EP 9: What Your Parents Never Taught You About Money

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Hey guys, welcome back to real love, real life podcast.

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I'm your host, jasmine.

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And I'm Ernesto.

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Okay, I'm gonna get right to it.

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Raise your hand.

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If your parents ever just told you pay your bills on time and never mentioned anything about credit.

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Okay, Because I feel like that is something that we have in common, Because I feel like that is something that we have in common big time.

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But I'm so glad that with time we've figured it out and we're not experts and we're not like financial advisors, but I will say that we've made it a very long way.

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Yeah, progress.

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We've made a lot of progress, and this is also something that I had a couple of messages like in the past about, and then recently somebody brought it up again Just like asking for like some tips or like a video about it.

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You know, they know that we have a house together, like we have cars, things like that, and they're like I don't even know where to start.

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I don't even know where to start, so I was like I think that's going to be a really good topic.

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Again, we are not financial advisors.

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This is just things that have happened to us and we'd like to share with you.

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Okay, so, first off, were you ever shocked the first time you ever checked your credit score?

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First off, were you ever shocked the first time?

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you ever checked your credit score?

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I didn't even.

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I didn't even know what credit was.

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I didn't find my credit score until I got a car and then, I don't know, I forgot.

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Somebody might have asked me hey, what's your credit score, or something, and I think I made a credit karma how old are you?

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20, 20 or 21, 20 yeah, I was 20, but I I feel like I didn't get off to like a.

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Obviously I had to go out of car loan.

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That's not really the best way to start your credit, but when I did check my credit it was at a 700 something like the first time you ever checked it, so because, I had been making on-time payments for a while and then I opened up my credit karma and I remember it was at a seven something and I remember one of my homies girlfriends, we're all talking and I forgot we started talking about stuff like that and I was like, yeah, my credit's like 730 something and she, she's like no.

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Like she was literally like no, it ain't.

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I'm like, look, that's crazy, yeah, she's like, hey, yeah, she's hating.

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The first time I ever checked my credit score, I was 23.

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And I had a 400 credit score.

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That's bad.

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That's embarrassing and I thought like 400, you know sounds like a big number.

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It's better than 100.

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I didn't know anything about it.

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So when my sister made it for me, I was like oh, like it's 400.

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And she's like girl, it's 400.

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That's bottom of the barrel.

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She's like I don't know if you can get lower than this.

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So the first time I ever like used my credit, I was 18 and I went to those stores, um at the mall, and I don't even remember what I got.

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But I was 18, I didn't have a job, so I didn't even pay that dang I didn't pay it back, and then I didn't check my credit again until well.

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That was the first time checking it, when I was 23, and it was at 400.

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So five years later.

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And I had that that had already gone like to collections, all of that.

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So that's crazy, you know whatever, whatever and but I will say now it is at like 720.

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So it did take me some time from the time that my sister checked it and it was at 400 to the time that we started building our house yeah it was like at 720, 30 it, it was how many years?

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Two years.

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Ago.

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No, like it took me two years right, it took me about two years to get to like the 400s to 720s, so it is possible.

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I just had to work really hard for it and be consistent.

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And be very consistent.

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So what is a financial mistake that you made?

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Because you didn't know better?

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Do you think it was that car situation?

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yeah, I feel like the first car you ever buy should be cash, because not only do you, you know the, you have to work for it.

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So once you give, fork up that money like I feel like you appreciate it more, even if it it's a little hoopty.

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Well, mine.

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You're treating it like it's a skyline or something.

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You know what I mean.

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Remember mine.

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You're at the car wash every week and then it's like with a newer car, you're just like just filthy, you know.

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Yeah, with the car that you're grinding for, and just you know what I mean.

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Yeah, I bought my first car cash.

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It first car cash.

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It cost me sixteen hundred dollars and literally what you're saying I was at the car wash every boys every week.

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I was babying that thing like it was.

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It was a little bucket but I loved it yeah and it was so meaningful to me because, like I worked hard to put that money away when I didn't know, you know about, like I was, I was terrible with money at the time, my credit score was terrible, all of that.

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So the fact that I was able to put sixteen hundred dollars away and buy my first car was very rewarding.

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So it was my baby.

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And honestly, I regret getting rid of it.

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Yeah, it did help us a lot.

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Yeah, it did.

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Is there anything that, like your parents, do you think your parents could have done better to like teach you about credit or anything like that?

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I think, save money.

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Like I said, save money to buy that first car cash.

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Yeah.

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Because you're not starting off in a deficit.

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I don't think.

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But it's like a double-edged sword because you got your car's reliable, like that's the thing.

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I got my car.

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Um, so when I first started working construction, I rode with my cousin for a little bit and then, once that was coming to an end, then my dad's like, what are you gonna do?

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And then I don't think I had that much money saved up.

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I think I was making like 500 bucks off of 40 hours.

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So do the math you would have to save a couple months.

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And I didn't have a couple months because I was going to get moved job sites and I needed my own car.

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So my dad straight up took me to San Chevrolet.

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Dang.

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And just get you in whatever to it don't matter what the numbers are looking like.

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First offer sign like, luckily, I think I was paying 371 dollars for the song.

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It was a chevy sonic.

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They wanted to give me a spark.

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I was like, nah, I'm straight.

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And then, uh, they showed me the the sonic and then I was like, hey, that's pretty clean.

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I was like, hey, yeah, sonic the hedgehog.

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No, just kidding.

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Nah, it was cool and you know it wasn't that much 300 bucks.

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You know I was making 500 off the 40 small, reliable car, good on gas, and I never once in my career have ever had a like to be like, hey, I can't make it because my car yeah so it's, yeah, I had to pay for a car all my whole life.

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But I know I've known a lot of people that, hey, they couldn't make it in.

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Or you know it's a struggle, bus man, especially if your car takes a poop.

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Your engine like remember that mercury I had?

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I bought it.

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Yeah.

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So you, I mean you, got to do your due diligence too when you go and buy a used car.

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You know take a mechanic.

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Do a compression test because they can go all downhill like you can throw that I had that car, what?

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not even a month.

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Boom check, check engine light.

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I'm just like what Needed to get redone?

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The whole motor coming out, yeah, you know, and then it was just horrible.

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Yeah Well, my mom never even mentioned the word credit.

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So I mean, I was 23 when I was like introduced to it, so I didn't know anything about it.

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Even when I went to go get like my first, it wasn't even a credit card.

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I think I just went and like took the item out.

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They never gave me like an actual card.

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At the Curacao.

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Yeah, so I never even knew, like what it was or anything.

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Finally, when I checked my credit, you know, and saw that it was terrible, my sister was like I think, like what can save you is a secured credit card.

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Yeah.

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Again, I knew nothing about it and I know that there's a lot of people that don't know anything about it.

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Because when people do ask me like you know, how do you think like your credit got better, I always say a secured credit card.

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It was a Capital One one.

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It was a, say, a secured credit card.

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It was a capital one one.

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It was a capital, one secured credit card, and it started off with 200 bucks so you have to put that money in there.

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So when you open that line, um, it was 200 bucks and I think that card right now has like a seven thousand dollar limit.

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I still have it um.

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So they like as you're making the payments on time.

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So I think when I went to like six, I made like six months of on-time payments.

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Um, I think they went up to 500 and then a thousand it started at first it was 200 dang so from 200, and I think right now the credit limit is like 7 000 um that's crazy.

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So it's really good and I mean, I feel like that that was the only card I had pretty much from like the time that I started to when we got the house.

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So in like two years that secured credit card got me from like the 400 to 720 that's crazy, yeah, and it's kind of difficult during that stage because 200 if if you don't have it under 30, most of the time your credit is going to be getting knocked down because you're over 30 usage so I had it you got to like use it and pay.

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Pay it for sure that month yeah, I was.

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what I was doing is remember we lived right next to costco, so I would go and I'd put I wouldn't even fill my car up, I'd put some.

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Oh yeah, right, and that was the only thing I was using it for.

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Yeah.

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And so it's like a slow grind but you kind of get your foot in the door better than just like me just going to get a twenty five thousand dollar car.

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Yeah, it's hard, I car.

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Yeah, it's hard and it takes time.

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I mean, it was probably 14% interest rate, yeah.

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So then you grow up you're like dad, what the heck?

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Yeah, and that's the thing, guys, I literally had to tell my dad one time.

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He calls me, like once I got my credit going.

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He calls me hey, can you come co-sign for me?

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And you know, I know my dad was on the struggle bus too, cuz the truck he had paid off took a poop.

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And then you know, you know how it is not having a car.

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And then, um, I pulled up and I had already became a little bit more financially literate.

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So I'm like, what's the interest payment?

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All this xyz, yeah.

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And I straight up told my dad I ain't signing that for you.

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That's horrible.

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It was so awkward.

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I bet the salesman hated me.

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My dad probably was like, felt bad, but I, what I'm gonna say that was yeah, because he got that.

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He remember, he, he, that maroon truck he has.

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Yeah, he got it by himself.

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A little bit after that he went by himself.

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So they were going to give him a Colorado.

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Yeah.

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Crazy.

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Payment Interest was crazy.

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I'm like, nope, I'm not doing this for you, dad, I'm sorry, this is horrible.

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Yeah, and I, literally at 20, 21 years old, had to make a grown-up decision at 20, 21 years old.

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How to like make a grown up decision?

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Yeah.

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And it's your dad too.

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It's like you know you don't want to tell your dad no, but Do you think he doesn't know about credit or he just like doesn't care?

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Both, I think both, but I feel like a lot of older, like those generation.

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They're just kind of oblivious to stuff.

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Yeah.

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And they're just like, they're kind of oblivious to stuff.

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Yeah, and they're just like they're kind of like a bull in a china shop.

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They're just going to bulldoze through.

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If it's not even, if it's not pretty, they're just going to make it through, you know.

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I agree with that.

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You know like a big mistake that it's not going to turn into like bash our parents thing.

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But so my mom, since she came here from Mexico, like worked her butt off two and I don't think this girl ever thought I can go to a bank and put money in there like save it, because her checks she would go cash them.

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So she always had cash.

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You know now everything's direct deposit, things like that but back then she'd get a check she'd go cash it.

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Well, a little bit before like I think she had me and Jocelyn, she was like working like like two, three jobs all the time and she would, instead of saving the money, like putting it into a bank something.

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She thought that my grandma was going to save her the money.

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So my mom was sending her all her money no way For years and years.

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What?

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I don't even think I've ever told you this story yeah, because you know I'm gonna be like that's the dumbest thing I've ever heard still, like my mom, can tell you this story and cry about it.

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That's sad so my mom's plan was when I just when I've had it here, when, like, I just I'm done working all of that, I'm gonna go over there and I'm gonna like either build or buy myself my dream house and this, this and that.

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And my mom's dream has always been to have one of those little stores that they have in Mexico.

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You can go and grab something really quick.

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So my mom was going to build one of those Like a convenience store, like a convenience store.

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My mom had this whole plan to live her best life out in Mexico.

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My mom had this whole plan to like live her best life out in Mexico.

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And I mean back then I don't know, like I don't know if it's between like 50 and 70,000, which back then is like a lot of money right now.

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Right now it's like eh, but um, like back then like that was like a lot of money.

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My mom was working her butt off and literally go and cash her checks and send it to my grandma send it to my grandma.

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Well, finally, when my mom, um, like I think she had lost her job or whatever and she was like you know what, like I'm done, like it's, I'm just gonna, I'm gonna leave, I don't think I was born yet um, she goes to mexico and she tells my grandma, like I'm ready, you know where's like my money?

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My grandma had told my mom, I have your money in this bank.

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That's gonna be paying you interest for having that money in there so my grandma too.

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She was filling up my mom with all these lies.

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And when my mom went over, like to get her money, and my grandma's like I don't have anything what my mom said, like she almost like fell to the floor, like almost passed out, like what she thought it was a prank, like what are you saying?

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And my grandma's like I don't have a dime, as you've been sending it to me, I've been spending it for years and years crazy but, again like so, like you couldn't think outside the box to go and she was already a resident, like she could go to a bank.

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I need a bank account and I'm gonna come and put my money in here every month, every every week.

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So, like you know, just like you say, like your dad, like he either doesn't know, or doesn't care, like I, I don't know know what it was back then.

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Like was it?

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Because, like they didn't, there was no internet.

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Or like there was, but they didn't know how to use it.

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I don't know.

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But you just scratch your head sometimes.

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It is literally something to just like scratch your head, Like what my mom still talks about it all the time.

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Honestly, you know it's nothing about materialism, but if my parents did that to me, I would probably never talk to them again.

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Well, I mean.

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How can you even be, how can you consider yourself my parent?

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So my grandma, you know, did that to my mom, which sucks, and my mom had was kind of put in the same situation.

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But my mom didn't do my sister dirty.

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So, like when my sister was born and they filed that lawsuit for like neglect and stuff.

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So like when my sister was born and they filed that lawsuit for like neglect and stuff, my mom won.

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I think it was $75,000 or something like that.

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And they told my mom, like you can go to this bank, like the money is like deposited in this bank, you can go at any time and like take it out and this and that.

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And my mom said, no, that's not my money, it's my daughter's money and I know that she she's gonna put it to better use than I am.

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Wow.

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So I don't know how much like interest like it accrued over like the years, but the day my sister turned 18, she flew to la I think she was, I think the bank was like in a in like West Covina or something.

00:17:32.278 --> 00:17:47.882
She flew to LA and literally they did a wire transfer to her bank here in Arizona and my mom struggled I mean my mom, was on the bus with five kids struggling but she didn't touch that money and she never touched that $70,000 that was in the bank she said it was my sister's Dang.

00:17:47.882 --> 00:17:48.241
That's rough.

00:17:48.241 --> 00:17:50.486
Yeah, she never touched those 70 grand that was in the bank.

00:17:50.486 --> 00:17:53.932
She said it was my sister's Dang.

00:17:53.932 --> 00:17:54.776
That's rough.

00:17:54.935 --> 00:17:55.477
Yeah, that's.

00:17:56.519 --> 00:18:00.609
She's a G for that one, yeah, but you know what I do feel too Like.

00:18:00.609 --> 00:18:04.201
I feel like schools could have taught us about that.

00:18:04.410 --> 00:18:04.852
Like, why don't?

00:18:04.872 --> 00:18:06.458
they teach us about that, do they?

00:18:06.951 --> 00:18:12.761
They made school to make employees, not critical thinkers.

00:18:13.163 --> 00:18:14.084
Yeah, I think.

00:18:14.250 --> 00:18:19.682
Because if you look at a classroom 100 years ago to now, it's the same thing, if not worse.

00:18:19.682 --> 00:18:23.780
You may think times are getting better because technology is advancing.

00:18:23.780 --> 00:18:41.061
Xyz education has been going to the dump and it's like I don't know to the dump and it's like I don't know it's, but it's also, at the end of the day, it falls on you.

00:18:41.061 --> 00:18:42.145
Yeah, just like the book think and grow.

00:18:42.145 --> 00:18:42.626
No, rich dad, poor dad.

00:18:42.626 --> 00:18:42.887
I don't know.

00:18:42.887 --> 00:18:44.090
I was gonna say think and grow rich.

00:18:44.090 --> 00:18:46.978
Rich dad, poor dad if you didn't come from a rich dad.

00:18:47.839 --> 00:18:48.923
You gotta be the rich dad.

00:18:48.923 --> 00:18:59.181
Yeah, not just materialistically, but knowledge, wisdom yeah you know you have to acquire that and, um, sometimes you know you come.

00:18:59.382 --> 00:19:14.684
You're the one to come and break the generational curses and yeah set up the foundation and I think, now that we know better too, like it's really important for us to pass it on to the kids, like anything that we know now about credit.

00:19:14.684 --> 00:19:21.903
Like let them know, hey, credit cards aren't bad, you just have to use them right really know how to use them.

00:19:21.903 --> 00:19:36.179
Before signing anything, you know you need to look at the interest, you need to see like what it's like, don't just dig this hole that you can't come out of later, because that's really easy, like the credit cards that you open when you go to a store.

00:19:37.160 --> 00:19:39.342
And I was going to ask you that next.

00:19:39.342 --> 00:19:43.846
Have you ever fell into that like open a credit card just to get the discount?

00:19:45.789 --> 00:19:50.902
I wouldn't say that, but I remember one time I was walking through Tanger Atlas.

00:19:51.282 --> 00:19:51.502
Yeah.

00:19:51.834 --> 00:20:09.930
And I was like Ianger Atlas and I was like I don't know why I wanted to watch and then I didn't like the ones at Tilly's and then I just happened to walk into Kate Jewelers and I seen that stainless one I have and it was like $500 or $600 and then they're like you know, that's how they get you to their.

00:20:10.111 --> 00:20:11.275
Well, I guess, yeah, I guess.

00:20:11.275 --> 00:20:13.013
So they're like $40 a month.

00:20:13.013 --> 00:20:14.819
Yeah, sign me up.

00:20:14.819 --> 00:20:17.257
So that was the car.

00:20:17.257 --> 00:20:18.969
And then I opened up the K Jewelers.

00:20:18.969 --> 00:20:24.616
So that was the first credit card, I think I took out and I had the car loan.

00:20:24.616 --> 00:20:26.257
So that's how I got started off with credit.

00:20:26.257 --> 00:20:34.992
So I was making on-time payments on my car and on-time payments on the watch.

00:20:34.992 --> 00:20:36.294
It was 500 bucks, excuse me, it was 500.

00:20:36.294 --> 00:20:40.378
It was 600 bucks payments, you know, but yeah so they did give me.

00:20:40.398 --> 00:20:52.794
But I feel like that's a jewelry store, like it's also like something, like I feel like that case card like isn't bad, because again that's where you've gotten, like my rings and things like that very important.

00:20:52.794 --> 00:21:01.196
But what I mean is like, like you know, you, you go to like old navy and then they're like if you sign up for a credit card, like you'll get ten dollars off, like this whole thing.

00:21:01.238 --> 00:21:13.079
I'm like no and I feel like for like clothing stores, it's kind of like a little bit more convenient, because you who don't want to always have new clothes, so like you could just be like swipe swipe.

00:21:13.099 --> 00:21:16.410
swipe, swipe pay later, yeah, and then that can become very dangerous immediately.

00:21:16.890 --> 00:21:21.155
You dig yourself in a financial hole and you're just like you can't even see the light at the top.

00:21:21.155 --> 00:21:33.142
You're just like whoa and I feel like that's when life, like you're not really living no more, and I feel like I know about mostly everybody can relate to that.

00:21:33.702 --> 00:21:33.864
Yeah.

00:21:34.250 --> 00:21:38.371
Just, you know, and we all make mistakes, guys, we all.

00:21:38.371 --> 00:21:40.659
You know, even when you know better, you still make a mistake.

00:21:40.659 --> 00:21:42.537
You know it's human nature.

00:21:42.537 --> 00:21:46.759
The flesh is always going to fail, but the spirit won't.

00:21:46.759 --> 00:21:58.660
So we just got to be better, guys, like our parents weren't perfect, our grandparents weren't perfect, but you know they made sacrifices for us to be better.

00:21:58.660 --> 00:22:00.650
So we just got to keep it going.

00:22:00.650 --> 00:22:01.394
You know so.

00:22:03.265 --> 00:22:12.682
But it is definitely definitely difficult to be financially literate and you know not most people are going to want to invest in a you know Roth IRA or you know, in the stock market.

00:22:12.682 --> 00:22:16.674
You know not most people are going to want to invest in a you know Roth IRA or you know in the stock market.

00:22:16.674 --> 00:22:23.902
You know that's scary for most people that are like, or just like, a, like you said, just a regular high yield savings account.

00:22:23.902 --> 00:22:26.734
Like you know.

00:22:26.734 --> 00:22:29.301
I know most people don't really have a savings right now.

00:22:29.301 --> 00:22:32.615
I don't know the exact number on it, but it like.

00:22:32.615 --> 00:22:37.064
Well, ernesto, how are you gonna tell me to say you know, have a try to look for a fight.

00:22:37.064 --> 00:22:44.411
Five percent to seven percent, you know high yield savings account, but I don't even have 500 in my account.

00:22:44.411 --> 00:22:46.032
So it's like you know.

00:22:46.032 --> 00:22:50.279
It starts, you know, with 20 bucks a day trying to save, or five, or.

00:22:50.279 --> 00:22:53.984
It's tough, but we just got to guys.

00:22:53.984 --> 00:23:00.099
It's just, you're not living when you're just behind the curve, you know I agree.

00:23:01.141 --> 00:23:06.253
Um so just to like for people that don't know, like, how credit works.

00:23:06.253 --> 00:23:11.059
So payment history credit age credit age.

00:23:12.361 --> 00:23:19.038
Uh, how much right like yeah, utility like what's your percentage is that?

00:23:19.038 --> 00:23:32.933
Yeah, and then I think the types of accounts right don't they separate them like, like your diversity yeah, so there's a lot of things each one's 10 to 15 percent, like your credit yeah, so they separate them sorry.

00:23:32.933 --> 00:23:36.317
Sorry, it's all lot of things Each one's 10 to 15% of like your credit.

00:23:36.337 --> 00:23:37.298
Yeah, so they separate them.

00:23:37.298 --> 00:23:40.442
Sorry, it's all kind of coming to no go ahead, so it's like a lot of yeah, it did.

00:23:40.442 --> 00:23:41.542
I had that written down.

00:23:41.722 --> 00:23:43.404
Is it inquiry or inquiries?

00:23:44.026 --> 00:23:45.467
I don't know, They'll know.

00:23:45.467 --> 00:23:46.449
They'll know what I mean.

00:23:46.449 --> 00:23:46.909
What is it?

00:23:46.969 --> 00:23:53.768
guys, my financial people we got any financial, real, real life financial advisors and?

00:23:54.108 --> 00:24:02.894
it would actually be really nice message me it would actually be really nice to like sit, like for people that are good with taxes to bring someone on exactly?

00:24:02.894 --> 00:24:10.321
Um, okay, but I did research it for you guys.

00:24:10.321 --> 00:24:16.873
Paying on time is the number one yeah that can bring you down, like so fast.

00:24:17.453 --> 00:24:34.673
Another thing that people don't know not that I'm encouraging anybody to like make, like late payments, but what a lot of people don't know like when you have a this isn't for rent, this is for like when you actually, like, are making a mortgage payment.

00:24:34.673 --> 00:24:40.003
So a lot of people think that, like after the first day.

00:24:40.003 --> 00:24:44.080
You know people think, like your mortgage is due on the first of the month, which it is.

00:24:44.080 --> 00:24:45.832
It is due on the first of the month.

00:24:45.832 --> 00:24:52.442
But when you're actually paying a mortgage, every bank gives you a grace period.

00:24:52.442 --> 00:25:01.144
It's a 16 day grace period and I know this because I worked in the mortgage like for three years.

00:25:02.227 --> 00:25:10.432
Um, people would call crying, panicking on the second day, like I can't make my payment, like help me, like what do I do?

00:25:10.432 --> 00:25:17.256
I don't want to lose my house, blah, blah, blah, and I'm like, okay, take a deep breath, you know you have a grace period, right?

00:25:17.256 --> 00:25:27.700
They don't know that their realtor or their loan officer, whatever, they don't tell them these things Like you have from the first to the 16th of the month to make your payment without getting a late fee on it.

00:25:27.700 --> 00:25:29.261
After the 16th, you're going to get a late fee on it.

00:25:29.261 --> 00:25:35.192
After the 16th you're gonna get a late fee and I think it's 20 percent of what your mortgage payment is.

00:25:35.192 --> 00:25:41.141
It's a lot, and then after the last day of the month.

00:25:41.141 --> 00:25:43.163
So, yeah, like.

00:25:43.163 --> 00:25:51.202
So if, like, you didn't make your payment in august, on september 1st, if you still haven't made your payment, then it would go on to your credit.

00:25:52.965 --> 00:26:00.358
So you have wiggle room yeah and and like you, you know, use it.

00:26:00.358 --> 00:26:03.463
You have we, we do it, or we've done it.

00:26:03.564 --> 00:26:16.173
Like you know, paint like extending that, yeah, um sometimes you, sometimes you gotta wait until that friday, uh that coming Friday or Wednesday, when the check finally hits, you know, yeah, but that just happens.

00:26:16.173 --> 00:26:28.201
First happens to land on a you know, because some people that's why I hate getting paid every two weeks oh yeah, it's tough, but I feel like you do have to manage a lot better, huh.

00:26:28.201 --> 00:26:34.028
Yeah, you do, you got to anticipate stuff more versus if you get paid weekly.

00:26:34.088 --> 00:26:36.679
You're just like yeah, oh, I think it's definitely friday.

00:26:36.679 --> 00:26:38.846
You know, it's friday always, saves the day.

00:26:39.469 --> 00:26:42.315
But yeah, you know, know your wiggle room.

00:26:42.315 --> 00:26:50.199
But always just try to be consistent, no matter what, even if you gotta stop the starbucks I had to do it.

00:26:50.318 --> 00:26:52.083
I had to do it for us to get.

00:26:52.951 --> 00:26:53.734
Stop the hookah.

00:26:55.413 --> 00:27:04.259
I had to stop the Starbucks to get our house and you had to stop something else, but I used to go to Starbucks every single day.

00:27:04.861 --> 00:27:05.563
Something else.

00:27:05.563 --> 00:27:12.059
In the morning before work for my coffee, because you would get a coffee and like something, and a pastry.

00:27:12.230 --> 00:27:14.997
So let's say you're spending $12.

00:27:15.196 --> 00:27:15.478
A day.

00:27:15.858 --> 00:27:17.482
A day, five days a week.

00:27:17.482 --> 00:27:21.938
That's $60 a week times $240.

00:27:21.938 --> 00:27:23.781
$240?

00:27:23.801 --> 00:27:24.583
$240.

00:27:24.583 --> 00:27:25.704
$240?

00:27:25.704 --> 00:27:25.704
.

00:27:25.724 --> 00:27:26.406
No times four Hold on.

00:27:26.406 --> 00:27:27.208
What is it again?

00:27:27.691 --> 00:27:29.289
You said 60 times four, that's $240.

00:27:30.211 --> 00:27:31.957
Why you have me all messed up.

00:27:31.997 --> 00:27:34.155
Because you did $12 a day times 5.

00:27:34.175 --> 00:27:35.733
$12 a day times 5.

00:27:35.773 --> 00:27:36.518
Which is 60.

00:27:36.518 --> 00:27:37.976
Yes, and there's 4 weeks in a month.

00:27:38.813 --> 00:27:40.430
So in a month that's 240.

00:27:41.172 --> 00:27:41.698
In a year.

00:27:41.698 --> 00:27:45.102
In a year to $3,000?

00:27:46.930 --> 00:27:49.397
Yeah, like almost $3,000 in a year.

00:27:49.598 --> 00:27:49.900
Wow.

00:27:50.549 --> 00:27:52.017
Just for coffee.

00:27:52.017 --> 00:27:53.557
Like that's crazy.

00:27:53.557 --> 00:27:57.497
I know that it doesn't seem like a lot Like okay, $3,000 in a year.

00:27:57.497 --> 00:28:03.028
Imagine if you woke up on New Year's Day and somebody hands you a jar with $3,000 in it.

00:28:03.048 --> 00:28:04.855
Exactly, yeah, that could be a down payment.

00:28:05.116 --> 00:28:05.397
Yeah.

00:28:08.890 --> 00:28:27.240
If you want to get a house and you get an FHA loan and you have a low dump, like, or you know, 30 that 3,000 save your life honestly like and I'm not gonna say I've like quit like Starbucks, like for like good I still go now, here and then, but like how I used to oh, yeah, no and it helped.

00:28:27.279 --> 00:28:36.480
So we had to come up with 14 grand to put on the down payment on the house, right like 13 something, almost 14 yeah, and we had.

00:28:36.480 --> 00:28:42.249
They're like, your house will be done in like seven, eight months you had to get that we were like what the heck do we do?

00:28:42.249 --> 00:28:43.592
We're cutting starbucks.

00:28:43.592 --> 00:28:45.635
We're like cutting this.

00:28:45.635 --> 00:28:55.462
We were rarely eating now and it was hard because we lived next to everything like chick-fil-a, chipotle all of these things, guys, right by harkin theater.

00:28:55.502 --> 00:28:58.878
So everything was right there, so do you know how hard it was like friday?

00:28:58.878 --> 00:29:04.634
You just got paid you're driving home and you're like, oh like, but we have a family of five we go, go to.

00:29:04.654 --> 00:29:06.438
Chick-fil-A, we're spending $60, $70.

00:29:06.438 --> 00:29:21.596
So it was like, no, we had to like put our big pants on, had to put my big girl pants on and start making my coffee at home, and we did it In like seven months.

00:29:21.596 --> 00:29:29.791
We were able, seven, eight months, we were able to have 14 grand in our savings and a little bit more.

00:29:29.791 --> 00:29:33.686
Huh, because I remember we went to go do the wire transfer and we still had money left and that's why we went.

00:29:33.686 --> 00:29:42.333
I think we bought, like our, our couch with the money that we had left yeah so we even had a little extra to splurge yeah, it was crazy

00:29:42.373 --> 00:29:44.317
though how to work hard.

00:29:44.859 --> 00:30:01.251
I think remember I was, I had to go work in flagstaff and all that yeah the baby was little, but it was so worth it we have our house now and it's like dude, imagine if we wouldn't have like stopped eating out or stop spending at starbucks, like we would have still been in a two-bedroom apartment.

00:30:01.251 --> 00:30:02.473
Like it's crazy yeah.

00:30:02.493 --> 00:30:05.398
So it's definitely possible, guys, we're.

00:30:05.398 --> 00:30:07.423
We're not perfect, we're no better than nobody.

00:30:07.423 --> 00:30:12.356
We're just as goofy and dumb as the next person, but one.

00:30:12.356 --> 00:30:26.846
Once you take stuff serious, guys like and that's the thing I never had nobody growing up teaching me about like philosophy, or just you know like the world literally bends to you, bends to your reality.

00:30:26.846 --> 00:30:36.054
When you take stuff seriously, when you start vibrating in the right frequency the world just starts bending to your reality, whatever you have in your subconscious.

00:30:36.535 --> 00:30:44.369
When it comes to the conscious world, you're like you know, but it's the little things that you plant right now that come to fruition later.

00:30:44.369 --> 00:30:48.977
So it's like you know, we were grinding and grinding, kind of like your tiktok and all that.

00:30:48.977 --> 00:30:53.704
You had to grind for years, not making a dime, and then it finally hit.

00:30:53.704 --> 00:31:01.884
So, um, but each day that you're making, you know, a positive step towards that, it, it'll happen.

00:31:01.884 --> 00:31:07.982
You just have to put one foot in front of the other, even if that hole seems like inescapable.

00:31:08.262 --> 00:31:08.403
Yeah.

00:31:08.849 --> 00:31:13.681
You know we built, we dig ourself in a financial hole that you won't.

00:31:13.681 --> 00:31:15.042
You don't even see the light up there.

00:31:15.042 --> 00:31:17.714
But you know you just got to put one foot in front of the other.

00:31:17.714 --> 00:31:22.884
Make the right decisions, cut out the nonsense and make it happen.

00:31:22.884 --> 00:31:25.358
Do it for yourself so you can live your best life.

00:31:25.378 --> 00:31:27.567
Happen, do it for yourself so you can live your best life.

00:31:27.567 --> 00:31:42.423
If you're in a relationship to like being very transparent with each other, like this, is what, even if you don't have, like you know, joint bank accounts- being very transparent.

00:31:42.443 --> 00:31:43.385
Hey, this is what I brought in.

00:31:43.385 --> 00:31:44.087
This is what you brought in.

00:31:44.087 --> 00:32:02.132
Have a money date when you go overboard and like you spent too much and you know your partner needs some and you don't have any, or you know you're short, whatever, then the tension that money can bring like onto your relationship like that's like really stressful yeah and remember somebody when we used to do confessions.

00:32:02.172 --> 00:32:06.030
I think somebody sent in like do you really tell ernesto how much money you make on social media?

00:32:06.030 --> 00:32:08.819
And I was like I tell him he knows everything I make.

00:32:08.819 --> 00:32:15.035
Like I even get like so, so excited that I'm like, oh my god, like look like this is how much like I made today or something.

00:32:15.696 --> 00:32:37.521
And I know like that I actually like know women that wouldn't tell their husbands they even made a dime from that so they'll just be secretly plotting and leave you yeah, like, or pocketing it, like I'm not going to share this with him, like it's still his responsibility to pay all the bills and this and that, like I really like that we're very transparent.

00:32:37.521 --> 00:32:49.685
I think that that's why you know, things have worked out so well between us and we're able to do so much together because we just keep it transparent.

00:32:49.769 --> 00:32:51.096
Yeah, got to keep it real.

00:32:51.215 --> 00:32:54.056
Yeah, so there's that.

00:32:54.056 --> 00:32:55.290
Okay.

00:32:55.290 --> 00:32:58.160
So I'm going to do like two true or false questions for you.

00:32:58.160 --> 00:33:01.673
Okay, true or false?

00:33:01.673 --> 00:33:04.980
Carrying a balance helps your credit score.

00:33:05.521 --> 00:33:05.742
Huh.

00:33:06.910 --> 00:33:07.008
True or false?

00:33:07.008 --> 00:33:07.659
Carrying a balance on your credit score?

00:33:07.659 --> 00:33:08.372
Huh, Carrying a balance, true or false?

00:33:08.372 --> 00:33:13.555
Carrying a balance on your credit card, on your credit cards, can help your credit score.

00:33:14.596 --> 00:33:14.857
Yeah.

00:33:15.538 --> 00:33:15.779
True.

00:33:16.540 --> 00:33:16.821
True.

00:33:17.222 --> 00:33:17.482
Okay.

00:33:18.852 --> 00:33:20.798
I don't know why I'm having a brain fart on that one.

00:33:20.871 --> 00:33:24.451
It's just like a true or false, like just some questions that, like I wrote down that.

00:33:24.451 --> 00:33:27.419
I think are like a little pop quiz.

00:33:27.539 --> 00:33:27.901
Okay.

00:33:27.961 --> 00:33:31.855
Okay, um, but can you tell us why really quick?

00:33:31.855 --> 00:33:36.490
Say it one more time Carrying a balance helps your credit score.

00:33:36.490 --> 00:33:39.939
Carrying a balance having a balance on your credit score.

00:33:41.281 --> 00:33:41.722
What do you mean?

00:33:41.722 --> 00:33:42.163
Balance?

00:33:42.230 --> 00:33:50.222
So you said true, lee, cut that part off, please a balance.

00:33:50.222 --> 00:34:02.085
So you got like remember how you were saying right now, like the 30 okay, so like so more as credit consumption so would you have?

00:34:02.085 --> 00:34:07.923
Would you rather pay your credit card all the way down or leave it at like 15, 20%?

00:34:08.793 --> 00:34:11.159
Yeah, I would leave it always under the 30.

00:34:11.159 --> 00:34:13.838
It really wants you to be under 10.

00:34:13.838 --> 00:34:16.938
But if you're under 30, I think you're good.

00:34:18.532 --> 00:34:20.259
But you'll never pay it off completely.

00:34:21.072 --> 00:34:23.934
If I have the money, yeah, I'm going to pay it off and not worry about it.

00:34:23.956 --> 00:34:25.260
You think so it doesn't close it.

00:34:26.130 --> 00:34:27.092
No, you're never supposed to.

00:34:27.092 --> 00:34:27.932
That's what I did wrong.

00:34:27.932 --> 00:34:28.273
One time.

00:34:28.273 --> 00:34:29.596
I closed one of my credit.

00:34:29.596 --> 00:34:34.563
See, I don't know, I was young and dumb when I got the Ks.

00:34:34.563 --> 00:34:41.731
I went to Desert Sky one time and I seen another watch and I got another credit line through them.

00:34:41.731 --> 00:34:43.034
So I should have just kept it open.

00:34:43.034 --> 00:34:45.556
But you know, eventually I'm like what am I doing?

00:34:45.556 --> 00:34:47.579
Just opening up lines, I ended up closing it.

00:34:47.579 --> 00:34:54.485
But that also hurts your credit score because it knocks down your credit history, your credit age.

00:34:54.485 --> 00:35:00.483
So let's say I had those accounts open for three years and then I take that one away.

00:35:00.563 --> 00:35:07.380
It's gonna knock it down also when you open up a new line, it, it, um, the average.

00:35:07.380 --> 00:35:09.784
So you're going to knock yourself down on that too.

00:35:10.309 --> 00:35:13.717
So paying it all the way to zero is not the same as closing it.

00:35:14.798 --> 00:35:14.980
No.

00:35:15.260 --> 00:35:16.161
If you leave it all the way.

00:35:16.342 --> 00:35:21.610
It's just neutral, there's no interest being charged, it's just at a standstill Versus.

00:35:21.610 --> 00:35:23.438
If you close it, you don't.

00:35:24.271 --> 00:35:26.659
You don't have history, you don't have nothing, it's just done.

00:35:27.215 --> 00:35:27.887
So that makes sense.

00:35:27.887 --> 00:35:36.521
Let's say you had that for 10 years and you close that account, your credit is going to take a dump, because that's imagine how strong that looks.

00:35:36.521 --> 00:35:38.416
10 years of an open line.

00:35:38.476 --> 00:35:38.657
Yeah.

00:35:38.929 --> 00:35:40.315
Especially on time payments.

00:35:40.315 --> 00:35:41.815
Imagine to a lender.

00:35:41.815 --> 00:35:44.355
They're going to be like, wow, I'm going to.

00:35:44.355 --> 00:35:46.782
This person wants to borrow 10,000.

00:35:46.782 --> 00:35:57.570
Of course, yeah, it's going to be deposited in 24 hours, you know.

00:35:57.650 --> 00:35:58.811
So if you can stay under $30,000.

00:35:58.831 --> 00:36:07.556
But realistically, if you can pay it off, pay it off, Because if you pay it off then you can just have that money in your account starting to accumulate.

00:36:07.556 --> 00:36:08.036
You know what I?

00:36:08.677 --> 00:36:11.259
mean Okay, that I actually didn't know.

00:36:11.259 --> 00:36:16.882
I thought paying it down to zero was like you're basically closing it.

00:36:17.503 --> 00:36:20.925
It might be better to keep it open and always having that balance.

00:36:20.925 --> 00:36:25.288
So I think every month you just get boosted up on time payments.

00:36:29.170 --> 00:36:35.010
So, like I said, if you're under under 30 and you kind of use that trick, I think it'll bump you up five, ten points every month on time payments, low usage.

00:36:35.010 --> 00:36:37.561
So those are already brownie points right there.

00:36:37.561 --> 00:36:39.110
So I think that would work to your advantage.

00:36:39.110 --> 00:36:42.298
But if you're like you know what the heck boom.

00:36:42.298 --> 00:36:59.710
But if you have like, no, like, not crazy debt, like you can probably use that to your advantage and, just you know, not finesse the system, but like you're managing to pay it right, staying under 30 to 10%, 30 or 10% on-time payment.

00:36:59.710 --> 00:37:03.159
So they're like, wow, this person's responsible.

00:37:03.840 --> 00:37:04.081
Yeah.

00:37:04.269 --> 00:37:05.173
The credit bureaus.

00:37:06.056 --> 00:37:11.242
Yeah, All this, all that is like, honestly, it sounds scary.

00:37:11.909 --> 00:37:15.800
And you, let me say now, shout out to Credit Sesame.

00:37:15.800 --> 00:37:17.394
That's where I learned a lot of it.

00:37:17.976 --> 00:37:18.920
You better sponsor us.

00:37:19.230 --> 00:37:21.097
Sponsor me because I love it.

00:37:21.097 --> 00:37:24.278
They even hook it up for the free version.

00:37:24.278 --> 00:37:31.800
You could get the seven day trial, so you can get all three of them, equal facts, whatever, um, I don't know all of them.

00:37:31.800 --> 00:37:34.530
Yeah, so you can see all three of them, and not only that.

00:37:34.530 --> 00:37:46.601
Um, you could go way more into depth, into, in depth, into things, but um, yeah, they break it down, they tell you how much each affects your credit score well, I have it, but I don't.

00:37:46.661 --> 00:37:48.246
I'm not like you, I don't pay for it.

00:37:48.246 --> 00:37:51.221
I just have a free version and it's still very like very useful.

00:37:51.242 --> 00:37:56.880
It's still very useful, it breaks it down, shout out to credit sesame, because yeah man, even the free version.

00:37:56.880 --> 00:37:59.188
Really look at that.

00:37:59.188 --> 00:38:00.815
There they can really help you.

00:38:00.815 --> 00:38:02.342
A free, it tells you like.

00:38:02.362 --> 00:38:03.688
You don't even have to bring out your calculator.

00:38:03.688 --> 00:38:05.351
It'll tell you exactly like it'll.

00:38:05.351 --> 00:38:15.451
It'll be like pay this amount and your credit score this amount like it's really good, it's very accurate, that's that that's the first step.

00:38:15.510 --> 00:38:18.057
A lot of people that don't have their credit right don't even have a credit app.

00:38:18.860 --> 00:38:21.795
Oh, they just how are you an adult, and don't they just know their?

00:38:21.835 --> 00:38:39.081
credit, because they went to the dealer and ran their credit and they're like, all right, this is what you got okay, you guys, so get a credit app put your yeah, do that and I think if you're really like trying to do something like with your credit, bring it up.

00:38:39.121 --> 00:38:39.782
Things like that.

00:38:39.782 --> 00:38:49.780
I think definitely looking into the secure credit card you have to I'm telling you that was the best thing I could have ever done and it's like it's 250.

00:38:49.820 --> 00:38:52.605
Like you you're not gonna like.

00:38:52.605 --> 00:38:56.451
Imagine if everybody their first time got like ten thousand dollar card line.

00:38:56.451 --> 00:39:12.030
Oh my gosh that would be a disaster like, even if you're like making a minimum wage or whatever you could still you know pay, know pay it down, you know manage it and you're not just going to throw yourself in a hole that you can't come out of like 250.

00:39:12.030 --> 00:39:13.855
You make, like you said, six months.

00:39:13.855 --> 00:39:14.938
They boost it to five.

00:39:15.380 --> 00:39:15.621
Yeah.

00:39:15.791 --> 00:39:17.097
One year you're at 750.

00:39:17.309 --> 00:39:19.518
You're building that trust with the bank.

00:39:19.650 --> 00:39:24.693
Like and you're being responsible, You're being consistent, so you know you're.

00:39:24.693 --> 00:39:32.777
You're're doing good, making good habits yeah so you know you just don't want to splurge on that credit card and go crazy.

00:39:32.856 --> 00:39:46.010
So that's a good first step so, honestly, you guys, if you can't afford it, like don't, don't don't get it like I mean obviously right, a house, a car or something like that.

00:39:46.010 --> 00:39:48.856
Sometimes you have to get it like on credit.

00:39:48.856 --> 00:40:02.815
I mean I don't think I've ever met some actually I do, my sister bought her house cash, but that was 15 years ago um but like there shouldn't be a reason why you're like opening a credit card at like gap or something.

00:40:02.994 --> 00:40:12.657
I just don't think so I don't think that's necessary, like if you can't afford a pair of jeans, you probably shouldn't be in the store anyway, Like, and let's keep it real.

00:40:12.849 --> 00:40:20.221
Like if somebody like you can go to Goodwill on the sticker day and find great clothes.

00:40:20.340 --> 00:40:20.722
Oh yeah.

00:40:20.949 --> 00:40:22.490
Instead of going to get the credit card.

00:40:22.490 --> 00:40:31.434
It's like we're just, you know, we, we just care about what others perceive of us and it's like who cares?00:40:31.434 --> 00:40:32.096


You know?00:40:32.096 --> 00:40:37.659


Yeah, like when I was younger, I would always be buying clothes and all that.00:40:37.659 --> 00:40:42.902


Now I'm like, I'm just like my dad, you know, same three pairs, four pairs of jeans.00:40:42.922 --> 00:40:44.983


Your cargos are from Walmart Cargo.00:40:44.983 --> 00:40:46.543


You know Walmart, they cost me $12.00:40:46.744 --> 00:40:47.463


I'm bougie man.00:40:47.463 --> 00:40:48.605


You wear the Wrangler pants.00:40:48.605 --> 00:40:49.304


You know what I'm saying.00:40:49.304 --> 00:40:51.885


Yeah, you know for the work you get the rustlers.00:40:51.885 --> 00:40:52.567


You know what I'm saying.00:40:52.567 --> 00:40:55.927


But you know you're paying for the $20 for the Wranglers man.00:40:56.972 --> 00:41:04.300


Yeah, those are like true religions you know what I'm saying yeah Well, I this episode helpful.00:41:04.300 --> 00:41:07.186


Um, let us know what you think in the comments.00:41:07.186 --> 00:41:15.307


Uh, if there's anything else that you guys suggest that we talk about, put it in the comments, you guys?00:41:15.307 --> 00:41:15.748


All right?00:41:15.748 --> 00:41:18.550


Well, thank you for joining us and being here.00:41:18.550 --> 00:41:20.711


We'll see you next time bye guys, bye you.