Latest / Earn Your Leisure / Earn Your Leisure X Chase Freedom Rise Presents Foundation Forward: Episode 1 | Margaret

Transcript

Earn Your Leisure X Chase Freedom Rise Presents Foundation Forward: Episode 1 | Margaret · Earn Your Leisure

• 0:01
  Speaker 1: This episode is brought to you by P and C Bank.
• 0:04
  Speaker 1: A lot of people think podcasts about work are boring,
• 0:07
  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
  Speaker 1: day after day. It's like banking with P and C Bank.
• 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
• 0:24
  Speaker 1: what helps you live or more happily fulfilled life. P
• 0:28
  Speaker 1: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly
• 0:32
  Speaker 1: Boring since eighteen sixty five is a service mark of
• 0:35
  Speaker 1: the PNC Financial Service Group, Inc. P and C Bank
• 0:39
  Speaker 1: National Association Member FDIC Erness What's Up? You ever walk
• 0:45
  Speaker 1: into a small business and everything just works like the
• 0:49
  Speaker 1: checkout is fast, the receipts are digital, tipping is a breeze,
• 0:53
  Speaker 1: and you're out the door before the line even builds.
• 0:55
  Speaker 1: Odds are they're using Square? We love supporting business is
• 1:00
  Speaker 1: that run on Square because it just feels seamless. Whether
• 1:02
  Speaker 1: it's a local coffee shop, a vendor at a pop
• 1:05
  Speaker 1: up market, or even one of our merch partners. Square
• 1:08
  Speaker 1: makes it easy for them to take payments, manage inventory,
• 1:12
  Speaker 1: and run their business with confidence, all from one simple system.
• 1:16
  Speaker 1: If you're a business owner or even just thinking about
• 1:19
  Speaker 1: launching something soon, Square is hands down one of the
• 1:22
  Speaker 1: best tools out there to help you start, run and grow.
• 1:25
  Speaker 1: It's not just about payments, it's about giving you time
• 1:29
  Speaker 1: back so you can focus on what matters most ready.
• 1:32
  Speaker 1: To see how Square can transform your business, visit Square
• 1:35
  Speaker 1: dot com, backslash, go backslash eyl to learn more that
• 1:40
  Speaker 1: Square dot com backslash, go backslash eyl. Don't wait, don't hesitate.
• 1:45
  Speaker 1: Let's Square handle the back end so you can keep
• 1:48
  Speaker 1: pushing your vision forward. How often do you think about credit?
• 1:55
  Speaker 2: That's a good question, the.
• 1:57
  Speaker 1: Why, the how, the pitfalls, the benefit. I'm Troy Millions
• 2:01
  Speaker 1: and together with my partner Rashad Balau, we have been
• 2:04
  Speaker 1: financial educators under the Earnerlesiah Banner, and in this series
• 2:08
  Speaker 1: we've partnered with Chase Freedom Rise to talk to the
• 2:11
  Speaker 1: next generation about credit and confidence and specific steps to
• 2:16
  Speaker 1: building something real. This is Foundation Forward Episode one, How
• 2:23
  Speaker 1: to Overcome Credit den.
• 2:28
  Speaker 2: So.
• 2:28
  Speaker 3: I started dancing when I was two, but I never
• 2:31
  Speaker 3: really planned to actually pursue it because I come from
• 2:34
  Speaker 3: a family of teachers, very educated, very much like pushing
• 2:37
  Speaker 3: me to do like more academic work. But I got
• 2:42
  Speaker 3: to meet and learned from all these professional dancers, and that's.
• 2:45
  Speaker 2: When I flipped the switch.
• 2:48
  Speaker 3: It just didn't make sense for me to stay in Florida.
• 2:53
  Speaker 2: I'm Margaret Conti, I'm nineteen years old.
• 2:55
  Speaker 3: I'm studying dance. My goal is to be in one
• 2:58
  Speaker 3: of the major modern companies here. I'm excited to get
• 3:02
  Speaker 3: to sit with Troy and Rashad because I feel like
• 3:05
  Speaker 3: I just need someone I can trust to tell me
• 3:07
  Speaker 3: how I build credit because I've been denied twice for
• 3:10
  Speaker 3: credit cards.
• 3:11
  Speaker 4: It's gonna be an interesting one.
• 3:12
  Speaker 1: We have a young lady who's been studying something very
• 3:14
  Speaker 1: niche and from a finance standpoint, this is somebody who's
• 3:18
  Speaker 1: got rejected twice in credit. Make sure to see how
• 3:21
  Speaker 1: that's how to impact on it in.
• 3:22
  Speaker 5: New York City. That's you make it here. You can
• 3:24
  Speaker 5: maet anywhere be interested to here.
• 3:26
  Speaker 2: How are you guys?
• 3:29
  Speaker 4: Yes, so thank you for joining us. Appreciate it.
• 3:32
  Speaker 2: Yeah, thank you guys for having me.
• 3:33
  Speaker 4: Yeah.
• 3:34
  Speaker 5: Sure, so I know you're a dancer, Yes, sir, So
• 3:37
  Speaker 5: what would be your dream as far as when you
• 3:40
  Speaker 5: say I made it as a dancer, I.
• 3:42
  Speaker 2: Want to dance for the Martha Graham company.
• 3:44
  Speaker 3: Martha Graham was a visionary who created her own like
• 3:47
  Speaker 3: foundational modern technique called like the Graham technique. And so
• 3:50
  Speaker 3: that's like what they dance for the most part, very ethereal, very.
• 3:54
  Speaker 2: Like grounded and somehow also flowing.
• 3:56
  Speaker 3: And I think I love that like separation between the
• 3:59
  Speaker 3: two and how you got to do both at the
• 4:01
  Speaker 3: same time.
• 4:03
  Speaker 2: That's like all I want.
• 4:05
  Speaker 4: So you've had some issues with credit, right, Yeah.
• 4:08
  Speaker 3: So I've like struggled to be a proof for credit cards.
• 4:11
  Speaker 3: A couple of times before I left for college, I
• 4:13
  Speaker 3: applied for two cards and was it able to get them.
• 4:16
  Speaker 6: Sixty five percent of gen Z applicants have been denied
• 4:19
  Speaker 6: for some form of credit, the highest among all generations.
• 4:22
  Speaker 4: Do you know why you were denied?
• 4:23
  Speaker 3: One of them didn't tell me a reason, and then
• 4:25
  Speaker 3: the other one said that it was because I didn't.
• 4:26
  Speaker 2: Have like enough credit like credit history, credit history.
• 4:30
  Speaker 3: But if I don't have a credit card, I can't
• 4:32
  Speaker 3: build credit history. So I have like a credit card
• 4:36
  Speaker 3: through like one of my parents, authorized.
• 4:39
  Speaker 6: Using an authorized users a person who is allowed to
• 4:42
  Speaker 6: use another person's credit card account the primary card member,
• 4:45
  Speaker 6: otherwise known as the card owner.
• 4:46
  Speaker 4: Did you learn a lot about money in your household?
• 4:49
  Speaker 2: Not really.
• 4:49
  Speaker 3: We didn't really talk about it. It was always something
• 4:51
  Speaker 3: that like we were taught like not to talk about.
• 4:54
  Speaker 3: It's probably isn't great. But a lot of my information
• 4:57
  Speaker 3: comes from like social media or online campaigns and ads,
• 5:01
  Speaker 3: So I guess I don't really have like a trusted
• 5:03
  Speaker 3: source that I take everything from.
• 5:05
  Speaker 1: Misinformation runs while, especially on social media. It's kind of
• 5:09
  Speaker 1: how we started our career.
• 5:10
  Speaker 4: Really. He was a financial advisor.
• 5:12
  Speaker 1: I was a teacher, so we started teaching about financial literacy,
• 5:15
  Speaker 1: started out with young teens, and then it led to
• 5:18
  Speaker 1: creating a show that educated a.
• 5:20
  Speaker 4: Lot of people because of that factor.
• 5:22
  Speaker 3: It's like finding options out there like that that you
• 5:25
  Speaker 3: know you can trust.
• 5:26
  Speaker 2: It's so important.
• 5:27
  Speaker 6: Fifty six percent of gen Z report they intentionally seek
• 5:30
  Speaker 6: out financial advice through social media.
• 5:32
  Speaker 5: So I want to talk about the finances because that's
• 5:34
  Speaker 5: something that obviously could be kind of challenging. How have
• 5:38
  Speaker 5: you been able to balance finances living in New York City?
• 5:41
  Speaker 2: Yeah, so it's definitely difficult.
• 5:42
  Speaker 3: At my school, we dance like from eight to eight,
• 5:46
  Speaker 3: So working during the week isn't really an option. You're
• 5:49
  Speaker 3: not always going to have stable work, and like you
• 5:51
  Speaker 3: have to recognize that definitely scary.
• 5:54
  Speaker 5: Do you feel that you may have to make some
• 5:57
  Speaker 5: career decisions if you're not making money dancing or are
• 6:01
  Speaker 5: you fully committed?
• 6:03
  Speaker 2: I want to give it at least five years.
• 6:05
  Speaker 3: I am like a double major, so I do have
• 6:07
  Speaker 3: like another degree that I have if something goes wrong,
• 6:10
  Speaker 3: what's your degree in history? So not a ton of
• 6:15
  Speaker 3: jobs with that, but it is something more than dance.
• 6:18
  Speaker 3: I want to give it at least five years and
• 6:20
  Speaker 3: like give it everything I can, and so that's as
• 6:22
  Speaker 3: many odd jobs as possible if that means, like, however
• 6:25
  Speaker 3: many roommates I need wherever I have to live, Like
• 6:28
  Speaker 3: I am trying to like build up credit because I
• 6:31
  Speaker 3: want to be able to like have an apartment and
• 6:34
  Speaker 3: get approved for like larger purchases. So that's definitely something
• 6:39
  Speaker 3: that I'm worried about because once I graduate, I'm going
• 6:43
  Speaker 3: to need somewhere to live.
• 6:47
  Speaker 1: When you apply for it and you were denied, what
• 6:51
  Speaker 1: was that feeling?
• 6:52
  Speaker 7: Like?
• 6:55
  Speaker 3: I felt like I didn't really know what other options
• 6:58
  Speaker 3: there were for me to do at that.
• 6:59
  Speaker 1: Point, we believe confidence is the best way to combat
• 7:03
  Speaker 1: credit to now, so we set off to La to
• 7:05
  Speaker 1: meet up with a guy who has confidence in spades.
• 7:08
  Speaker 1: Bixby is a singer, songwriter, producer who has developed a
• 7:11
  Speaker 1: loyal and growing fan base without a record deal or
• 7:14
  Speaker 1: the support of a traditional label.
• 7:15
  Speaker 7: I mean, the first time I ever tried to apply
• 7:17
  Speaker 7: for a credit card, I got tonight because I had
• 7:18
  Speaker 7: absolutely no history. But I feel like, just like being
• 7:23
  Speaker 7: an artist doing anything sort of are related. I feel
• 7:26
  Speaker 7: like it's a marathon, it's not a sprint.
• 7:28
  Speaker 1: We caught up with him in the studio to discuss
• 7:30
  Speaker 1: credit and being a creative.
• 7:31
  Speaker 4: Congratulations without your success. Thank you so much.
• 7:34
  Speaker 7: I appreciate it.
• 7:34
  Speaker 2: Yeah.
• 7:35
  Speaker 4: Nah, you've blown up man taking over the world. That's
• 7:38
  Speaker 4: the plan. Okay, So let's talk about financial anxiety.
• 7:42
  Speaker 5: Yeah, did you ever have any level of financial anxiety
• 7:45
  Speaker 5: growing up?
• 7:46
  Speaker 4: Oh?
• 7:46
  Speaker 7: For sure.
• 7:47
  Speaker 4: I mean.
• 7:49
  Speaker 7: Coming from a not so wealthy family, you know, like
• 7:52
  Speaker 7: there's always been some sort of financial anxiety I've always
• 7:55
  Speaker 7: been aware of, Like, you know, you need to have
• 8:00
  Speaker 7: a job and you need to have like steady income.
• 8:02
  Speaker 5: So yeah, so at what point did you realize like, Okay,
• 8:06
  Speaker 5: I got my stride in this situation.
• 8:08
  Speaker 1: So like, are your peers realizing that you have this talent?
• 8:12
  Speaker 1: Does your family know you have this talent? It was
• 8:14
  Speaker 1: just like I'm closing the door, I'm in the lab
• 8:16
  Speaker 1: and nobody knows what's going on.
• 8:17
  Speaker 7: Well, I'm gonna be honest. It wasn't talent in the
• 8:20
  Speaker 7: first place. It was really bad in the beginning. I
• 8:23
  Speaker 7: kept it a secret mainly for my family for a
• 8:26
  Speaker 7: little bit, and then you know, you can't really hide it.
• 8:28
  Speaker 7: I'm screaming in my room at two in the morning
• 8:30
  Speaker 7: trying to make music with peers. It was like, you know,
• 8:34
  Speaker 7: a little bit of bullying, you know, I mean eventually
• 8:37
  Speaker 7: then they were like, yo, she's kind of tough. People
• 8:41
  Speaker 7: usually have this thing where they like are embarrassed by
• 8:44
  Speaker 7: what they do because they know like bad or whatever.
• 8:47
  Speaker 7: But like I had this full on confidence that I
• 8:51
  Speaker 7: was like, I'm gonna make it. I'm next up. Three
• 8:54
  Speaker 7: years in, I had my first song reach one hundred
• 8:56
  Speaker 7: k place, which was like huge for.
• 8:58
  Speaker 4: Me at the sound clo yeah on SoundCloud.
• 9:00
  Speaker 7: Quit my Boba job the next day, no more, Yeah,
• 9:03
  Speaker 7: no more Boba.
• 9:04
  Speaker 1: There's a mental side of this as well, right, obviously,
• 9:07
  Speaker 1: if you have to create, there's a pressure to create.
• 9:09
  Speaker 4: This is your livelihood.
• 9:11
  Speaker 1: How are you handling that at such a young age.
• 9:14
  Speaker 7: Oh, it's hard. Just the people around me that are
• 9:17
  Speaker 7: also going through the same things that I am. Like,
• 9:20
  Speaker 7: just keeping that kind of company really helps. Do you
• 9:22
  Speaker 7: guys want to hear some new stuff?
• 9:23
  Speaker 4: Yeah?
• 9:28
  Speaker 7: I started out with just a laptop and a USB microphone.
• 9:31
  Speaker 7: There was a good three years where I was just
• 9:33
  Speaker 7: making really bad music and I didn't think I was
• 9:35
  Speaker 7: I thought it was awesome. I got denied my first
• 9:37
  Speaker 7: couple of credit cards. You know, I was living with
• 9:39
  Speaker 7: my parents. I had no credit history whatsoever. But as
• 9:42
  Speaker 7: time goes on, you realize more of these things and
• 9:45
  Speaker 7: like you realize, oh, like I can actually get better
• 9:47
  Speaker 7: at something. Yeah, now I'm living my dream making music
• 9:50
  Speaker 7: and making money off of it, and there's still so
• 9:51
  Speaker 7: much more left to do. We're on the same journey
• 9:54
  Speaker 7: together and we're gonna get to wherever we need to
• 9:56
  Speaker 7: be as long as we keep going.
• 9:58
  Speaker 1: Bigsb's companies him resilient and it's fueling his success and
• 10:02
  Speaker 1: to help Margaret gain the kind of confidence she has
• 10:04
  Speaker 1: in her dancing with her finances, it's clear, all she
• 10:08
  Speaker 1: really needs is some trustworthy guidance.
• 10:10
  Speaker 4: All right, let's get.
• 10:11
  Speaker 1: Into you know, the ABC's of how credit actually works. No,
• 10:16
  Speaker 1: this is important, right, So it breaks down to one
• 10:19
  Speaker 1: hundred percent circle.
• 10:20
  Speaker 4: Right.
• 10:21
  Speaker 1: The biggest percentage inside of how to improve your credit
• 10:24
  Speaker 1: is making sure that you have a great payment history.
• 10:27
  Speaker 1: So thirty five percent of your score comes to that, right.
• 10:29
  Speaker 1: So it's important to know your due date. In fact,
• 10:31
  Speaker 1: it's also important to know the reporting date of the
• 10:33
  Speaker 1: financial firm or the institution that is loaning you with credit.
• 10:36
  Speaker 1: You always want to pay before them because again, it
• 10:38
  Speaker 1: shows you how trustworthy you are that you're able to
• 10:41
  Speaker 1: pay off that debt before they're even asking for it.
• 10:43
  Speaker 4: The next one is the utilization.
• 10:45
  Speaker 1: Utilization raisings how much of the card you're using. Typically
• 10:49
  Speaker 1: they'll tell you to make sure that it stays about
• 10:51
  Speaker 1: thirty percent. We love to tell people make it ten percent.
• 10:54
  Speaker 4: That way, you're overperforming.
• 10:55
  Speaker 1: At that level so that you're more credit worthy and
• 10:58
  Speaker 1: more trustworthy.
• 10:59
  Speaker 3: So like keeping the lowe or rate, that makes people
• 11:01
  Speaker 3: more willing to improve you because I think.
• 11:03
  Speaker 4: You'll pay exactly.
• 11:05
  Speaker 1: The next one is the length of your credits. Right,
• 11:07
  Speaker 1: So this is about another fifteen percent of your credit score.
• 11:10
  Speaker 1: This is why having an authorized user card helps. Now
• 11:13
  Speaker 1: that you're an authorized user, you get to have the
• 11:15
  Speaker 1: freedom of having the report of their credit now affecting you.
• 11:18
  Speaker 1: Now you have two credit cards with thirty years, they're
• 11:20
  Speaker 1: going to divide it. Now your credit length is fifteen years.
• 11:23
  Speaker 1: This is how it works. That's why have an authorized
• 11:25
  Speaker 1: card is so important.
• 11:25
  Speaker 4: But you got to use it. The next one is
• 11:27
  Speaker 4: the mixture.
• 11:27
  Speaker 1: Of credit, right, like, how many different places feel that
• 11:31
  Speaker 1: I'm trustworthy to get credit?
• 11:33
  Speaker 4: Yeah, to that point.
• 11:34
  Speaker 1: One simple way to improve your chances of getting approved
• 11:36
  Speaker 1: for a first time credit card like Chasing Starter card
• 11:38
  Speaker 1: is to have a Chase Checking account open when you apply.
• 11:41
  Speaker 2: That is the ADCs.
• 11:42
  Speaker 1: If you can stick to that format number one, your
• 11:45
  Speaker 1: credit is going to improve. But you're also going to
• 11:47
  Speaker 1: create a credit history for yourself.
• 11:48
  Speaker 3: So those two cards that I was denying, do those
• 11:51
  Speaker 3: count against me as derogatory mark?
• 11:53
  Speaker 1: Probably has, only because you were denied, But finding out
• 11:57
  Speaker 1: why you would deny it would be the first step.
• 12:00
  Speaker 1: And now you're on the path of building new right
• 12:03
  Speaker 1: so that that authorized.
• 12:04
  Speaker 4: User card is super important.
• 12:06
  Speaker 1: Figure out a system of how much we're going to
• 12:08
  Speaker 1: use keep that utilization low so you can start building
• 12:10
  Speaker 1: your own and then maybe six to eight months try
• 12:12
  Speaker 1: again and apply.
• 12:13
  Speaker 3: Okay, Yeah, I think the way that they laid it
• 12:18
  Speaker 3: out like so simply and because it's strustworthy, makes it
• 12:21
  Speaker 3: almost easier to understand than like information from social media
• 12:25
  Speaker 3: or anywhere else I would get it.
• 12:26
  Speaker 2: I feel like that information just confuses me even more.
• 12:30
  Speaker 3: Having this are these are your four your five steps
• 12:33
  Speaker 3: that you need to do, and this is how important
• 12:35
  Speaker 3: they are, what percent they count towards your credit score.
• 12:38
  Speaker 2: This just gives you like clear guidance on what to
• 12:41
  Speaker 2: focus on.
• 12:42
  Speaker 3: It's nice to like have a plan and just be
• 12:44
  Speaker 3: confident in like working towards credit scores.
• 12:49
  Speaker 4: Margaret Man talk about dreamers I believe in.
• 12:51
  Speaker 5: You know, coming from Florida to New York City is
• 12:54
  Speaker 5: not easy as a teenager, you know, being rejected from
• 12:57
  Speaker 5: having credit that's something that you know, it's not usual.
• 13:01
  Speaker 4: You know. Now it's an authorized user.
• 13:02
  Speaker 5: She can take the stairs as opposed to just haveing
• 13:05
  Speaker 5: an elevator.
• 13:06
  Speaker 1: Yeah, she's extremely courageous. She got the determination to say
• 13:09
  Speaker 1: I'm gonna make dance work. But you gotta give her
• 13:11
  Speaker 1: a lot of.
• 13:11
  Speaker 4: Credit for There you have it. I don't dance, but
• 13:14
  Speaker 4: two step, two step, all way out of here.