Speaker 1: Coach, the energy out there felt different. What changed for
Speaker 1: the team today?
Speaker 2: It was a new game day, scratches from the California
Speaker 2: Lottery players, everything. Those games sent the team's energy through
Speaker 2: the roof.
Speaker 1: Are you saying it was the off field play that
Speaker 1: made the difference on the field.
Speaker 2: Hey, little play makes your day, and today it made
Speaker 2: the game. That's all for now, Coach, one.
Speaker 1: More question play than you Los Angeles Chargers, San Francisco
Speaker 1: forty nine Ers and Los Angeles Rams scratchers from the
Speaker 1: California Lottery. A little play can make your day. Peace
Speaker 1: made responsibily. Must be eighteen years or older to purchase
Speaker 1: plate or claimant to ask.
Speaker 3: I want a question because I feel like we talked
Speaker 3: about stock a lot on this show, but it's more
Speaker 3: just a stock shows. It's a it's a business show financial.
Speaker 3: So one of the things that's crippling on people the
Speaker 3: most in this world is dead. Even on our podcast,
Speaker 3: you Go, I talked a lot some different strategies to
Speaker 3: pay off debt. I think is the avalanche approach? And
Speaker 3: did of another approach? Can you talk about that?
Speaker 4: Yeah?
Speaker 5: No, absolutely, And I think that also too. I think
Speaker 5: I want people to open up their minds about the market.
Speaker 5: There are so many markets to invest in. I became
Speaker 5: a millionaire and I invest in like stocks, but that's
Speaker 5: that's not my main source. You know, I feel like
Speaker 5: you should. A smart investor is an investor that's willing
Speaker 5: to do the research in the thing they enjoy investing in.
Speaker 6: So yes, that well.
Speaker 5: And I'll say this too about black and brown people
Speaker 5: in debt, that I'm gonna share with you ways to
Speaker 5: pay off your debt, but I want you to set
Speaker 5: it and semi forget it. That is not your focus.
Speaker 5: A study was done that black and brown people focus
Speaker 5: more on getting out of debt, where the larger population
Speaker 5: focus more on on growing wealth. And it is why
Speaker 5: we are here because debt is a is a goal
Speaker 5: on the way to the destination. It's not the destination itself,
Speaker 5: you know, Like it's not like, Yay, I'm debt free,
Speaker 5: and I always say so is my four year old
Speaker 5: nephew Roman.
Speaker 6: He's still broke and you can go free.
Speaker 5: Yes, de free, don't ego broke. Don't let people out
Speaker 5: here fool you. Debt free, don't ego broke. Your toddler
Speaker 5: is that free? They still broke the growth broke. So anyway,
Speaker 5: here's some of the methods to get out of debt.
Speaker 5: First method that I like is the snowball method. That's
Speaker 5: when you pay off the debt with the lowest balance first,
Speaker 5: and you can find snowball calculators online, do your googles,
Speaker 5: and so the reason why you do that is because
Speaker 5: people are emotional and they need early success. So if
Speaker 5: you pay off the debt with the lowest balance first,
Speaker 5: and then while you're paying off the debt with the
Speaker 5: lowest balance, you are also paying the minimum to the
Speaker 5: rest of your debt on your list because you're wanting
Speaker 5: to give that debt it's minimum plus any extra you
Speaker 5: can pull. So let's just say you can pull an
Speaker 5: extra five hundred dollars a month from your budget. You know,
Speaker 5: so first debt gets its minimum plus the five hundred.
Speaker 5: Once that debt is paid off, you roll over that
Speaker 5: full amount to the second lowest step. Second lowest stet
Speaker 5: gets first lowest sets minimum it's minimum plus that five hundred,
Speaker 5: pay off that debt you roll it over. So imagine
Speaker 5: like a snowball rolling down the hill that the more
Speaker 5: it rolls, the bigger it gets. So the premise of
Speaker 5: the snowball method is as you get to debt with
Speaker 5: bigger and bigger balances, you have more and more money
Speaker 5: to put toward it because you're collecting minimums along the way.
Speaker 5: The other method is the avalanche method. For those of
Speaker 5: you who are really linear and the avalanche that are
Speaker 5: really logical. The avalanche method actually makes more or sense,
Speaker 5: not emotional sense, but makes more mental sense. And that
Speaker 5: you pay off the debt with the highest interest rate
Speaker 5: first because that's the debt that's the most expensive, and
Speaker 5: the same thing to pay off the debt with the
Speaker 5: highest interest rate, they roll it over to the second
Speaker 5: debt with the with the second highest interest rate. I
Speaker 5: believe him doing a mix, start with the snowball and
Speaker 5: when it makes sense, not out debt with the highest
Speaker 5: interest rate. So but honestly, you said it, and Sai,
Speaker 5: I forget it. Like I call him Jake the thief.
Speaker 5: When I was like twenty seven, a friend of mine
Speaker 5: who had like a lambbou a penhouse in New York.
Speaker 5: So I thought he was rich and I was like, yo,
Speaker 5: teach me how to invest, and he promptly stole my money.
Speaker 6: But he's in jail.
Speaker 5: Now, and so he left me and left me thirty
Speaker 5: five thousand dollars in debt. And I remember that I
Speaker 5: put all my energy for two and a half years
Speaker 5: and to pay.
Speaker 6: Off that debt.
Speaker 5: And I remember when it was finally paid off my
Speaker 5: credit card debt, I was like so excited, and I
Speaker 5: was like, yes, I paid up the debt. I did it,
Speaker 5: and I looked around and I was still living in
Speaker 5: the room. That's when the light bar went on, like
Speaker 5: the hell are you doing to me?
Speaker 4: All this time?
Speaker 5: You did all this and yes, you're you paid off
Speaker 5: the debt. Because the next I head of my list
Speaker 5: was my student loan debt. And I said to myself,
Speaker 5: you know what, I'm gonna pay just the minimum to
Speaker 5: the student loan debt because that's fifty thousand dollars. I
Speaker 5: don't want to spend another three years working on getting
Speaker 5: debt free just to be still in this room. And
Speaker 5: I'm gonna spend the next three years working on my
Speaker 5: business investing and so. And then it took the three
Speaker 5: maybe I want to say, maybe four years, and then
Speaker 5: one day I was able to write a full fifty
Speaker 5: two thousand dollars check to my student loan debt like
Speaker 5: it was nothing.
Speaker 6: And so that's why I say I want you to
Speaker 6: focus on growing.
Speaker 5: Wealth and investing and allow debt to happen as a
Speaker 5: result of growing wealth.
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Speaker 7: That's that's incredible because you know, we just had this
Speaker 7: conversation maybe three hours ago when we in our Booklubs
Speaker 7: shot everybody that was in the book Cup yesterday about
Speaker 7: that scarcely mindset. Whereas like whatever we lack, we focus on, yes,
Speaker 7: whether if I lack money, I'll focus on trying to
Speaker 7: get money. If I lack food, all I can think
Speaker 7: about is getting food.
Speaker 6: If I if I'm trying.
Speaker 7: To be different. All I can think about is a
Speaker 7: debt you're saying, and I agree with you. Was like, yo,
Speaker 7: we should focus on the investment piece and that will
Speaker 7: take care of the other part everything else.
Speaker 3: I'm gonna let you ask you a question, but I
Speaker 3: going to make a statement too, because I feel like,
Speaker 3: especially black people, a lot of telling me feel like this.
Speaker 4: There's no such things as credit jail. Like I used
Speaker 4: to have.
Speaker 3: Terrible credit when I was in college. I got out
Speaker 3: of college, I ran up credit cards and I actually
Speaker 3: I think I had a lean on a judgment.
Speaker 4: On one of the credit cards I couldn't pay back
Speaker 4: when I was like in my early twenties.
Speaker 3: And eyl one of my eyl nives shout out to PTG.
Speaker 3: They just dropped the car off for me. We'll reveal,
Speaker 3: we'll do a whole revealing. But what was my credit score?
Speaker 4: A fifty two? A fifty two. So it's like, you
Speaker 4: know what I'm saying, don't ever let somebody tell you that, yes,
Speaker 4: if you got that credit credit.
Speaker 6: I don't sweat credit.
Speaker 5: I just want, honest see, if all the things to
Speaker 5: worry about, it's the least you should worry about. All
Speaker 5: your financial because it's the easiest thing to trick, right,
Speaker 5: Like you're like, oh, hey, hey Graham, I you could
Speaker 5: put me on your credit card as an authorized user.
Speaker 5: Boom some points, you know, hey, let me pay off
Speaker 5: a credit card. If this is what I when I
Speaker 5: lost my job and I my credit score fell from
Speaker 5: like a oo two to a five forty seven after
Speaker 5: I couldn't for my mortgage and when it's a foreclosure,
Speaker 5: I put a debt. A debt lawyer told me, Tiffany,
Speaker 5: get a credit card, put Netflix on it, or the gym,
Speaker 5: your gym membership on it, and paid off every month
Speaker 5: in full.
Speaker 6: Boom boom boom. I did it for two.
Speaker 5: I used to call my jump like Jordan card. Right,
Speaker 5: I'm like, yo, this credit card is about to jump
Speaker 5: like Jordan. I did it with two, and in like
Speaker 5: two and a half years, my five forty seven became
Speaker 5: a seven fifty with an active foreclosure. Some of y'all
Speaker 5: don't have no foreclosures, still don't have no seven fifty, right,
Speaker 5: And I was just like, no, so credit. I don't
Speaker 5: swear credit. Like now my credit score is probably like
Speaker 5: I don't know, eight oh seven. I think last time
Speaker 5: I checked quite honestly, I don't care I can raise
Speaker 5: credit like this. I'm focused on growing wealth. I'm focused
Speaker 5: on managing debt. I'm actually debt free like four year rold,
Speaker 5: but I'm focused on managing debt. I'm focused on increasing
Speaker 5: business opportunities. I'm always like my mentee always tell me, like, yo, Tippy,
Speaker 5: you wait on a coin. I'm like, I will yo.
Speaker 5: I will have an idea that I know probably won't
Speaker 5: see the money for for five to ten years.
Speaker 6: I'm good on that because if you start planning.
Speaker 5: Seeds now, like I'm forty, I'm reaping my thirty year
Speaker 5: old seeds. Well, people don't get That's why I don't
Speaker 5: mind planning seeds at forty. I'm not going to see
Speaker 5: the fifty because I'm like, I'm good. I'm reaping millions
Speaker 5: of dollars because of seeds I've planned at thirty thirty one,
Speaker 5: thirty two, thirty three. If you continue to plant, you
Speaker 5: will continue to reap. And that's the issue is that
Speaker 5: most people, the reason why they don't achieve the wealth
Speaker 5: and the success that they want is that at some
Speaker 5: point they don't see the seed grow fast enough, so
Speaker 5: they stop right and then five years later, one of
Speaker 5: those seats sprouts up and they're like, oh snap, that's
Speaker 5: from five years ago.
Speaker 6: And you realize, like, dang, had I kept going?
Speaker 3: You will?
Speaker 6: I will always read. Not only will I always read,
Speaker 6: my kids will read. My kids' kids will reap.
Speaker 5: My kids kids will read because I have set it
Speaker 5: up that I am depositing every day. I'm planting every
Speaker 5: single day, So I don't mind waiting on the corn.
Speaker 5: I have ideas that I'm like that that's a billion dollars.
Speaker 5: This is in about fifteen years. The way the market
Speaker 5: is going, like I was just watching, like I don't know.
Speaker 5: I mean, I'm sure you guys have been following, like
Speaker 5: what's happening with Joe button pudding?
Speaker 2: Right?
Speaker 6: Let me get my jersey, my fellow jersey writing.
Speaker 5: Right, you can put the s on it right, right right,
Speaker 5: and so like even Kanye, I mean, you know Kanye,
Speaker 5: but still right right.
Speaker 6: I know.
Speaker 2: My graduates from my school being forced back.
Speaker 4: Drop bag drop Mike, drop bag drop drops.
Speaker 9: An illegal alien from Guatemala charged with raping a child
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Speaker 9: Donald J. Trump's leadership. I'm Christy Noman, the United States
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Speaker 9: one hundred thousand illegal aliens have been arrested. If you
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Speaker 9: Under President Trump, America's laws, border and families will be protected.
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