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Transcript

Investing Daily: Investing in America’s Credit Addiction — Breaking Down FICO · Earn Your Leisure

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  Speaker 1: This episode is brought to you by P and C Bank.
• 0:03
  Speaker 1: A lot of people think podcasts about work are boring,
• 0:06
  Speaker 1: and sure they definitely can be, but understanding a professionals
• 0:10
  Speaker 1: routine shows us how they achieve their success little by little,
• 0:14
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• 0:18
  Speaker 1: It might seem boring to safe plan and make calculated
• 0:21
  Speaker 1: decisions with your bank, but keeping your money boring is
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  Speaker 1: what helps you live or more happily fulfilled life. P
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  Speaker 1: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly
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  Speaker 1: the PNC Financial Service Group, Inc. P and C Bank
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  Speaker 1: National Association Member FDIC.
• 0:43
  Speaker 2: So let's start with building block corner. Maybe we could
• 0:48
  Speaker 2: start that like a new segment of like, you know,
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  Speaker 2: things that you just need to know, whether you're just
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  Speaker 2: starting out on your financial journey rebuilding or just trying
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  Speaker 2: to figure out. And it's something that my son had
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  Speaker 2: asked me a while ago as far as like credit,
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  Speaker 2: like what is fight go? And I thought that, you know,
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  Speaker 2: what I described it a while back was that I
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  Speaker 2: feel like fiko is your transcript as an adult. So
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  Speaker 2: like you know, as a child, you have a transcript
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  Speaker 2: in high school, right, and that transcript is vitally important
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  Speaker 2: because what that transcript says pretty much determines where you're
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  Speaker 2: going to go to college. Right, So they're making decisions
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  Speaker 2: based off of your grades nine times out of ten,
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  Speaker 2: actual curricular activity and stuff like that. But they're making
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  Speaker 2: decisions based off of your grades and your report cards
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  Speaker 2: for four years to determine what type of students you're
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  Speaker 2: going to be. Sometimes they're wrong, sometimes they're right, but
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  Speaker 2: that's what they're going to do. Right. As an adult,
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  Speaker 2: your report card doesn't really matter. But what does matter
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  Speaker 2: is your credit score. Yeah, so your credit score they're making.
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  Speaker 2: A bank is going to make a decision whether you're
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  Speaker 2: worthy enough to get a loan to buy a home,
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  Speaker 2: whether you can live in this apartment some time, whether
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  Speaker 2: you can get a job, whether you can get you
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  Speaker 2: can't get a car, whether you're going to pay an
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  Speaker 2: extra two hundred dollars a month for the car, because
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  Speaker 2: they're seeing if you're a responsible person or not, and
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  Speaker 2: how they're determining your responsibility is based off of your
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  Speaker 2: FIGHTO score.
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  Speaker 1: The interesting thing about FIGHTCO was, like most people hear
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  Speaker 1: about it. They don't even know. It's a publicly traded company.
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  Speaker 3: And one of the best in the market, one of
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  Speaker 3: my favorites.
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  Speaker 1: If you look at this charts over the past five years,
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  Speaker 1: you've seen how crazy it's going. But most people realize
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  Speaker 1: when it's too late, right, they'll figure out, I got
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  Speaker 1: to figure out my credit score? Who is Fightco? And
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  Speaker 1: so the idea of bureaus coming together to give you
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  Speaker 1: a score that are really are pretty much going to determine,
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  Speaker 1: like you said that transcript about trust, whether you're going
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  Speaker 1: to be right, like can we loan to you, whether
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  Speaker 1: that's for a car, whether it's for a home, or
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  Speaker 1: whether that's for trying to get a job. Like that
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  Speaker 1: score is so important, and so when I'm looking at them,
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  Speaker 1: like how do they actually make money?
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  Speaker 2: Right?
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  Speaker 1: So they don't actually sell credit scores. They actually license
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  Speaker 1: out rhythm for the credit scores, And if you're in
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  Speaker 1: any financial institution, people are going to track your credit scores,
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  Speaker 1: so they get to sell that over and over again.
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  Speaker 1: When do they make the most money, Well, when you
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  Speaker 1: see people actually trying to buy homes, and so when
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  Speaker 1: interestas are low, when people are redfindancing, you just watch
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  Speaker 1: Fight those shark. That's one of those tips that most
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  Speaker 1: people don't think about, but everybody has to use, especially
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  Speaker 1: if you're in America. Right if you're trying to invest,
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  Speaker 1: especially in real estate or like I said, trying to
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  Speaker 1: get a vehicle, you're going to need that score. And
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  Speaker 1: once they know you needed an interest rates drop and
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  Speaker 1: money becomes more affordable to people. They're like, all right, well,
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  Speaker 1: this is the time that we should be watching this
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  Speaker 1: company and actually reported last week. So these are those
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  Speaker 1: little tippits that people don't talk about in finance that
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  Speaker 1: you should know one.
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  Speaker 3: Of the best performing stocks in the last ten years.
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  Speaker 3: And on top of that, they have required monopoly that
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  Speaker 3: most people don't think of. I've always been told to
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  Speaker 3: think of your fight goal scores your financial trust for
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  Speaker 3: and I think you can guys both touch on it.
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  Speaker 3: But it's a lot of people who have been turned
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  Speaker 3: away from amazing careers because that score wasn't high. So
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  Speaker 3: it's really important, includos Tolwen thatlwin broadcasting all the time.
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  Speaker 3: So about it. It is eight fifty, So kudos to my brother. Yeah,
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  Speaker 3: MVP in all areas of life, yo.
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  Speaker 2: And I think the last thing that it's interesting about
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  Speaker 2: this is like you know, Fiko, as you said, is
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  Speaker 2: a is a traded stock on the stock market, right,
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  Speaker 2: So what happened is that when it it iPod in nineteen,
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  Speaker 2: iPod in nineteen eighty seven at one dollar and forty
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  Speaker 2: nineteen forty seven one dollar forty cents. It's currently trading
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  Speaker 2: at seventeen hundred cent. But if you really look at
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  Speaker 2: the chart, it really started to go crazy. It really
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  Speaker 2: started to go crazy around twenty fourteen, twenty twelve, twenty,
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  Speaker 2: let's just say twenty ten. After twenty ten, it started
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  Speaker 2: to take off tremendously, right if you look at the
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  Speaker 2: financial markets right, especially after the Great Recession, DoD Frank
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  Speaker 2: oh this and it says a lot about the economy
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  Speaker 2: that we're in right now, the importance of credit scores.
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  Speaker 2: If you look at how the world was shape in
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  Speaker 2: nineteen eighty eight, your credit score was a completely different
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  Speaker 2: metric of meaning as far as your life importance than
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  Speaker 2: it is in twenty twenty five. You can't even really
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  Speaker 2: live without credit score right now. It says a lot
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  Speaker 2: about the times when that we're in. But to put
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  Speaker 2: it in perspective, the stock is up eighty five thousand percent.
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  Speaker 3: Since power of long term holding.
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  Speaker 2: Yep, it's up eighty five thousand percent.
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  Speaker 3: And importance of intellectual property that I just cannot easily recreate.
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  Speaker 1: Yeah, I mean you're talking about us DOT that was
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  Speaker 1: up at twenty four hundred dollars. And so if you
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  Speaker 1: look at that TEA, look at that pandemic run right
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  Speaker 1: from like twenty nineteen where it's traded under six thirty
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  Speaker 1: to that twenty four hundred dollars run. That's an incredible run.
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  Speaker 1: And that was pulled back a little bit.
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  Speaker 2: Right.
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  Speaker 1: There's some uncertainty, right, We've seen it over the past
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  Speaker 1: three years. We saw the market pulled back in twenty
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  Speaker 1: twenty three, and so there's still some uncertainty. But here's
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  Speaker 1: one thing that's gonna until America changes the credit system. Right,
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  Speaker 1: this is a company that's not going anywhere, and this
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  Speaker 1: is one of those companies and you're gonna need. Yeah,
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  Speaker 1: You're absolutely gonna need.
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  Speaker 2: I mean it's like you know, once again, Wu Tang
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  Speaker 2: when they said in ninety six, cash rules everything around me,
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  Speaker 2: and then we actually made that t shirt when we
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  Speaker 2: first started that cream. Yeah, credit rules everything around me.
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  Speaker 2: You've seen it happen in real time, right, now how
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  Speaker 2: the monetary system has changed to become a pretty much
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  Speaker 2: cashless society at this point in time, and everything is
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  Speaker 2: run on credit, so understanding the credit credit credit rules.
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  Speaker 2: It's like the clip song fight. Yeah yeah, yeah.
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  Speaker 1: Shout out to them, Shout out to them. Man, Grammy nominated.
• 7:08
  Speaker 1: I know that they talked about how important the Grammys
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  Speaker 1: were to them in Gwyna one that got nominated for
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  Speaker 1: five Granmys. I see them winning at least three or
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  Speaker 1: four of them.
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  Speaker 2: I definitely got it.
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  Speaker 3: And honestly one of the greatest campaigns of the last
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  Speaker 3: ten years, just like one long rollout of quality and video,
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  Speaker 3: music and fashion.
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  Speaker 2: It's been a mass marketing standpoint. They had the best
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  Speaker 2: rollout that I've seen in years to the nation, their
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  Speaker 2: whole team, because I've never seen somebody that man they
• 7:39
  Speaker 2: was on they would think that there was Michael Jackson
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  Speaker 2: as far as how many articles that they had written
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  Speaker 2: about them. And then you know interview Vatican. They've performed
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  Speaker 2: the Vatican. That's one hundred percent and just good people
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  Speaker 2: man like you know mal As, somebody that's been highly
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  Speaker 2: respected for a very long period of time. See him
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  Speaker 2: step away and then step back like he never left
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  Speaker 2: push a Tea, somebody that we've run into a few
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  Speaker 2: times at our spoting Harris, we interviewed them reliability, you
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  Speaker 2: know what I mean. He's a super smart dude as
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  Speaker 2: far as getting money from on the medical side with
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  Speaker 2: medical transportation companies, and he got a bunch of stuff
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  Speaker 2: from the McDonald's licensing deal. He talked about that before.
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  Speaker 2: So you know, these guys are not just successful for
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  Speaker 2: no reason, Like they're really smart, Like I think hustling
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  Speaker 2: because they are. The last thing I say about this
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  Speaker 2: is I think the clips they solidified hustling, right, But
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  Speaker 2: hustling is not just a matter of you know, just
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  Speaker 2: hustling on the street corner, Like you really got to
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  Speaker 2: stay up to the times. You gotta be in tune
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  Speaker 2: what's going on, and you gotta actually have a sharp mind.
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  Speaker 2: So even for them to like, you know that fight go,
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  Speaker 2: You're don't about to stock fight go. Like that's like,
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  Speaker 2: you know, you got to be understanding what's going on
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  Speaker 2: right now because the world is moving so quickly that
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  Speaker 2: if you pay attention to trends, you could you could
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  Speaker 2: make money.
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  Speaker 1: Yeah, and the best teacher has always been music, especially
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  Speaker 1: for us, like we grew up just listening to music
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  Speaker 1: and trying to learn things. So when I looked at
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  Speaker 1: the track list, I said fight. I said, all right,
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  Speaker 1: this is something we got to tap into. Man, Ernest,
• 8:57
  Speaker 1: what's up. You ever walk into a small business, everything
• 9:00
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• 9:04
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• 9:07
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• 9:12
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• 9:14
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• 9:17
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• 9:20
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• 9:24
  Speaker 1: manage inventory, and run their business with confidence, all from
• 9:27
  Speaker 1: one simple system. One of the things we love most
• 9:30
  Speaker 1: is seeing neighborhood businesses level up. Business West Indian spired
• 9:34
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• 9:38
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• 9:40
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• 9:44
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• 9:47
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• 9:51
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• 9:54
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• 9:57
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• 10:00
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• 10:03
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• 10:19
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• 10:24
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• 10:32
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