Latest / Earn Your Leisure / The Life-Changing Power of Credit Scores with John Hope Bryant

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The Life-Changing Power of Credit Scores with John Hope Bryant · Earn Your Leisure

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  Speaker 2: Erness What's Up?
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  Speaker 1: You ever walk into a small business and everything just
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  Speaker 3: Talking about well building financial literacy. You said before, nothing
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  Speaker 3: changes your life more than God or love. Then moving
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  Speaker 3: your credit score one hundred points God loved and moving
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  Speaker 3: your credit score a hundred points? So can you can
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  Speaker 3: you explain why moving your credit score one hundred points
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  Speaker 3: is so so important because yeah, a lot of people,
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  Speaker 3: most people wouldn't think that a hundred points in a
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  Speaker 3: credit score is going to be equal to finding God
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  Speaker 3: or your wife.
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  Speaker 2: I mean, like, I'll go further than that. If the
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  Speaker 2: vice president.
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  Speaker 4: Paris had listened to what you're saying and what and
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  Speaker 4: what I'm saying more intently should be president. Mm hmmm,
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  Speaker 4: because that election was ultimately not about red or blue,
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  Speaker 4: or black or white. It was about green. It was
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  Speaker 4: about everybody making cutting an economic deal. Whether that deal
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  Speaker 4: is gonna work out or not, you know, we're about
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  Speaker 4: to find out, but everybody basically cut a deal.
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  Speaker 2: You know that says I'm to do better.
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  Speaker 4: You've told me I'm going to do better economically, not morally,
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  Speaker 4: not ethically, not not societally, not environmentally, not human rights,
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  Speaker 4: not civil rights. Economically, we live in a capitalist democracy.
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  Speaker 4: People for people forget this. They don't remember this. We
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  Speaker 4: live in a free enterprise democracy on a good day.
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  Speaker 4: We live we live in a capitalist democracy on a
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  Speaker 4: rough day.
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  Speaker 2: But it is.
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  Speaker 4: Unfortunately true that going back to the time of Jesus,
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  Speaker 4: we had a choice to make. We could have put
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  Speaker 4: our culture inside of We could have put our economy
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  Speaker 4: inside of our culture, which is what we should have done.
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  Speaker 4: But actually we put our culture inside of our economy.
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  Speaker 4: So almost everything is economic in nature. Uh, you can't
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  Speaker 4: run a church without money. You need tie and offer it.
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  Speaker 2: You know.
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  Speaker 4: In fact, one of the biggest churches in the world,
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  Speaker 4: one of the biggest banks in the world is the
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  Speaker 4: Vatican Church, the Vatican Bank. So answering your question, and
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  Speaker 4: I've said this as a joke, but I'm serious. You
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  Speaker 4: go to the club, today's money. You're the club on
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  Speaker 4: Friday after you worked all week.
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  Speaker 2: Hell, man, she's fine. Ladies like, oh he's handsome.
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  Speaker 4: What's your name? And then what's your credit score? Because
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  Speaker 4: that's your business partner, full life. The looks are gonna fade,
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  Speaker 4: the rear end is gonna and the rest is gonna drop. Right,
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  Speaker 4: the dude's gonna get the big chests, gonna turn into
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  Speaker 4: a big belly at some point. But after twenty or
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  Speaker 4: thirty years, that's still your business partner. And those who
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  Speaker 4: marry well do the best economically. As a as a
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  Speaker 4: side point, but marriage was ultimately even in economic before
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  Speaker 4: it got in doubt. Marriage with spiritual principles, marriage would
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  Speaker 4: be when was present three thousand years before that as
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  Speaker 4: a business principal, I mean, slavery was about money.
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  Speaker 2: Nobody brought us three thousand, six.
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  Speaker 4: Thousand miles, six thousand miles away from home, went all
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  Speaker 4: through all that trouble because they didn't like us.
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  Speaker 2: They did it because we were geniuses. Of the land.
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  Speaker 2: You'd take dead, dead soil and bring it back to life.
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  Speaker 4: Well, what's the southern soil, which is where all the
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  Speaker 4: cotton was, that the you know, the tobacco, all the
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  Speaker 4: gold crops of that time. It was in the southern soil.
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  Speaker 4: It was very hot, very humid. Brother, it's here or
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  Speaker 4: the Caribbean, and poor white folks couldn't work it. They're like, oh,
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  Speaker 4: were good, we can't handle this. And so they went
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  Speaker 4: and found somebody who could not only handle it, but
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  Speaker 4: who could take dead soil and bring it back to life.
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  Speaker 4: The genius of agricultural excellence, which is what we were
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  Speaker 4: in that era.
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  Speaker 2: So, whatever conversation you want to have, it comes down to. Money.
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  Speaker 4: Wasn't never one to cause the divorce. Money wasn't never
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  Speaker 4: going to cause it. Domestic abuse. Money, Never want to
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  Speaker 4: call us for stress, my heart attacks.
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  Speaker 2: I'm sorry. Stress, wasn't never want to call us for stress. Money.
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  Speaker 2: What's behind politics? Money? I mean, whatever conversation you want
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  Speaker 2: to have comes back that.
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  Speaker 4: So in a world you've never had a numb about
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  Speaker 4: a dropping Michael on your question because you like the
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  Speaker 4: people like this guy's rambling, those have to do it.
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  Speaker 4: My question about credit scores. There's never been a global
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  Speaker 4: economy that wasn't There wasn't never been a superpower that
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  Speaker 4: wasn't the economic power at the same time. In the
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  Speaker 4: history of the world, There's never been a major economy,
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  Speaker 4: including the US, or a major city like the city
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  Speaker 4: of Atlanta where I'm at now, that didn't do it
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  Speaker 4: in the back of good debt and a great credit rating.
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  Speaker 4: I was on the phone with Tony Wrestler this morning.
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  Speaker 4: Who's I don't want to tell his net worth, but
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  Speaker 4: his public information. He's like the two Huns, the richest
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  Speaker 4: man in the world.
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  Speaker 2: He did it in the back of good debt.
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  Speaker 4: No billionaire has done has become a billionaire except through
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  Speaker 4: good debt. No multi millionaire times whatever, has done it
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  Speaker 4: without good debt. So if you're if your if your
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  Speaker 4: credit score is tow up from the flow up, those
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  Speaker 4: who make the least pay the most. If you're in
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  Speaker 4: a five under credit score neighborhood, I mean, the only
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  Speaker 4: way to survive that neighborhood is to be an illegal
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  Speaker 4: an illegal economy business because the cost of debt is
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  Speaker 4: so high, the cost of credit so high. From the
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  Speaker 4: from Pooky and them and Jojo and them that you're
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  Speaker 4: paying such a high rate. The only way to profit
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  Speaker 4: is to do some illegal stuffs right the underground economy.
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  Speaker 4: So you have a check casher next to a pay
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  Speaker 4: day loan lender, next to a rent to own store,
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  Speaker 4: next to one title lender, next to a liquor store,
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  Speaker 4: next to a.
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  Speaker 2: Pawn shout, fast food restaurants.
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  Speaker 4: You know, all praying on financial literacy five under credit
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  Speaker 4: score neighbors and you lived at sixty one years of age.
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  Speaker 4: As a sort of the insult on top of insult,
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  Speaker 4: you live in that neighborhood and sixty one, fifteen minutes
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  Speaker 4: away you lived to eighty one years old, twenty year difference,
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  Speaker 4: and that's a seven of the credits for neighborhood five
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  Speaker 4: undredit score neighborhood into the sixty one crime murder, mayhem, drugs, depression,
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  Speaker 4: single parent of household. So I over answered your question,
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  Speaker 4: but it was it was like the question like we
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  Speaker 4: have got to get our credit right. The number one
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  Speaker 4: lowest credit rating in.
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  Speaker 2: America group are African Americans. It's like an I think it's.
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  Speaker 3: Like what's the average what's the average credits called for
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  Speaker 3: African American.
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  Speaker 2: I think it's like six twenty.
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  Speaker 4: Now that sounds like not so bad, but that means
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  Speaker 4: that you you dudes have a seven eighty or eight
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  Speaker 4: hundred credit score, and our cousins Jojo and them have
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  Speaker 4: a five twenty or four and eighty credits for work
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  Speaker 4: it and it. The balance out the average is that
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  Speaker 4: our great credit score combined around all of our friends
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  Speaker 4: up credit score averages out at six twenty. So it's
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  Speaker 4: it actually sounds better than it really is, is actually
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  Speaker 4: much worse, unfortunately.
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  Speaker 2: And the number one calls the folks our number one
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  Speaker 2: group deep.
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  Speaker 4: Being declined for credit Black people lost credit SCRD black people.
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  Speaker 4: You know, you know, one of the biggest economies in
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  Speaker 4: the world is you know, bigger than you guys talking
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  Speaker 4: about this all the time. Our our consumer spending is
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  Speaker 4: one point seven and one point eight trade, bigger than
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  Speaker 4: as big as Mexico and Canada.
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  Speaker 2: But ninety two percent of that's consumption.
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  Speaker 4: Okay, so you just combined, you combine all these and
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  Speaker 4: our homeownership rate is forty one to forty four percent
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  Speaker 4: compared to seventy five percent of our white counter arts. Well,
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  Speaker 4: the number way you build wealth as home ownership, I mean,
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  Speaker 4: you know loo again this ain't complicated. Then you say, well,
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  Speaker 4: what's our net worth in twenty fifty three? You combine
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  Speaker 4: all these things zero. Yeah, I mean, so you don't
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  Speaker 4: need races to come after you anymore. You don't have
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  Speaker 4: to worry about the Klan. You don't have to worry
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  Speaker 4: about you know what demand's doing to you. We said
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  Speaker 4: we're in Malcolm X say we've been bamboozo, We've been tricked,
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  Speaker 4: we've been food, we've been hoodwinked. Right, so, but this
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  Speaker 4: is stuff. One thing I love about credit scores you
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  Speaker 4: can fix it yourself. That's what I love about. It's
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  Speaker 4: self empowerment at its height. And you do that, and
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  Speaker 4: once you have an eight hundred credit store, you're not
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  Speaker 4: black anymore.
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  Speaker 2: You're green. That computer says yes at midnight, whatever you want.
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  Speaker 5: An illegal alien from Guatemala charged with raping a child
• 10:34
  Speaker 5: in Massachusetts. An MS thirteen gang member from El Salvador
• 10:38
  Speaker 5: accused of murdering a Texas man of Venezuelan charged with
• 10:43
  Speaker 5: filming and selling child pornography in Michigan. These are just
• 10:47
  Speaker 5: some of the heinous migrant criminals caught because of President
• 10:50
  Speaker 5: Donald J. Trump's leadership. I'm Christy Noman the United States
• 10:54
  Speaker 5: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 10:59
  Speaker 5: crossings are at the lowest levels ever recorded, and over
• 11:02
  Speaker 5: one hundred thousand illegal aliens have been arrested. If you
• 11:06
  Speaker 5: are here illegally, your next you will be fine nearly
• 11:10
  Speaker 5: one thousand dollars a day, imprisoned, and deported. You will
• 11:14
  Speaker 5: never return. But if you register using our CBP home
• 11:17
  Speaker 5: app and leave now, you could be allowed to return legally.
• 11:21
  Speaker 5: Do what's right, leave now. Under President Trump, America's laws,
• 11:26
  Speaker 5: border and families will be protected.
• 11:29
  Speaker 2: Sponsored by the United States Department of Homeland Security,