Speaker 1: Hey folks, I'm good evening. Welcome to another money space.
Speaker 1: Of course we mi calu Araja, and of course on
Speaker 1: this space we're talking money, the economy, and of course finance,
Speaker 1: and today we are talking around credits scoring. You know,
Speaker 1: the whole topic of what's your credit score, how you
Speaker 1: can increase your credit score, and why a credit score
Speaker 1: is important. That's what we're talking around today is a
Speaker 1: very very important topic because you need a credit score
Speaker 1: really for anything that involves credits, not just credits to
Speaker 1: do with your daily day to day life, you need
Speaker 1: credit scoring. So it's that's what we're gonna do. Spend
Speaker 1: at least an hour or so to talk around today, right,
Speaker 1: and then we'll just see how we can perhaps take questions.
Speaker 1: It's going to be a recorded If you're on YouTube,
Speaker 1: if you go to do but I just share a
Speaker 1: YouTube link, we're gonna be on YouTube to that way
Speaker 1: you can do a lot of you can get a
Speaker 1: lot of the of the visuals. I also try to
Speaker 1: share the visuals as well here on Twitter, so that
Speaker 1: way I want you to follow so you can actually
Speaker 1: sort of get the feel of what I'm just going
Speaker 1: to talk about today. Very very simple topic and I
Speaker 1: think it's going to really really impact most of you
Speaker 1: that are listening. Alright, let's just let's start with it, right,
Speaker 1: So what is Let's kick off with what is a
Speaker 1: credit score? And what is a credit report? Those are
Speaker 1: two things I want to physically talk around today. What's
Speaker 1: a credit score? What a credit report? Right? So, a
Speaker 1: credit score shows how responsible you have with credit. Simple,
Speaker 1: So when you have a credit score, that shows how
Speaker 1: responsible you are with credit. It's just that simple, right,
Speaker 1: How responsible you are with credit that shows up as
Speaker 1: your credit score. It what does responsible mean? If you
Speaker 1: take a loan and you pay back on time, then
Speaker 1: according to the lenders, you are a responsible borrower. Responsible
Speaker 1: mean that if they give you a loan tomorrow you
Speaker 1: are able to pay back. That's very, very huge for you. Right.
Speaker 1: So essentially, your credit scoring, your credit score, shows how
Speaker 1: responsible you are with your credit that the institution has
Speaker 1: given to you. Right. So essentially, when we say want
Speaker 1: to raise your score, we want to make you a
Speaker 1: bit more responsible, right with the lenders wide because when
Speaker 1: you are responsible to the lenders, you can get a
Speaker 1: lower credit scoring. So I'm going to share a group
Speaker 1: of names both in Nigeria and the US, we have
Speaker 1: Who's calls your credit's going to be a credits agency, right,
Speaker 1: and the US will have about four of them. In
Speaker 1: Nigeria we have about three of them. I'm going to
Speaker 1: share those names, so if you're on YouTube you can
Speaker 1: see it. I'm going to share on Twitter as well.
Speaker 1: We've got Equifax, We've got Experience, We've got TransUnion. Those
Speaker 1: are the American ones. We've got Equifax, you've got Experience,
Speaker 1: You've got TransUnion. In Nigeria, we do have Credit Direct
Speaker 1: that all the Nigerian firms, they track your credit or
Speaker 1: they report that response about how responsible we have been
Speaker 1: with your credit report that. So we've got Credit Direct
Speaker 1: from Nigeria. So we've got first Central Credit Bureau, We've
Speaker 1: got the CRC Credit Bureau. We've also got the first
Speaker 1: the Credit Registry as well, so trade in Nigeria to
Speaker 1: think about four in the US. Right, these guys Essentially,
Speaker 1: when you take a loan, not when you spend. When
Speaker 1: you take a loan and you pay back, that means
Speaker 1: you're responsible. We're going to get more into the details
Speaker 1: of that, and more responsible you are, then the cheaper
Speaker 1: that you are able to get credits going forward. That's
Speaker 1: the whole idea. It's a very y simple concept. Your
Speaker 1: credit score shows how responsive you've been with credit. It's
Speaker 1: reported by this agency is the Equifax Experience TransUnion in America,
Speaker 1: or the Credit Registry, the CRC Credit Bureau or the
Speaker 1: First Central Credit Bureau. It's reported by them to the
Speaker 1: banks or to the lender that's giving your money. Your
Speaker 1: credit report is now a detailed, detailed history of how
Speaker 1: you have been or how you have run your credit
Speaker 1: for a number of years. So if you've got credit
Speaker 1: for five years, you're going to have a five year
Speaker 1: credit report that's basically going to show how you have
Speaker 1: run your credit for those five years. Essentially, what it
Speaker 1: is very very simple right now, what is your credit score?
Speaker 1: What is good? What is bad? Essentially again, it's a
Speaker 1: very very simple concept. If you have a high credit score,
Speaker 1: then your credit is good. I e. If your credit
Speaker 1: score is high in the eight hundred and seven hundreds,
Speaker 1: then of course you've got a high credit score. That's
Speaker 1: essentially what it is. Right again. I'm sharing the slides
Speaker 1: on Twitter and also on YouTube if you can just
Speaker 1: go straight to my my time I used to the
Speaker 1: scores and the visuals. It helps you to follow as well.
Speaker 1: So on the fical range, credit scoring starts from say
Speaker 1: three hundred, which is very very poor, starts from about
Speaker 1: three hundred, it goes all the way to eight hundred
Speaker 1: and fifty, which is very very exceptional. So if you
Speaker 1: are three hundred, that's poor. If you're five eighty, or
Speaker 1: if you say you're below seven hundred, that's still fair.
Speaker 1: You know you are going to get the credit, but
Speaker 1: that's still fair, it's not even good. If you are
Speaker 1: below seven forty, that's okay. You are average, that's about good. Right,
Speaker 1: you start to go about seven forty to about seven eighty,
Speaker 1: that's very good, you're going to get the credit, but
Speaker 1: at the best rate. And of course once the credit
Speaker 1: course starts to go above eight hundred, of course that's
Speaker 1: very very good, very very exceptional. So it's a very
Speaker 1: very simple way to understand this. The higher you're credit scoring,
Speaker 1: the better are for you. So what do we mean
Speaker 1: by better? Better essentially means what you can borrow at
Speaker 1: the rate the what we're called the annual percentage rate
Speaker 1: that you are able to borrow at. So if we
Speaker 1: now look, I go back to those numbers. Right, if
Speaker 1: you are borrowing at eight hundred credit score right, Essentially,
Speaker 1: what that means is that you're going to get the
Speaker 1: best rates, the best rates. I mean, you're going to
Speaker 1: get the low west rate possible. So if your score
Speaker 1: is safe from say seven to fifty to eight hundred
Speaker 1: and fifty, you're going to get the loan. Not just
Speaker 1: get the loan at the lowest score possible. But when
Speaker 1: your credit score is give or take about say seven
Speaker 1: hundred to about six hundred, it's likely you might get
Speaker 1: the loan. But then tend to start to raise your
Speaker 1: annual percentage rate up and up and up. So from
Speaker 1: say eight to fifty to about say seven hundred, yeah,
Speaker 1: you might get the loan. You will get the loan,
Speaker 1: But what rate? That's the point. What rate do you
Speaker 1: get that loan? Which is why this space is very
Speaker 1: very important because if you understand how cold the scoring works,
Speaker 1: and how could this scoring affect you as an individual,
Speaker 1: even as a demographic, then you don't understand how to
Speaker 1: play the quote unquote American game. In America, they don't
Speaker 1: operate by you just paying your bills. They operate by
Speaker 1: how you are running your credit. It's a credit economy
Speaker 1: when most folks leave the Africa and go to America.
Speaker 1: In Africa or very very conservative. If you want to
Speaker 1: buy a house, we buy the house by saving and
Speaker 1: then we buy the house. In America is different. They
Speaker 1: expect you to take a loan. Same thing with your car,
Speaker 1: they expect you to take a loan to buy the
Speaker 1: car because if you don't have that credit scoring, it's
Speaker 1: sort of they can't score you. They can't place you.
Speaker 1: So you then get the default. Either you get to
Speaker 1: know or you get a high score because they can't
Speaker 1: prize you in as a risk factor. This is very
Speaker 1: very important I see going forward, there's a direct link
Speaker 1: with this and ownership of homes. If you don't get
Speaker 1: a credit score, it's hard to buy a home. If
Speaker 1: you don't get a home, it's hard to ask a
Speaker 1: demographic get into the American dream. That's all we do
Speaker 1: in this space right in Black History months are weekend
Speaker 1: because we want to explain this is very very important
Speaker 1: for you, especially if you are in that demographic. Right,
Speaker 1: So our next slide is going to talk around the
Speaker 1: actual impact vascene is going to affect your score. But
Speaker 1: let's actually do numbers. What does it actually mean? Again,
Speaker 1: if you're on Twitter, please try to look at the
Speaker 1: slide I'm sharing right now. It is going to give
Speaker 1: you the actual numbers of what it would mean if
Speaker 1: you have a low credit score or if you have
Speaker 1: a high credit score. And of course the guys on
Speaker 1: YouTube just like getting those visuals and I say, yeah,
Speaker 1: thanks guys for that. So if you look at this
Speaker 1: war was sharing now on the slide, this is the
Speaker 1: average mortgage scores based on your ficle. Your fycle is
Speaker 1: a type of credit scoring. You look at the fical score,
Speaker 1: that's going to be the first column, say six hundred
Speaker 1: and twenty. So remember we've talked about if you have
Speaker 1: a score of six hundred and twenty, that score is
Speaker 1: not that good. Right now, if you take a thirty
Speaker 1: year fixed strate mortgage because you have a score of
Speaker 1: six hundred and twenty, then that score is going to
Speaker 1: give you a range. This is just an example. Don't
Speaker 1: really this. Rates might change, but this is a picture
Speaker 1: of what's going to happen. Right use as a picture.
Speaker 1: As I'd say, December sixteen, twenty four, you'd have gotten
Speaker 1: an interest rate thirty year at seven point seven one percent.
Speaker 1: That translates to a monthly payment of two eight hundred
Speaker 1: and six dollars eleven cents, So your total interest costs
Speaker 1: over thirty years, it's going to be five hundred and
Speaker 1: forty nine thousand dollars one hundred and ninety nine. Right, so,
Speaker 1: if you borrow at seven point seven one percent on
Speaker 1: a thirty year fixed rate mortgage, you're gonna pay back
Speaker 1: the lender about five hundred and forty nine thousand dollars
Speaker 1: in interest. Because your credit score was six twenty, that
Speaker 1: meant to your interest you borrow is as seven point
Speaker 1: seven to one. But the same person right less than
Speaker 1: the same person had a credit score of eight hundred
Speaker 1: and forty, which is going to be exceptional. And then
Speaker 1: you try to buy that same house, the same house,
Speaker 1: same neighborhood, same credit terms, your ap R, your annual
Speaker 1: percentage rate, which is the interest that you're gonna pay
Speaker 1: right is going to fall from seven point seven and
Speaker 1: one to about six point sixty nine. That translates to
Speaker 1: a monthly pay off about two thousand, five hundred and
Speaker 1: sixty four dollars. Your total interest course you're gonna pay
Speaker 1: back to your lender is going to be four hundred
Speaker 1: and sixty two thousand, two hundred and twelve dollars, So
Speaker 1: you're going to go from five hundred and forty nine
Speaker 1: thousand dollars to four one hundred and sixty two thousand dollars,
Speaker 1: same house, same neighborhood. The difference is just going to
Speaker 1: be the interest rate that you are paying on the home,
Speaker 1: and what's driving that interest rate. A big factor driving
Speaker 1: that interest rate is your credit scoring. It's going to
Speaker 1: be the same if you want to buy a car,
Speaker 1: if you want to buy your phone. The higher your
Speaker 1: credit score, the lower your annual percentage rate your APR
Speaker 1: or your interest rates. Right, then the lower your monthly
Speaker 1: payment and the lower you pay to the vendor. So
Speaker 1: if you look at this right, it just tells you
Speaker 1: that how many folks do you think can afford two
Speaker 1: thousand and eight difference in buying a home. When you
Speaker 1: go to buy a home from your lender, they're going
Speaker 1: to ask you what's your income. They put your income
Speaker 1: in then they ask you they have to take a calculation.
Speaker 1: They cannot take money from your income that would make
Speaker 1: you not to be able to survive, so they would
Speaker 1: remove your living expenses and then look at the income
Speaker 1: less those living expenses and it's that expense that they
Speaker 1: would then take into to pay your mortgage. It's usually
Speaker 1: about thirty percent. So if you earn about three thousand dollars,
Speaker 1: for instance, a month, you can't afford the mortgage if
Speaker 1: you have a low credit score, because when they take
Speaker 1: away your living expenses, you can't afford two eight hundred
Speaker 1: and six dollars a month. So, as you can see,
Speaker 1: it's not just the interest rate that stops home ownership,
Speaker 1: especially home ownership for minorities. It's also the lack of
Speaker 1: knowledge about how to build your score and what a
Speaker 1: score even means. If you get into debt, if you
Speaker 1: have a lot of debts, then your APR, your interest
Speaker 1: rate is going to go high. Why is it going
Speaker 1: high because your credit scoring is low? So of course
Speaker 1: us that means the answer for us is that if
Speaker 1: we can raise our credits scoring up, we can reduce
Speaker 1: the interest rate that we're paying to the bank to
Speaker 1: borrow money. That reduce some monthly payment that then enables
Speaker 1: many people that have the same income to then qualify
Speaker 1: to buy a home. That it seems to buy your home,
Speaker 1: you have to have your down payment, you have your
Speaker 1: your debt to income. Yes, we're just focusing on the
Speaker 1: credit scoring for now. So this is what we want
Speaker 1: to focus on. That credit scoring. So you want to
Speaker 1: get that done because this allows you to qualify for
Speaker 1: more loan to buy that home. Very very important. This.
Speaker 1: If we just did the whole space today on just
Speaker 1: this slide, we're fantastic, right, We've learned. Okay, So now
Speaker 1: that we know that a high a high credit scoring
Speaker 1: allows us to get a cheaper loan because our credit
Speaker 1: scording is high, our APR will go down, which means
Speaker 1: our monthly pay is going to look better. How then
Speaker 1: can we then increase our fical score? So I'm gonna
Speaker 1: do do it in two parts. How can we increase
Speaker 1: means you already have a fical score? Correct? And then
Speaker 1: of course if you don't have a FCO score or
Speaker 1: you don't have a credit score, how can you get
Speaker 1: into this, into this whole system to be able to
Speaker 1: get yourself a credit score. So we'll try to do
Speaker 1: two of them. If you listen carefully, is they interlap?
Speaker 1: They interlap because it's gonna be the same thing you're
Speaker 1: gonna use to get one, and it's gonna be the
Speaker 1: same thing you're gonna use to increase your score or
Speaker 1: the interlap. But let's just take a look at what
Speaker 1: we need to do and how this is scored, how
Speaker 1: your credit scording is done. So again, guys, look at
Speaker 1: the visuals. They help you to visually follow as how
Speaker 1: adults lend. Adult lend better repetition and visuals. So I
Speaker 1: want you to look at the visuals and follow. It
Speaker 1: will make perfect sense to you. And of course, if
Speaker 1: you have a question, just quest to speak, send me
Speaker 1: your DM. I'll get your questions and I'm kind of
Speaker 1: your dms now as I'm looking at the slides. But
Speaker 1: once we're done, in about say fifteen minutes, I'll come
Speaker 1: back to your questions. Right, fantastic. So let's look at
Speaker 1: how you get how you raise your fical score or
Speaker 1: how you raise your credit scoring. If you look at this,
Speaker 1: this is from experience, right, So that's what I'm sharing.
Speaker 1: The most important thing to do when you have a
Speaker 1: credit is to first of all, go get credit. So
Speaker 1: first of all, go and get credit. We're going to
Speaker 1: talk about what type of credit. Again, like I said,
Speaker 1: most Africans that come from Africa to the West, we
Speaker 1: are conservative, ie in how we spend money. Have we
Speaker 1: manage your money. We don't look at credit the same
Speaker 1: way the folks here look at credit. For us, credit
Speaker 1: is going to be Am I getting to bondage? Am
Speaker 1: I get into servitude? Or I want to save and more?
Speaker 1: That's not how to look at it. Credit is an enabler,
Speaker 1: not a not a what's the what I'm trying to get? Now,
Speaker 1: you have to get credits in the West, that's how
Speaker 1: they operate right when you're in Rome do as Romans.
Speaker 1: So what type of credits is very very important. I
Speaker 1: would say the easiest want to get, or the one
Speaker 1: I would advise to get, is to get a credit
Speaker 1: card that has zero annual fees. So just holding the
Speaker 1: card has no annual fees, very very important. And if
Speaker 1: that card can give you a reward, maybe they give
Speaker 1: you cash back, fantastic. So let's say I get a
Speaker 1: credit card for five hundred dollars, it's got no annual
Speaker 1: fees and it gives me a cash back. That's a
Speaker 1: fantastic way to start my credit. Remember, no annual fees,
Speaker 1: so you don't just pay for getting that credit. Right,
Speaker 1: So now I have credits. So what do I do?
Speaker 1: Number two? I use the credit so I go. I
Speaker 1: want to buy gas. I buy gas fifty dollars gas
Speaker 1: to fill my tank. When I buy the gas on Monday,
Speaker 1: I can wait on Sunday and pay down the card.
Speaker 1: You buy gas, you pay down the card. You can
Speaker 1: pay down the card anytime. Credit cards are paid end
Speaker 1: of the month. But you can pay down the credit
Speaker 1: card anytime. You buy guys on Monday, you pay on Sunday.
Speaker 1: You can pay on Tuesday. You can pay on money
Speaker 1: if you want, just pay the card. If you pay
Speaker 1: on time, you are getting thirty five percent of your
Speaker 1: score towards that credit scoring. Your payment history is extremely
Speaker 1: influential in how you get a credit scoring very so
Speaker 1: you can see that if you that's it, there's no
Speaker 1: financial you're involved. Get a card or get a loan
Speaker 1: and pay on time. That's it. Get a card, get
Speaker 1: a loan, pay on time. You get to five percent,
Speaker 1: extremely influential. What's the next thing. You want to look at?
Speaker 1: How much you owe on that card? So yeah, we
Speaker 1: get it. Life happens. You might have a credit card
Speaker 1: and your card goes bad and you've got to take
Speaker 1: an uber, You've got to go buy food, so you
Speaker 1: put a balance on that card. That you don't pay
Speaker 1: back in that month. We get it. If you are
Speaker 1: going to put a balance on your card, do not
Speaker 1: put more than thirty percent of what the loan approve
Speaker 1: of that card is. So let's say you've got a
Speaker 1: card for a thousand dollars and you have to carry
Speaker 1: over a balance. Don't carry over more than three hundred
Speaker 1: dollars to the next month. So you're going to pay
Speaker 1: interest on that turn dollars, but try not to carry
Speaker 1: more than turn dollars. That's thirty percent. The more you
Speaker 1: can keep your score or the what you carry below
Speaker 1: thirty percent, the more you can you can enjoy that
Speaker 1: amount owned credit that is about thirty percent. Your total
Speaker 1: credit usage is highly influential. It's not extremely influential, it's
Speaker 1: highly influential towards your score. So your payments history is
Speaker 1: the most important fact of pain on time. Then how
Speaker 1: much of the of the amount are you owning. If
Speaker 1: you have your credit card for a thousand and you
Speaker 1: only take thirty percent over the next month, you're fine.
Speaker 1: Try to keep it below as much as possible. Then
Speaker 1: what else length of credit history? This way it did
Speaker 1: get you, guys most of the time, because you get
Speaker 1: into the US, or you're into the West, into UK
Speaker 1: and you say, I'm going to wait till i'm organized
Speaker 1: before I get credit. You see, credit scoring is fifteen
Speaker 1: The length of your credit history is fifteen percent of
Speaker 1: your score, so total how long you've had the credits,
Speaker 1: how long you've had your credit card is very important,
Speaker 1: So don't wait as long as you have the opportunity,
Speaker 1: even if it's just going to be a Star card
Speaker 1: or a secured credit card, get it, get it and
Speaker 1: start to confirm to getting that fifteen percent of your score.
Speaker 1: How long you've had the card is very very important.
Speaker 1: So that means if you have a card that that
Speaker 1: was your first card, you've had that card for a
Speaker 1: long time, try not to close that card because you're
Speaker 1: going to lose out that fifteen percent. I get it,
Speaker 1: if you saved. I mean if you've got to card
Speaker 1: maybe three months earlier, and you prefer that a card, maybe,
Speaker 1: but the length of time we've had your credit counts,
Speaker 1: so try not to close out those old The first
Speaker 1: card that's very very old one is giving you about
Speaker 1: fifty percent of your score. Right, so as soon as
Speaker 1: you can get credit, I've told you how to use it.
Speaker 1: It's got no annual fees, and it's got to cash back.
Speaker 1: Use it, pay back, use it, pay back right, Okay,
Speaker 1: new credit. This is important. One you go to a store,
Speaker 1: they'll they'll tell you, oh hi, yeah, your grocery is
Speaker 1: ten is five hundred dollars. But if you apply for
Speaker 1: the store credit, you can get a credit card and
Speaker 1: you can give you twenty percent immediate credit to pay
Speaker 1: your groceries. Always say no. Every time they do an inquiry.
Speaker 1: When they tell you do you want to card, they
Speaker 1: are gonna do an inquiry on you. They're gonna run
Speaker 1: what we say, they're gonna run your credit. If they
Speaker 1: run your credit, that's gonna be a hit on your score.
Speaker 1: The more times you run your credit, the more you
Speaker 1: lose ten percent of your score. So new accounts opened
Speaker 1: are moderately influential, but they affect your credit scoring. So
Speaker 1: what I mean is if you if you go to
Speaker 1: the to the banks to get a credit card, you
Speaker 1: go to the store to get a credit card, you
Speaker 1: go to another banks get a credit card, you keep
Speaker 1: on looking for credit. The system tracks you, and the
Speaker 1: system says he's looking for credit? Why is it looking
Speaker 1: for credit? It dings you so it takes your score down.
Speaker 1: So if you don't need credit, don't apply for credit.
Speaker 1: If you've got one, that's fine. Build on one credit card,
Speaker 1: don't go get multiple because the more you apply for credit,
Speaker 1: the more it brings you. And they might not tell
Speaker 1: you we're gonna run your credit. They will tell you,
Speaker 1: do you want to apply for a store card, it's
Speaker 1: gonna make you pay for taty percent off. Or you
Speaker 1: want to travel on a holiday and the airline will
Speaker 1: tell you do you want to get a fifty percent
Speaker 1: discount on your ticket? That means that's are offering you credit.
Speaker 1: They might not say it openly, right, so be very
Speaker 1: very clear. Try not to apply for credit if you
Speaker 1: don't need it. Very very important. And then this last
Speaker 1: one is one that's not doing understood. It's called the
Speaker 1: credit mix. Credit mix is going to be ten percent
Speaker 1: of your score. What does credit mix mean? It means
Speaker 1: if you have three credit cards, that's three credit products. Fine,
Speaker 1: you have that, that's fine. But if you have one
Speaker 1: credit card, one personal loan, one auto loan instead of
Speaker 1: having three credit cards, it kind of looks better on
Speaker 1: how you are scored. So the mix of your credit
Speaker 1: is more important. Than the number of the credit that
Speaker 1: you have. So you're start having three credit card, have
Speaker 1: one credit card, have your personal loan, have your auto loan.
Speaker 1: It you can afford it, right, So one says, I
Speaker 1: guess you're in this text now. So one says, should
Speaker 1: I take a loan to buy a car? I have
Speaker 1: the money to pay for the car. I always advise folks,
Speaker 1: this is the question I get all the time. If
Speaker 1: you want to buy a car, the car is ten
Speaker 1: thousand dollars and you have ten thousand dollars cash, you
Speaker 1: know what I'll do. I'll buy the car in cash
Speaker 1: for nine thousand, and I'll take credit for a thousand,
Speaker 1: even five hundred. I'll take an auto loan for five
Speaker 1: hundred dollars for five years, just so it registers on
Speaker 1: my credit. I have the money, I'll take the money,
Speaker 1: put it in the bank, and do an automatic payment
Speaker 1: every month from that bank to pay down the auto loan.
Speaker 1: So I'm getting ninety five percent. I paid cash for it.
Speaker 1: The five hundred dollars I finance just so I get
Speaker 1: into the credit reports so that it shows that I
Speaker 1: have an auto loan and I'm paying on time. It's
Speaker 1: not the amount that you borrow. As important is that
Speaker 1: you are paining back on time. Pain Back on time
Speaker 1: is thirty five percent. Amount you owe is thirty percent.
Speaker 1: Length of credit history is fifteen percent, new credits, new inquiries.
Speaker 1: When you go ask for credit, that's the negative ten
Speaker 1: percent of your score. The mix of your credit is
Speaker 1: going to be about ten percent. Guys, this is how
Speaker 1: you build your credit. This is how you do it.
Speaker 1: There's nothing here you cannot do. There is no magic,
Speaker 1: there is no complicated formula. It's as simple as taking
Speaker 1: the loan and paying alone. You don't wait till you
Speaker 1: want to buy a house, then you try to build
Speaker 1: your credit. Doesn't work that way. You've got to start
Speaker 1: to build your credit when you get into America. You say, Okay,
Speaker 1: in five years we're going to buy a house, or
Speaker 1: in three years we're gonna firehouse. Start today, because you're
Speaker 1: going to have four years of credit pain on time.
Speaker 1: What means your score would be the eight hundred. So
Speaker 1: when you then apply for that loan, you're going to
Speaker 1: get the prime, the very very beneficial rate that I
Speaker 1: reserved for the very best borrowers. And how can you
Speaker 1: do it? Like I've told you, credit credit card paid
Speaker 1: on time, don't carry over a balance. So they are
Speaker 1: what we call secured credit cards. Secured credit cards, this
Speaker 1: is also what we call secured personal news. I'm going
Speaker 1: to get to them next in the next slide, but
Speaker 1: this is what you want to get, and I'll explain
Speaker 1: to you why they are different from the other credit
Speaker 1: cards and why you need them. So this this is
Speaker 1: the slide, guys, the slide about how much you pay,
Speaker 1: and the slide about what you pay. This is what
Speaker 1: I don't want to get true to you guys today.
Speaker 1: It's very important you understand this, especially especially as a
Speaker 1: quote unquote is a minority on immigrants and all that.
Speaker 1: You've got to know how these things work, and this
Speaker 1: is how they work. This is why folks get cheaper
Speaker 1: credit than you. It's not racism, it's knowledge. You've got
Speaker 1: to understand how it works. Then you use that knowledge
Speaker 1: to your advantage. Right, very very important. They're gonna have
Speaker 1: shed a new slide credits called ingredients tentified percent. Just
Speaker 1: copy this page, stick it somewhere, talk to your partner
Speaker 1: about it. This is your exam so walk to the answer.
Speaker 1: This is how they are gonna score. You know, most
Speaker 1: of us we go get jams scoring metrics, how JAMP marks.
Speaker 1: This is how they're gonna mark your credit. So walk
Speaker 1: to the answer. Get a loan, pay on time, don't
Speaker 1: carry a balance, get to or three types of loans,
Speaker 1: don't apply for new credit. That's all you have to do, guys,
Speaker 1: and you're gonna get to eight hundred. That's it. That's it.
Speaker 1: There's nothing implicated about this. Let's go be further. So
Speaker 1: that's what I've said here, right, So this is that
Speaker 1: I'm sharing how you want to include pre your score
Speaker 1: and the person I put there and I put it
Speaker 1: in all caps. Pay on time. Once you pay on time,
Speaker 1: you are essentially saying that you are a good borer
Speaker 1: when you say the space I said, your credit, show
Speaker 1: your credits. Care shows how responsible you are with credit.
Speaker 1: The responsibility is if you pay on time. So pay
Speaker 1: on time, keep your card balances low, expand your credit file.
Speaker 1: It's not the number but the type of credit. So
Speaker 1: you don't want to have three credit cards, rather have
Speaker 1: one credit card, one personal loan, one auto loan. And
Speaker 1: I've explained to you about this autolon thing. If you
Speaker 1: can afford to buy the card cash pay nine five
Speaker 1: percent in cash, take five percent credits. They will, They'll
Speaker 1: do it for you, right, So expand the type authorized user.
Speaker 1: Many of you still cannot be able to afford credit
Speaker 1: even with all this stuff. Maybe you don't end enough.
Speaker 1: Maybe you're a nanny, maybe you're a students so you
Speaker 1: don't have money even to pay for credit card. That's fine.
Speaker 1: Do you have an uncle? Do you have an auntie?
Speaker 1: Do you have a sister or brother over there? Can
Speaker 1: they add you as an authorized user? They don't have to,
Speaker 1: They don't have to give you the card. They can
Speaker 1: add you on their own card as an authorized user.
Speaker 1: Ask the bank if you then use that card, does
Speaker 1: it show up on your credit scoring? If they say yes,
Speaker 1: this is a fantastic way to do it. Many kids
Speaker 1: that are maybe sixteen, it's not their credit, their parents credit,
Speaker 1: but they are on the card so it reflects on
Speaker 1: their scoring. So for you, you're a student, you're going to university,
Speaker 1: you're not ed any income. You just want to go read.
Speaker 1: But you have a sister in the US, right, ask her,
Speaker 1: I can you add me on your card? You don't
Speaker 1: have to give them the card, so to add you
Speaker 1: on the card as an authorized user? If the bank says, yes,
Speaker 1: that's calling reflecting your credit report. Then fantastic. As she's
Speaker 1: using her credit, you are also getting that credit because
Speaker 1: you are also a quote unquote user on that credit.
Speaker 1: So that's a good way to do it without you
Speaker 1: getting credit. Right. Don't apply for credit you don't need.
Speaker 1: Like I've told you, don't go to the store and say, oh,
Speaker 1: you're going to get reduced credit. If you buy, you're
Speaker 1: going to reduce credit. It's a trap, right because the
Speaker 1: more you applied, the more you get that thing on
Speaker 1: your credit care it takes you down, not a lot,
Speaker 1: but it takes you down. Don't apply. It also tells
Speaker 1: them a story that will ask you why are you
Speaker 1: looking for credit? Right? Why you looking for credit? Always
Speaker 1: review your credit report. So we've talked a lot about
Speaker 1: the creditscore. The credit report is like yo, they give
Speaker 1: you a report and they tell you, hey, this is
Speaker 1: what you've done this month with your credit. It's very
Speaker 1: important you hear it because of fraud an identity tips.
Speaker 1: I'm going to get to that why this is important.
Speaker 1: So I think guys, by now we've got the answer
Speaker 1: to the whole space. Number one, pay, just pay your
Speaker 1: bills on time and number two, keep your balance low
Speaker 1: number three, expand your call your number of types you have. Right,
Speaker 1: there are many ways to do this, and I'm going
Speaker 1: to get into the Let me see if I have
Speaker 1: a slice specifically for secured credit. If I don't, I'll
Speaker 1: talk around what secured credit means. I think you guys
Speaker 1: should go do that as a whole. I don't let
Speaker 1: me talk about secure credit. If you go to a
Speaker 1: bank and you want to get a credit card, it's
Speaker 1: the bank that is giving you the credit card, so
Speaker 1: it's bank's money. So you have the bank it's going
Speaker 1: to say, well, we don't know you, so I'm going
Speaker 1: to run your credit. We're going to pull your fight ope,
Speaker 1: and I'm going to see if we should give you
Speaker 1: a credit card, so you run your credit. If you're
Speaker 1: just doing a new guy to the United States, of
Speaker 1: course you won't have any credit, so you're gonna come
Speaker 1: up as zeros. They might tell you, hey, I'm sorry,
Speaker 1: we don't know who you are, so we're gonna give
Speaker 1: you a credit card. End of story. But their cards
Speaker 1: called secured credit. So when you go to your bank
Speaker 1: or your credit union, you are them. Because if you
Speaker 1: just new an America just ask them, do you guys
Speaker 1: offer secured credit? If they say yes, what's the secure credit?
Speaker 1: It means you're going to take cash and give the bank.
Speaker 1: The bank will give you a credit card. So it's
Speaker 1: not the bank giving you the money. No, the bank
Speaker 1: is saying, give us cash. Then will give you a
Speaker 1: real credit card. Why do you want to do that?
Speaker 1: Because you need the credit card to get a credit
Speaker 1: score and a credit report. If you simply use your
Speaker 1: debit card, it doesn't give you a credit score. Most times,
Speaker 1: if you want to rent a card America, you've got
Speaker 1: to give them a credit card, not a debit card.
Speaker 1: Very important. So if you don't, if you've tried to
Speaker 1: get a normal credit card, they don't give it a
Speaker 1: normal credit card. Go to the bank called credit Credit,
Speaker 1: you say, can I get a secured card? So you
Speaker 1: give them money, they give you a credit card. How
Speaker 1: much do you do a secure card for? Not a lot,
Speaker 1: even if it's one hundred dollars. That's all you need
Speaker 1: because you're not getting that card to go spend. You
Speaker 1: are getting that card to estabi credit history. What I
Speaker 1: use that card for? If I have a car, use
Speaker 1: that card to pay for gas? If you don't have
Speaker 1: a car, pick a grocery, or pick a utility and
Speaker 1: pay for that utility. So it's every month your card
Speaker 1: is paying your power bill. End of story. Pay you
Speaker 1: pay your power bill, you pay the card off, you
Speaker 1: pay your power bill, you pay the cardoff, or you
Speaker 1: buy gas, you pay your card, you buy gas. The
Speaker 1: end of story. You don't have to complicate it because
Speaker 1: the secure credit card does not report as a secure
Speaker 1: credit card. It reports as a credit card. It's the
Speaker 1: same credit card that any of what everybody else has.
Speaker 1: So you're going to see that even without a credit scoring,
Speaker 1: that credits profile you then get. That's how you establish
Speaker 1: that credit profile. If you do that for a year,
Speaker 1: then the credit company will report that, oh, this person
Speaker 1: has a credit card and has been paid on time.
Speaker 1: Then next time you go to the bank they try
Speaker 1: to pull your credit. Of course they will see your
Speaker 1: credit file there because you have a secured credit which
Speaker 1: you have in pain on time. That's how you establish credit.
Speaker 1: It's chicken and egg. They will tell you you need
Speaker 1: a credit card to get a credit score, but you
Speaker 1: need a credit score to get a credit card, So
Speaker 1: it's round or round. The way you break through is
Speaker 1: through a secured credit, and you can get a secured
Speaker 1: personal loan exactly the same thing. You go to the bank,
Speaker 1: you say you want a personal loan, They run your credit,
Speaker 1: they don't see you. They won't give you a personal loan.
Speaker 1: But if you go to the bank and say do
Speaker 1: you offer personal secured personal loans, they say yes. You
Speaker 1: give the bank money. The bank will take that money
Speaker 1: giving them and give it back to you as a loan.
Speaker 1: Why because when you pay back that loan, the bank
Speaker 1: is going to report to the credit bureau that you
Speaker 1: are a sicky, that you are a responsible borrower. You
Speaker 1: are paying back your loans. That's what you need. So
Speaker 1: don't wait. Don't wait and say after two years or
Speaker 1: after I'm in school, I'll go get credit. No, as
Speaker 1: soon as you enter go apart for credit or secure credit.
Speaker 1: Get your credit history going, get secure credit, paid on time,
Speaker 1: keep your balances low. Let me go into a bit
Speaker 1: more detail. Right about the space says, how can you
Speaker 1: fix your credit? We've talked a lot a lot about today.
Speaker 1: How can you establish and that's a small credit. What
Speaker 1: is bad in you that when if you don't pay
Speaker 1: on time, it's bad, but it's not it's not life killing. Right,
Speaker 1: If you don't pay your own credit card on time, Yeah,
Speaker 1: maybe one one month, two months is not gonna kill you. Right.
Speaker 1: It's bad, but not gonna kill you. When you have
Speaker 1: things like you didn't pay your card for ninety days,
Speaker 1: or there was a there was a shot sale, which
Speaker 1: means you own the home, right, you couldn't pay the home.
Speaker 1: The bank took your home and so to pay it back.
Speaker 1: Or you were bankrupt, or there was the foreclosure. Those
Speaker 1: things are what we call negative issues. They are negative,
Speaker 1: they're very impactful, and they stay on your credit report.
Speaker 1: So if you go and borrow money to buy a
Speaker 1: house and you can no longer pay for that house
Speaker 1: and the bank has to come in to sell that house, right,
Speaker 1: they put on your credit report and they leave it there.
Speaker 1: It can be there for sometimes five years, sometimes seven years.
Speaker 1: This is where it hurts you because you can't tell
Speaker 1: it a normal loan, like a mortgage loan. If you
Speaker 1: have that sort of thing on your report, it's the
Speaker 1: negative report and all the lend that's not just your bank,
Speaker 1: all the lends in America will see it. That's the
Speaker 1: whole idea. So if you look at the slie of
Speaker 1: just shared. Now, this guy has a credit scoreing of
Speaker 1: so let's pick the biggest one. This guy has a
Speaker 1: credit call of seven hundred and eighty, so he uses
Speaker 1: care of seven hundred and eighty, and he got to
Speaker 1: a mortgage right he didn't pay. So if this guy
Speaker 1: was bankrupt bankrupt, his credit scode will go from seven
Speaker 1: hundred eighty to five hundred and sixty, just the range
Speaker 1: five forty to five sixty, So you lose about two
Speaker 1: hundred just because it was bankrupt. If it's a foreclosure
Speaker 1: of it goes from seven eighty to about six twenty
Speaker 1: short sale seven eighty to six twenty ninety days later
Speaker 1: on a mortgage seven eighty to six fifty thirty days
Speaker 1: later on a mortgage seven eighty to six seventy. So
Speaker 1: when you are late on paying your mortgage, it affects
Speaker 1: your credit score. And mortgage is just world ways in here.
Speaker 1: We can use auto loans, we can use any loan.
Speaker 1: If you are late, it affects your credit scoring, which
Speaker 1: is going back to that point, you made pay your
Speaker 1: bills on time, end of story. Don't even if you
Speaker 1: just take that as you'll take away from today. Just
Speaker 1: pay the bill on time. There's not a beg. Once
Speaker 1: you pay your bills on time, you're fine, And if
Speaker 1: you don't, the effects are gonna be really lily devastating
Speaker 1: for you. Because you've seen it here, you can go
Speaker 1: from this is just your score from seven eighty to
Speaker 1: five ondre forty and it stays on your score. Yeah,
Speaker 1: I just if you want to speak, just requests. We're
Speaker 1: going to be done in about two slides and then
Speaker 1: we'll just take questions. Yeah, so it stays on your score,
Speaker 1: so you don't want to have dounder your score. But
Speaker 1: it's not even the bad part. If your score gets affected,
Speaker 1: you can still recover. Someone there still, Okay, I ave
Speaker 1: already bought the house, I was laid. My score went down.
Speaker 1: Who cares after they brought the house? I hear you,
Speaker 1: But how long does it take you to recover from
Speaker 1: this event? Again, Let's go to our guy that had
Speaker 1: his credit scoring of seven hundred and eighty. Right, let's
Speaker 1: assume this guy was I was bankrupt, so his score
Speaker 1: was seven hundred and eighty, and of course it bo
Speaker 1: it became bankrupt, so we saw the score went down
Speaker 1: from seven eighty to about what number was that so
Speaker 1: about five hundred and forty. So it went from seven
Speaker 1: eighty to five hundred and forty. But what's the real
Speaker 1: issue with this is that it will stay on your
Speaker 1: report for seven to ten years. So on your imagine it.
Speaker 1: Just imagine that you're in a country where you cannot
Speaker 1: get significant credit from seven to ten years because you
Speaker 1: were bankrupt, and it's going to be in your report.
Speaker 1: That's what this is basically saying. So that's not good, right.
Speaker 1: What if you were ninety days late on your mortgage,
Speaker 1: it's still be your report for seven years. Ninety days
Speaker 1: little in your mortgage, thirty days late, it's still a
Speaker 1: report for three years. Shot, Still there's a report for
Speaker 1: seven years. The point is this, right, this guy's keep records.
Speaker 1: So if you are late, what you're doing is that
Speaker 1: you are putting things in a record we will call
Speaker 1: negative negative impacts on your report. This is what the
Speaker 1: guys look at to give you a mortgage. So let's
Speaker 1: say you came to America and you were single, or
Speaker 1: you came to Canada and you were single, and then
Speaker 1: you got a car and you are ninety days late
Speaker 1: on your car. It's not your report, it's going to
Speaker 1: be there for seven years. Then you then got married
Speaker 1: and you want to apply for a mortgage and you
Speaker 1: and your wife applied together. This is gonna show up
Speaker 1: and this would affect the total ap are you're gonna
Speaker 1: get on that marketing because you have a negative. She
Speaker 1: might not have a negative, but you have a negative.
Speaker 1: It's gonna show up. They're gonna ask you about it.
Speaker 1: So again, you can't avoid these things. This is this
Speaker 1: is record keeping and this is how they operate over there.
Speaker 1: So this is just to let you know, apart from
Speaker 1: how you get the credit scoring, you don't want to
Speaker 1: be in a situation where you have a bad score
Speaker 1: because it would affect you, right, it would affect you. Guys.
Speaker 1: I think it's gonna be our last slide and then
Speaker 1: it will take those questions. Today's super Bowl weekend, so hey,
Speaker 1: let's let's go do that. So what I what what
Speaker 1: should we? Then? Do you know? I like acronyms, so
Speaker 1: I have an acronym here pram p R A M
Speaker 1: p R A M patience. You've got to have patients.
Speaker 1: So essentially, if you have bad credits, be patient. Don't
Speaker 1: go apply for you credit because the more you apply,
Speaker 1: the more they see that bad credit, the more it
Speaker 1: dings you because you didn't inquire. So if you do
Speaker 1: something bad, don't go out and apply for a new credit.
Speaker 1: Just give it time to wash your way. You can
Speaker 1: see we have the seven years. Just give it time.
Speaker 1: Let it wash away. Yeah, pay your bills, pay your
Speaker 1: bills on time, do all that good stuff, but try
Speaker 1: not to go apply for a new credit. Right. And
Speaker 1: number two, reduce your debt to income. We didn't talk
Speaker 1: a lot about debt to income. What is that debt
Speaker 1: to income as we'll call that reducing your carry over
Speaker 1: to next month. Your debt to income is a key
Speaker 1: thing that you used to also make you lose. See
Speaker 1: they're going to give you credit. Right, how much income
Speaker 1: do you have? This is the debt you have. This
Speaker 1: is where the quote un quote minorities get tripped up
Speaker 1: because you might have good income, but if you have
Speaker 1: a lot of debt, then your DEITYI is low. You
Speaker 1: don't qualify. When you want to buy a house, they
Speaker 1: look at not just your income but the income to
Speaker 1: your debt. So if you make a million dollars, that's fine,
Speaker 1: but if your debts at eight hundred thousand, it bings
Speaker 1: you more then that's one that's making just two one
Speaker 1: hundred thousand a month. You have a very very low
Speaker 1: DTI debt to income. The person has any lower and
Speaker 1: you has a higher DTI than yourself. So bring down
Speaker 1: your debt to income, reduce the debt overhand that you're carrying.
Speaker 1: And it's those small personal loans that they don't like.
Speaker 1: Those small personal loans you take care and they do
Speaker 1: because they're making that rite you thats all the time.
Speaker 1: Take this loan, take that loan, Take this loan, All
Speaker 1: those small loans you take normally impactful, right, absolutely known.
Speaker 1: New inquiries good. It's the same as patients don't go
Speaker 1: and say, oh I want to get I want to
Speaker 1: get a car higher. That offering me a loan. If
Speaker 1: I take a car higher and apply for that card. No,
Speaker 1: you go to say a departmental store. If you get
Speaker 1: a store card, you can get rosses cheaper. No, all
Speaker 1: those inquiries are going to show up. You have to
Speaker 1: be patient number one, because you've got bad stuff going on.
Speaker 1: If you've got one credit card, fine, so if I
Speaker 1: put that one credit card, that reaches your DTI as well,
Speaker 1: because potentially you can get new debt. But you've got
Speaker 1: to it is slow down what you're doing, and of
Speaker 1: course then move forward, right. And last one, of course
Speaker 1: it's called money. So you've got to move into a
Speaker 1: credit scoring. Make sure you are not getting any new
Speaker 1: impact into your report that you're not aware of, because
Speaker 1: you want to take care of that. Right, Let's go
Speaker 1: back into the next the next one, montor I doesn't
Speaker 1: show you, guys, this is going to be the second
Speaker 1: last slide. Right. The law in America says that you
Speaker 1: have a credit you are given up your current credit
Speaker 1: report for free once a year. So if you look
Speaker 1: at this, guys, it's called annual credit report. You can
Speaker 1: copy this copy this name. So every year this is American,
Speaker 1: about Canada or the UK. Every year in America, by law,
Speaker 1: you are to get your you can request for your
Speaker 1: credit report and you get it for free. And like
Speaker 1: I said, there are four credit report duros and the
Speaker 1: fourth one name escapes me. So you can go to
Speaker 1: Experience in January and actual a credit report. You can
Speaker 1: go to TransUnion also act for a current report. Every
Speaker 1: facts also acts to a credit report. Most banks now
Speaker 1: will give you a credit report on the banking app
Speaker 1: every month, so you don't have to go to here
Speaker 1: every month to give you a credit report. Why do
Speaker 1: you want that report? The report shows what people are
Speaker 1: reporting about you, the negative effect, the inquiries. It's gonna
Speaker 1: showpen reports. So what are you looking for in that report?
Speaker 1: You are looking for anything you did not do or
Speaker 1: anything that is there that's gonna harm you. Because when
Speaker 1: you see someone that's gonna harm you, you have the
Speaker 1: right to then report to the bureau. And those guys
Speaker 1: have got they are meditated by lot to removing a
Speaker 1: certain amount of time. So you want to always look
Speaker 1: at your report. And I'm giving you an example for
Speaker 1: reports on the screen right here. So you look at
Speaker 1: your report. Make sure you look at those negative items.
Speaker 1: Negative items very important. Look at negative items. That's where
Speaker 1: you're going to see the bankruptcies. Look at your credit inquiries.
Speaker 1: That shows you where you have pulled credit. So what
Speaker 1: if you just sit at home you say that you
Speaker 1: are pulling credit to buy a house in Wisconsin. You've
Speaker 1: never been to Wisconsin. That means someone has got your
Speaker 1: data and is trying to create a mortgage for you
Speaker 1: in Wisconsin. You guys know that that song I want
Speaker 1: to wake up in the Bulghardi that's the real crimes
Speaker 1: crimes crime story where there was a quote unquote our
Speaker 1: our son. Our son was in America and what he
Speaker 1: was doing was taking people's identity and applying for credit,
Speaker 1: in this case homeowner's lines of credit. So you have
Speaker 1: a house, you own your title, but you don't check
Speaker 1: a credit score. He will basically go online create you.
Speaker 1: He has your name, he has your date of birth,
Speaker 1: he has all that and then he creates you. Then
Speaker 1: he applies for credit in your name to a bank.
Speaker 1: The bank will look at you. Oh, you've got a house.
Speaker 1: Your house is worth a million. You want five hundred thousand,
Speaker 1: no problem. The bank will give you a loan for
Speaker 1: five hundred thousand, but the loan goes to him, not
Speaker 1: to you. You are just there playing golf. Your house
Speaker 1: has been sold in the market. Then when you don't pay,
Speaker 1: the bank comes and said, hey, you took a loan.
Speaker 1: So I didn't take any loan. The bank said this.
Speaker 1: You you signed this. I didn't sign it. But if
Speaker 1: you had looked at your credit report every month, you
Speaker 1: would have seen the inquiry that the bank had done
Speaker 1: an inquiry on your credit report, which you didn't do,
Speaker 1: then you can easily call the bank. Also, if you
Speaker 1: don't pay and the bank, maybe the banks are trying
Speaker 1: to reach you should have fake address that the frost
Speaker 1: I gave. You didn't pay for five years, so the
Speaker 1: bank wild put your house up for collection. It goes
Speaker 1: to your report. It's not a negative report in your
Speaker 1: credit score. Maybe you are in smaller country nowhere. So
Speaker 1: imagine you have a negative report. You are you are
Speaker 1: very reported bankrupt. The bank has declared that you can't pay,
Speaker 1: so that house is for foreclosure. Because it doesn't look
Speaker 1: at your credit report. This is not your score, this
Speaker 1: is your report. You've got to pull that report at
Speaker 1: least once a month and glance, especially those negative items,
Speaker 1: especially the create inquiries. We had to see a crazy inquiry.
Speaker 1: You didn't you did not do immediately dispute. If you're
Speaker 1: allowed you to sit, that means you saw it. The
Speaker 1: last city. They give you a statement after about sixty
Speaker 1: days you've said this is true, So very very important
Speaker 1: that you do that. All right, folks, So we will
Speaker 1: take questions now if you guys have those questions, and
Speaker 1: then of course we'll just yeah, let me take it
Speaker 1: back here. So yeah, so if you guys have questions
Speaker 1: respect about an hour, I don't mention. I record this
Speaker 1: so that way I have it on video and on
Speaker 1: text and almost afecas are going to be busy today
Speaker 1: because of Super Bowl weekend. So you can go back
Speaker 1: in and of course read this if you can. But
Speaker 1: I'm not going to read a few questions here on
Speaker 1: the DM because I've read this one about Like I said,
Speaker 1: if you have a car, if you have money to
Speaker 1: buy something, see if you can pay ninety five percent
Speaker 1: even ninety eight percent right on that loan, and they
Speaker 1: just take that as a loan because that helps your
Speaker 1: credit score. If you're at eight fifty, no need, no need, right,
Speaker 1: if you're at eight fifty, because you're already you're already
Speaker 1: should we say, at that good level, So no need
Speaker 1: for that. Someone says, I pay my phone bills every month.
Speaker 1: Does that go to my credit scoring? No, no, it
Speaker 1: has to be a loan. There they are now I
Speaker 1: think it's now legislation or the credit bureaus are trying
Speaker 1: to get some r tilted bill payments to show up right,
Speaker 1: to show up as a as a credit report. But
Speaker 1: for now, no, if you simply pay your bills, you
Speaker 1: don't get it doesn't show up as a credit. It's
Speaker 1: got to be a credit to show up on your
Speaker 1: credit report. So your phone bills are not going to
Speaker 1: show up. There's a way, yes, so correct. So so
Speaker 1: in most of these apps, like the Experience, the most
Speaker 1: of the credit billers. I mean, there's a way you
Speaker 1: can report your bills to them and you can build
Speaker 1: credit with them, but that's a program that they do.
Speaker 1: I don't want to talk about their own program on
Speaker 1: the show because that's a specific to them. But overall,
Speaker 1: it's got to be alone for you to then have
Speaker 1: that credit report. The name is credit report, not build report.
Speaker 1: So if you simply pay your rent on time, you
Speaker 1: don't get a credit scoring. Okay, So I like this question.
Speaker 1: I guess always asking just walk me through. I want
Speaker 1: to buy a house. I'm in Canada. I want to
Speaker 1: buy a house. So you want to buy a house.
Speaker 1: What's credits called? Do I need? And all that? It
Speaker 1: all depends, right, There is no specific number I will
Speaker 1: say if you have this credit score, we'll give you
Speaker 1: a house. It has to do with your financial capacity
Speaker 1: to pay back that mortgage. So remember when I was
Speaker 1: going to, like I said, debt to income and your income.
Speaker 1: They would look at the income you are making, they
Speaker 1: will remove your living expenses. Whatever income is left over
Speaker 1: is what they're going to consider to say, can you
Speaker 1: pay your mortgage with this? So your credit score, all
Speaker 1: it does is give you access to lower rates, and
Speaker 1: we're going the reason why you want lower rates. But
Speaker 1: your credit scoring does not guarantee that you get that
Speaker 1: home if your income cannot afford that home. So you
Speaker 1: see what I'm saying. So it's still going to be
Speaker 1: a function of your credit scoring and your debt to income.
Speaker 1: But if you have good income and bad credit, you
Speaker 1: will get the loan all things been equal, but at
Speaker 1: a very very high interest rate. That's the point where
Speaker 1: when we're trying to make right. So both of them
Speaker 1: are very very important. If you want to get a
Speaker 1: home in Canada, start to build your credit score and Ifada,
Speaker 1: have to build your credit scoring for the same rules.
Speaker 1: It's the same on all the West. Get your credits
Speaker 1: cad up, get your debt to income low. You want
Speaker 1: to have more income with a higher credit score. That's
Speaker 1: how you essentially creditt Yeah, I added you, Yeah me,
Speaker 1: but you keep on for I've added you again. If
Speaker 1: you want to speak. Just let me see if I've
Speaker 1: sent you a request again, just request to speak and
Speaker 1: you can speak on the space. Yeah that's a great question.
Speaker 1: Yeah yeah, so yes, okay, So let's just explain the
Speaker 1: issue about the two of you. Right, If you apply
Speaker 1: for a mortgage together with someone, then both of you
Speaker 1: are going to be looked at as a borrow. Right,
Speaker 1: So if you are applying for a loan with somebody,
Speaker 1: then two of you are going to be looked at
Speaker 1: as the borrower. So if you have a negative impact
Speaker 1: on your score, then of course that negative impact is
Speaker 1: then going to be looked at. It doesn't mean I
Speaker 1: can see they're going to tell you yes or no,
Speaker 1: but they are going to answer you. You're going to
Speaker 1: ask ask you that question, why did you why when
Speaker 1: you laid on a mortgage? All that kind of stuff.
Speaker 1: That's what I'm going to ask you. So there's no
Speaker 1: no one can sit here and tell you we're going
Speaker 1: to give you, deny you, or give you credit. But
Speaker 1: we're giving you how they mark your script. What we're
Speaker 1: giving you here is how that credit script will be
Speaker 1: marked so that you then walk to the answer. I
Speaker 1: get that. Yeah, okay, fantastic, and I saw one here
Speaker 1: about the student. I'm trying to find it. Great question
Speaker 1: from a student. Okay, can you explain authorized credits? Can
Speaker 1: you explain on the same guy, can you explain authorize credit?
Speaker 1: So authorized credit means if I have a credit card, right,
Speaker 1: I can add an authorized user to my credit card.
Speaker 1: Most times I say, maybe the kids want to go
Speaker 1: abroad for a holiday or want to travel for school holiday.
Speaker 1: The parent will take the kid to the bank, or
Speaker 1: the parents will say, I want to give this kid
Speaker 1: my credit card. It's the same credit card, but I
Speaker 1: want this kid to have this same credit card that's
Speaker 1: going to come to my account just in case he
Speaker 1: runs out of money when he's in America, right when
Speaker 1: he is in Paris or whatever. So what then happens
Speaker 1: is that they will give you. They will give the
Speaker 1: parents a card that's attached to the father's card. Now,
Speaker 1: if the bank says if the kid, so, every time
Speaker 1: the kid uses that card, he has his own credit
Speaker 1: scoring also coming to him because the credit port to
Speaker 1: show that this song used that credit or the father
Speaker 1: used the credit, and the son is also getting the
Speaker 1: credit scoring apply to him. You see, So the authorized
Speaker 1: card allows the child or whoever the authorized user is
Speaker 1: to benefit from the credits report of the main use.
Speaker 1: So it's not a new card, it's the same card.
Speaker 1: But because you are using that card, you also get
Speaker 1: the rewards. I've got. She she got first daughter. How
Speaker 1: are you? I'm great, good morning, fantastic. I always listen
Speaker 1: to your space. Interesting. Yeah, I want to answer this question.
Speaker 2: If not, maybe I want to start a business, like
Speaker 2: let me say it's shipping cars to don't you what
Speaker 2: kind of god you ad fish to start up? But
Speaker 2: I use like US Bank for my predit card and over,
Speaker 2: so what kind of credit you.
Speaker 1: Would? I wouldn't put that on a credit card?
Speaker 3: You know why?
Speaker 1: Because credit cards are due thirty days. But if you
Speaker 1: shoop that card tonight, you it's going to be more
Speaker 1: than thirty day. So you're going to pay a balance
Speaker 1: on that card after thirty days. You see what I'm saying. Yeah,
Speaker 1: because if you go buy the cards, any any anything
Speaker 1: you want to put in your credit cards, you get
Speaker 1: the best impact. You want to pay that thing off
Speaker 1: in thirty days or less, because if you put that
Speaker 1: card on your credit card, then you can't pay back
Speaker 1: in thirty days. You're going to pay that fee and
Speaker 1: that fee is going to wipe up the profits making Nigeria.
Speaker 4: Okay, now, all like some the clinic card I'm musing,
Speaker 4: I will use apply for zero APR.
Speaker 2: Yes, what if I'm using a zero APR like sometimes
Speaker 2: they give me like a year.
Speaker 1: Like the one I'm using. Fantastic, Yes, I have love
Speaker 1: to try. Fantastic. They're using those credit cards.
Speaker 2: You want to use those credit card if like I
Speaker 2: want to apply another one, they have twenty four.
Speaker 1: Months, so I can use that for it? Yes, yes
Speaker 1: you can. So those cards are basically saying that when
Speaker 1: you spend, you will not pay interest. You only pay
Speaker 1: the principle. So technically, yes you can. If you're going
Speaker 1: to the vendor will allow you pay for the car
Speaker 1: with a credit card. That means you put a balance
Speaker 1: on your credit card, then you can pay that balance
Speaker 1: off in the twenty four months. Fantastic. That means you
Speaker 1: can do that business and clean up that card within
Speaker 1: twenty four months. Fantastic. If you have that option, that's
Speaker 1: like a zero percent personal alone. That might make sense. Okay,
Speaker 1: thank you.
Speaker 2: And the last question is I said I use use
Speaker 2: US Bank and do you recommend any other bank that's
Speaker 2: more I hear that American Bank is It's.
Speaker 1: Okay, So it doesn't matter the bank name is just
Speaker 1: the APR ready that matters. And like you said, the terms,
Speaker 1: just go online and just put the best credit card
Speaker 1: for for zero percent APR doesn't matter who's giving the card,
Speaker 1: even if it's whatever bank and they give you a
Speaker 1: longer term like for you, you want a longer term, right,
Speaker 1: and a lower APR. That's what you're looking for. The
Speaker 1: APR only kicks in at the end of the term.
Speaker 1: So whether is capital one, whether it's a credits union,
Speaker 1: go to creatins as well. If you get a longer
Speaker 1: repremand period, that's what you want to do longer. Yeah,
Speaker 1: thank you for your more champuship. You have a good one. Yeah.
Speaker 1: So that those are great questions. Yeah, and so this
Speaker 1: gentleman is asking, let me see yep, So what if
Speaker 1: I yeah, so went back to this home ownership. There's
Speaker 1: no score. I would sit at the score you want
Speaker 1: to get before you start to look for a loon.
Speaker 1: It's at least seven hundred for your to buy a house,
Speaker 1: at least seven hundred. But your credit score is not
Speaker 1: saying that. Once you get seven hundred and once you
Speaker 1: get eight hundred, you can get a house. It basically
Speaker 1: says that you are a very very good borrower. That's
Speaker 1: what a credit is already means. So it just basically means, hey,
Speaker 1: if you have a high credit score, you are a
Speaker 1: good borrower. So we can lend you money and you
Speaker 1: pay back. But there's no score to say. What I
Speaker 1: will say is this, if you have a look at score,
Speaker 1: you might not get the loan, but if you have
Speaker 1: a high credit score, you're able to get that loan better.
Speaker 1: Hey makes it? I don't.
Speaker 5: Yeah, I'm fine, Yeah, I always a pleasure to be here, Yes, sir, Yeah,
Speaker 5: I'm with my pen and paper.
Speaker 1: So if you're taking some notes already very important. I
Speaker 1: know many want to get fantastic. You got a question. Yeah, so.
Speaker 5: I'm in the trail liance country, so if I want
Speaker 5: to there's nothing I think. I don't know if this
Speaker 5: is related to credit card or if I want your
Speaker 5: quick money that I want to do used to do
Speaker 5: one or two things and pay back quickly. H Is
Speaker 5: it better go for a credit card or is it?
Speaker 1: Look? How would you advise me? Like a product? A
Speaker 1: financial product I can access, So tell me what you
Speaker 1: want to do you want to you want to borrow money?
Speaker 1: Give me to be specially so I can give you
Speaker 1: a persive answer. Okay, let's say like what.
Speaker 5: She said, say you want to move something to Nigeria.
Speaker 1: You know, you want to achieve some things to Nigeria
Speaker 1: like our part. Yeah, yeah, so and it's something.
Speaker 5: They're already by us waiting in legos and you know yeah,
Speaker 5: they've already just bring the consignment and they will just
Speaker 5: remit the money. So you need phone to push that
Speaker 5: another for them. So it's a short term is it
Speaker 5: quick stuff? So is it possible to as in do
Speaker 5: I do I use credit card? Or is there any
Speaker 5: financial product to acown quickly access to do that and repay?
Speaker 1: Okay, the only reason webon considering credit cards is that
Speaker 1: many credit cards give you zero percent APR for this
Speaker 1: period of time. So, first of all, credit cards are
Speaker 1: the most expensive form of credit in anywhere in the
Speaker 1: world that the most expensive. But in America, I know
Speaker 1: you can get a credit card. I will give you
Speaker 1: zero interest for twelve months, twenty one month, twenty four months,
Speaker 1: That's what she's talking about. So whatever you are doing
Speaker 1: with that credit card, you have to have the ability
Speaker 1: to clean it up after the period. Otherwise you're in
Speaker 1: big trouble. That credit card can bankrupt you because it's
Speaker 1: the most expensive form of credit in America. So look
Speaker 1: at advice if you own your own home. If you
Speaker 1: own your own home, try and get over call the
Speaker 1: home equity line of credit. I know the cards in
Speaker 1: the UK. I get a second mortgage, like a line
Speaker 1: of you have that in the UK. They should have
Speaker 1: that right where you can take a second line and
Speaker 1: they give you the cash, but you don't pay interesting
Speaker 1: you use that line. The habit in the UK, ABE makeing, Yeah,
Speaker 1: I think they do. I don't. I will stay double
Speaker 1: chest Okay, okay. So now when you have that, yeah,
Speaker 1: if you have that home excellente of credit, that's going
Speaker 1: to be your cleanup fund. Then if you have a
Speaker 1: credit card that pays you zero percent interest, then you
Speaker 1: can use that credit card to do what you're doing.
Speaker 1: Because let's say she ships that good from Houston to Legos.
Speaker 1: It takes about three months or so to get to Legos,
Speaker 1: maybe one month to sell. She cleans up, that's within
Speaker 1: six months. Abe. The loan is for zero percent for
Speaker 1: twelve months, so she can use that credit card, clean up,
Speaker 1: pay back your credit card. You don't funny thing, the
Speaker 1: bank will increase that loan for her. So if she
Speaker 1: can clean up that transaction, the bank will tell her, hey,
Speaker 1: we're going to give you a bigger credit card at
Speaker 1: zero percent. So she's she's onto something, but I caveat again.
Speaker 1: She's got to make sure that she can clean that
Speaker 1: credit card up at the explain of that grace period,
Speaker 1: otherwise it's going to bankrupt her. Now, while we're doing
Speaker 1: a home with your line of credit, if you have
Speaker 1: the credit card necessary, you should do those goods to
Speaker 1: Niger and then there is aid NLC strike. All the
Speaker 1: pots are closed, so the card is there, you can't
Speaker 1: clear it. Then your credit card is due no credit cards.
Speaker 1: If you simply pay two percent or let us say
Speaker 1: five percent of the credit card you've paid for the month,
Speaker 1: you don't have to pay back the whole hundred percent.
Speaker 1: So that means you can then take money from your
Speaker 1: line of credit, your homework line of credit. It has
Speaker 1: a higher interest rate than your credit card, but you
Speaker 1: can pay the minimum on that credit card, so you
Speaker 1: buy yourself thirty more days. So the homework dealer of
Speaker 1: credit is going to be your ultimate insurance policy. Use
Speaker 1: your credit card to do that transaction because it's zero percent.
Speaker 1: Then you use your home excellent of credit to clean
Speaker 1: up the credit card if there's any problem, because yes,
Speaker 1: you pay higher rate than your credit card, but the
Speaker 1: home equity line is going to be your lowest form
Speaker 1: of credit, lowest credits rate because it's a secured loan
Speaker 1: against a very property that can be sold tomorrow. So
Speaker 1: that's how I would do it. I'll get my homework
Speaker 1: to learne of credit, then get the credit card zero percent,
Speaker 1: use a credit card and run that business, and then
Speaker 1: I use my home credit as my insurance. That's what
Speaker 1: I'll do. Thank you very much, Thank you fantastic. Yeah good,
Speaker 1: great questions again, Yeah, great questions again. Yeah again. Yeah,
Speaker 1: just just like I explained, I just spent to the
Speaker 1: make it and lady, you only want to use that
Speaker 1: card if it is zero percent and if it has
Speaker 1: a long repayment period. Three months is not long. If
Speaker 1: you're doing three months, don't export to Niger with three months.
Speaker 1: Anything can happen. The ship can get a dog, they
Speaker 1: can anything can happen. So you want to have if
Speaker 1: you most bands will give you maybe a year with
Speaker 1: a year, it's not it's possible. But remember whatever you
Speaker 1: are buying has got to be able to be put
Speaker 1: on a credit card, so some vendors will not allow
Speaker 1: you put stuff on a credit card. I know a
Speaker 1: lady in here in the US that bought a car
Speaker 1: with a credit card that was twenty one months zero
Speaker 1: percent interest rate. She went to the card company and
Speaker 1: told them, I want to pay for the car, but
Speaker 1: I have a card. I don't need you to know
Speaker 1: about a credit card. And they told her, yeah, yeah,
Speaker 1: we'll take a card. And she came back and they said, oh,
Speaker 1: it's a credit card, we can't take it. But I said,
Speaker 1: you guys are ned problems that you use a card
Speaker 1: or something like that, and they allowed her to run
Speaker 1: the card. So she paid cash and credit card. So
Speaker 1: the band she put on the credit card is zero
Speaker 1: percent for like twenty one months. That's what she did.
Speaker 1: So she's gonna pay her auto loan. But the card
Speaker 1: she got, the card that she bought them point the
Speaker 1: credit card is zero percent. It's like a personal illness.
Speaker 1: She got for zero percent. Again, she's paying it down
Speaker 1: every month, but no interest. You only do that when
Speaker 1: you have the means to pay down. Don't use credit
Speaker 1: card to do a business. Don't use credit card to
Speaker 1: start a business. Your credit card is what we call
Speaker 1: walking capital. So you have a business, and your business
Speaker 1: maybe you sell, maybe you sell water bottles, and you
Speaker 1: want to pay for nylon paper. Yes, use your credit card.
Speaker 1: You pay for nylon paper, and then your turn around time,
Speaker 1: the companies pay you and then you clean up your
Speaker 1: credit card. Yes, so on that great question here, what
Speaker 1: about a business credit card? Can I use a business
Speaker 1: credit card for this as well? I need to buy
Speaker 1: a house. Well, remember that the business is different from you.
Speaker 1: In America, the business is a person, like a human being,
Speaker 1: he said, It's an entity on itself. That's why when
Speaker 1: you open up a business a business account in America,
Speaker 1: you sign what's called a beneficial owner, who is the
Speaker 1: beneficial owner of the business. You sign that that shows
Speaker 1: you're the human being behind the business. Right, So when
Speaker 1: you have a business, it's hard to say, this business
Speaker 1: is buying a personal home. But that's not the same
Speaker 1: person you. So yeah, that business income. The bank will
Speaker 1: consider it as income to you. But the business itself
Speaker 1: can't buy a house. It can be applying for a mortgage,
Speaker 1: but the income you get from the business, the bank
Speaker 1: will take that in as as income to you. Yeah.
Speaker 1: So okay, okay, so yeah, yeah, so you're not because
Speaker 1: you're asking you if you can use a business credit card.
Speaker 1: Of course, of course you can. You can use a
Speaker 1: business credit card to do the same business. As a
Speaker 1: matter of fact, guys, if you have a business, try
Speaker 1: to get a business credit card several from your personal
Speaker 1: credit card, and also try to build the business history
Speaker 1: and the business transactions on that business credit card as
Speaker 1: separate from your own individual credit card. Very very important
Speaker 1: if you can build two of them, because the business
Speaker 1: has its own credit history and you have your own
Speaker 1: credit history. The idea is to try to keep on
Speaker 1: doing transactions so that the credit card allowance is basically
Speaker 1: up and up and up and up. Right, you want
Speaker 1: to get that credit card money allowance up and up
Speaker 1: and up. Yeah. So yeah, great, guys, fantastic question, lot.
Speaker 1: I can read all of them. So and we have
Speaker 1: how long do we have? How long do we have
Speaker 1: to stay here? Yeah? So Nigeria, Nigeria has credit cards, Yes,
Speaker 1: Nijer has credit cards. Nigeria has got credit bureaus. I
Speaker 1: listed three of them. They're still on the screen. Nigeria
Speaker 1: has got credit Registrar, Credit Registrar, Nijera has got The
Speaker 1: names are number one Credit Registrar that's a company. Number
Speaker 1: two c RC Credit Bureau that's a company. Then there's
Speaker 1: first Central Credit Burea. So we have three as today
Speaker 1: that I know of Nigeria. Yes, So when you want
Speaker 1: to take a loan, they also use this same framework
Speaker 1: and I've given to you. They track how you are
Speaker 1: repaying and they're able to then advice vendors where venos
Speaker 1: want to pull your credit, they'll go to one of
Speaker 1: these guys and they also pull your credit. So, yes,
Speaker 1: Nigeria has I'm surprised asking that Nigeria has credit card.
Speaker 1: I use the niger had. I know Echo Bank two
Speaker 1: thousand and two thousand and three had a credit card
Speaker 1: Echo Bank, and I know, I know I had it
Speaker 1: and I is it for stock trading, which was which
Speaker 1: was a very bad idea. So you should never do that.
Speaker 1: Learn from my mistake. Never do that right because back
Speaker 1: then Nigeria you could buy the stock. You could buy
Speaker 1: the stock when they issue a bonus. When they issue
Speaker 1: a bonus, the stock price goes down, then you buy it.
Speaker 1: It's like psychology. You buy it right, and the market
Speaker 1: things that the stock price is cheap. It's not cheap.
Speaker 1: It simply went down because of a bonus. So you
Speaker 1: buy the bonus, you sell the bonus. Then you use
Speaker 1: your bonus shares to cover up long story. But what
Speaker 1: then happened? And they start to delay the certificates and
Speaker 1: if you don't get back then we use certificated. If
Speaker 1: you don't get your certificates, you can't very fin the
Speaker 1: certificates you can't sell. So that whole deal now field
Speaker 1: because you borrow money. It's like a short sealed which
Speaker 1: you come up with your certificates. But once it's that
Speaker 1: the delay certificates, the whole deal went off. So don't
Speaker 1: use stocks, don't use your credit card to to do
Speaker 1: stop trading. Please don't, yeah, please don't. Yeah, son has that?
Speaker 6: I don't know.
Speaker 1: I don't know. Now if you guys doesn't do not
Speaker 1: have credit I don't do they have credit cards? Now
Speaker 1: like consumer credit cards do we have? I don't use.
Speaker 1: I don't use. I'm just asking you. Okay, fantastic, okay.
Speaker 1: Phone bills send us three phone bills are utilities to
Speaker 1: do show in some EU country like the UK. So
Speaker 1: someone is telling me this is from it? Is it
Speaker 1: saying that your phone bills are your utilities show in
Speaker 1: the UK. That's interesting. Yeah, I didn't know that. Yeah.
Speaker 1: So so essentially, if you have a phone bill it
Speaker 1: shows in the UK. Fantastic. I didn't know that. That's
Speaker 1: good for you, guys. I know the US it doesn't.
Speaker 1: But you can go to the credit bureau. I know
Speaker 1: Experian has that, and you can't tell the credit that
Speaker 1: you want them that you want to pay your you
Speaker 1: want to have some bills show up in your report,
Speaker 1: and they can try to do that for you. Yeah,
Speaker 1: I know that, so always find out. I'm just going
Speaker 1: to give you the broad trops. Hey, that's that names
Speaker 1: that name right strategy? Hi? Yes, Tarti, Petty Jesus man,
Speaker 1: you guys have simple names. Man, Hi, Hi, how you doing.
Speaker 1: I'm fine, I'm fine. Sorry. The name is Tati Peti.
Speaker 1: It's just a brand. My name is Prosper. Prosper are
Speaker 1: doing fine, I'm fine.
Speaker 7: Yeah, But I just saw the title of the things
Speaker 7: and you know how to your credits card.
Speaker 1: And this is something I've done.
Speaker 6: Also in my course in life, and I'm working also for.
Speaker 4: Insurance companies and banks.
Speaker 1: So I just sell me listen to it and see how.
Speaker 6: You guys are trying to implement is in the in
Speaker 6: the case of Africa, and I would be invested to
Speaker 6: know because everything concerning Africa concern me and I want
Speaker 6: to know.
Speaker 1: Okay, so why are you able to pick up a
Speaker 1: few points on how you can reach your credit scoring?
Speaker 7: Let me say, first start when I was doing my
Speaker 7: master and I have to do a project on it
Speaker 7: because there's a packet on health. It's like a Docercians
Speaker 7: language like pathons, which is used also to analyze that
Speaker 7: does and I work on some projects on how to.
Speaker 4: Actually optimize the credit score.
Speaker 3: And what I will say is that what wants as
Speaker 3: a person can optimize in this case is is how
Speaker 3: I put it is the borrow money is the money
Speaker 3: you borrow from there from the bank.
Speaker 7: But so you you first have to parton my English
Speaker 7: because I'm basically Frenchman and live in Germany.
Speaker 4: So I went through Nigeria during my courses, spend something
Speaker 4: like two years.
Speaker 1: That's why my English might not be that's perfect, yees.
Speaker 8: So what I was saying is that is that personally, as.
Speaker 7: A person what you have to be careful on it
Speaker 7: is what you borrow from the bank. If you borrow
Speaker 7: money from the bank, you have to make sure you
Speaker 7: also pay back on the time that the bank has
Speaker 7: given to pay.
Speaker 1: That is very very very important.
Speaker 4: And the second things that the bank also want to
Speaker 4: see is actually need how you spend your earning. If
Speaker 4: you receive let's say, like in case of Nigeria, you
Speaker 4: think like one hundred thousand naira a month, the bank
Speaker 4: want to see that you have some traditions and culture
Speaker 4: that when you receive your money, you you almost always
Speaker 4: keep like one part of your money into one I
Speaker 4: can call the.
Speaker 7: Banker where the saving can't the saving I can't.
Speaker 4: It's very important also for the bank to see that
Speaker 4: you are also constructed, like you're very diligent with your money.
Speaker 1: You know how to manage your money.
Speaker 4: This can also optimize you your things and then everything
Speaker 4: like marital statutes.
Speaker 9: One can always discuss, and if you have property, one
Speaker 9: can always discuss.
Speaker 7: And in the case of Germany, like where I where
Speaker 7: I studied, I did my master before I left.
Speaker 10: And one thing which was also very very important was
Speaker 10: like what actually and I am.
Speaker 4: Sorry to mention it, but I saw it also on
Speaker 4: the data It was do your race. So if you
Speaker 4: already live in Germany and you are a black person
Speaker 4: and you are like coming from Africa country, your race
Speaker 4: is something the bank we also look at, but.
Speaker 1: Race, sorry, do you look at your race in Germany? Yeah?
Speaker 4: The data there's one what there's one data sets called
Speaker 4: the German credit data set.
Speaker 1: So I was also shocked.
Speaker 4: But but this can be mitigated because if actually you
Speaker 4: are like a black.
Speaker 1: Person and let's say in the case of.
Speaker 4: Let's say I would take Legos, if you are in
Speaker 4: Legos and you are living in a corn job local government,
Speaker 4: and then another person is living in Ireland. You know,
Speaker 4: the person that is living in a local government would
Speaker 4: be like the.
Speaker 7: Appreciated, but the person who is living in Ireland will
Speaker 7: like being a appreciated.
Speaker 9: So so when you now compare this to make this
Speaker 9: to qualification, this to make my German word, but let
Speaker 9: me say this to quality.
Speaker 1: And you're living in the big city, the city where
Speaker 1: people that.
Speaker 7: Are rich are living, and you're in black Man, so
Speaker 7: in mitigate this race, understand.
Speaker 1: Yeah, that's that's that's interesting. In the in the US,
Speaker 1: we have specific laws that forbid. You've been credited being
Speaker 1: targeted according to your race, your religion, your ethnic background
Speaker 1: and all that. So I mean you can lose your
Speaker 1: banking licensees. They can prove that you are lending for
Speaker 1: mortgages based on those factors that we used to have
Speaker 1: red lining before, where black people right the mortgage the
Speaker 1: banks would put in a location and red lining and
Speaker 1: saying we're not going to give loans in that red line.
Speaker 1: Now the banks in the US have got to publish
Speaker 1: a report to show who applied for loans mortgage loans,
Speaker 1: and who they give mortgage loans to in that community
Speaker 1: where they are doing business. So they have to be
Speaker 1: very literally when you applied for a loan in America,
Speaker 1: they will ask you your ethnicity and your race. They
Speaker 1: would ask you for it because they have to report
Speaker 1: that so so and so quote unquote black people applied
Speaker 1: for a loan and we give those loans to suit
Speaker 1: this quarter. So they they track it. So you can't
Speaker 1: hide and say, oh, I didn't know he was a
Speaker 1: black person. No, they want you to know he was
Speaker 1: a minority, and they want you to know that. Okay,
Speaker 1: you are in that community, how much loans have you
Speaker 1: given to that community very important. So I'm surprised you
Speaker 1: say Journey doesn't do that. I think Trapp has gone
Speaker 1: off actually strapped. Thank you very much. I appreciate the comments,
Speaker 1: and I thank you. I think you live. You pronounced
Speaker 1: our colone jump very well. That makes you lived here
Speaker 1: for quite a while. Literally have produced comments. Hey Oxley,
Speaker 1: how are you doing? Oxley Tech? Also take us whom
Speaker 1: We're going to be done about eleven. We're gonna be
Speaker 1: done in about eight thirty, so we can go watch
Speaker 1: the Super Bowl? Oxley? What water in your mind? O
Speaker 1: the tech?
Speaker 5: Yeah?
Speaker 8: Uh, thank you for yees again the interesting.
Speaker 1: Well, maybe maybe I can look at it.
Speaker 11: Or then.
Speaker 1: I have we have credit? Yeah, we do. I just
Speaker 1: I just quoted the three companies when we have christ
Speaker 1: Cause and Nier Yeah.
Speaker 8: Yeah, or actually goes to question.
Speaker 1: I don't think so cool.
Speaker 12: I know that was a regulation that the Civilian past
Speaker 12: or the Civilian Issue, I think some three years ago
Speaker 12: that it published those lesitating or creditors or agency.
Speaker 1: Credit for you as. So there are a couple of them.
Speaker 1: They try to so I think they are more. They
Speaker 1: are more.
Speaker 8: You know, data collection agency or data collection.
Speaker 1: I don't think that I'm not.
Speaker 8: I don't think that most of the data, all things
Speaker 8: that they have about consumer are actually constitutions.
Speaker 1: Consequestion says that data be that maybe I can be
Speaker 1: referenced to well.
Speaker 8: Tactional deficial is dead or a particulars.
Speaker 1: I don't think so.
Speaker 8: So I wanted anactual decisions when you come in front.
Speaker 1: Of the bound to finance uh cosumer.
Speaker 8: Credits or because maybe you want to to change your
Speaker 8: electronics in your house, you want to buy a new class,
Speaker 8: you know, you know, if you are in front of
Speaker 8: I go back on trying to bring those applications those
Speaker 8: the data clients do that.
Speaker 1: I don't think so, but it's a big look they don't.
Speaker 8: So that's why it said it's not as consequential.
Speaker 1: Maybe my civil constitution.
Speaker 8: At the thing job for now.
Speaker 1: I don't think it is. Well. I also want to
Speaker 1: mention probably because who like that that the CIB has lot.
Speaker 8: Been various succursive, Yes we are the wrong. The board
Speaker 8: of the regulation, the expebitions, these agencies have they been
Speaker 8: supportive of.
Speaker 12: Those agencies lots as much as they should, because if
Speaker 12: you want.
Speaker 8: The credit agencies or the credit crew to be consequential,
Speaker 8: It's also write a relations to say you.
Speaker 1: You impact them.
Speaker 8: You impact those agencies in the middle of a back
Speaker 8: in the middle of everything astation. So civilians have at
Speaker 8: all that and that's why those all.
Speaker 1: About data than those guys. The only real we go
Speaker 1: the dot com.
Speaker 8: In fact, the only thing I know that count that
Speaker 8: is very consequentional that its abs all the collages real
Speaker 8: to glover as an instruction where you have you know
Speaker 8: you you are addy, you are all your company.
Speaker 1: Well you took your loan from bank A and you
Speaker 1: really download it, didn't do.
Speaker 12: Or you're not paying down that they bound bank pay.
Speaker 8: Anybody can recover any back, any credit the industry.
Speaker 1: So you know you took a loose for resting.
Speaker 8: Access bound you you well got a lot bound and
Speaker 8: you have credits all over the plage. You have Telly
Speaker 8: balance three or three or our post bound come and
Speaker 8: we'll go form and clears a creek of the hotels
Speaker 8: creating hotel and all your prayers bal people have limited
Speaker 8: that is r pier or what way when the tires off?
Speaker 1: Okay, I see your audience kind of kind of broken,
Speaker 1: So I'm not just show I know could you guys
Speaker 1: hear in that world after I get the point you're making. Yeah,
Speaker 1: we we have, but it's not really is it really?
Speaker 1: Could we use real time? That's a good point you're making.
Speaker 1: I don't think that, don't. I don't know how it works.
Speaker 1: Maybe someone that has used QUAE in Nigeria can see
Speaker 1: when I went to apply for a loan in Nigeria,
Speaker 1: they ran my quest and they gave me a report.
Speaker 1: Maybe someone can come up and see that won't use
Speaker 1: quite in Nigeria for a while. So let someone can
Speaker 1: come and say that that would help effrects most effect.
Speaker 1: Are you doing? What's happening? Man? There's no proverb fantastic.
Speaker 1: I'm doing very well, sir. Oh yeah, And there's this
Speaker 1: question I want to ask. I don't know if we're talking.
Speaker 7: About loan and I don't know if Yeah, let's say
Speaker 7: someone is learning the money from.
Speaker 1: Micro finance bounds. If it is a let's see your
Speaker 1: credit score or micro finance back if it is a tributal.
Speaker 9: Tool, uh that of the commercial bounds, Like if your
Speaker 9: credit score is low on the micro.
Speaker 1: Finance band, is it also.
Speaker 4: Attributed to commercial boands?
Speaker 1: I don't know if question is yeah, it's just it's
Speaker 1: just somehow it's the same credit score that you have
Speaker 1: that all lender vendors would use. All you only have
Speaker 1: one credit score, so if you have that one credit score,
Speaker 1: then you would the same thing. Yeah. Ok, yeah, it's
Speaker 1: one credits call for you per person. So if you
Speaker 1: go to you look micro finance, bands, committed bank, Yeah,
Speaker 1: then exactly that's what I'm going to pull correct. Yeah.
Speaker 1: All right, fantastic man, thanks for calling. Appreciate you. All right, folks,
Speaker 1: thank you so so so much for hanging out with me. Frix.
Speaker 1: All right, thank you so much, guys for hanging out
Speaker 1: with us today. We'll spend an hour to teamly just
Speaker 1: talking around credits. And again I made sure to record
Speaker 1: this because so many of you are going to be
Speaker 1: watching the super Bowl or watching the soccer game. So
Speaker 1: I'm wanting the guys to have this is a very
Speaker 1: very important topic, right, I'm trying this this This month
Speaker 1: in America is the Black History Month in America, and
Speaker 1: Black history I look look at the economic history. If
Speaker 1: you look at the demographics in America that are economically viable,
Speaker 1: you're gonna see the Caucasians, You're gonna see the Latinos,
Speaker 1: You're gonna see the black population. If you look at
Speaker 1: home ownership, you're gonna see the same demographic. Number one
Speaker 1: is Caucasians, Number two at the Latinos. The last is
Speaker 1: gonna be the African Americans. And and all that why
Speaker 1: there's a pathway to home ownership and to economic security
Speaker 1: in America. That's the pathway. Once you own a home,
Speaker 1: you have equity. The home is yours. You build equity,
Speaker 1: and a home is the best way to transfer world
Speaker 1: from one generation to one generation. If you own a
Speaker 1: home and you pass away, your kids get that home,
Speaker 1: it's theirs. They can live in it, they don't have
Speaker 1: to pay rent, they can sell it witness, they've got
Speaker 1: cash they can then use to start a business or
Speaker 1: to go to school. But that generational transfer of world,
Speaker 1: it's what has empowered need demographics. So you're not asked
Speaker 1: the question why don't many Blacks own homes in America
Speaker 1: even though they build in America for centuries right because
Speaker 1: of credit. Homes in America are given based on credit.
Speaker 1: You've got to have credit to get a home, So
Speaker 1: why don't they have good credit because they don't understand
Speaker 1: how credit works. Once you understand how credit works, it
Speaker 1: is then easier for you to then apply for a market.
Speaker 1: You don't have to go and get a mansion, even
Speaker 1: if it's a flat. That equity is yours. In America,
Speaker 1: once the home value appreciates, the equity is yours. We're
Speaker 1: not talking about if a market is the loan of
Speaker 1: a market is a good investment. The point is, in America,
Speaker 1: the pathway too wealth is via home ownership, and home
Speaker 1: ownership comes with getting a good credit score to afford
Speaker 1: that home. So this is a very important topic that
Speaker 1: you've got to understand how credit works. And the sad
Speaker 1: part is that good credit is a very very simple concept.
Speaker 1: Number One, you get a credit. It can be a
Speaker 1: credit card, it can be an auto loan, it can
Speaker 1: be a home loan. That's number one thing you want
Speaker 1: to do. Number Two, you pay it on time, so
Speaker 1: you pay the interest due on time. Once you pay
Speaker 1: interest you on time, you have met thirty five percent
Speaker 1: of that obligation. Number Three, you keep your balance is low.
Speaker 1: So if you have a credit card and it's for
Speaker 1: one thousand dollars, you don't want to carry over more
Speaker 1: than three hundred dollars or thirty percent. That gives you
Speaker 1: thirty percent of your score, so simply pain on time
Speaker 1: and not kind of a balance. You've already earned sixty
Speaker 1: five percent of the available score towards the credit. If
Speaker 1: you have mixed your credit up, you get afford a
Speaker 1: ten percent. The length of time gives you a for
Speaker 1: to ten percent, So it's really not the hard thing
Speaker 1: to do. Get a credit card, pay on time. End
Speaker 1: of story. Are you able to build your credit history.
Speaker 1: With your credit history and with lack of debt, you
Speaker 1: can then afford a household that you can then use
Speaker 1: to get onto that equity journey in America and you
Speaker 1: can then essentially get yourself into that American dream. That's
Speaker 1: why this is a very important space, especially in the
Speaker 1: weekend of the Black History Bond and all that. It's
Speaker 1: the same with Nigeria. If you own your home in Nigeria,
Speaker 1: you have the equity, you no longer parents. We might
Speaker 1: not have the create credit scoring, but this also helps
Speaker 1: you in if in case you'd like to build up
Speaker 1: that credit, this also helps you. So I'm going to
Speaker 1: take is it? Why are you coming late?
Speaker 7: Is it?
Speaker 1: Since? Yeah, you guys are coming? Yeah? What's up? Yeah? Yeah,
Speaker 1: so I have it? Who who has both living in Canada.
Speaker 1: So this has a bad school.
Speaker 2: I wanted to buy.
Speaker 1: So this is what happened. Had you good credit school?
Speaker 13: So the car company I advised, my concern could be
Speaker 13: like a yeah, now, so this question now is now
Speaker 13: that is a guarantee to his friend.
Speaker 8: Is there a problem with that in terms of apings, pay.
Speaker 1: You score going forward?
Speaker 12: If you'll do anyferently paying point in time and working
Speaker 12: to pay point.
Speaker 1: Is the only question is is.
Speaker 8: There a problem if you have because you score and
Speaker 8: there you have money, don't you use because you sco?
Speaker 8: You just pay your money develop using your card going forward?
Speaker 8: Thank you?
Speaker 1: Yeah. Two great questions. Number one, if you guarantee a
Speaker 1: loan and you are put on the loan, then you
Speaker 1: are liable for that loan. If your friend pays the loan,
Speaker 1: then you get the benefits of the loan, You get
Speaker 1: a good credit score. If your friend does not pay
Speaker 1: the loan, you are liable to pay the loan back
Speaker 1: because it's a joint loan. So if your friend does
Speaker 1: not pay, they're going to come to you to pay.
Speaker 1: It's a consequence loan. You're going to pay if you're
Speaker 1: not paid. So if you get the good you get
Speaker 1: the bad in terms of that, So that that answers
Speaker 1: your friend's question. The second question is to say, what
Speaker 1: if I have a million dollars and I don't need credit,
Speaker 1: it wouldn't affect me anyway. No, If you if you
Speaker 1: have the money to keep on paying cash, then you
Speaker 1: don't worry about credits. I mean, I'm sure if you
Speaker 1: pull elon Moskus credit or bill get credits very very
Speaker 1: bad because maybe they don't borrow. Right. So I'm just
Speaker 1: making a point. If you are an average person, a
Speaker 1: normal person in quotes un quote, you need good credit.
Speaker 1: So I would say, like I said, if you have
Speaker 1: money to buy a car, the car is ten thousand dollars,
Speaker 1: give them nine hundred nine thousand, five hundred dollars finance
Speaker 1: five hundred. So it goes into your loan, It helps
Speaker 1: your credit scoring, It doesn't hurt you. Right. But if
Speaker 1: you think you've got enough money you're not ever going
Speaker 1: to take a loan, fantastic, Just go and pay the cash.
Speaker 1: It wouldn't affect you in any way. But if you
Speaker 1: think you need a loan down the line, I would say,
Speaker 1: always have a good credit score and keep it up there.
Speaker 1: You never know anything can happen to you and you
Speaker 1: my go friend billionaire to a normal guy, and so
Speaker 1: you want to make sure that you have good credit. Yeah,
Speaker 1: because answer a question. Sincere, Yes, thank you so much,
Speaker 1: Thanks for what you do. Thank you so much for
Speaker 1: the producer, Thanks so much. How you doing? Yeah, I'm trying.
Speaker 1: How are you? What's happening? I just I just want
Speaker 1: to throw this up since we're we've blat is three.
Speaker 14: Months and were again about generational So I wanted to
Speaker 14: talk a bit about adding your child to your credit card,
Speaker 14: even if it's a new born baby like when the
Speaker 14: child was born today. I know their pros and comes
Speaker 14: to it. I want to talk about it so that
Speaker 14: people here will learn. And I've seen it across the
Speaker 14: world from Europe to America. White people specifically, let me
Speaker 14: say that setting their.
Speaker 11: Children up from childhood when they get to adultsthood. So
Speaker 11: when when they get to age eighteen, because they've already
Speaker 11: they've really had some savings for them in that five
Speaker 11: to nine, or in's a form of.
Speaker 1: Saving, or they give them a gift.
Speaker 11: So you see a child buy the house at the
Speaker 11: edge of eighteen, then you wonder how you get the credit?
Speaker 1: Is your grandma. Your grandmother has always given them, you know,
Speaker 1: so your grandmother has.
Speaker 4: Already given them the balance, like the doubt payments for
Speaker 4: the house.
Speaker 11: Yeah right, But because as a child, their parents meticulously
Speaker 11: build their credits alongside their children's.
Speaker 1: Yeah, they were a good position to buy their house.
Speaker 1: You know, that's a good room.
Speaker 14: So I wanted to talk about it, the pros and
Speaker 14: cons and for people to know in case you don't
Speaker 14: know that you can actually add your child for your credit,
Speaker 14: no matter how even need the child is one day
Speaker 14: who so kind of like you, Yeah, I hear you
Speaker 14: on that.
Speaker 1: Let's let's let's break it down. So generational weld is
Speaker 1: really when you compound wealth. When you compound well, that's generational.
Speaker 1: Well what is compounding in interest on interest? So you
Speaker 1: look at Nigeria, it's very hard. Look at Nigeria from
Speaker 1: not nineteen sixty, from eighteen hundred. How many compounded wealth
Speaker 1: can you find in Nigeria from say nineteen zero nineteen
Speaker 1: hundred started in nineteenth century? How many can you find
Speaker 1: till today? How many where their grandfather was extremely wealthy,
Speaker 1: the father was extremely wealthy, and the grands and sectionally wealthy.
Speaker 1: How many can you find. I don't want to be
Speaker 1: used to go above my pay grade. But I think
Speaker 1: you will not find any I know of one or
Speaker 1: two in my head, but you will not find any
Speaker 1: generationally compounded weld. In Nigeria, you will find two generations,
Speaker 1: but three four you struggle. Rockefeller Ford, their foundations are
Speaker 1: in Nigeria today. When did they die? Rockefeller Foundation, Ford
Speaker 1: Foundation there in nineteria today, start curing malaria today. Du Pont,
Speaker 1: it's a family, DuPont, It's a family generational world. Even
Speaker 1: Bill Gates he has done its foundation. There's going to
Speaker 1: be around forever and ever because a foundation. Right, So
Speaker 1: how many do we have in Nigeria? So that's where
Speaker 1: you're talking about, is that you could we have to
Speaker 1: have in the in African Nigeria generational world. So it
Speaker 1: goes to your specific question, how do or you both
Speaker 1: do it? Over there, they set up a structure using
Speaker 1: the legal systems to say I will pass world from
Speaker 1: myself to my dependence without paying taxes, so the taxes
Speaker 1: don't dissipate that income. It goes from myself to my
Speaker 1: grandson and all that and the laws out there. If
Speaker 1: you have in America, I think you can give about fifteen.
Speaker 1: I think it's teteen to fifty billion as a gift
Speaker 1: in your lifetime and the government will not tax it.
Speaker 1: If you pass away, your wife gets all your assets
Speaker 1: tax free, and your wife can give gifts in her
Speaker 1: lifetime up to fifteen million or so. Again, that's on
Speaker 1: the side. Your specification is asking about how can the
Speaker 1: average person do generational wealth transfer? Credit cards are tricky.
Speaker 1: I do not add. I don't think you can only
Speaker 1: give a credit card to a baby. Yes, you can
Speaker 1: give a credit card to a teenager. I seem lidicated.
Speaker 1: I want to go for to Paris for school excursion
Speaker 1: and their parents to give them a credit card. They
Speaker 1: are fifteen sixteen year old. That car is the parents
Speaker 1: own credit card. The kid has a card that he
Speaker 1: can use and all that. What I would advise you
Speaker 1: to do is to open up what we call an
Speaker 1: IRA individual retirement account. Specifically, I will go as fast
Speaker 1: in open up a roth ira. Rot is spelled roth.
Speaker 1: Open up in an roth IRA for your child. When
Speaker 1: the child is a baby. If you have a business,
Speaker 1: take a picture of the baby and print calendar. That
Speaker 1: baby is a model in your business, So you pay
Speaker 1: the child your own child a paycheck or a contract.
Speaker 1: You have to write a real contract. Don't just give
Speaker 1: the money into the child, say it's my son. No,
Speaker 1: the irs wants the child to do to end what
Speaker 1: we call end income, not gifts. You can't put a
Speaker 1: gift in an IRA and income. So the child will
Speaker 1: get that baby you took a picture of and use
Speaker 1: that baby's picture as you as your company logo for
Speaker 1: that year. Will end modeling contract. So you pay the
Speaker 1: model ten thousand dollars. You take that tental dollars and
Speaker 1: you put in his wrought IRA. That money will stay
Speaker 1: here until that child is to get a job, and
Speaker 1: that child can after five years, the cash us for
Speaker 1: the child. He can take that money out tax free
Speaker 1: after five years. So imagine kid is a baby. After
Speaker 1: five years, the tax is the money is owned by
Speaker 1: the kid one hundred percent the CHAT. You can contribute
Speaker 1: as long as she wants earned income. The child can
Speaker 1: inherit that IRA. I can keep on contributing for the
Speaker 1: rest of his life till he takes the money out
Speaker 1: tax free. So if you buy something worth a dollar
Speaker 1: and the good becomes worth a million dollars, the child
Speaker 1: can withdraw a million dollars tax free because it's a
Speaker 1: rot era after that five years, So that's I want
Speaker 1: to transfer. That's a simple way you can do it,
Speaker 1: and right now the minute easier for you. Guys, they
Speaker 1: made easier for you if you live in America. I
Speaker 1: think I shared that out to Americans. There's something called
Speaker 1: a four or five four seven account. It's called a
Speaker 1: Trump account. Is it won't like this, so you can
Speaker 1: google it is a Trump account or a four to
Speaker 1: five four seven account. What they've done is this in
Speaker 1: America today, you can open up that account if you
Speaker 1: are filing taxes today. Let me get exactly if you're
Speaker 1: filing If you live in America and you are filing
Speaker 1: access today, you can simply tell your accountant that you
Speaker 1: want them to open up that it is called a
Speaker 1: four five four seven account. You simply just add it,
Speaker 1: just a sht to people. You add that into your account,
Speaker 1: You put your kids names, your socials into that tax return,
Speaker 1: and you file it. So what you've opened up is
Speaker 1: an account for a child, and that account anybody can contribute.
Speaker 1: So they've taken that IRA concept. They've created this new
Speaker 1: four five four seven accounts called Trump accounts. The parents
Speaker 1: can contribute the employer can contribute. Anybody can contribute to
Speaker 1: that account, and that account grows for the child. The
Speaker 1: account is invested in the US stock market ETF that
Speaker 1: invests in the whole market. So many companies now are
Speaker 1: even saying if you have that account and you have
Speaker 1: a child, your company will pay you money directly into account.
Speaker 1: Many banks are doing it, not mini banks, after they
Speaker 1: would match it. Mister Dell gave about seven point five billion.
Speaker 1: It's going to go to the accounts of those children
Speaker 1: opened up in low income the zip codes in America.
Speaker 1: So that's the only thing you want to do. So
Speaker 1: if you haven't filed taxes today in America, just tell
Speaker 1: your account on four five four seven account, I want
Speaker 1: to open one as I file my taxes this year.
Speaker 1: When you open it up, you put your kidsen in there.
Speaker 1: The account is open. Then going forward you can contribute
Speaker 1: to your child's accounts. It doesn't have to be earned
Speaker 1: income now it can be any income. So it's better
Speaker 1: than the wrought Arab because it doesn't have to be
Speaker 1: end income. Your child is born, you put one hundred
Speaker 1: dollars in, it reduces your taxes, it increases the child's
Speaker 1: net worth. So that's how you want to do it.
Speaker 1: That's how they do it. The Evoka is do it
Speaker 1: generational skipping taxes, generational skipping transfers, so that you are
Speaker 1: able to keep that world on in kumbat from taxi.
Speaker 1: So you hear trust fund babies, that's what they mean.
Speaker 1: Laugh at it all you want, but that's what you
Speaker 1: want to do. You want to make your kids to
Speaker 1: have a trust fund. You ten today, in fifty years
Speaker 1: become the trust fund, right, is it? So? I think
Speaker 1: I've given you moretives. That is it? Yeah, We're good?
Speaker 1: Is it fantastic? Oh I do Hey, it's the kind
Speaker 1: of high yes, ma'am.
Speaker 2: Yeah, I'm so sorry. I got I got neck deep
Speaker 2: into a program and that was taking too much of
Speaker 2: my time with work, and then I had I had
Speaker 2: a series of family.
Speaker 1: Family issues. I lost my father, I lost my I'm
Speaker 1: so sorry about anyway.
Speaker 2: I'm doing okay, So probably we'll get to the talk soon, right, Yes,
Speaker 2: definitely regarding financial stuff, I'm beginning to know more because
Speaker 2: even from the program I attended at SAIS, I've learnt
Speaker 2: a lot about finance. And I joined this because I
Speaker 2: seem to like the topic and I wanted to also
Speaker 2: say hi to you.
Speaker 1: All Right, You're welcome. So of course I have your books.
Speaker 2: About a number of copies. And when you talk about
Speaker 2: generational world, I'm not giving it to to older people.
Speaker 2: I'm giving it to young people, teenagers. I'm telling about
Speaker 2: I'm telling my nephew, start to think about your money. Right,
Speaker 2: your mom may not be talk telling you about that.
Speaker 1: Starting to think.
Speaker 2: About your money now with regards immediate family. My question,
Speaker 2: I've been thank you for mentioning the four or five
Speaker 2: or seven account.
Speaker 7: I'm just hearing this.
Speaker 1: Talks for the first time. Yeah, it's brand new. It's
Speaker 1: brand new, Okay, so I'm going to ask my employers. Great,
Speaker 1: so it's good to.
Speaker 2: Know because I may have Yeah, I may have to
Speaker 2: do that soon in the very near future. But in
Speaker 2: terms of managing debt, I think I'm good with managing that. Okay,
Speaker 2: I have fantastic credit score, but.
Speaker 1: I can still learn.
Speaker 2: So I'm going to be listening. But then I really
Speaker 2: would want to talk to you one on one on
Speaker 2: how to really my assets are diversified. I have a
Speaker 2: big rule about IRA, but I want to do something more.
Speaker 2: Even though I give my my I mean the people
Speaker 2: taking care of it. I give them a new weight
Speaker 2: to do whatever they want to do because I pay
Speaker 2: it's certain amount of money for them to move things around.
Speaker 1: But still they want to hear from me. I'm not
Speaker 1: too good with that. You know.
Speaker 2: I wish I grew up in this country from the
Speaker 2: get go. Right, I'm a little bit timid to moving
Speaker 2: moving assets from here and there, But I would I
Speaker 2: wanted to grow. It's growing, blow I think it could
Speaker 2: grow better. I hear people my trainer the other day.
Speaker 2: It was talking about Nvidia, this that, you know, do this,
Speaker 2: do that. I hear all of these things I know about.
Speaker 2: Take any action because I still am not confident.
Speaker 1: Yeah, well, I hear you again. We're gonna talk after
Speaker 1: the space, so we'll talk and get more special. But
Speaker 1: I would say this, right, Investing is like investing should
Speaker 1: be boring, very very boring. If it's exciting, be very
Speaker 1: careful about that. What I mean boring? How do you
Speaker 1: make money in investing? You pick something that you know
Speaker 1: is going to grow, You put money in it, you
Speaker 1: invest it, and you forget about it. If you ask
Speaker 1: what On Buffett? War On Buffett is perhaps the biggest,
Speaker 1: the greatest investor ever in the history of man kind? Right,
Speaker 1: Warren Buffett ask him, where should I invest in million
Speaker 1: dollars today? What will you tell you? He's going to
Speaker 1: take to go buy the US ETF that buys the
Speaker 1: entire market. That's what's going to tell you. He's not
Speaker 1: gonna take to buy in media. It's not gonna take
Speaker 1: to buy Microsoft. Know that I had to wait. It's
Speaker 1: going to take to go buy the entire US market
Speaker 1: and just stad there. That's what he does. Bombs. I
Speaker 1: mean an equity ETF or index fond that buys the
Speaker 1: entire US market, for instance, v o O vt IV.
Speaker 1: It just means an equity which means stocks, index fond
Speaker 1: or et F, which means a basket that buys all
Speaker 1: those stocks in the US. Okay, okay, when you buy
Speaker 1: vt I, you're buying about forty five hundred US stocks
Speaker 1: immediately instant diversification. When you buy v O oh, you're
Speaker 1: buying just five undred of those stocks that is tracking
Speaker 1: the S and P five hundred. So if you just
Speaker 1: do that right, you are getting your Nvidia, you are
Speaker 1: getting your Microsoft, You are getting everything that is quote
Speaker 1: unquote good and all that in America. You can go specific.
Speaker 1: You can say to buy dividend ETFs, it's there. You
Speaker 1: want to buy a property ets is there, but just
Speaker 1: buying the whole market. The US market over over time
Speaker 1: has consistently returned about sixty eight percent whatever from nineteen
Speaker 1: twenty eight. You have your crash, you have your ups
Speaker 1: and downs, but it's always the trend line is up.
Speaker 1: So over twenty five years and have one returning asset
Speaker 1: is gonna be stocks, remove a bitcoin for now, it's
Speaker 1: gonna be stocks, which stocks you as stock. So sometimes
Speaker 1: you just keep it as simple as that. Just keep
Speaker 1: it as simple as that. You win. Not trying to
Speaker 1: be too good. It's because to buy individual stocks you
Speaker 1: need advice, and most of us don't have advice. If
Speaker 1: you don't have anyone holding your hand, you're gonna miss it, right.
Speaker 1: But if you have someone holding your hand, you're gonna
Speaker 1: pay for he can give in yourself to buy. If not,
Speaker 1: just buy the index, go to sleep, reinvest your income.
Speaker 1: You're fine. You want over a twenty five year period.
Speaker 1: I don't see you losing money when I'm be losing money,
Speaker 1: not beating inflation. I don't see that happening.
Speaker 2: I really think that's what my managers are doing because
Speaker 2: I pay them a fee every year and I haven't
Speaker 2: really asked them to change anything per se, but I
Speaker 2: think that's what they're doing.
Speaker 1: They buy you know, the book, view the or and
Speaker 1: the whatever.
Speaker 2: So I'm going to go read my statements very because
Speaker 2: I have some some people work from them often when
Speaker 2: they change around.
Speaker 15: Sam screenshot just yes, okay, okay for you, all right, okay, cool,
Speaker 15: all right, thank you.
Speaker 2: Cal Let me give the chance to somebody else and
Speaker 2: please follow me.
Speaker 1: I thought you were following me.
Speaker 2: That's why somehow I was kind of not sure, you know,
Speaker 2: to get in talk with after a while.
Speaker 1: Please follow me. Okay, thank you too, you too all.
Speaker 1: I've got paradised inn GC Paradise. Hi, what's up? I've
Speaker 1: got paradised in GC Paradise. You're ready to speak? Okay,
Speaker 1: let's think GC since G what's up? Okay? I'm doing
Speaker 1: very well, just very quickly.
Speaker 4: I just want to thank you for sharing very incise
Speaker 4: information about finance.
Speaker 1: So I moved to the viewers like.
Speaker 15: One year two months ago for my grad school and
Speaker 15: and it's been a whole lot of experience so far.
Speaker 1: But recently we have slight funding issues in our.
Speaker 9: School and.
Speaker 1: Starpends my coeliction and I International students. Stepends have been
Speaker 1: a couple of months.
Speaker 2: So it's kind of it has put me in this
Speaker 2: sort of financial stress and I'm.
Speaker 1: Afraid my credit is just going down.
Speaker 4: So I just wanted to ask very quickly, how do
Speaker 4: I manage the situation having.
Speaker 1: Almost matched out credit cards? And I'll be able to
Speaker 1: learn from me? Thank you? How you have I have
Speaker 1: just to discover for students and the Chase card? Do
Speaker 1: do you have a do you have a job?
Speaker 4: Yeah, I'm a graduate assistant and yeah, I'll be finished
Speaker 4: my master's this December.
Speaker 1: So can you can you afford to pay the minimum
Speaker 1: on those cards right now? You can? You can if
Speaker 1: you keep Can you keep paying the minimum on those cards?
Speaker 1: I did until December? Board starts in the generally, I
Speaker 1: mean it's a bit difficult. I hear it's just score
Speaker 1: above seven hundred. No mean it actually went swer. So
Speaker 1: because what I've advised was just to get a new
Speaker 1: credit card. Are you going to stay in America? You're
Speaker 1: going to stay back in America? Right? So you go
Speaker 1: get go get a job first, and first we get
Speaker 1: a job that would pay you income if you get
Speaker 1: a job that's going to pay income to you, right,
Speaker 1: that's one. Then I would advise that you try to
Speaker 1: do a balanced transfer so the balance transfer would work.
Speaker 1: That you would get a brand new card. Then you
Speaker 1: transfer the balance from your existing card to that brand
Speaker 1: new card. Usually balance transfers give you like a twelve
Speaker 1: month You don't pay anything on the card. You can
Speaker 1: you can decide to pay the principal, but they're not
Speaker 1: going to charge your interest. That ad buys you twelve months.
Speaker 1: So if you were able to get a that's why
Speaker 1: I ask about your credit, but get a new card today.
Speaker 1: Balance transfer, So go online. They'll say best balance transfer
Speaker 1: cards in the Uways. Just google it. You get to
Speaker 1: give you tons of cards. So when you get best
Speaker 1: balanced transfer cards, pick one that you can apply for.
Speaker 1: You can't balance transfer to the same card, so you
Speaker 1: can't do Discover to Discover. You can't do Chase to Chase.
Speaker 1: But you can do Discover to Chase and Chase to Discovery.
Speaker 1: They don't swap those cards out right. If you get
Speaker 1: a new one, then you do the balance transfer of
Speaker 1: that existing credit to the new credit card that buys
Speaker 1: you minimum one year. Then when you get that new job.
Speaker 1: That new job, the income then comes. You don't want
Speaker 1: to pay down those cards if you don't want to
Speaker 1: have a balance with a credit card, especially if you
Speaker 1: have a job, because I can kill you, because what's
Speaker 1: gonna happen. They're not going to arrest you if you
Speaker 1: don't pay, but I'm going to put a note on
Speaker 1: your account that you had a charge of. So if
Speaker 1: you try to get a loan tomorrow, they won't give
Speaker 1: you a loan. You see what I'm saying. So you
Speaker 1: want to make sure that you pay those cards out
Speaker 1: as you want to pay those cards down. So number one,
Speaker 1: get a job. Number two trying to do a balance transfer.
Speaker 1: If you do a balance transfer, that would allow you
Speaker 1: to buy more time to pay the principal. You're attacking
Speaker 1: the principal. If you keep on paying your card, you
Speaker 1: are simply paying the interest the balance transfer. Because not
Speaker 1: charging your interest, you are paying down the principle, which
Speaker 1: is what kills a card off. That's what you want
Speaker 1: to do from this Just when you drop this phone,
Speaker 1: just google balance transfer cards, see the ones that you apply.
Speaker 1: Just go for them. Okay, okay, thank you so much. No,
Speaker 1: just just want one more question.
Speaker 4: Since I finished my program this December, actually have like
Speaker 4: around ten months ago, and my department.
Speaker 15: Is still like working on our stipends.
Speaker 4: And I should never close these cards, right, I should
Speaker 4: just balance transferr.
Speaker 1: I mean, don't close them, just do use them. You
Speaker 1: don't have to use them, so stop using the cards,
Speaker 1: but just pay the minimum then the balance transfer. When
Speaker 1: you do the balance transfer. Yeah, you can say you
Speaker 1: want to close. I don't advise you do, especially that
Speaker 1: Chase card. I will keep that chase those I will
Speaker 1: keep those two cards, right, and do they pay you
Speaker 1: a cash back? Do they pay any benefits? Do they
Speaker 1: pay the air So then there's not you keep those cards.
Speaker 1: Just do a balance transfer. The card are going to
Speaker 1: get its own You're gonna close because the chase and
Speaker 1: discover what your first cards, so you get you get
Speaker 1: your length of time bonus with the old cards. This
Speaker 1: new balance transfer card when you when you are done,
Speaker 1: you can close them if you want to. So that
Speaker 1: means if I have a chase, right and I move
Speaker 1: it to this new card, this new card says for
Speaker 1: the next twelve months you have to pay interest. Fine,
Speaker 1: if I move to this new card twelve months, I'm
Speaker 1: able to pay down the card. I can close it.
Speaker 1: I can do that. I don't advise you do, but
Speaker 1: you can close the car. It will it will hurt
Speaker 1: you less than if you close the old cheese cut
Speaker 1: because the old cheese card is giving you your length
Speaker 1: of service points. See what I'm saying. Yes, but the job,
Speaker 1: the new job is very important. I know what depends
Speaker 1: on the job, right, So you want to get a
Speaker 1: job that's going to pay you income. That's how you're
Speaker 1: essentially going to pay down and also qualify for that
Speaker 1: new card. Very important. Thank you so much, Thank you.
Speaker 1: You have a good one here, all right, Paradise real quick?
Speaker 1: Are you still there to fire? Run down the space, Paradise?
Speaker 1: Not ready to speak? Why online? Oh okay? What's yeah?
Speaker 2: I just love to add, you know, advice to him.
Speaker 2: Look look into opening a credit finding the credit union.
Speaker 2: Credit union, their cards are you can do it balance
Speaker 2: transfer to the credit union if you if depending on
Speaker 2: whiche a credit union you decide to join. Their rates
Speaker 2: are usually high and some of them don't even have transfer.
Speaker 1: I just want to add that, yeah, yeah, that is true.
Speaker 1: Because credit unions they are more they have the same
Speaker 1: to have a lower APR on across the board for loans,
Speaker 1: for credit cards and all that. So yeah, go for that.
Speaker 1: Like I said, that's why I said Google. If you Google,
Speaker 1: it's gonna just say the best it will give you.
Speaker 1: Ask growk if you'll give you the all the credit
Speaker 1: card companies so some will not give you because they
Speaker 1: want you to have is that Stepan is talking about that.
Speaker 1: I'm that's worrying me. But if you have an income, fantastic,
Speaker 1: they're gonna ask you what in what's your income? You
Speaker 1: can't be saying stipend because it won't really It might
Speaker 1: even give your card a lower card one thousand or so.
Speaker 1: So if you get a job, because once you have
Speaker 1: the job, you can, it's gonna ask you what's your
Speaker 1: annual income? Then you're just gonna quote what you think
Speaker 1: you're gonna make annually from that job. That gives you
Speaker 1: a more a higher credit limit that you can move
Speaker 1: the entire card, won't it will make sense to having
Speaker 1: a new card and just moved into five percent of
Speaker 1: the new car. We're still thinking some five percent on
Speaker 1: your car. That's that's too much work. Yeah, so step
Speaker 1: by step for him? Thanks, Yeah, crazy knows Like you said, CS,
Speaker 1: go to crays. I think they have they have lower aprs.
Speaker 1: All things been equal? Yeah, do bay? What's up? Is
Speaker 1: that too? Big? Hair fortune? Here for tune? How are
Speaker 1: you doing? Do it? Do it? Hair fortune? Yeah?
Speaker 15: Thank you, thak, I do love been having it worksies
Speaker 15: like going off and on and I've an appended your
Speaker 15: own space in about two weeks now and to be
Speaker 15: back sometimes. Right, So back to the topic, right, how
Speaker 15: to re called money? I have some part of this
Speaker 15: as a explanational and they decide to get right.
Speaker 1: But I wanted to please.
Speaker 15: Speak about I don't know if you talked about it right.
Speaker 15: I want to speak about Nigeria credits care and bank
Speaker 15: creates around Nigerian bank creates how to get credits and
Speaker 15: I know it's already needs if you come do something
Speaker 15: like this and some of that that natures to put
Speaker 15: it because most of the information I got here are
Speaker 15: mostly credits cards. International rights people that are not in
Speaker 15: the Engineria right, people in Nageria.
Speaker 1: I would like to know how banks operates their credit
Speaker 1: account and it's good to does Nigeria have credit cards?
Speaker 1: Do they have credit cards now? Not? I know they
Speaker 1: have as Access Bank has got visa black cards and
Speaker 1: I know about that. But for the rank and file Nigeria,
Speaker 1: do we have a credit card? Do we have that? Well,
Speaker 1: I don't know if because I know about access back. Yeah,
Speaker 1: that one is high end. That that one is high end.
Speaker 1: I know that I won't but about the normal like it, like.
Speaker 15: You know, they also have they also have credit cards
Speaker 15: which you can use your David cards to access.
Speaker 1: Car. That's the same thing because like you said, like
Speaker 1: your question is like you know, I and I got
Speaker 1: to a question and ticket's valid. I tried, you know,
Speaker 1: when I when I did my research, I try to
Speaker 1: find out about Nigerian credit cards. It's really non like
Speaker 1: when I mean none. At the consumer level, they are
Speaker 1: very their cards that are available for the high networks,
Speaker 1: very mobile Nigerians, they have cards available for them. But
Speaker 1: for the rank and file consumer, it's difficult for them
Speaker 1: to get a credit card. They have we have consumer loans,
Speaker 1: Yes we have personal loans. Yes you have badgerator, but
Speaker 1: credit cards for some mission really gone around. So yes,
Speaker 1: I agree with you that my space is if you
Speaker 1: are just Nigerian business difficult to follow. But it's the
Speaker 1: same principle that the Nigerian credit card companies use. So
Speaker 1: where I put I put three or them, I'm gonna
Speaker 1: go back to them. I put three of them up.
Speaker 1: The Credit Tragistry CRC Credit Bureau, my good friend, is
Speaker 1: the first central credit bureau. It's the same principles of
Speaker 1: pay on time, keep your DT I know, don't have
Speaker 1: a negative impact on your score. It's the same principle.
Speaker 1: So what is Nigeria, what I is Canada, what is
Speaker 1: the UK or the US? Is the same principles they're
Speaker 1: going to use. It's just differently just going to be
Speaker 1: how available do we have those these cards in Nigeria
Speaker 1: when you compare them to other places. But the same thing.
Speaker 1: And again remember that many people what I'm talking to
Speaker 1: literally for the Nigers that have Jackpad that go from
Speaker 1: Nigeria to Canada and then say think because we have
Speaker 1: no credit cards in Nigeria, Okay, I'm gonna save money
Speaker 1: that I go credit card. That's a big miss. It
Speaker 1: will make you know, like I'm saying here, get a
Speaker 1: card if possibly your first month, and how I get
Speaker 1: a secure credit card. It counts ten percent towards your score.
Speaker 1: That's the point of trying to make across. So again,
Speaker 1: the things important you can get a card there. You can.
Speaker 1: It works in Nigeria. Many people use their credit cards
Speaker 1: in Nigeria that they got abroad. It works. So it's
Speaker 1: now a global village. If you can get credits in
Speaker 1: Canada to do this in Nigeria, that's a hack or
Speaker 1: that's a hack. I know people in Nigeria that use
Speaker 1: their US credit cards here in Nigeria not to pay
Speaker 1: for gas, but to pay for things in niger to
Speaker 1: buy pay for goods coming and to clear things out,
Speaker 1: all that kind of stuff that they're pa internationally. It works.
Speaker 1: So it's good to know the principles why you want
Speaker 1: to have a good credits care. Yeah, but your point
Speaker 1: is valid. I take it into your point is valid.
Speaker 1: So to your other points you are saying about loans
Speaker 1: and all that, Yes, I hear you. Maybe we do
Speaker 1: it bace on how to do personal loan. See, it's
Speaker 1: the same thing. It's just how do you do it right?
Speaker 1: One thing I will just say one thing. I'll just
Speaker 1: say one thing for it for you is nigs don't
Speaker 1: understand what APR means and the difference between APR and
Speaker 1: interest rate. Nigans will say, what's the interest rate should be?
Speaker 1: Saying what's the APR. APR means the annual percentage rate.
Speaker 1: Why is it important? Because in Nigeria, most times when
Speaker 1: you go to the bank, they'll tell you we're going
Speaker 1: to give you a loan at five percent interest rate.
Speaker 1: You should always ask the banker, Okay, what is the
Speaker 1: APR on this loan, not what is the interest rate?
Speaker 1: The interest rate just gives you the interest. But the
Speaker 1: cost of the loan is the APR. Because why in
Speaker 1: Nia they add management fee, they add legal fee, they
Speaker 1: add all these things onto the loan. So for Nigeria,
Speaker 1: APR is very very important, not interest rate. In America,
Speaker 1: they don't have a lot of fees. So if they
Speaker 1: tell your interested to four percent, highest APR might be
Speaker 1: four point five or four point two. Boy, Nigeria get
Speaker 1: interest rate for five percent and APR are ten percent.
Speaker 1: It's possible they will add legal management, they will add
Speaker 1: all these things. Yeah, life they add a rating and so,
Speaker 1: and how you compare. You don't compare interest rates with
Speaker 1: bank A and bank B. You compare APR with bank
Speaker 1: A and bank B. So that's one thing I will
Speaker 1: say for lending Nigeria, ask them about the APR, not
Speaker 1: the interest rate, Always ask them again. Number two, if
Speaker 1: you can pay down without penalty. So penalty means if
Speaker 1: you're borrowing from Nigerian bank and you say four year loan,
Speaker 1: if you come back with money of two years, would
Speaker 1: you pay any penalty? Ask them about that too, So
Speaker 1: that way you are giving yourself a call option to
Speaker 1: say and want of closest loan down without penalty. Very important.
Speaker 1: Find out from them if the loans go up, we
Speaker 1: might not also go up there and I'll tell you
Speaker 1: it's yes. Is there a cap, is there a barrier?
Speaker 1: Find out all those things because Nigerian, London and the
Speaker 1: US then is very very different, very very America has
Speaker 1: no recourt loans. So if you go buy a house
Speaker 1: and you can't pay, you give them the key, you
Speaker 1: go away. Hire they will mess up your credit report.
Speaker 1: If you buy a car, you can't pay for the car,
Speaker 1: you drive the car to their office, pack the car,
Speaker 1: you go away. Nigeria is different. If you can't pay
Speaker 1: that loan, they'll go after your farm. They can't go
Speaker 1: after your farm, they'll go after your private jet. To
Speaker 1: just be big. There's no there's always a recost them.
Speaker 1: So all times are a bit different, but it's the
Speaker 1: same principle in terms of how those loans work. Defends
Speaker 1: that's going to be how it is operationalized. But excellent question.
Speaker 1: Thank you very much. They're welcome, appreciate you. All right, guys,
Speaker 1: Look we'll call all the questions. You guys have all
Speaker 1: been welfared today with issues about credits managing debts. Let
Speaker 1: me just talk by managing there for less you guys go. So,
Speaker 1: if you want to manage your debt, very very simple process.
Speaker 1: Number one, list all your debts. List all your debt
Speaker 1: number one. Number two, try to attach the cost of
Speaker 1: that debt. It was the interest rate. Like I said, APR.
Speaker 1: Get the APR world to debt. So you have three
Speaker 1: credit cards. List the three credit cards, List the three APR.
Speaker 1: Start to pay the credit card with the highest APR first,
Speaker 1: not one with the highest balance. Pay the highest APR first.
Speaker 1: If you owe two cards one is ten thousand, one
Speaker 1: is five thousand, to one has a high APR, pay
Speaker 1: the higher APR down first. That one costs you more
Speaker 1: when you pay it down. Take the excess money and
Speaker 1: started to pay the second one. Then pay the head on.
Speaker 1: That's how you want to do it. Pay the highest
Speaker 1: APR first, before you go to the highest amount. The
Speaker 1: amount doesn't matter as much as the APR. That's how
Speaker 1: you wants to manage your debts, right, Don't take debt
Speaker 1: you don't you can't pay back, and only borrow interest
Speaker 1: bearing debt to pay income generating activities. Say it again,
Speaker 1: Only borrow interest bearing debt to pay or to buy
Speaker 1: income generating opportunities. So that means, don't use your credit
Speaker 1: card to go for holiday. I know it sounds like
Speaker 1: that's why it's supposed to be used for No use
Speaker 1: your credit card to pay for the holiday. Because you
Speaker 1: have cash in your debit card, then your account you
Speaker 1: can clean up immediately. But use your credit card to
Speaker 1: get the points. You don't use your credit card to
Speaker 1: go for holiday. That's using an interest bearing debt for
Speaker 1: a non income generating activity. Don't ever do that. Only
Speaker 1: use your credit card to do transactions that you can
Speaker 1: pay back or can generate income for you tomorrow. All right, folks,
Speaker 1: on that note, we're gonna call it today. Thank you
Speaker 1: guys so much to listen to me. Let's go what
Speaker 1: the super Bowl and be the best team or the
Speaker 1: team with the Nigerians when that's how I put it right.
Speaker 1: I see you guys next week.
Speaker 10: Be here.
Speaker 1: We're gonna have a season stock broker, big boy. He's
Speaker 1: gonna come in here and give us talk about Nigerian market.
Speaker 1: Where can we invest? Where should we put money? He's
Speaker 1: gonna give you the stocks to buy. He does that
Speaker 1: every week. He's giving every week he's telling you buy
Speaker 1: the stock, buy the stock, Come with your paper, come
Speaker 1: with your pen. It's gonna give you name the stocks.
Speaker 1: That's what he does. So experienced guy was once their
Speaker 1: leader in a stock market and all that. So be
Speaker 1: here next week when we do when we have him online,
Speaker 1: and of course you guys be blessed as usual. All right, folks,
Speaker 1: I'll see you next week. Let's go to the super Bowl.
Speaker 1: You guys take care of and yeah.
Speaker 2: Yeah, can we talk maybe some other time because you
Speaker 2: know there's a lot going on today. I'm trying to
Speaker 2: get my paperwork ready. But I can text you for
Speaker 2: a schedule, no problem. Okay, thank you.
Speaker 1: I enjoy your super Bowl? All right, guys, taken out
Speaker 1: and basketball? We're playing basketball? Who I watch basket? We're
Speaker 1: coming talking to a boy talking basketball. You can't you
Speaker 1: can't be bringing that way here super Bowl. You're talking
Speaker 1: basketball super Bowl. I'm not eating. I'm fast in this
Speaker 1: Sunday morning because I'm willing to eat. Yeah, to eat.
Speaker 1: I'm going to eat the life of my head this
Speaker 1: afternoon when I went to Super Bowl. So I'm going
Speaker 1: to my friend's house. They are cooking a no like,
Speaker 1: forget about it, man, They're not cars. They're not cars
Speaker 1: on the road. No cars on the road. I was
Speaker 1: watching super Bowl, you know, and I just posted an
Speaker 1: article today the economics of Super Bowl. It's crazy, you know,
Speaker 1: Like we talked Deity December, but this is the real
Speaker 1: derty December. This is just one game. An advert is
Speaker 1: seven to ten million dollars. But just place an ad.
Speaker 1: You see what the local governments are going to earn. Yeah,
Speaker 1: I can give it the I can give you the post.
Speaker 1: What the local governments in the Bay Area are going
Speaker 1: to earn from just this Super Bowl commune to them.
Speaker 1: So what they've done is that they've taken a sports
Speaker 1: game and they've turned it into economics. You look at
Speaker 1: the San Francisco is going to end. This is the
Speaker 1: local government to San Francisco to end one hundred and
Speaker 1: ten seven million dollars. San Francisco, San Jose twenty nine million, dollars,
Speaker 1: Santa Clara seventeen, Oakland nine million. This is just money
Speaker 1: that the guys are gonna pay the local government you're
Speaker 1: talking about. The super Bowl generally had one point two
Speaker 1: five billion last year in Louisiana. Last year in Louisiana,
Speaker 1: they're gonna see a research on basketball. Start bringing bigs
Speaker 1: for you like you guys. You guys have you guys
Speaker 1: have Series seven Worlds season. You don't have Super Bowl.
Speaker 1: So let's leave that matter. Arsenal, Come on, Arsenal game
Speaker 1: versus versus Chelsea will give you guys more than than this.
Speaker 1: When I'm talking, all right, my life talks. Have a
Speaker 1: gonna ticket, man, Love you