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Breaking Free from Debt & Building Financial Wisdom · Earn Your Leisure

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• 1:51
  Speaker 2: Let's talk about some personal finance tips. A perpetual debt trap. Right,
• 1:57
  Speaker 2: this is good. This is good stuff.
• 2:00
  Speaker 3: So where we're going with the weddings.
• 2:01
  Speaker 1: Yeah, I looked at this you want to, Yeah, read
• 2:04
  Speaker 1: it all? Because I'm looking I'm checking off, like.
• 2:06
  Speaker 2: Fifty thousand dollar weddings. That's actually cheap. That's on the
• 2:09
  Speaker 2: cheap side.
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  Speaker 4: It is.
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  Speaker 3: It is fifty.
• 2:11
  Speaker 2: Thousand dollars weddings, five hundred thousand dollars in mortgage, five
• 2:16
  Speaker 2: hundred dollars a month car.
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  Speaker 3: Car.
• 2:20
  Speaker 2: No, that's cheap too. Yep, most most parts. Yeah, fifty,
• 2:25
  Speaker 2: I think that's the average. That's like the Corolla one
• 2:28
  Speaker 2: hundred thousand dollars in student loan debt. And then we
• 2:32
  Speaker 2: didn't even calculate credit card debt in this situation either.
• 2:35
  Speaker 2: So that's probably for the America probably around five five
• 2:39
  Speaker 2: to ten thousand dollars in credit card debt. Yeah, welcome
• 2:43
  Speaker 2: to America, right, American jam turned to a night there
• 2:47
  Speaker 2: real fast.
• 2:48
  Speaker 3: You know what's crazy about this?
• 2:50
  Speaker 2: So we was in Ghana and it was explaining to
• 2:53
  Speaker 2: us and the same thing when we was in the Ua,
• 2:55
  Speaker 2: but it was like, but in Ghana, they don't have
• 2:58
  Speaker 2: they don't have the same understanding of debt that Americans have.
• 3:01
  Speaker 3: Like if you want a.
• 3:02
  Speaker 2: House, like let's say the house costs three hundred thousand dollars,
• 3:06
  Speaker 2: you buy a house for three hundred thousand dollars, right,
• 3:08
  Speaker 2: Like you save, you get other family members involved, having
• 3:11
  Speaker 2: Like if your car cost sturdy, like you buy the
• 3:15
  Speaker 2: car right.
• 3:15
  Speaker 3: Like even if you rent, you.
• 3:17
  Speaker 2: Pay like two months two years in advance on the rent, right,
• 3:23
  Speaker 2: so it's like you're putting down a down payment pretty
• 3:25
  Speaker 2: much to actually rent. Their understanding of debt structure is
• 3:31
  Speaker 2: completely different. Where Americans you're actually taught to put as
• 3:36
  Speaker 2: little money down as possible, and there aren't some benefits
• 3:39
  Speaker 2: with that obviously, as far as leveraging, I get it,
• 3:42
  Speaker 2: real estate plays. But everybody's not don people's. Let's just
• 3:44
  Speaker 2: be honest, right, everybody's not don people's. Most people are
• 3:49
  Speaker 2: looking to put as little possible because they don't have
• 3:54
  Speaker 2: any money. Yeah, is that I don't have enough, play
• 4:00
  Speaker 2: me put it as little bit as possible and then
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  Speaker 2: I'll pay the rest on the back end. And that
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  Speaker 2: has led over a trillion dollars I think in debt
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  Speaker 2: for the country, as far as credit card debt. America,
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  Speaker 2: which is in shambles and it's getting it from its leadership.
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  Speaker 2: When you look at the country is borrowing trillions of
• 4:20
  Speaker 2: dollars and every level of American society we live on debt,
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  Speaker 2: from the United States government to States, businesses, to households,
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  Speaker 2: the individuals in the city.
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  Speaker 4: Even Houston said the number of money in Houston, Houston's broke.
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  Speaker 4: Right now.
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  Speaker 2: We're all we're all in a big Ponzi scheme of debt,
• 4:45
  Speaker 2: and yeah, what's what's the deal with that?
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  Speaker 5: I think going back to basics, try and pay your car.
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  Speaker 5: I know we brought it up on Blackout. If you
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  Speaker 5: even if you got a lump summer money that you
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  Speaker 5: paid off and then people are like no, but if
• 5:01
  Speaker 5: you get a two percent rate, I'm like no, Like
• 5:04
  Speaker 5: the two percent rates are gone. I don't know if
• 5:06
  Speaker 5: you guys have looked the news, but quantitative easing is over.
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  Speaker 5: So but banks do this to enslave you. And if
• 5:15
  Speaker 5: you look at how can you have any money if
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  Speaker 5: you have one hundred and fifty thousand student loans, a
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  Speaker 5: eight hundred dollars car payment. We're not even going to
• 5:22
  Speaker 5: talk about childcare and childcare services. I think the number
• 5:25
  Speaker 5: one goal has to be to put money into places
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  Speaker 5: that are going to grow for you, and like we
• 5:30
  Speaker 5: talked about before, keeping those expenses low. Even on the
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  Speaker 5: media side, most of the companies that went out of
• 5:35
  Speaker 5: business had incredibly high overhead. I remember, I'm sure Joe
• 5:39
  Speaker 5: told you just when he went, when you ever had
• 5:41
  Speaker 5: the interview with him, Spotify had a town full of
• 5:44
  Speaker 5: content houses, actual houses that look like Big Brother before
• 5:48
  Speaker 5: they signed anybody to put it in the houses to
• 5:50
  Speaker 5: film twenty seven million dollar.
• 5:53
  Speaker 4: Loss, So you got all the the lighting and all
• 5:56
  Speaker 4: that that's good, but no content to come out of it.
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  Speaker 5: And I think the blueprint has to be low overhead,
• 6:04
  Speaker 5: high income, and fifty percent of that money invested. I
• 6:07
  Speaker 5: keep saying, everyone talks badly about Dave Ramsey, but that
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  Speaker 5: model works. There's some flaws and for sure, but for
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  Speaker 5: his business to be debt free, and for him to
• 6:16
  Speaker 5: be debt free, there's a benefit for being debt free
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  Speaker 5: when things go wrong. So we got to replace these
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  Speaker 5: high cost weddings and even on the fashion spending. You know,
• 6:28
  Speaker 5: what's the quote, you're buying things to impress people that
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  Speaker 5: don't even know you. Yeah, we have to stop pushing
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  Speaker 5: that narrative, and I think we have to go to
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  Speaker 5: a zero debt model country like at this point, I
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  Speaker 5: don't know when debt costs are going to be normal.
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  Speaker 5: For us to have a trillion dollars plus in credit
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  Speaker 5: card debt with interest rates going higher, no good political leadership.
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  Speaker 5: But Vanguard and Blackrock don't get paid. That's why keep
• 6:54
  Speaker 5: telling me, I'll invest in Vanguard and Blackrock.
• 6:58
  Speaker 3: Here's one of the you know, you know, the best
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  Speaker 3: way two to help clean up your credit.
• 7:04
  Speaker 4: What's that?
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  Speaker 2: It's extremely complicated, but I'll kind of make it easy
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  Speaker 2: as understandings possible. It's called pay your bills on time
• 7:16
  Speaker 2: that it's called the pay a bill on time play.
• 7:18
  Speaker 2: So it's like, you know, it's it's one of it's
• 7:21
  Speaker 2: one of these things.
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  Speaker 6: Right, we have very few breaking news groundbreaking. So the
• 7:34
  Speaker 6: thing about that settle in for a second, Yeah, buy
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  Speaker 6: my ebook. The thing about it is that.
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  Speaker 2: At some point in time, you you got to realize
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  Speaker 2: to live within your means, right or pay for things
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  Speaker 2: that you can afford, wait to buy things that you
• 7:53
  Speaker 2: can't afford, right Because even with the mortgage, and they're like, well, mortgage.
• 8:00
  Speaker 3: Is it's a tax right off?
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  Speaker 2: Okay, the interest on your mortgage tax right off. But
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  Speaker 2: you're paying six thousand dollars a month for your mortgage,
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  Speaker 2: and you're paying two thousand dollars a month for property tax,
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  Speaker 2: and you're paying one thousand dollars a month for shrubbery,
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  Speaker 2: and you're paying.
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  Speaker 3: Five hundred escaping electrician for your electric bill. And then
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  Speaker 3: so where's the right off in these situation? How's how
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  Speaker 3: to get you?
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  Speaker 2: So you get to write off you're spending ten thousand
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  Speaker 2: dollars a month, you get to write off fifteen hundred
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  Speaker 2: dollars and you think that that's the best thing that's
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  Speaker 2: ever happened in this world.
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  Speaker 4: Yeah, and then they day before it wasn't even capped
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  Speaker 4: and now it was capped out a certain amount.
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  Speaker 3: Once again, nothing is done for the benefit of the consumer.
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  Speaker 2: They're giving you a write off on your on your
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  Speaker 2: on your mortgage interest because they want you to have
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  Speaker 2: mortgage interest. Yeah, it's an incentive, it's a sentive. It's
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  Speaker 2: called the incentive play. Right, So if they can keep
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  Speaker 2: you at a seven percent interest, eight percent from paying
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  Speaker 2: the bank, right, it's not like you get nothing in this.
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  Speaker 3: World for free.
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  Speaker 2: So okay, yeah, you get you get a deduction for it,
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  Speaker 2: but you're paying interest. That's the part that nobody seems
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  Speaker 2: to understand in the situation. And you're paying everything else.
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  Speaker 2: So I'm not saying a mortgage is bad, but I'm
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  Speaker 2: just saying it's just that mentality of always trying to
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  Speaker 2: rationalize why debt is a good thing, and every part
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  Speaker 2: of a lot of parts of the world is not.
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  Speaker 2: It's not normalized like that, right, Like that's the best
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  Speaker 2: financial advice that you can get. Pay your bills on time,
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  Speaker 2: don't buy things you can't afford, don't borrow money unless
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  Speaker 2: you know you can pay it back. Self fund if possible,
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  Speaker 2: Live below your means, don't live up to the expectations
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  Speaker 2: of others. Don't try to impress others. Don't buy depreciating
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  Speaker 2: assets over the course of time, invest money and things
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  Speaker 2: that will go up over the course of time. I mean,
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  Speaker 2: we can make this a little bit more complicated, but
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  Speaker 2: ultimately it comes down to some self discipline here.
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  Speaker 1: Yeah, And I think that to bring up the guna point,
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  Speaker 1: the self discipline is the most glaring thing because it's
• 10:09
  Speaker 1: when you're talking about paying for things in cash. You're
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  Speaker 1: talking about buying cars right like we saw the guys
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  Speaker 1: in like like we don't there's no like system or
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  Speaker 1: car payment plan. Like it's either you have the money
• 10:19
  Speaker 1: or you don't have the car, right or in some
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  Speaker 1: extreme circumstances, they may give you two months to pay
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  Speaker 1: off the car, right like we're doing five year financing.
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  Speaker 4: Sometimes they put you in the six year financ seven
• 10:30
  Speaker 4: year plan. Now you know what I'm saying, with a.
• 10:33
  Speaker 1: Seven percent interest rate, and so to have the financial
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  Speaker 1: discipline to purchase a vehicle or to purchase a home,
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  Speaker 1: let's talk two hundred thousand.
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  Speaker 4: How many of us can save two hundred thousand in
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  Speaker 4: a lifetime.
• 10:45
  Speaker 1: You're watching people do it before they hit thirty, and
• 10:48
  Speaker 1: so the discipline that it takes to do that. But
• 10:51
  Speaker 1: I'm interested, right because if that was the perpetual depth trap,
• 10:55
  Speaker 1: then like what's the blueprint for the new trap? Because
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  Speaker 1: I feel like one hundred thousand dollars student loan? We
• 11:01
  Speaker 1: can give solutions for that, right, like maybe school is
• 11:04
  Speaker 1: not the thing, or maybe if you're going to go
• 11:05
  Speaker 1: to school, take the community college, play or stay local
• 11:08
  Speaker 1: or live at home, like this solutions for that. But
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  Speaker 1: like when you're talking about mortgages, is it do we
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  Speaker 1: have to find the income level that makes it necessary
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  Speaker 1: to rent or buy?
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  Speaker 5: Like?
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  Speaker 4: How what what would be there? I'm just have to
• 11:22
  Speaker 4: go back to living together. And that's another issue we
• 11:24
  Speaker 4: have to discide.
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  Speaker 3: It's re enforced.
• 11:25
  Speaker 4: Isn't it that way anyway?
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  Speaker 3: Right?
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  Speaker 1: Like if we watch more kids that are graduating with
• 11:29
  Speaker 1: high levels of debt coming out of school, I've seen
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  Speaker 1: people twelve hundred and fifteen hundred dollars a month and
• 11:34
  Speaker 1: student loan that's rent. You can't do both, right, so's
• 11:38
  Speaker 1: I have to go back home? But if your parent
• 11:41
  Speaker 1: has been renting, maybe there isn't a home.
• 11:43
  Speaker 4: To go back to.
• 11:44
  Speaker 1: So it gets tricky, right, So what what are like?
• 11:48
  Speaker 1: And this is just like open ended, like what would
• 11:49
  Speaker 1: be like the blueprint for this to create a new system?
• 11:53
  Speaker 1: Right to not fall in that death trap playing your
• 11:55
  Speaker 1: bills is one we got? Like what else do we think?
• 11:58
  Speaker 4: I mean?
• 11:58
  Speaker 5: We got to realize who, even on a self discipline side,
• 12:02
  Speaker 5: we're fighting against the banks that own the media that
• 12:05
  Speaker 5: make the propaganda for it to be cool to go
• 12:07
  Speaker 5: into debt. Like we can have a whole argument around
• 12:11
  Speaker 5: how hip hop has driven consumerism to a whole bunch
• 12:13
  Speaker 5: of shit that we don't need. Got to start a
• 12:16
  Speaker 5: business early, have to invest early. That's why these conversations
• 12:19
  Speaker 5: are incredibly important and giving a blueprint for what to do.
• 12:23
  Speaker 5: But just realizing, like all debt is and I know
• 12:25
  Speaker 5: people like there's good, that there's bad debt. That shit
• 12:27
  Speaker 5: sounds good until you have to pay it to those
• 12:30
  Speaker 5: year they're paying fifteen thousand dollars a money in good debt. Man,
• 12:33
  Speaker 5: it sucks if it's coming out of your business or
• 12:36
  Speaker 5: your personal It doesn't feel good when that money is
• 12:39
  Speaker 5: constantly being going out of your account and then the
• 12:42
  Speaker 5: money isn't coming in as fast. I think we have
• 12:44
  Speaker 5: to focus a lot more on not having debt, and
• 12:47
  Speaker 5: then we have to go back to multi generational family.
• 12:50
  Speaker 4: Living and succession planning.
• 12:51
  Speaker 5: But I think that's a tough thing in our community
• 12:53
  Speaker 5: because a lot of the families are not getting long
• 12:55
  Speaker 5: because Instagram has replaced the famiorlyy inn when the last
• 12:58
  Speaker 5: time you know somebody black kind of emory.
• 13:02
  Speaker 4: I always see, I feel.
• 13:04
  Speaker 3: Like I don't know that went to on.
• 13:08
  Speaker 4: I don't know if anybody that has them means and
• 13:11
  Speaker 4: probably in ten years.
• 13:12
  Speaker 7: An illegal alien from Guatemala charged with raping a child
• 13:16
  Speaker 7: in Massachusetts. An MS thirteen gang member from Al Salvador
• 13:20
  Speaker 7: accused of murdering a Texas man of Venezuelan charged with
• 13:24
  Speaker 7: filming and selling child pornography in Michigan. These are just
• 13:28
  Speaker 7: some of the heinous migrant criminals caught because of President
• 13:32
  Speaker 7: Donald J. Trump's leadership. I'm Christy Noman, the United States
• 13:36
  Speaker 7: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 13:40
  Speaker 7: crossings are at the lowest levels ever recorded, and over
• 13:44
  Speaker 7: one hundred thousand illegal aliens have been arrested. If you
• 13:47
  Speaker 7: are here illegally. Your next you will be fine nearly
• 13:51
  Speaker 7: one thousand dollars a day, imprisoned and deported. You will
• 13:55
  Speaker 7: never return. But if you register using our CBP home
• 13:59
  Speaker 7: app and now, you could be allowed to return legally.
• 14:03
  Speaker 7: Do what's right, leave now. Under President Trump America's laws,
• 14:08
  Speaker 7: border and families.
• 14:09
  Speaker 4: Will be protected. Sponsored by the United States Department of
• 14:12
  Speaker 4: Homeland Security,