What is money for?
00:00:01.33\00:00:02.90
Is it a helpful
resource to use for good
00:00:02.93\00:00:05.67
or is the love of it
the root of all evil?
00:00:05.70\00:00:08.44
Actually, it's
both, but God may have
00:00:08.47\00:00:10.97
a different
definition of success.
00:00:11.01\00:00:13.44
Real success
doesn't come overnight.
00:00:13.48\00:00:16.18
It takes hard work
and faithful planning.
00:00:16.21\00:00:20.38
To use your dollars well,
00:00:20.42\00:00:22.15
it takes more
than a little sense.
00:00:22.18\00:00:24.59
Hello and welcome
to Dollars and Sense.
00:00:27.02\00:00:29.66
I'm your co-host Yvonne Lewis
00:00:29.69\00:00:31.53
and our primary
host is Ryan Mack,
00:00:31.56\00:00:34.60
he is our
financial literacy expert,
00:00:34.63\00:00:37.73
great teacher.
00:00:37.77\00:00:39.10
We're learning some great info.
00:00:39.13\00:00:40.67
And if you haven't been watching
00:00:40.70\00:00:42.60
all of the programs up to now,
you can get them, watch them
00:00:42.64\00:00:46.94
because you're
going to learn so much.
00:00:47.01\00:00:48.71
I'm learning so
much, Ryan. This is great.
00:00:48.74\00:00:50.68
I'm having a great
time with this series.
00:00:50.71\00:00:52.05
Oh, yeah, well, I think
we're having an even better time
00:00:52.08\00:00:56.38
because there are
so many great tips.
00:00:56.42\00:00:58.12
And the main thing to
me is that we're learning
00:00:58.15\00:01:02.29
the relationship
between scripture and economics.
00:01:02.32\00:01:05.23
Because every program
is based on a scripture.
00:01:05.26\00:01:08.66
So what's our
scripture for today?
00:01:08.70\00:01:10.13
Well, the theme of this show
is really about home ownership.
00:01:10.17\00:01:13.90
And we want
people to be homeowners.
00:01:13.94\00:01:16.37
We want them to do
it in a responsible way.
00:01:16.40\00:01:18.77
And the scripture outlines
exactly how we can do this.
00:01:18.81\00:01:21.74
So the first
Scripture of the day is...
00:01:21.78\00:01:24.45
I have a lot today
and we're going to see
00:01:24.48\00:01:27.22
exactly how following
the Word and the will of God
00:01:27.28\00:01:31.35
could have averted this
entire foreclosure crisis.
00:01:31.39\00:01:34.89
And all we had to do,
00:01:34.92\00:01:36.56
we didn't have to
look at the experts,
00:01:36.59\00:01:37.93
we didn't have to turn on
the financial expert channels
00:01:37.96\00:01:41.16
and whatnot, we just
had to look at the word
00:01:41.20\00:01:42.66
and say, "What
does the Bible say about
00:01:42.70\00:01:44.33
how we make our decisions,"
00:01:44.37\00:01:46.07
we could have avoided
an entire financial crisis.
00:01:46.10\00:01:48.10
Wow.
00:01:48.14\00:01:49.47
And I'll be
explaining that here.
00:01:49.50\00:01:50.84
So Proverbs 21:5.
00:01:50.87\00:01:53.71
It says, "The
thoughts of the diligent
00:01:53.74\00:01:55.84
tend only to plenteousness,
00:01:55.88\00:01:58.98
but of every one that
is hasty only to want."
00:01:59.01\00:02:03.22
And this really just
speaks to us being hasty.
00:02:03.25\00:02:06.42
My father and mother
always said haste makes waste.
00:02:06.45\00:02:10.23
And what happened was
that we had so many individuals
00:02:10.26\00:02:13.80
who were so...
00:02:13.83\00:02:16.50
they just wanted to
buy that home so bad
00:02:16.53\00:02:18.70
and they were so
excited about the home,
00:02:18.73\00:02:20.90
so I wanted to
kind of just take us
00:02:20.94\00:02:22.40
on a historical lesson.
00:02:22.44\00:02:24.67
From 2000 up until today
and really just point out
00:02:24.71\00:02:28.34
some key areas to
kind of just exemplify
00:02:28.38\00:02:31.05
what exactly happened.
00:02:31.08\00:02:32.41
Oh, good.
00:02:32.45\00:02:33.78
So in 2000, we had
just come off a huge boom.
00:02:33.82\00:02:38.05
Okay.
00:02:38.09\00:02:39.42
And this was a huge
boom based on a lot of stocks
00:02:39.45\00:02:42.06
and we're gonna have a
whole episode on stocks.
00:02:42.09\00:02:44.59
So I'll get into that deeper
and really just talk about
00:02:44.63\00:02:47.30
how the word as well could
have averted that recession.
00:02:47.36\00:02:52.23
But the boom was going crazy
00:02:52.27\00:02:55.17
and everyone
wanted to buy stocks
00:02:55.20\00:02:57.17
but then the market crashed
00:02:57.24\00:02:58.57
because people
realized that the stocks
00:02:58.61\00:02:59.94
that they were purchasing
00:03:00.04\00:03:01.38
didn't have any
underlying value.
00:03:01.41\00:03:03.55
So the market crashed.
00:03:03.58\00:03:05.41
So everyone took
their money out of stocks.
00:03:05.45\00:03:07.75
And when was
this? It was in 2000.
00:03:07.78\00:03:09.58
2000.
00:03:09.62\00:03:10.99
So in 2000, and so
people said, "You know what,
00:03:11.02\00:03:12.59
what are we going
to put our money into?"
00:03:12.62\00:03:14.96
And so they started to
put their money in few assets,
00:03:14.99\00:03:17.53
one was gold and the
other one was real estate.
00:03:17.56\00:03:20.10
And real estate
became the new best thing.
00:03:20.13\00:03:22.46
That was the new
thing. That was where...
00:03:22.50\00:03:24.23
All of sudden and
then George Bush said,
00:03:24.27\00:03:25.77
"You know, we're going to
have a home ownership society."
00:03:25.80\00:03:28.24
And then Dodd-Frank
00:03:28.27\00:03:29.60
and even the
Democratic Congress said,
00:03:29.64\00:03:31.77
"We want to make
sure people can own homes
00:03:31.81\00:03:33.48
and we want to make
sure Fannie and Freddie
00:03:33.54\00:03:35.24
can be on the frontlines
00:03:35.28\00:03:37.01
of making sure
people can buy homes."
00:03:37.05\00:03:39.15
And so what was
happening was that
00:03:39.18\00:03:40.58
actually there's a
thing called reverse redlining
00:03:40.62\00:03:43.59
even where many individuals
00:03:43.65\00:03:45.12
who before were
discriminated against
00:03:45.15\00:03:47.99
in the '60s for redlining,
they were actually targeted
00:03:48.02\00:03:51.23
and few organizations
targeted minorities to say,
00:03:51.26\00:03:54.10
you know what, these individuals
00:03:54.13\00:03:55.76
who have low credit,
and it was a color thing,
00:03:55.80\00:03:58.60
it was more of a class
thing, to say these individuals
00:03:58.63\00:04:02.04
who have low credit
00:04:02.07\00:04:05.41
and they might not be
ready to buy homes right now,
00:04:05.44\00:04:08.01
we're finding that they can...
00:04:08.04\00:04:09.38
We might be able
to get them some homes
00:04:09.41\00:04:10.78
because what we can do
00:04:10.85\00:04:12.18
is when we
bundle these mortgages,
00:04:12.21\00:04:13.62
we can make a lot of
money off these mortgages.
00:04:13.65\00:04:15.95
Now what's redlining?
00:04:15.98\00:04:17.49
Redlining is
essentially discriminating
00:04:17.52\00:04:19.82
against a class of individuals
00:04:19.85\00:04:21.66
based upon
race, creed, or color,
00:04:21.69\00:04:24.43
and saying that
you're not allowed
00:04:24.46\00:04:27.13
to buy property in this area.
00:04:27.20\00:04:30.13
But reverse redlining
happened in 2001 when they said,
00:04:30.17\00:04:34.30
as opposed to not
allowing them to purchase,
00:04:34.34\00:04:36.07
we're going to
target those individuals.
00:04:36.10\00:04:38.77
So say we want those individuals
00:04:38.81\00:04:40.74
who have low FICO
scores to be able to...
00:04:40.78\00:04:43.95
We want those
people to purchase homes
00:04:44.01\00:04:46.05
because we can give them loans
00:04:46.08\00:04:47.62
and charge them
higher interest rates,
00:04:47.65\00:04:49.18
hence make more
money off the interest.
00:04:49.22\00:04:52.35
So what was happening was that
the market started to crash,
00:04:52.39\00:04:55.82
all this money
started going to real estate.
00:04:55.86\00:04:57.69
So real estate started
going crazy and crazy and crazy.
00:04:57.73\00:05:01.00
And I'm not gonna get
too technical with it,
00:05:01.03\00:05:02.76
but in 1999 at the
end of the Clinton era,
00:05:02.80\00:05:06.00
there was this thing at the
end of the Glass Steagall Act
00:05:06.03\00:05:08.67
where essentially
the various departments
00:05:08.70\00:05:11.84
of the banks essentially
were separate before,
00:05:11.87\00:05:14.78
but now they were
able to merge together,
00:05:14.81\00:05:17.28
where usually there was a
thing called the Chinese wall
00:05:17.35\00:05:19.95
where they weren't necessarily
able to combine the commercial
00:05:20.02\00:05:22.58
and the investment
component of the banking system
00:05:22.62\00:05:25.35
and everything
just merged together,
00:05:25.39\00:05:27.16
we're now to
say, "Wait a minute,
00:05:27.19\00:05:29.26
we can take these
mortgages that were given
00:05:29.29\00:05:32.09
and all these
people all around it
00:05:32.13\00:05:33.50
because that's
the new wealth thing."
00:05:33.53\00:05:35.00
Everybody knew
this, haste makes waste,
00:05:35.03\00:05:37.23
back to the scripture.
00:05:37.27\00:05:39.03
Everyone said,
00:05:39.07\00:05:40.40
"Oh, I can buy a
home. Wow, this is great."
00:05:40.44\00:05:41.77
So we need to find out ways
00:05:41.80\00:05:43.71
that we can get
people into homes easier.
00:05:43.77\00:05:46.98
We need to make more
creative mortgages even.
00:05:47.04\00:05:50.11
So they started
making creative mortgages,
00:05:50.15\00:05:51.55
that's where they started
making interest only and arms
00:05:51.58\00:05:54.42
and all these different
types of mortgages, balloon,
00:05:54.45\00:05:57.05
all these mortgages came
00:05:57.09\00:05:58.45
because people
wanted to make sure that
00:05:58.49\00:05:59.85
it was easier to get
people into mortgages,
00:05:59.89\00:06:02.86
and so people were signing
mortgages left and right.
00:06:02.89\00:06:04.79
They weren't
even reading things.
00:06:04.83\00:06:07.23
It's true.
00:06:07.23\00:06:08.56
They even had
multi-level marketing programs
00:06:08.60\00:06:11.70
for real estate. Exactly.
00:06:11.73\00:06:13.64
So you can help
people get a loan
00:06:13.67\00:06:15.47
and you can make
money, it was crazy.
00:06:15.50\00:06:17.67
Exactly. So it was going crazy.
00:06:17.71\00:06:19.94
And everyone was...
00:06:19.97\00:06:21.38
And literally
you could, you know,
00:06:21.41\00:06:23.35
so let's just call her Susan.
00:06:23.38\00:06:26.21
She is walking down the
street and a mortgage broker
00:06:26.25\00:06:28.95
can come up to her and
say, "Hey, you know what,
00:06:28.98\00:06:30.49
have you thought
about buying a home?"
00:06:30.52\00:06:32.52
And she says, "Well, you know,
my credit score is only 500."
00:06:32.55\00:06:36.62
"Well, you know
what, that's okay,
00:06:36.66\00:06:37.99
just come to my
office tomorrow."
00:06:38.03\00:06:39.36
"Well, I don't have
any savings in the bank."
00:06:39.39\00:06:40.80
"That's okay, come
to my office tomorrow."
00:06:40.83\00:06:42.80
It's a hypothetical
example, but a very real example
00:06:42.83\00:06:44.87
of what was going on
all across the country.
00:06:44.90\00:06:46.70
So Susan goes to
the office tomorrow,
00:06:46.74\00:06:49.50
he hands a huge big
thick stack of documents, says,
00:06:49.54\00:06:53.17
"Sign here, and there you go,
00:06:53.21\00:06:55.38
essentially gave her the set
of keys to a brand new home."
00:06:55.41\00:06:58.51
Now she didn't know
what she just signed,
00:06:58.55\00:07:00.35
she had no idea
of what she got into.
00:07:00.38\00:07:03.05
All she knew is she
got a brand new home
00:07:03.08\00:07:04.62
because next door,
John, he has a brand new home.
00:07:04.65\00:07:07.86
And she wants to buy it
00:07:07.89\00:07:09.22
and all these
people in the world
00:07:09.26\00:07:10.66
hear all this stuff on the news,
00:07:10.69\00:07:12.53
everybody is buying a home,
00:07:12.56\00:07:13.93
I need to be a
part of this movement.
00:07:13.96\00:07:15.60
So Susan jumps into
there and next thing you know,
00:07:15.63\00:07:18.77
let's just say
her mortgage payments
00:07:18.80\00:07:20.24
are only $500 a month.
00:07:20.27\00:07:22.54
Four years later, it
was 2001 or so, 2005,
00:07:22.57\00:07:26.88
all of a sudden the interest
00:07:26.91\00:07:28.24
only component
expires on that loan
00:07:28.28\00:07:29.98
because it was an
interest only loan,
00:07:30.05\00:07:31.38
she only had to
pay the interest,
00:07:31.41\00:07:32.75
didn't had to pay the principal.
00:07:32.78\00:07:34.32
Now that loan
mortgage almost quadruples.
00:07:34.35\00:07:37.92
And Susan gets a
mortgage note in the mail
00:07:37.95\00:07:42.46
and says, "What is this?
00:07:42.49\00:07:43.83
Why is my
mortgage now $1,800 a month
00:07:43.86\00:07:47.60
or $2,000 a month? I
was paying $500 before."
00:07:47.66\00:07:50.83
Well, you didn't
read the fine print.
00:07:50.87\00:07:54.40
You were only
paying the interest before,
00:07:54.44\00:07:56.07
now you're paying principal.
00:07:56.10\00:07:57.47
Now that was just Susan.
00:07:57.51\00:07:59.27
Just think about there were
hundreds of thousands of Susans
00:07:59.31\00:08:02.21
and Johns who did
the exact same thing
00:08:02.24\00:08:04.65
all across the country.
00:08:04.68\00:08:06.65
And when people...
00:08:06.68\00:08:08.28
What was happening
was it was easy to do this
00:08:08.32\00:08:09.88
because mortgage companies
00:08:09.92\00:08:11.25
would be able to
get these mortgages,
00:08:11.29\00:08:12.75
they would bundle
them, again, remember,
00:08:12.79\00:08:14.36
the repeal of the
Glass Steagall Act,
00:08:14.39\00:08:16.22
the banks are
working together now,
00:08:16.26\00:08:18.39
they can take those mortgages,
00:08:18.43\00:08:19.76
put everything
together in one bundle
00:08:19.79\00:08:22.76
and say, "You know what, I
want to get this liability.
00:08:22.80\00:08:25.97
I don't think Susan necessarily
is a qualified lender,
00:08:26.00\00:08:28.44
but I made some
money, I made my commission.
00:08:28.47\00:08:30.71
I'm going to take these loans
00:08:30.74\00:08:32.07
and I'm gonna sell
them to Lehman Brothers."
00:08:32.11\00:08:34.28
Susan's a qualified as borrower.
00:08:34.31\00:08:35.64
Yeah, "I don't think
she's qualified borrower.
00:08:35.68\00:08:37.45
So I'm going to sell
all of these mortgages,
00:08:37.48\00:08:39.25
I'm gonna put them together,
00:08:39.28\00:08:40.62
I'm gonna sell
them to Lehman Brothers"
00:08:40.65\00:08:41.98
because Lehman Brothers says,
"Well, you know what, Susan,
00:08:42.02\00:08:44.29
all those Susans
I can charge 7%-8%.
00:08:44.32\00:08:47.39
And they bundled these
loans in technical things, CDOs,
00:08:47.46\00:08:51.99
all these type of, you know,
collateral debt obligations
00:08:52.03\00:08:54.40
and all these types
of technical things."
00:08:54.46\00:08:55.80
There were new
securities that were created
00:08:55.83\00:08:58.20
to capitalize off
of Susans and Johns
00:08:58.23\00:09:01.47
who now could
have interest rates
00:09:01.50\00:09:04.24
that were just sky high, right?
00:09:04.27\00:09:06.14
So now here
comes Lehman Brothers,
00:09:06.17\00:09:09.41
Lehman Brothers says,
00:09:09.44\00:09:10.78
"Well, I don't want
to hold onto this stuff.
00:09:10.81\00:09:12.15
I mean what if Susan defaults?
Oh, that's not gonna happen.
00:09:12.18\00:09:15.08
Okay, we know I
need to protect myself
00:09:15.12\00:09:16.82
just in case it does happen.
00:09:16.85\00:09:18.19
Well, you know what, let's make
this thing called derivatives."
00:09:18.22\00:09:21.59
Derivatives now
essentially if she does default,
00:09:21.62\00:09:24.36
an AIG comes along and says,
00:09:24.39\00:09:25.79
we're gonna
insure all those things
00:09:25.83\00:09:27.23
that default and we're gonna...
00:09:27.23\00:09:28.76
You can buy
some things from us."
00:09:28.80\00:09:30.17
Now everybody's making
money in all these transactions.
00:09:30.20\00:09:32.83
The mortgage brokers
are making money from Susan
00:09:32.87\00:09:34.60
because he's selling.
00:09:34.64\00:09:35.97
Lehman Brothers is now taking
00:09:36.00\00:09:37.34
the
collateralized debt obligations
00:09:37.41\00:09:39.61
and other fancy type
of investment options
00:09:39.64\00:09:41.78
and they're
putting everything together
00:09:41.81\00:09:43.35
and then they're pushing
them off to portfolio managers
00:09:43.38\00:09:46.75
and all these
other types of things.
00:09:46.82\00:09:48.15
And the portfolio
managers are saying,
00:09:48.18\00:09:49.52
"Well, what if this defaults?
00:09:49.55\00:09:50.89
Well, don't worry about it,
we've got all these derivatives
00:09:50.92\00:09:52.39
because AIG is insuring
if everything defaults."
00:09:52.42\00:09:55.36
And AIG is just selling...
00:09:55.39\00:09:56.76
They had papers and
papers of derivatives
00:09:56.83\00:09:58.99
just laying on the desk.
00:09:59.03\00:10:00.80
And trillions of
dollars of derivatives
00:10:00.83\00:10:02.30
that were just
written, they had no...
00:10:02.33\00:10:04.27
Didn't pay attention
to them, they're like,
00:10:04.30\00:10:05.80
"It's never going to
happen, never going to default."
00:10:05.83\00:10:08.84
So what happened is
now greed came into play.
00:10:08.87\00:10:11.71
They started
making tons of money.
00:10:11.74\00:10:13.54
Everybody is making money.
00:10:13.58\00:10:14.91
Susan's happy she has a home
until that interest comes in
00:10:14.94\00:10:17.98
or till that
mortgage note comes in
00:10:18.01\00:10:19.35
four times she defaults.
00:10:19.38\00:10:22.08
And the next door John defaults.
00:10:22.12\00:10:24.19
And then down the
line everybody defaults.
00:10:24.25\00:10:26.22
Don't worry about it,
it's not gonna be an epidemic.
00:10:26.25\00:10:28.46
It's not gonna
happen nationally.
00:10:28.49\00:10:30.09
But all of a sudden,
it did happen nationally.
00:10:30.13\00:10:32.69
And so all of a
sudden now people started...
00:10:32.73\00:10:34.40
Lehman Brothers says,
"Well, you know what..."
00:10:34.46\00:10:35.76
The portfolio
manager says, "You know what,
00:10:35.80\00:10:37.13
I'm cashing in on my derivatives
00:10:37.20\00:10:38.60
because you said if
my interest rate went
00:10:38.63\00:10:40.60
below a certain level
or if people defaulted,
00:10:40.67\00:10:43.64
I'll be able to
get my money back."
00:10:43.67\00:10:45.14
Was that kind of an insurance?
It's like an insurance.
00:10:45.17\00:10:47.51
Yeah, derivatives
is like an insurance.
00:10:47.54\00:10:49.41
Making sure that if Susan,
if this security defaults,
00:10:49.44\00:10:53.38
then I have a protection.
00:10:53.45\00:10:55.32
And so that's why
AIG the insurance company
00:10:55.35\00:10:57.32
was writing
derivatives left and right.
00:10:57.35\00:10:59.49
And it was just
amazing just to see
00:10:59.52\00:11:01.76
all this thing unravel
right before our very eyes
00:11:01.79\00:11:04.56
where all of a
sudden because of greed
00:11:04.59\00:11:07.50
and individuals who
were not being informed about
00:11:07.60\00:11:10.43
what they were buying
and people were having
00:11:10.47\00:11:12.60
hasty decisions.
00:11:12.63\00:11:14.14
All these things
happened at the exact same time
00:11:14.20\00:11:15.94
where the entire thing fell out,
00:11:15.97\00:11:17.31
the portfolio managers
cashed in on their derivatives,
00:11:17.37\00:11:19.84
Lehman Brothers said,
00:11:19.87\00:11:21.21
"Hey, AIG, I need
those derivatives."
00:11:21.24\00:11:23.14
AIG says,
"Well, I ain't got it."
00:11:23.18\00:11:26.25
You know, so they
didn't have the derivatives,
00:11:26.28\00:11:28.95
the Lehman Brothers says,
00:11:28.98\00:11:30.35
"Well, oh, you don't
have it. I ain't got it."
00:11:30.39\00:11:33.32
And so everyone is
saying, "I ain't got it."
00:11:33.36\00:11:37.59
So no one has it. So
what's happening now?
00:11:37.63\00:11:39.39
And the entire
system just fell apart.
00:11:39.43\00:11:41.46
Wow. And it was
really just a few...
00:11:41.50\00:11:45.40
I have some principles
here that what happened...
00:11:45.43\00:11:47.90
Again, if we just go
back to the beginning
00:11:47.94\00:11:50.34
and from when Susan was, again,
00:11:50.37\00:11:54.01
understanding
exactly what was happening
00:11:54.04\00:11:56.08
from what we read
there in Proverbs 21:5.
00:11:56.11\00:11:58.71
And so what happened here?
00:11:58.75\00:12:00.62
So I have some
scripture outlined here.
00:12:00.65\00:12:02.95
Okay.
00:12:02.98\00:12:04.59
Okay, so Susan, she
didn't understand...
00:12:04.62\00:12:08.92
We saw the Proverbs 21:5
was haste makes waste, right?
00:12:08.96\00:12:13.13
So she was led to
plenty, now she's led to want,
00:12:13.16\00:12:16.63
now she's wanting to
have a lower interest rate,
00:12:16.67\00:12:18.57
a lower mortgage note.
00:12:18.60\00:12:20.00
So she's like,
"Man, I don't know
00:12:20.04\00:12:21.37
what the heck happened."
00:12:21.40\00:12:22.74
But in Proverbs 11:14, it says,
00:12:22.77\00:12:25.44
"Where no counsel
is, the people fall,
00:12:25.47\00:12:27.91
but in the
multitude of counselors,
00:12:27.94\00:12:29.28
there is safety."
00:12:29.31\00:12:30.81
So what it's saying is, "Susan,
before you sign that note,
00:12:30.85\00:12:33.78
don't pay attention
00:12:33.82\00:12:35.58
to what the mortgage
broker is telling you
00:12:35.62\00:12:37.25
because he wants to
make money off of you.
00:12:37.29\00:12:39.12
There's a conflict of interest.
00:12:39.15\00:12:40.52
Find yourself a
counselor that can sit down
00:12:40.56\00:12:43.39
and talk to you that
has no money attached to it
00:12:43.43\00:12:46.16
and would give a
good honest assessment
00:12:46.19\00:12:48.36
of exactly what you need to do
00:12:48.40\00:12:50.70
and exactly how
you need to proceed."
00:12:50.73\00:12:52.60
So if she would have
gotten a counselor like
00:12:52.63\00:12:54.30
the Word of God said,
that individual would say,
00:12:54.34\00:12:57.24
"You know what, that home,
this is an interest only loan
00:12:57.27\00:13:00.58
or this home might
be out of your value."
00:13:00.61\00:13:02.34
And she wouldn't have bought it.
00:13:02.38\00:13:03.75
So next
scripture, Proverbs 3:13.
00:13:03.78\00:13:08.25
Okay. So get a counselor.
00:13:08.28\00:13:10.29
So we have to get a counselor.
00:13:10.32\00:13:11.65
The first thing is
don't rush into it.
00:13:11.69\00:13:14.39
Second thing is get a counselor.
00:13:14.42\00:13:15.96
Get a counselor.
So Proverbs 3:13 now.
00:13:15.99\00:13:18.86
Okay.
00:13:18.89\00:13:20.70
So now 3:13 says,
00:13:20.73\00:13:24.40
"Happy is the man
that findeth wisdom,
00:13:24.43\00:13:26.37
and the man that
getteth understanding."
00:13:26.40\00:13:28.87
How can you sign something
that you don't understand?
00:13:28.90\00:13:32.41
How can you sign?
00:13:32.44\00:13:33.78
This is the biggest
purchase of your life.
00:13:33.84\00:13:36.14
This is the biggest
purchase of your life.
00:13:36.18\00:13:38.51
And now you're
essentially saying,
00:13:38.55\00:13:42.72
"I'm just gonna sign it
without understanding it
00:13:42.75\00:13:45.02
and having no wisdom."
00:13:45.05\00:13:46.72
So before you sign
anything, get educated.
00:13:46.76\00:13:50.39
I always like to use an example,
00:13:50.43\00:13:52.53
if I tell someone that
00:13:52.56\00:13:55.03
if I steal a car
and I get caught,
00:13:55.06\00:13:57.50
I'm going to go to prison,
does that make me an attorney?
00:13:57.53\00:14:01.40
No, I don't have to have...
00:14:01.44\00:14:02.97
I'm not an attorney to
know that basic knowledge,
00:14:03.00\00:14:05.17
but I know the basics of law.
00:14:05.21\00:14:07.18
And it's funny that we will know
00:14:07.21\00:14:08.91
the basics of
certain things, law,
00:14:08.94\00:14:12.45
I know that if I steal
a car and I get caught,
00:14:12.48\00:14:13.95
I'm going to prison.
00:14:14.02\00:14:15.68
But I'm not an attorney.
00:14:15.72\00:14:17.85
I know that if I
keep eating fatty foods,
00:14:17.89\00:14:20.56
I'm going to be unhealthy,
00:14:20.59\00:14:21.92
I'm probably
gonna have poor health,
00:14:21.96\00:14:24.23
but I'm not a doctor.
00:14:24.26\00:14:26.06
So we know the
basics of these things.
00:14:26.09\00:14:28.30
Well, I'm not a health expert.
00:14:28.33\00:14:29.66
We know the
basics, but we don't know
00:14:29.70\00:14:31.03
the basics of finance,
00:14:31.07\00:14:32.40
let alone we'll allow
ourselves to sign a mortgage
00:14:32.43\00:14:35.57
on the largest asset acquisition
00:14:35.60\00:14:37.77
of our lives in most situations.
00:14:37.81\00:14:40.64
So we have to understand
00:14:40.68\00:14:43.81
also the importance of patience.
00:14:43.85\00:14:46.98
And so when we go
to Proverbs 14:29,
00:14:47.02\00:14:50.65
it talks about patience.
00:14:50.69\00:14:52.02
It says, "He
that is slow to wrath
00:14:52.05\00:14:55.59
is of great understanding,
00:14:55.62\00:14:57.69
but he that is hasty
of spirit exalteth folly."
00:14:57.73\00:15:03.06
So Susans and
Johns were impatient.
00:15:03.10\00:15:06.97
And also the businesses,
corporations were impatient.
00:15:07.04\00:15:10.94
Don't worry
about covering exactly
00:15:10.97\00:15:13.17
and writing loans
that we can't cover.
00:15:13.21\00:15:15.21
Don't worry about
writing derivatives
00:15:15.24\00:15:16.58
that we can't cover.
00:15:16.61\00:15:17.95
Let's not take some
time to really understand
00:15:17.98\00:15:19.78
exactly how these things work,
what products we're creating
00:15:19.81\00:15:22.72
because on both
sides individuals
00:15:22.75\00:15:25.02
and corporations together
00:15:25.05\00:15:26.86
were exemplifying all the things
00:15:26.89\00:15:28.89
that the Word of
God tells us not to do.
00:15:28.92\00:15:32.06
And now let's also
00:15:32.09\00:15:34.00
now go to Luke 14:28.
00:15:34.00\00:15:39.37
That says...
00:15:39.40\00:15:41.54
Because now Susan,
she needs to figure out
00:15:41.57\00:15:46.04
can see afford to
even buy this home,
00:15:46.07\00:15:50.91
does she have a budget.
00:15:50.95\00:15:52.38
Well, Luke 14:28 says,
00:15:52.41\00:15:55.58
"For which of you,
intending to build a tower,
00:15:55.62\00:16:00.72
sitteth not down
first, and counteth the cost,
00:16:00.79\00:16:07.73
whether he have
sufficient to finish it?"
00:16:07.76\00:16:11.63
So Susans and Johns,
00:16:11.67\00:16:14.04
they were going
out buying homes,
00:16:14.07\00:16:17.61
they didn't sit down
first to count the cost
00:16:17.64\00:16:21.18
of do I have
enough to buy this home.
00:16:21.21\00:16:24.28
This home is your tower.
00:16:24.31\00:16:26.28
It's the biggest tower
that you'll ever purchase
00:16:26.31\00:16:28.15
in your entire life.
00:16:28.18\00:16:29.95
But you didn't
figure out the cost
00:16:29.98\00:16:31.55
of exactly what it's
going to take to buy this home.
00:16:31.59\00:16:35.09
And the Word is telling you,
"Put a budget together first.
00:16:35.12\00:16:38.06
Don't buy that.
00:16:38.09\00:16:39.43
Don't just sign the
document you don't understand.
00:16:39.46\00:16:41.40
Get some consultation,
get some wisdom, be patient,
00:16:41.43\00:16:46.27
put together a
budget, and then sit down."
00:16:46.30\00:16:49.97
Now Proverbs 28:25 says...
00:16:50.01\00:16:54.88
Again, to me it's just
amazing how it is outlined
00:16:54.91\00:17:00.55
so eloquently
in the Word of God.
00:17:00.58\00:17:03.82
Yes.
00:17:03.85\00:17:05.19
And people don't know,
people don't believe that,
00:17:05.22\00:17:07.89
you know, you can
find what you need
00:17:07.92\00:17:09.66
in the Word about money.
00:17:09.69\00:17:11.19
Exactly. And it
says... And it's right there.
00:17:11.23\00:17:13.63
Proverbs 28:25,
00:17:13.66\00:17:15.83
"He that is of a proud
heart stirreth up strife,
00:17:15.86\00:17:20.24
but he that putteth
his trust in the Lord
00:17:20.27\00:17:23.81
shall be made fat."
00:17:23.84\00:17:25.37
In the NIV, it says, "A
greedy man stirs up strife."
00:17:25.41\00:17:31.65
So now we have greed
entering the situation.
00:17:31.68\00:17:34.82
How many people were
greedy in this scenario?
00:17:34.85\00:17:37.29
Susan was greedy,
wanted to buy the home
00:17:37.32\00:17:39.22
because everybody
else was buying homes.
00:17:39.25\00:17:41.59
John wanted to buy homes.
00:17:41.62\00:17:43.09
Corporations were greedy
because they wanted to continue
00:17:43.12\00:17:45.36
to make tons and tons of money.
00:17:45.39\00:17:48.03
Again, it goes on and on.
00:17:48.06\00:17:49.60
And lastly,
Proverbs 16:11, that says,
00:17:49.63\00:17:55.24
"A just weight and
balance are the Lord's,
00:17:55.27\00:18:00.61
all the weights of
the bag are His work."
00:18:00.64\00:18:03.58
Whenever you are
getting into a business deal,
00:18:03.61\00:18:08.08
it needs to be just,
it needs to be balanced,
00:18:08.12\00:18:11.19
it needs to be fair, it
needs to be on all sides.
00:18:11.22\00:18:15.79
Why are you
giving this document,
00:18:15.82\00:18:19.16
this 50-something page document
00:18:19.19\00:18:21.63
that's all just
loaded with fine print
00:18:21.66\00:18:23.87
and things that Susan
and John don't understand?
00:18:23.90\00:18:27.67
Why are you
giving this huge document
00:18:27.70\00:18:29.44
to Susan and John if
they don't understand it?
00:18:29.47\00:18:31.27
Is that just? Is that balance?
00:18:31.31\00:18:33.98
Is that fair?
00:18:34.01\00:18:35.81
If we're really
honest with ourselves
00:18:35.84\00:18:38.05
as much as both sides,
not want to blame each other,
00:18:38.08\00:18:40.95
there's blame all around.
00:18:40.98\00:18:42.32
Right. There's blame all around.
00:18:42.35\00:18:44.19
But the Word,
had it been followed,
00:18:44.22\00:18:48.02
we could have
avoided this entire thing.
00:18:48.06\00:18:50.66
And I think that
we have to understand
00:18:50.73\00:18:53.60
there are many
things in the future,
00:18:53.63\00:18:55.26
now I'm also
gonna talk about that
00:18:55.30\00:18:56.63
in another episode as well.
00:18:56.67\00:18:58.00
How can we now start to avert
00:18:58.03\00:18:59.73
and use the word to make
sure that moving forward...
00:18:59.77\00:19:02.90
And that's what the
beautiful part about the Word
00:19:02.94\00:19:04.51
is that it's timeless. Right.
00:19:04.54\00:19:05.87
That's what we
want people to know.
00:19:05.91\00:19:08.71
It's taught... The
principles are timeless.
00:19:08.74\00:19:11.51
You know, things
that were happening
00:19:11.55\00:19:13.18
in the culture at that time,
00:19:13.21\00:19:15.22
that's one thing,
that's culture bound,
00:19:15.25\00:19:17.12
but these things, these
principles are timeless.
00:19:17.15\00:19:20.09
Greed and fairness.
00:19:20.12\00:19:23.66
I mean that transcends
time. Wisdom, patience.
00:19:23.69\00:19:26.96
Yeah. Yeah. Budgeting.
00:19:27.03\00:19:29.23
All these things are in the Word
00:19:29.26\00:19:30.70
and the will of God,
so I just think that...
00:19:30.77\00:19:33.57
And so that ended up happening.
00:19:33.64\00:19:35.17
And so we've had a
lot of economic crises
00:19:35.20\00:19:38.04
that have occurred
00:19:38.07\00:19:39.87
and it's particularly
this foreclosure crisis.
00:19:39.91\00:19:42.81
So I have a few tips
that I would like to just give
00:19:42.84\00:19:46.28
for individuals who
would like to buy a home.
00:19:46.31\00:19:49.08
And I think we're going to
do part two about this episode.
00:19:49.12\00:19:51.22
Oh, good, good.
00:19:51.25\00:19:52.89
So I just wanted to
at least get a good start
00:19:52.92\00:19:56.06
on what
individuals should be doing
00:19:56.09\00:19:58.26
when they're
purchasing their home.
00:19:58.29\00:20:00.00
Okay.
00:20:00.03\00:20:01.33
The first tip I would like to do
00:20:01.36\00:20:03.23
is really just
exemplify how a practice
00:20:03.26\00:20:05.87
of those
individuals who don't know
00:20:05.90\00:20:08.14
if they want to buy a home yet.
00:20:08.17\00:20:10.31
You don't know you
want to buy a home,
00:20:10.37\00:20:12.37
a simple practice
that I would like to give
00:20:12.41\00:20:14.31
individuals to do is if
you're renting right now,
00:20:14.34\00:20:18.75
one, act your own
wage, act your ownwage.
00:20:18.78\00:20:22.08
What does that mean?
00:20:22.12\00:20:23.45
That means you
have to make sure that
00:20:23.49\00:20:25.05
you can actually
buy or purchase a home
00:20:25.09\00:20:27.56
that you can actually afford.
00:20:27.62\00:20:29.29
Okay.
00:20:29.32\00:20:30.69
And there is a
calculator that I always like
00:20:30.73\00:20:33.76
to refer individuals
to, it's called fincalc.com.
00:20:33.80\00:20:37.13
F-I-N-C-A-L-C dot-com.
00:20:37.20\00:20:39.53
It's a great website, it's free.
00:20:39.57\00:20:41.67
And individuals
can go to this website
00:20:41.70\00:20:43.37
and there's tons of
calculators on the site
00:20:43.44\00:20:45.91
that you can use
to actually plug in
00:20:45.94\00:20:47.78
exactly how much you
think you can afford,
00:20:47.81\00:20:49.68
you put your income in there
and how much is in your budget,
00:20:49.71\00:20:52.65
and all these
things, and it calculates,
00:20:52.68\00:20:54.68
it's a rough calculation
00:20:54.72\00:20:56.42
of exactly how
much you can afford.
00:20:56.45\00:20:59.39
I love that that
resource is there
00:20:59.42\00:21:01.82
because if you make $75,000,
00:21:01.86\00:21:06.90
let's say $50,000 a year, right,
00:21:06.93\00:21:10.07
and you want to buy
this home but it's $500,000.
00:21:10.13\00:21:14.04
Now you look at
that house and like,
00:21:14.10\00:21:15.80
"Wow, man, I
really want that house."
00:21:15.84\00:21:18.11
You have no business
buying a home like that,
00:21:18.14\00:21:19.77
but if you go to that website,
you can see just how much house
00:21:19.81\00:21:25.01
that $50,000 can get you.
00:21:25.05\00:21:27.85
And the thing is
that there's so many
00:21:27.88\00:21:29.32
free resources available
for individuals to use.
00:21:29.35\00:21:33.19
There's really
no excuses anymore.
00:21:33.22\00:21:35.12
I mean, we can get
homeownership counselors.
00:21:35.16\00:21:37.89
We can get those for free.
00:21:37.93\00:21:39.26
We can get credit
counselors for free.
00:21:39.29\00:21:41.00
We can get
budgeting coaches for free.
00:21:41.03\00:21:42.96
All these things
are free of charge
00:21:43.00\00:21:44.83
and we'll be
putting all this information
00:21:44.87\00:21:46.67
on the Dare to
Dream Facebook page.
00:21:46.70\00:21:48.07
So we want people to understand
that the resources are there.
00:21:48.10\00:21:52.77
Okay, so you're
acting your wage, okay,
00:21:52.81\00:21:56.48
and you really understand
and you've gone to fincalc.com,
00:21:56.51\00:21:59.25
you've got a general indication
of exactly how much you think
00:21:59.28\00:22:02.05
you can actually afford
in the website kicked it out.
00:22:02.08\00:22:05.29
Now I want you to
fake it till you make it.
00:22:05.32\00:22:07.29
Okay. Now what is that?
00:22:07.36\00:22:09.79
How are you gonna do
that? Fake it till you make it.
00:22:09.82\00:22:11.16
This is one of the best
things that I'll tell you that
00:22:11.19\00:22:13.26
I've actually done myself.
00:22:13.29\00:22:15.80
I've had other individuals do.
00:22:15.83\00:22:17.80
When you are renting a
home but you want to buy a home,
00:22:17.83\00:22:21.50
you essentially start to...
00:22:21.54\00:22:23.07
When you calculate
how much you can afford,
00:22:23.10\00:22:25.41
let's just say your mortgage,
your rent is $700 a month.
00:22:25.44\00:22:30.41
Let's just say you
calculate your mortgage to be,
00:22:30.45\00:22:32.78
let's just say it
was $200 a month or more.
00:22:32.81\00:22:34.75
Okay.
00:22:34.78\00:22:36.38
Many cases people
are paying more rent
00:22:36.42\00:22:38.55
than they would
be paying mortgages.
00:22:38.59\00:22:40.06
And that happens in
many cities across America
00:22:40.12\00:22:43.99
where the amount they're paying
for rent could be a mortgage.
00:22:44.03\00:22:46.76
So we have to be
mindful of that as well.
00:22:46.80\00:22:48.60
So if that's your
scenario, think about
00:22:48.63\00:22:51.40
how can we create a
legacy and become a homeowner.
00:22:51.43\00:22:53.87
But let's just say your
mortgage is $900 a month
00:22:53.90\00:22:56.04
that you've calculated on
fincalc.com or another site.
00:22:56.07\00:23:01.01
And that $200 a
month difference,
00:23:01.04\00:23:03.65
you start putting
into a savings account
00:23:03.68\00:23:05.41
every single month
and you start acting
00:23:05.45\00:23:07.22
as if you're actually
paying that mortgage, okay?
00:23:07.25\00:23:10.12
So you're paying the
mortgage or you're acting like
00:23:10.19\00:23:13.12
you're paying the mortgage
00:23:13.15\00:23:14.49
and your pipes
burst in your home.
00:23:14.52\00:23:16.73
Well, you're
renting, so you don't fix it,
00:23:16.76\00:23:20.10
you don't pay the plumber,
but you call the plumber,
00:23:20.13\00:23:21.90
but you want to
talk to your landlord
00:23:21.93\00:23:23.26
and say, "How much
did you pay the plumber?"
00:23:23.33\00:23:25.33
So now whatever she says or
he says you pay the plumber,
00:23:25.37\00:23:29.64
you act like
you pay the plumber,
00:23:29.67\00:23:31.04
but you put that
into the savings account.
00:23:31.07\00:23:33.64
And everything, the
leaky roof, you see some roof,
00:23:33.68\00:23:38.08
you come home in
your renting home
00:23:38.11\00:23:39.68
and you see people on the
roof and they're fixing it.
00:23:39.71\00:23:43.35
The landlord
had to pay for that.
00:23:43.39\00:23:45.15
Well, how much
did you pay for that?
00:23:45.19\00:23:47.22
Well, that was,
fix the roof, it was,
00:23:47.26\00:23:49.69
you know, $3,000, $4,000.
00:23:49.72\00:23:51.89
Well, try to come up
with $3,000 or $4,000
00:23:51.93\00:23:54.03
because that would be an expense
00:23:54.10\00:23:55.66
you would have to pay anyway.
00:23:55.70\00:23:58.17
This is great.
00:23:58.20\00:23:59.53
You know why this is so great
00:23:59.57\00:24:00.97
because if you are a
first time home buyer
00:24:01.00\00:24:05.54
and you've come
out of apartment,
00:24:05.57\00:24:07.81
you don't think about
the leaky roof, the plumbing
00:24:07.84\00:24:11.51
because you've always had
00:24:11.55\00:24:13.01
the super to come in and fix it.
00:24:13.05\00:24:16.25
So now what you're saying,
I love this, this is so good.
00:24:16.28\00:24:19.52
Now what you're
saying is you take that money
00:24:19.55\00:24:23.86
that would have been spent...
00:24:23.93\00:24:25.43
Well, you didn't spend it,
but you act as though you did
00:24:25.46\00:24:28.20
and that lets you
know whether or not
00:24:28.23\00:24:29.63
you can afford that house too.
00:24:29.66\00:24:31.00
And after time,
you're now building up
00:24:31.03\00:24:33.17
your savings account. Right.
00:24:33.20\00:24:34.84
And the goal is,
again, because you've gone,
00:24:34.87\00:24:37.37
you've calculate
how much you can afford,
00:24:37.41\00:24:39.41
you've calculated how
much you think you can afford,
00:24:39.44\00:24:41.68
you want to go towards
20% down on a new property,
00:24:41.71\00:24:45.78
piece of property
because as we'll discuss
00:24:45.81\00:24:48.28
in the second episode
is when we put down 20%,
00:24:48.32\00:24:51.49
we can avoid this
private mortgage insurance,
00:24:51.52\00:24:54.82
where essentially now
the bankers want to see that
00:24:54.86\00:24:58.19
you have enough skin in the game
00:24:58.23\00:24:59.56
and if you don't have
enough skin in the game,
00:24:59.59\00:25:00.96
they're gonna charge
you a little bit extra
00:25:01.00\00:25:02.33
to make sure that
they're gonna be able
00:25:02.36\00:25:03.70
to cover themselves
in case you would leave.
00:25:03.77\00:25:05.50
And that's what PMI payment is.
00:25:05.53\00:25:07.07
But if you have 20% down
on your piece of property,
00:25:07.14\00:25:09.57
you don't have to
have PMI payments.
00:25:09.60\00:25:11.14
So that's a goal in a
traditional conventional loan
00:25:11.17\00:25:14.11
that you can get.
00:25:14.18\00:25:15.51
And I know there's many
other types of loan out there
00:25:15.54\00:25:18.45
and many other types of
loans, but I always advocate
00:25:18.48\00:25:21.78
in a very conservative way
00:25:21.82\00:25:23.49
to do a
traditional either 30-year...
00:25:23.52\00:25:26.22
You get a 30-year
loan and you pay it off
00:25:26.25\00:25:28.42
as if it was 15-year
loan if that's possible
00:25:28.46\00:25:31.93
because a 30-year loan is gonna
have slightly lower payments
00:25:31.96\00:25:34.46
because they're spread out
over time than a 15-year loan.
00:25:34.50\00:25:37.27
But if you take that 30-year
00:25:37.33\00:25:39.37
and you pay it as
if it's was a 15-year
00:25:39.40\00:25:41.24
you're actually paying
more of that principle back
00:25:41.27\00:25:43.24
and have a
little bit more leeway
00:25:43.27\00:25:44.61
for each individual payment
of that piece of property.
00:25:44.64\00:25:47.28
So by acting your wage
00:25:47.34\00:25:50.01
and by faking it
till you make it,
00:25:50.05\00:25:52.05
you are building up
your savings account.
00:25:52.08\00:25:54.28
If there was a time
where you were not able
00:25:54.32\00:25:57.05
to make that payment,
well, then you know that
00:25:57.09\00:25:59.39
you're actually out
of your budget range.
00:25:59.42\00:26:02.16
You should have
had more liquidity.
00:26:02.19\00:26:04.26
All these things
you'll be able to tell
00:26:04.29\00:26:06.36
and basically have a free look,
00:26:06.39\00:26:08.30
it's a free look inside
00:26:08.33\00:26:09.73
of what would being a
homeowner really be like,
00:26:09.76\00:26:13.03
but it takes diligence,
00:26:13.07\00:26:14.40
it takes
patience, it takes wisdom,
00:26:14.44\00:26:16.10
it takes all these
things that the Word talks about
00:26:16.14\00:26:19.31
to actually go
through the process
00:26:19.34\00:26:20.71
of getting that stuff done.
00:26:20.78\00:26:22.71
That is rich. That
is rich information.
00:26:22.74\00:26:25.95
If I want to recommend somebody,
00:26:25.98\00:26:30.09
okay, you want to get a home,
go and get some counseling.
00:26:30.12\00:26:36.29
Right.
00:26:36.32\00:26:37.66
They might not
even know where to go.
00:26:37.69\00:26:39.16
The Internet can give
you all this information.
00:26:39.19\00:26:42.13
There's so much of information
out there, absolutely.
00:26:42.16\00:26:44.50
This is such great information.
00:26:44.53\00:26:47.10
I'm looking forward to part two.
00:26:47.14\00:26:48.57
Me as well. And your takeaway.
00:26:48.60\00:26:50.37
Absolutely.
00:26:50.41\00:26:53.11
I would love to have
more people in America
00:26:58.58\00:27:00.98
come to realize the
dream of owning their own home.
00:27:01.02\00:27:03.82
To come home to
something that we own
00:27:03.85\00:27:05.55
is truly a magical feeling.
00:27:05.59\00:27:07.29
However, we need
to be diligent enough
00:27:07.32\00:27:09.26
to do our own research
00:27:09.29\00:27:10.86
and not leave our
own financial futures
00:27:10.89\00:27:12.59
in the hands of others.
00:27:12.63\00:27:14.23
Make sure to
personally cross every T
00:27:14.30\00:27:16.03
and dot every single I.
00:27:16.06\00:27:18.30
Thomas Stanley, author
of The Millionaire Next Door
00:27:18.33\00:27:20.47
says, "If you are not
wealthy but want to be someday,
00:27:20.54\00:27:23.91
never purchase a home
that requires a mortgage
00:27:23.94\00:27:26.04
that is more than
twice your household's total
00:27:26.07\00:27:28.11
annual realized income."
00:27:28.14\00:27:30.05
While I believe that statement
00:27:30.08\00:27:31.41
may over simplify the situation,
00:27:31.45\00:27:33.42
the thought
behind it is very true.
00:27:33.45\00:27:35.48
If you want to purchase a home,
you should act your own wage.
00:27:35.52\00:27:39.45
Make sure you purchase
a home within the limits
00:27:39.49\00:27:41.19
of what you can afford.
00:27:41.22\00:27:42.76
I have witnessed many
people going out to look
00:27:42.79\00:27:44.69
for a new home without any idea
00:27:44.73\00:27:46.56
of how much they
can afford to pay.
00:27:46.59\00:27:48.36
I urge you, everyone, to
take the time to do the math
00:27:48.40\00:27:51.27
before beginning
the hunt for a new home.
00:27:51.30\00:27:53.70
Until next time, be
the change you want to see,
00:27:53.74\00:27:56.37
and remember,
the purpose of life
00:27:56.40\00:27:57.87
is a life full of purpose.
00:27:57.91\00:27:59.71
Dollars and Sense, signing off.
00:27:59.74\00:28:02.24