07:28,240 --> 00:07:29,600 Speaker 1: What's what's the biggest takeaway? 175 00:07:30,200 --> 00:07:33,240 Speaker 5: Just how discipline he was, especially with the financial prayer parture. 176 00:07:33,240 --> 00:07:36,280 Speaker 5: That's real, Like, you know, for somebody that young to 177 00:07:36,440 --> 00:07:39,680 Speaker 5: have that level of self awareness for the delayed gratification 178 00:07:39,840 --> 00:07:43,640 Speaker 5: and you know, willing to delay what he wants right 179 00:07:43,680 --> 00:07:46,640 Speaker 5: now for the future. That's that's that's very mature. 180 00:07:47,480 --> 00:07:49,760 Speaker 1: And he's not focused on one thing. I think that's 181 00:07:49,760 --> 00:07:51,600 Speaker 1: what I like the most. He is versatile. At some 182 00:07:51,680 --> 00:07:53,640 Speaker 1: point he's going to be leading the company and the 183 00:07:53,680 --> 00:08:05,560 Speaker 1: people that are at this restaurant will be working for him.