WEBVTT - Earn Your Leisure X Chase Freedom Rise Presents Foundation Forward - Episode 2 | Jaiden 0:00:01.880 --> 0:00:03.400 How often do you think about credit? 0:00:03.960 --> 0:00:04.160 You know? 0:00:04.200 --> 0:00:05.320 You got me? You got me? 0:00:05.600 --> 0:00:09.719 Why the how, the pitfalls, the benefits. I'm Troy Millions 0:00:09.840 --> 0:00:12.520 and together with my partner Rashad Balau, we have been 0:00:12.640 --> 0:00:16.799 financial educators under the unger Lijia banner and in this 0:00:16.920 --> 0:00:19.599 series we can partner with Chase Freedom Rise to talk 0:00:19.640 --> 0:00:24.680 to the next generation about credit confidence and specific steps 0:00:24.680 --> 0:00:29.360 to building something real. This is Foundation Forward Episode two. 0:00:30.840 --> 0:00:34.720 What is the time to start your credit journey? 0:00:37.360 --> 0:00:40.960 My name is Jaden Wilson. I live in Santa Barbara, California. 0:00:41.159 --> 0:00:42.440 It's a really beautiful day today. 0:00:42.600 --> 0:00:45.720 I am studying economics. I have my real estate license, 0:00:45.800 --> 0:00:48.159 I have an IT internship, and I work at a 0:00:48.200 --> 0:00:51.720 local restaurant. I've seen my parents, you know, they are 0:00:51.720 --> 0:00:54.080 definitely a big inspiration for me on why I work 0:00:54.160 --> 0:00:56.680 so hard, you know, seeing my dad like do his 0:00:56.760 --> 0:00:59.160 job and just see how my mom handles our finances. 0:00:59.200 --> 0:01:02.240 Like they've had me understand like a different side of 0:01:02.240 --> 0:01:04.720 things where it's like saving money on everything. It's every 0:01:04.800 --> 0:01:07.080 day that extra dollars ten dollars that you save here, 0:01:07.080 --> 0:01:09.760 it's going to need something And dobli are you talking 0:01:09.800 --> 0:01:12.560 to a financial expert? I hope to learn the different 0:01:12.560 --> 0:01:16.240 ways I can improve my credit usage and my credit score, 0:01:16.280 --> 0:01:17.880 and how I can get loads in the future for 0:01:18.200 --> 0:01:18.640 my house. 0:01:21.400 --> 0:01:24.960 Gen z Express a general aversion to credit cards, describing 0:01:25.000 --> 0:01:27.880 them as giving them the eye. 0:01:28.080 --> 0:01:28.800 Man, how you doing? 0:01:28.800 --> 0:01:31.920 It's going on, man, Troy Jaden, pleasure need you man? 0:01:32.240 --> 0:01:33.000 How you doing? Man? 0:01:33.040 --> 0:01:35.240 I'm doing really good. Thanks for coming and taking time 0:01:35.240 --> 0:01:36.319 out of your day to come and see me. 0:01:36.560 --> 0:01:39.039 Oh man, thank you for joining us. So I hear 0:01:39.120 --> 0:01:40.320 you a man of many. 0:01:40.240 --> 0:01:48.720 Hustles, Do you have any level of financial anxiety or 0:01:48.760 --> 0:01:51.360 fear or does anything keep you up at night thinking 0:01:51.400 --> 0:01:52.440 about finances? 0:01:53.280 --> 0:01:57.440 Definitely? When I turn around at like twenty five and 0:01:57.480 --> 0:01:59.080 I look at all these years I worked all like 0:01:59.120 --> 0:02:01.920 the money, and I realized I only have like a 0:02:02.040 --> 0:02:03.880 very small fraction of none of it after all those 0:02:03.960 --> 0:02:06.559 years of working, what was the point of alving every 0:02:06.640 --> 0:02:08.480 decision I make? Money is probably the first thing then 0:02:08.520 --> 0:02:11.400 I think about. I mean, like it's like if like 0:02:11.440 --> 0:02:12.840 everyone wants to go out to eat, you know, it's 0:02:12.840 --> 0:02:14.520 like thirty dollars, Like do I want to spend that? 0:02:14.639 --> 0:02:17.080 Everyone wants to go vacation somewhere, like, you know, do 0:02:17.160 --> 0:02:19.360 I go do that? Like you can't start in the future, 0:02:19.440 --> 0:02:21.560 like you don't have all this time. It's like you 0:02:21.600 --> 0:02:23.760 got to start now. You have to start today, you know. 0:02:23.800 --> 0:02:25.760 And it's like when you learn about compound interest, you know, 0:02:25.800 --> 0:02:28.160 and it's like you got to start doing it. You're 0:02:28.160 --> 0:02:29.960 gonna do it early, you know. It's like the first 0:02:29.960 --> 0:02:32.200 three years could be millions of dollars in difference down 0:02:32.240 --> 0:02:34.600 the line. So it's like, that's my mentality always say. 0:02:34.720 --> 0:02:36.919 Sixty eight percent of gen z report that credit card 0:02:36.919 --> 0:02:38.600 bill has caused them stress and anxiety. 0:02:38.760 --> 0:02:43.280 Oh have you started to have experiences with credit cards yet? 0:02:43.800 --> 0:02:44.720 Yes, yeah, I have. 0:02:45.240 --> 0:02:45.840 How's that been. 0:02:46.360 --> 0:02:48.840 I got my first card, my first credit card when 0:02:49.240 --> 0:02:51.200 I first moved to Santa Barbara in my freshman year. 0:02:51.560 --> 0:02:54.280 It's it's definitely been like a learning curve because it's 0:02:54.280 --> 0:02:56.400 almost like you're giving like all this power and you 0:02:56.400 --> 0:02:58.079 don't know really what to do with it. I was 0:02:58.120 --> 0:03:00.600 always kind of confused on like I don't want to 0:03:00.680 --> 0:03:03.080 get another one and then like that like affect me 0:03:03.240 --> 0:03:05.000 on the line when getting another one, or I also 0:03:05.040 --> 0:03:06.560 don't want to get one and then not have like 0:03:06.600 --> 0:03:08.760 a use for it. I guess like that's like what 0:03:08.919 --> 0:03:10.120 I want to learn. It's just like, how can I 0:03:10.160 --> 0:03:11.800 make it work for me? You know? How could I 0:03:11.960 --> 0:03:12.959 make this money throughout? 0:03:13.680 --> 0:03:16.600 Without question? Jaden is a hard worker, and he reminds 0:03:16.680 --> 0:03:19.640 us of another hustler a little further along on his journey, 0:03:19.760 --> 0:03:22.720 a creator would start to make his credit grow in 0:03:22.720 --> 0:03:23.960 the city that Never sleeps. 0:03:24.160 --> 0:03:27.200 When I came to college, I started major in computer science, 0:03:27.240 --> 0:03:29.520 major in economics for a little bit political science to 0:03:29.520 --> 0:03:31.560 do something in politics, and I finally, just like I 0:03:31.600 --> 0:03:33.360 realized that I wanted to just study history. 0:03:35.400 --> 0:03:36.600 And probably just two. 0:03:36.400 --> 0:03:39.560 Months before I graduated, I made my first TikTok that 0:03:39.680 --> 0:03:41.720 blew up, and that's why I made the decision just 0:03:41.920 --> 0:03:43.040 start social media. 0:03:43.120 --> 0:03:46.120 Khalil Green has been nominated for two Emmys, is a 0:03:46.160 --> 0:03:49.800 Peabody Award winner Forbes Thirty Under Thirty, and the first 0:03:49.840 --> 0:03:53.000 Black student president at Yale University. He is a gen 0:03:53.120 --> 0:03:56.760 Z historian blending education and entertainment. We sat down with 0:03:56.840 --> 0:03:59.280 him to speak about his credit journey and any pearls 0:03:59.320 --> 0:04:00.000 of wisdom he made. 0:04:00.120 --> 0:04:00.720 Have for Jaden. 0:04:02.880 --> 0:04:05.280 When I got to college, there were students around me 0:04:05.320 --> 0:04:07.880 who some of them had credit cards. I realized that 0:04:08.040 --> 0:04:10.440 making all these purchases and not doing on a credit 0:04:10.480 --> 0:04:13.760 card was almost wasted potential because I could start building 0:04:13.760 --> 0:04:16.000 my credit, I could start thinking about how I can 0:04:16.040 --> 0:04:18.719 better my credit score. I mean, it feels so dumb now, 0:04:18.800 --> 0:04:20.720 like you need to use the credit card to get 0:04:20.760 --> 0:04:22.599 a lot of the benefits from it. I didn't know 0:04:22.640 --> 0:04:24.480 how much it would affect me until much later on 0:04:24.520 --> 0:04:27.640 when I was applying for my first apartment. But luckily 0:04:28.040 --> 0:04:30.560 I listened to that voice in the back of my 0:04:30.600 --> 0:04:32.400 head saying, Okay, this is something you should start doing. 0:04:32.760 --> 0:04:37.760 I didn't always understand the difference between debit and credit cards. 0:04:38.080 --> 0:04:40.000 Some people think a credit card is like a gift 0:04:40.040 --> 0:04:42.279 card in a sense, where is if you have a 0:04:42.320 --> 0:04:46.400 two thousand dollars limit, you're supposed to spend two thousand dollars. 0:04:46.480 --> 0:04:48.240 But it's probably even worse because I feel like I 0:04:48.320 --> 0:04:51.479 knew that, but I still living. Like sometimes it just 0:04:51.520 --> 0:04:54.039 creeps up on you. Any work, when you're hustling, you 0:04:54.040 --> 0:04:56.520 have like odd jobs. You have really good months, and 0:04:56.520 --> 0:04:58.320 you have really like bad months, and you have to 0:04:58.720 --> 0:05:02.280 be intentional about finding somewhere in the middle that you 0:05:02.320 --> 0:05:03.720 can just put in your head for like how much 0:05:03.760 --> 0:05:05.800 you should spend months to month. So I have a 0:05:05.800 --> 0:05:08.599 good month. I have ten brand deals, five viral videos, 0:05:08.600 --> 0:05:10.160 got one hundred k new followers. 0:05:11.160 --> 0:05:14.760 The money might super fluctuates. Man, there's a moment in 0:05:14.800 --> 0:05:16.920 every young man's life when you get the credit card, 0:05:17.120 --> 0:05:21.279 and then there's a moment when that credit limit gets increased. Yeah, exactly. 0:05:21.920 --> 0:05:23.520 One of the ways to help build it is to 0:05:23.560 --> 0:05:24.440 be diverse. 0:05:24.120 --> 0:05:26.040 Because rent factoring, like, what other things should I be 0:05:26.080 --> 0:05:27.720 thinking about that I can add in easily? 0:05:27.839 --> 0:05:30.839 Yeah, I think credit utilization. That's a big piece of it, 0:05:30.960 --> 0:05:33.960 over thirty percent. How much debt do you have? The 0:05:33.960 --> 0:05:36.320 mixture is important, The length of it is important. So 0:05:36.520 --> 0:05:39.679 they look at your credit from a percentage base point, 0:05:39.760 --> 0:05:41.880 and fifteen percent of that score is going to be 0:05:42.160 --> 0:05:44.359 the mixture of credit. Another fifteen is the length of 0:05:44.400 --> 0:05:46.520 your credit, so yeah, how long have you had the credit? 0:05:46.839 --> 0:05:49.839 So really it's a trustworthy system. So if you factor 0:05:49.920 --> 0:05:51.760 all those things in and you keep a good standing, 0:05:52.200 --> 0:05:54.040 this is ways to improve your credit card and you're 0:05:54.040 --> 0:05:55.880 going to see your limits increase. But this is the 0:05:55.920 --> 0:05:57.680 most important thing. You got to be disciplined. 0:05:57.920 --> 0:06:01.160 What advice would you give to somebody that is eighteen 0:06:01.200 --> 0:06:02.880 that's just enrolling in college. 0:06:03.360 --> 0:06:05.840 I would say just start thinking about the long term. 0:06:05.880 --> 0:06:07.719 The important thing is to almost have faith in it. 0:06:07.839 --> 0:06:10.800 Faith that these long term, these small things that you do, 0:06:10.839 --> 0:06:14.160 getting a credit card, using that credit card, making your 0:06:14.160 --> 0:06:17.479 payments on time, getting a job, choosing a career that 0:06:17.520 --> 0:06:19.760 you're interested in, that they'll benefit you down the line, 0:06:20.160 --> 0:06:22.039 because it canna all come back to you and you 0:06:22.160 --> 0:06:23.960 just want to look back and say I made the 0:06:24.040 --> 0:06:26.680 right decisions. So just have faith that these small things 0:06:26.680 --> 0:06:30.520 will really pay off. I'd say that, Jaden. Number one, 0:06:30.560 --> 0:06:33.800 I'm proud of you. Many people feel the pressure to 0:06:33.920 --> 0:06:37.120 choose one thing very early on in life. I didn't 0:06:37.160 --> 0:06:39.520 do that, and I'm very lucky because I didn't do that. 0:06:39.800 --> 0:06:42.640 Keep going, keep trying new things, and only settle on 0:06:42.680 --> 0:06:43.680 something when it feels. 0:06:43.560 --> 0:06:43.960 Right for you. 0:06:45.000 --> 0:06:47.520 We are totally aligned with Kalil's advice to Jaden. Now 0:06:47.600 --> 0:06:50.080 we thought we'd add to it with Jaden's own EYL 0:06:50.160 --> 0:06:52.720 and Chase Freedom Rise Foundation forward checklists. 0:06:54.000 --> 0:06:56.000 First, make a plan for your short term. 0:06:56.080 --> 0:06:58.000 We're gonna add credit, We're gonna figure out how to 0:06:58.080 --> 0:06:58.479 leverage it. 0:06:58.600 --> 0:07:01.240 Second, apply for a credit card, a specifically designed for 0:07:01.320 --> 0:07:05.040 someone with no credit distort. Third, limit your credit usage 0:07:05.080 --> 0:07:06.280 and pay your bill month for. 0:07:06.240 --> 0:07:09.320 Credit utilization that you want to keep those things pretty low. 0:07:09.279 --> 0:07:12.240 And for actively monitor your credit report. 0:07:13.240 --> 0:07:15.920 It was really eye opening talking to them. It really 0:07:16.040 --> 0:07:18.120 was nice to have someone who like knew what they 0:07:18.120 --> 0:07:21.640 were talking about, who actually cared and definitely I'm going 0:07:21.720 --> 0:07:23.640 to implement their plan and like get a new credit 0:07:23.640 --> 0:07:24.280 card for sure. 0:07:25.040 --> 0:07:28.000 The future is bright. Jaden is an oppressive young man. 0:07:28.240 --> 0:07:29.600 What's what's the biggest takeaway? 0:07:30.200 --> 0:07:33.240 Just how discipline he was, especially with the financial prayer parture. 0:07:33.240 --> 0:07:36.280 That's real, Like, you know, for somebody that young to 0:07:36.440 --> 0:07:39.680 have that level of self awareness for the delayed gratification 0:07:39.840 --> 0:07:43.640 and you know, willing to delay what he wants right 0:07:43.680 --> 0:07:46.640 now for the future. That's that's that's very mature. 0:07:47.480 --> 0:07:49.760 And he's not focused on one thing. I think that's 0:07:49.760 --> 0:07:51.600 what I like the most. He is versatile. At some 0:07:51.680 --> 0:07:53.640 point he's going to be leading the company and the 0:07:53.680 --> 0:08:05.560 people that are at this restaurant will be working for him.