Welcome to "Issues and Answers."
00:00:27.62\00:00:29.96
Say have you ever felt
like you'd like to figure out
00:00:29.99\00:00:33.70
how to be
better off financially?
00:00:33.73\00:00:38.27
I know I've asked
that question myself.
00:00:38.30\00:00:40.74
You know, some people seem
to do all the right things,
00:00:40.77\00:00:43.34
you know.
00:00:43.37\00:00:44.71
They know how to be
able to pass things on
00:00:44.74\00:00:46.57
and manage
their finances so well
00:00:46.61\00:00:50.11
and you look around it,
00:00:50.15\00:00:51.48
it's not
necessarily about income.
00:00:51.51\00:00:53.21
Well today we're gonna
talk about wisdom and wealth.
00:00:53.25\00:00:57.12
Our guests are
Reginald and Ebony Clark.
00:00:57.15\00:00:59.99
They're both graduates at
the University of Memphis.
00:01:00.02\00:01:02.66
Reginald is a
certified financial planner.
00:01:02.69\00:01:05.26
He's the first
elder in his church
00:01:05.29\00:01:07.26
and a recognized leader
00:01:07.30\00:01:08.63
of America's financial planners.
00:01:08.66\00:01:10.87
Ebony is a tax
accountant and an auditor.
00:01:10.90\00:01:14.04
Together they run
P3 Financial Group.
00:01:14.07\00:01:16.67
And in between that,
00:01:16.71\00:01:18.04
they care for their
three precious children.
00:01:18.07\00:01:20.08
Reginald and
Ebony conduct seminars
00:01:20.11\00:01:22.54
and trainings to churches
00:01:22.58\00:01:23.95
and the public on how
to care for their finances
00:01:23.98\00:01:26.41
and be good stewards.
00:01:26.45\00:01:28.65
Thank you so much for coming.
00:01:28.68\00:01:30.35
Welcome to the
program. Thank you.
00:01:30.39\00:01:32.05
Thank you for having
us. So glad you can make it.
00:01:32.09\00:01:33.89
Well, I want you to know,
00:01:33.92\00:01:35.26
I have compiled
a list of questions
00:01:35.29\00:01:38.29
that enquiry minds want to know.
00:01:38.33\00:01:41.16
And one of those
is, what is wealth?
00:01:41.20\00:01:44.43
You have the
accountant's version of wealth
00:01:44.47\00:01:47.87
and you have the financial
planner's version of wealth.
00:01:47.90\00:01:50.11
Okay, in the accountant
and want a best of both worlds.
00:01:50.14\00:01:54.18
There we go.
00:01:54.21\00:01:55.54
So I'm gonna give
you my definition.
00:01:55.58\00:01:56.91
It is your assets
which is everything you own
00:01:56.95\00:01:59.88
minus your liabilities
which is everything you owe
00:01:59.91\00:02:02.98
and what you have
left is your net worth
00:02:03.02\00:02:05.29
and another word
for net worth is wealth.
00:02:05.32\00:02:07.59
Oh, so it
doesn't necessarily mean
00:02:07.62\00:02:11.06
that you are
multiple millionaire,
00:02:11.09\00:02:13.19
multi millionaire, billionaire.
00:02:13.23\00:02:15.06
It just means that
you've got something left over,
00:02:15.10\00:02:17.70
is that what you're saying?
00:02:17.73\00:02:19.07
You own more than you owe.
00:02:19.10\00:02:20.44
Okay, all right.
00:02:20.47\00:02:21.80
Financial planner?
00:02:21.84\00:02:23.17
Yes, and I don't disagree
with that definition at all.
00:02:23.20\00:02:24.54
But I would add to that.
00:02:24.57\00:02:25.91
Wealth is also a measurement
of time and not money.
00:02:25.94\00:02:29.08
Here is what I
mean when I say that.
00:02:29.11\00:02:30.81
Wealth can be measured in time.
00:02:30.85\00:02:32.18
Wealth is about
00:02:32.21\00:02:33.55
how long can you step
away from your job or business
00:02:33.58\00:02:36.42
and still maintain
your current lifestyle
00:02:36.45\00:02:38.02
without an interruption.
00:02:38.05\00:02:39.39
For instance,
let's say for instance,
00:02:39.42\00:02:40.76
if you have a $5000 saved up
00:02:40.79\00:02:43.59
and your monthly
expenses are thousand,
00:02:43.63\00:02:45.96
well, I would consider
you to be five months wealthy
00:02:45.99\00:02:48.30
'cause that's how long you
can maintain your lifestyle.
00:02:48.33\00:02:50.37
So it's not always
the measure of money,
00:02:50.40\00:02:52.27
wealth is also a
measurement of time.
00:02:52.30\00:02:54.20
Okay, another question.
00:02:54.24\00:02:56.04
What does wisdom
have to do with wealth?
00:02:56.07\00:02:58.94
Wisdom has every
thing to do with wealth.
00:02:58.97\00:03:02.04
According to the
scriptures, the scripture says,
00:03:02.08\00:03:04.61
"Fear of Lord is the
beginning of the wisdom."
00:03:04.65\00:03:06.05
But if you add to that text,
00:03:06.08\00:03:08.58
go to Deuteronomy 8:18, it says,
00:03:08.62\00:03:10.82
"You shall
remember the Lord thy God,
00:03:10.85\00:03:12.35
for it is He that gives
you the ability to get wealth."
00:03:12.39\00:03:15.29
The one thing I want
to bring out there is,
00:03:15.32\00:03:17.26
one thing I probably
love that text, it says,
00:03:17.29\00:03:19.86
He gives us the
ability to get wealth.
00:03:19.89\00:03:22.36
Two things there, one,
00:03:22.40\00:03:23.73
wealth can't be
evil or inherently wrong
00:03:23.77\00:03:25.87
when He want to give us,
00:03:25.90\00:03:27.24
He want to
encourage us to do it.
00:03:27.27\00:03:28.60
Two, He says He gives
us the ability to do it,
00:03:28.64\00:03:31.11
meaning, we have a part to play.
00:03:31.14\00:03:34.08
You know, He did
bless the children of Israel
00:03:34.11\00:03:35.84
all with manna from heaven.
00:03:35.88\00:03:37.41
And but even they
had to go gather it.
00:03:37.45\00:03:39.58
So I have a part to
play in my wellbeing.
00:03:39.61\00:03:42.28
I can't just sit at home
00:03:42.32\00:03:43.72
and expect God to just
stuff it in a mailbox for me.
00:03:43.75\00:03:46.62
And all I'm doing
there is just sitting.
00:03:46.65\00:03:47.99
It doesn't work like that.
00:03:48.02\00:03:49.36
Well, okay, let's see
what else people want to know.
00:03:49.39\00:03:52.33
So glad you guys
are here, you know.
00:03:52.36\00:03:54.46
Sometimes you
meet the both people
00:03:54.50\00:03:56.23
financial planner and accountant
00:03:56.26\00:03:58.27
in the same room
and you both Christians.
00:03:58.30\00:03:59.90
Good, I could ask my questions.
00:03:59.93\00:04:01.27
Okay, so in a
very practical way,
00:04:01.30\00:04:04.64
how does one build wealth?
00:04:04.67\00:04:07.14
People want to know that.
00:04:07.18\00:04:08.54
They're really only three ways.
00:04:08.58\00:04:11.28
There you need to
direct your cash flow,
00:04:11.31\00:04:14.72
increase liabilities.
00:04:14.75\00:04:16.08
Okay, hold on a second.
00:04:16.12\00:04:17.45
What does that mean?
00:04:17.49\00:04:18.82
We're gonna get to it. Okay.
00:04:18.85\00:04:20.19
Direct your cash flow,
increase your liabilities,
00:04:20.22\00:04:23.43
increase your assets
00:04:23.46\00:04:24.79
and then use your
liabilities wisely.
00:04:24.83\00:04:27.73
Absolutely, so you asked
so how do we direct cash flow?
00:04:27.76\00:04:29.96
What does that mean?
00:04:30.00\00:04:31.33
Well, think about this...
00:04:31.37\00:04:32.70
Like direct...
00:04:32.73\00:04:34.07
Yeah, think about this.
00:04:34.10\00:04:35.60
Cash, and let
me add to that too.
00:04:35.64\00:04:38.24
The most important
word you'll ever learn
00:04:38.27\00:04:39.61
in all the financial
planning is cash flow, okay.
00:04:39.64\00:04:42.51
Cash, you have to
tell your cash what to do.
00:04:42.54\00:04:45.18
Cash flows like water.
00:04:45.21\00:04:46.65
Water takes the
path of least resistance.
00:04:46.68\00:04:48.42
If you don't tell
your cash where to go,
00:04:48.45\00:04:50.29
it's gonna find a
place to go on his own.
00:04:50.32\00:04:52.15
And when we say
direct cash flow,
00:04:52.19\00:04:53.66
there's a couple of stoppers
you put up along the way
00:04:53.69\00:04:56.22
that where you're telling
your cash flow where to go.
00:04:56.26\00:04:58.03
For instance, as soon
as you get your income,
00:04:58.06\00:05:01.10
what's one of the first stoppers
00:05:01.13\00:05:02.46
that should be in place?
00:05:02.50\00:05:03.83
Returning the tithe in offer.
00:05:03.87\00:05:05.20
Yes.
00:05:05.23\00:05:06.57
That's your first stopper.
00:05:06.60\00:05:07.94
Your second is
going to be your savings.
00:05:07.97\00:05:09.30
And often time this is where
you pay yourself first, okay.
00:05:09.34\00:05:11.07
And we heard that term
before, pay yourself first.
00:05:11.11\00:05:13.81
And for some people,
00:05:13.84\00:05:15.18
this is a really
tough concept to get around,
00:05:15.21\00:05:17.35
but it's very
important that you do that
00:05:17.38\00:05:19.81
because by doing that,
00:05:19.85\00:05:21.18
you're telling
yourself how important you are
00:05:21.22\00:05:23.15
as well as you giving your cash
another great place to stop.
00:05:23.18\00:05:26.12
And one thing I want
to say about savings,
00:05:26.15\00:05:27.76
you need to do in
terms of percentages.
00:05:27.79\00:05:30.13
Oftentimes we focus in,
00:05:30.16\00:05:31.49
I'm gonna save $50 a
month or $100 a month.
00:05:31.53\00:05:34.73
We have to learn to think about
money in terms of percentages.
00:05:34.76\00:05:37.10
A tithe is a percentage. Right.
00:05:37.13\00:05:38.67
If you go to buy a home,
00:05:38.70\00:05:40.04
debt to income
ratio is a percentage.
00:05:40.07\00:05:41.40
Right.
00:05:41.44\00:05:42.77
So you need to
purpose in your mind,
00:05:42.80\00:05:44.14
you're gonna save a
percentage of your income,
00:05:44.17\00:05:45.51
not necessarily a
whole dollar amount.
00:05:45.54\00:05:47.01
So after you
return tithe and offering,
00:05:47.04\00:05:49.61
after you've
committed to saving,
00:05:49.64\00:05:51.48
the next couple of stoppers
along the way is going to be
00:05:51.51\00:05:53.52
your living
expenses and your bills.
00:05:53.55\00:05:55.65
Can I go back real
quick to the savings?
00:05:55.68\00:05:57.02
Absolutely.
00:05:57.05\00:05:58.39
What do you guys recommend
as a percentage to save?
00:05:58.42\00:06:02.02
You know, sometimes people,
00:06:02.06\00:06:03.39
you know, what do you suggest?
00:06:03.43\00:06:07.26
A good percentage to start
off with would be 10 percent.
00:06:07.30\00:06:10.47
But you have to look
at your overall finances
00:06:10.50\00:06:13.07
because doing something
is better than doing nothing.
00:06:13.10\00:06:15.57
It's about creating a habit.
00:06:15.60\00:06:17.11
So if you can only
start with one percent,
00:06:17.14\00:06:19.94
you are still
creating that habit
00:06:19.97\00:06:21.78
where you're putting the
money aside for yourself,
00:06:21.81\00:06:23.88
and eventually
you'll be able to increase
00:06:23.91\00:06:25.61
and then increase it.
00:06:25.65\00:06:26.98
So more importantly
than the actual percentage is
00:06:27.02\00:06:29.98
deciding what you
can comfortably do
00:06:30.02\00:06:32.72
and creating a
habit of getting it done.
00:06:32.75\00:06:35.09
Absolutely, and
I'll add to that.
00:06:35.12\00:06:37.63
That's great, you definitely
get into a habit of doing it
00:06:37.66\00:06:40.10
and you eventually
want to build up too.
00:06:40.13\00:06:42.23
If you can get to what I
call the holy grail of saving,
00:06:42.26\00:06:44.93
as well as only taking you
about 50 percent of your income
00:06:44.97\00:06:48.04
to sustain your lifestyle.
00:06:48.07\00:06:49.87
Fifty percent of your income?
00:06:49.90\00:06:52.34
Well, I mean, how many
people get to that though?
00:06:52.37\00:06:54.08
I mean, your regular working
person can get to 50 percent?
00:06:54.11\00:06:57.21
You can get there, I mean,
it's about directing cash flow,
00:06:57.25\00:07:00.22
controlling, exercising modesty,
00:07:00.25\00:07:03.25
exercising restrain.
00:07:03.28\00:07:06.15
But you can
definitely get there.
00:07:06.19\00:07:07.79
Because if you
are... you think about it,
00:07:07.82\00:07:09.16
if you are only using
00:07:09.19\00:07:10.53
50 percent of your
income to sustain life,
00:07:10.56\00:07:11.89
to sustain your lifestyle,
00:07:11.93\00:07:13.26
what are you doing
with the other 50 percent?
00:07:13.29\00:07:14.63
There's a lot
you could be doing.
00:07:14.66\00:07:16.00
Invest in, helping
people what have you.
00:07:16.03\00:07:17.50
But you know, the most commonly
people are told like well,
00:07:17.53\00:07:21.87
if they want to buy a car,
00:07:21.90\00:07:23.54
that would maybe 30
percent of their income
00:07:23.57\00:07:26.34
or if they want to buy a house
00:07:26.37\00:07:28.64
where your debt to income ratio
needs to be 40 or 50 percent.
00:07:28.68\00:07:33.01
So it's very different
than what you're suggesting.
00:07:33.05\00:07:35.78
You're saying to
really live below your means.
00:07:35.82\00:07:39.92
Is that what you are saying?
00:07:39.95\00:07:41.29
Absolutely. Hard to say.
00:07:41.32\00:07:43.79
It's hard to say,
it's even harder to do.
00:07:43.83\00:07:46.59
Like I said,
that's what I call it the,
00:07:46.63\00:07:48.63
you know, the UV raft,
00:07:48.66\00:07:50.30
if you can do that.
00:07:50.33\00:07:51.67
But it's very possible.
00:07:51.70\00:07:53.03
It just takes planning
and it takes discipline
00:07:53.07\00:07:56.94
and it takes Godly restrain.
00:07:56.97\00:08:02.01
The way it works together
00:08:02.04\00:08:03.38
where it talks
about not coveting,
00:08:03.41\00:08:04.75
you know, not worried
about what someone else has.
00:08:04.78\00:08:07.85
You have to focus on what...
00:08:07.88\00:08:09.22
you got to stay in your line,
00:08:09.25\00:08:10.59
focus on what you got
going on and you can get there.
00:08:10.62\00:08:12.92
You can get there.
00:08:12.95\00:08:14.29
Now another key
is not increasing...
00:08:14.32\00:08:16.76
Most people get some
type of merit increase
00:08:16.79\00:08:18.59
on their job every year.
00:08:18.63\00:08:19.96
Exactly. Right.
00:08:20.00\00:08:21.33
When you get that increase,
00:08:21.36\00:08:22.70
that doesn't mean that
00:08:22.73\00:08:24.07
your expenses are
supposed to increase
00:08:24.10\00:08:25.43
to eat all of that up.
00:08:25.47\00:08:26.80
That's true.
00:08:26.84\00:08:28.17
If you got a three,
four, five, ten percent raise,
00:08:28.20\00:08:29.54
but you continue to
live at the same level
00:08:29.57\00:08:32.37
that you've been living,
00:08:32.41\00:08:33.74
then that
difference can be saved.
00:08:33.78\00:08:35.21
Absolutely.
00:08:35.24\00:08:36.58
And then another
thing that we do,
00:08:36.61\00:08:37.95
about every six months
00:08:37.98\00:08:39.31
we pull up all
of our bank accounts
00:08:39.35\00:08:40.68
and just go through
and analyze it for anything
00:08:40.72\00:08:43.39
that I call a leakage.
00:08:43.42\00:08:44.82
And that maybe 999 service
here that you signed up for,
00:08:44.85\00:08:49.69
699 there or you may sign
up for some type of auto club
00:08:49.72\00:08:54.40
and it's 1499 a month,
00:08:54.43\00:08:56.10
then all of those things
individually aren't a lot
00:08:56.13\00:08:58.77
but when you add it up,
00:08:58.80\00:09:00.14
you may have a 100,
200 dollars of services
00:09:00.17\00:09:03.34
coming out of your
account every month
00:09:03.37\00:09:04.91
that you don't even use.
00:09:04.94\00:09:06.44
So you stop up that leakage
00:09:06.47\00:09:08.51
and that's the money that
you can spend on other things.
00:09:08.54\00:09:11.28
And as well a lot
of people who work,
00:09:11.31\00:09:13.18
they eat out five days a week.
00:09:13.21\00:09:15.65
If you start taking your
lunch just three days a week,
00:09:15.68\00:09:18.05
say you spend $10,
you're saving $30 a week.
00:09:18.09\00:09:21.02
If you compile that
over the whole year,
00:09:21.06\00:09:23.19
that's almost
$1,600 that you've saved
00:09:23.22\00:09:25.83
by just taking your lunch.
00:09:25.86\00:09:27.60
Three days a week.
00:09:27.63\00:09:28.96
That's it. Wow.
00:09:29.00\00:09:30.33
So there are small changes
00:09:30.37\00:09:31.70
that can make you
have more cash flow
00:09:31.73\00:09:34.27
at the end of the month.
00:09:34.30\00:09:35.64
Wow. Absolutely.
00:09:35.67\00:09:37.31
So let's see.
Here's another one.
00:09:37.34\00:09:40.18
How...
00:09:40.21\00:09:41.54
let's see here.
00:09:41.58\00:09:42.91
What sounds another key to
building wealth, liabilities?
00:09:42.94\00:09:46.11
What's that?
00:09:46.15\00:09:48.12
Using liabilities wisely.
00:09:48.15\00:09:50.79
Your liabilities are
anything that you owe.
00:09:50.82\00:09:54.26
So it's very important to
get control over what you owe.
00:09:54.29\00:09:58.46
So can a person build
wealth through liabilities
00:09:58.49\00:10:02.03
and so you're saying it
needs to be controlled better.
00:10:02.06\00:10:04.37
You can build wealth
with the use of liabilities.
00:10:04.40\00:10:07.40
But I'm gonna tell you
when we talk about liabilities,
00:10:07.44\00:10:09.60
we're talking about debt.
00:10:09.64\00:10:10.97
Let's talk about how important
it is to use it properly.
00:10:11.01\00:10:15.24
Just as medicine can be
good but if taken it, you know,
00:10:15.28\00:10:19.95
outside the
doctor's prescription,
00:10:19.98\00:10:21.32
it can be very harmful.
00:10:21.35\00:10:22.68
Debt is the same way.
00:10:22.72\00:10:24.05
So for the average person,
00:10:24.09\00:10:25.42
I would recommend
just staying away from it.
00:10:25.45\00:10:27.49
Unless you got
someone that assist to you
00:10:27.52\00:10:29.49
in a proper way to use it
for wealth building techniques,
00:10:29.52\00:10:32.79
then you really don't
want to go down that road.
00:10:32.83\00:10:35.23
But when we talk
about getting out of debt,
00:10:35.26\00:10:38.10
let's talk about getting
out of debt for a second.
00:10:38.13\00:10:40.87
We teach people to collect
all their debt, all right.
00:10:40.90\00:10:43.61
Get out the
credit card statement
00:10:43.64\00:10:45.27
and let's take a peek at
00:10:45.31\00:10:46.64
what is that you
actually spend in,
00:10:46.68\00:10:48.01
that you're
swiping this card for.
00:10:48.04\00:10:49.88
Are you swiping
this card for things
00:10:49.91\00:10:51.28
that have no value at all?
00:10:51.31\00:10:52.71
For instance,
00:10:52.75\00:10:54.55
if I know I'm going to
take a vacation in summer,
00:10:54.58\00:10:57.12
I can just swipe
it or I can save up
00:10:57.15\00:10:59.45
and just pay for the vacation.
00:10:59.49\00:11:00.82
Just think about this.
00:11:00.86\00:11:02.19
If I swipe that card
to pay for my vacation,
00:11:02.22\00:11:04.13
when I come back,
00:11:04.16\00:11:05.49
what do I have a value
concerning that vacation?
00:11:05.53\00:11:07.66
You're not gonna
buy my pictures from me.
00:11:07.70\00:11:09.13
Right.
00:11:09.16\00:11:10.50
So, you know, so,
although I had a great time,
00:11:10.53\00:11:12.73
it's not an asset.
00:11:12.77\00:11:14.10
I can't do, I can't
make anything off of it so.
00:11:14.14\00:11:16.30
That's what we call red debt.
00:11:16.34\00:11:18.87
It needs to stop immediately.
00:11:18.91\00:11:21.04
Then we go on yellow debt
00:11:21.08\00:11:22.61
where we'd be
using credit to debt
00:11:22.64\00:11:24.51
for the purchase of
something that is an asset
00:11:24.55\00:11:26.35
but does not
generate you income,
00:11:26.38\00:11:28.48
okay, such as
the home you live in.
00:11:28.52\00:11:30.35
That's an asset
00:11:30.39\00:11:31.72
but it's not
making you any money.
00:11:31.75\00:11:33.19
The car you drive,
it's a depreciating asset.
00:11:33.22\00:11:35.49
So these are
examples of using debt,
00:11:35.52\00:11:38.73
but you want to be
careful when you do it.
00:11:38.76\00:11:40.33
And again, green debt would be
is what I talked about earlier.
00:11:40.36\00:11:44.17
That using credit to debt
00:11:44.20\00:11:45.63
'cause you can
actually purchase things like
00:11:45.67\00:11:47.00
as stocks with debt.
00:11:47.04\00:11:48.87
It's called a margin account
00:11:48.90\00:11:50.24
or you can purchase a
rental property with debt.
00:11:50.27\00:11:52.87
But in those situations
again, you want to be careful
00:11:52.91\00:11:54.84
'cause you want
the cost of the debt
00:11:54.88\00:11:56.85
to be less than then
income that is generating.
00:11:56.88\00:11:59.51
You want to make
more money from the income
00:11:59.55\00:12:01.45
than what the
debt is costing you.
00:12:01.48\00:12:02.82
So now every time you
look at your bank account,
00:12:02.85\00:12:05.52
think of all of the
things that you own and owe,
00:12:05.55\00:12:08.86
think about the stop
light and color code your debt.
00:12:08.89\00:12:11.19
We actually
advise people to do it.
00:12:11.23\00:12:12.93
Look at their finances.
00:12:12.96\00:12:14.30
Take out a marker?
Write down every thing.
00:12:14.33\00:12:15.66
I got three markers.
00:12:15.70\00:12:17.03
I got three
markers and mark them
00:12:17.07\00:12:18.40
red, yellow or green,
00:12:18.43\00:12:19.77
and that way you
know anything red,
00:12:19.80\00:12:21.14
you need to stop immediately.
00:12:21.17\00:12:22.50
Stop immediately because it is,
00:12:22.54\00:12:24.31
what is that again?
00:12:24.34\00:12:25.67
Bad debt. Bad debt.
00:12:25.71\00:12:27.81
And it's a non
asset purchase of...
00:12:27.84\00:12:30.51
Not an asset, in other words,
00:12:30.55\00:12:31.88
you can't sell it
00:12:31.91\00:12:33.25
or it doesn't have
something you can hold or...
00:12:33.28\00:12:34.75
is that what you mean?
00:12:34.78\00:12:36.12
Exactly. Like a...
00:12:36.15\00:12:37.49
What if I like computers?
00:12:37.52\00:12:38.85
What kind of debt
would that be if a person...?
00:12:38.89\00:12:40.76
That would be, that would be,
00:12:40.79\00:12:42.12
I would consider it a yellow.
00:12:42.16\00:12:43.59
It is something
that has value but...
00:12:43.63\00:12:47.10
What about a student loan?
00:12:47.13\00:12:49.73
Student loan will be well,
00:12:49.76\00:12:51.50
there's a whole
can of worms there,
00:12:51.53\00:12:52.87
the student loan...
00:12:52.90\00:12:54.24
Lot of people, that's how they
get to college a lot of times.
00:12:54.27\00:12:56.34
Let's talk about
that. Let's talk about that.
00:12:56.37\00:12:58.07
Student loan
could be green debt.
00:12:58.11\00:13:01.48
But I'm so glad
you brought that up.
00:13:01.51\00:13:03.24
Here's the issue
with student loans
00:13:03.28\00:13:06.11
or here's the issue
with college overall.
00:13:06.15\00:13:09.88
So many people today,
00:13:09.92\00:13:11.25
because student loans
are so easy to get today.
00:13:11.29\00:13:13.22
So many people are
getting student loans.
00:13:13.25\00:13:16.29
But they are pursuing degrees
00:13:16.32\00:13:18.83
that don't have the
potential to pay them
00:13:18.86\00:13:22.46
for the cost of the degree.
00:13:22.50\00:13:23.83
What I mean by that is
00:13:23.87\00:13:25.20
you should never borrow more
00:13:25.23\00:13:27.34
in for your total degree
00:13:27.37\00:13:29.20
than what you can expect to earn
00:13:29.24\00:13:30.57
your first year doing what?
00:13:30.61\00:13:31.94
In one year. Yes.
00:13:31.97\00:13:33.51
That's wise. That's very wise.
00:13:33.54\00:13:34.88
Absolutely, because
the student loan, if you...
00:13:34.91\00:13:36.91
there's a site you can go to.
00:13:36.95\00:13:38.68
I can't call at top of my head,
00:13:38.71\00:13:40.12
but there's a meter that showing
00:13:40.15\00:13:41.92
where we are as a country
00:13:41.95\00:13:43.28
as far as the amount of
student loan debt is out there.
00:13:43.32\00:13:45.35
And what I want to be clear...
00:13:45.39\00:13:46.72
Really? Yes, there is.
00:13:46.76\00:13:48.09
And I want to be sure
that people understand
00:13:48.12\00:13:49.62
student loan debt by
law can never be bankrupted.
00:13:49.66\00:13:53.50
It's the only debt
00:13:53.53\00:13:54.86
you can't give it up
through bankruptcy process.
00:13:54.90\00:13:56.60
So you either gonna pay it
off or you're gonna die with it.
00:13:56.63\00:13:59.10
So be carefully with
student loan debt and so.
00:13:59.13\00:14:01.37
Then a lot of people,
they go back to school
00:14:01.40\00:14:04.07
because they don't
know what they want to do.
00:14:04.11\00:14:05.44
Exactly.
00:14:05.47\00:14:06.81
Well, if you don't
know what you need to do,
00:14:06.84\00:14:08.18
you can...
00:14:08.21\00:14:09.54
or want to do, you can
take time to figure it out
00:14:09.58\00:14:11.01
but you
shouldn't incur more debt
00:14:11.05\00:14:12.38
while you're doing this.
00:14:12.41\00:14:13.75
So I know so many
people that have gone
00:14:13.78\00:14:15.15
back to get Masters degrees
00:14:15.18\00:14:16.65
because they weren't sure
00:14:16.69\00:14:18.02
how they wanted to use
their undergraduate degree.
00:14:18.05\00:14:20.86
But you are
about to incur another
00:14:20.89\00:14:22.72
60, 70, 80,
possibly a $100,000 of debt
00:14:22.76\00:14:26.53
just to figure out
what you want to do.
00:14:26.56\00:14:29.13
And if their Master degree
has a potential to earn...
00:14:29.16\00:14:31.60
I said it, again, like she said,
00:14:31.63\00:14:32.97
the Master degree is
going to cost you $40,000.
00:14:33.00\00:14:36.84
But only has the potential
to increase your earning power
00:14:36.87\00:14:39.21
by another two or
three thousand dollars,
00:14:39.24\00:14:41.54
is that a good
return on your investment?
00:14:41.58\00:14:43.14
No. Not really.
00:14:43.18\00:14:44.51
Absolutely not.
00:14:44.55\00:14:45.88
So we really need
to educate our kids
00:14:45.91\00:14:47.25
and our daughters as well,
00:14:47.28\00:14:48.75
think before you just go
00:14:48.78\00:14:51.32
planting into student loan debt.
00:14:51.35\00:14:53.42
So just think,
if the school says,
00:14:53.46\00:14:55.19
hey you got $10, 000
00:14:55.22\00:14:56.89
that you can
have for the semester,
00:14:56.93\00:14:58.26
doesn't mean to
go get that $10,000.
00:14:58.29\00:15:00.10
Exactly. Exactly.
00:15:00.13\00:15:01.46
You're saying that you
need to really be able to see
00:15:01.50\00:15:03.97
maybe go online or look and see
00:15:04.00\00:15:05.97
what the income is going to be
00:15:06.00\00:15:07.57
for that particular career path.
00:15:07.60\00:15:08.97
Absolutely.
00:15:09.00\00:15:10.34
And if you need...
00:15:10.37\00:15:11.71
loans are there if you need them
00:15:11.74\00:15:13.24
but only get what you need.
00:15:13.27\00:15:17.15
I laugh because I've
learnt it the hard way.
00:15:17.18\00:15:19.48
We both did.
00:15:19.51\00:15:21.68
Then of course,
there are some ways
00:15:21.72\00:15:23.05
that people are able to,
00:15:23.08\00:15:25.02
you know, find a way to get out
of their student loan debt say,
00:15:25.05\00:15:28.86
by volunteering
in the arm forces.
00:15:28.89\00:15:31.79
I would say
volunteering but serving
00:15:31.83\00:15:33.86
in the arm forces or
serving in public entities
00:15:33.90\00:15:38.57
where you get
your debt forgiveness.
00:15:38.60\00:15:40.30
Absolutely.
00:15:40.34\00:15:41.67
And if you work, make ten
years worth of on time payment
00:15:41.70\00:15:44.24
say you work for non
profit, your loans are forgiven.
00:15:44.27\00:15:48.01
So you're saying it's a plan.
00:15:48.04\00:15:49.54
Come with the plan if
that's what will take you.
00:15:49.58\00:15:50.91
Come up with the plan. Exactly.
00:15:50.95\00:15:54.35
So what are some other
ways to be wise about wealth?
00:15:54.38\00:15:58.42
Now you defined wealth now,
00:15:58.45\00:16:00.22
guess we could all be
wealthy in that regard.
00:16:00.26\00:16:02.82
You are saying
that if we have a way
00:16:02.86\00:16:06.23
to pay for our living expenses
00:16:06.26\00:16:09.23
beyond the immediate
month, we're wealthy?
00:16:09.26\00:16:11.63
Absolutely.
00:16:11.67\00:16:13.00
Is that what
you're saying, really?
00:16:13.03\00:16:14.37
Absolutely, and
let's think about
00:16:14.40\00:16:15.74
this along the same thing.
00:16:15.77\00:16:17.41
Remember in my first definition
00:16:17.44\00:16:18.94
I talked about time
being able to walk away.
00:16:18.97\00:16:20.48
Tell me about that.
00:16:20.51\00:16:21.84
You may have given that
in a seminar some place.
00:16:21.88\00:16:23.21
Tell us here about that?
00:16:23.24\00:16:25.11
Let's say...
00:16:25.15\00:16:26.48
let's talk about how
the wealthy people do it.
00:16:26.51\00:16:29.68
How they think?
00:16:29.72\00:16:31.05
If I want to
purchase a car, okay,
00:16:31.09\00:16:35.36
traditionally what we would
do is go and borrow the money
00:16:35.39\00:16:38.46
and go out and buy the car.
00:16:38.49\00:16:39.83
But a person is thinking along
the lines of a wealthy mindset,
00:16:39.86\00:16:42.56
they would say I need an
asset to pay for that liability.
00:16:42.60\00:16:46.27
For instance, good,
let's use student's loans.
00:16:46.30\00:16:49.44
If I want to pay back
the student loans, I could,
00:16:49.47\00:16:52.31
you know, I've seen
people having student loans
00:16:52.34\00:16:54.21
in excess of $100, 000.
00:16:54.24\00:16:55.68
That's no longer abnormal.
00:16:55.71\00:16:58.21
I could work really hard
to pay this $100, 000 off
00:16:58.25\00:17:01.15
or maybe I could go
purchase some rental property.
00:17:01.18\00:17:03.52
Get the rent from that,
pay for the student loan.
00:17:03.55\00:17:06.55
So now I'm letting my
assets pay for my liabilities.
00:17:06.59\00:17:09.82
And when my
liabilities are paid for,
00:17:09.86\00:17:11.19
I still have my asset
that still generate an income.
00:17:11.23\00:17:13.29
That's the bonus.
00:17:13.33\00:17:14.66
That's the bonus
usually. Absolutely.
00:17:14.70\00:17:16.03
It's like the...
It's like the bonus.
00:17:16.06\00:17:17.60
Tell us about that?
00:17:17.63\00:17:18.97
That's the bonus, the fact that
once the liability is paid off,
00:17:19.00\00:17:20.77
once the student
loan is paid off,
00:17:20.80\00:17:22.14
you still have the goose.
00:17:22.17\00:17:23.84
You still have what the
goose is producing the egg.
00:17:23.87\00:17:26.34
The golden egg. Yeah.
00:17:26.37\00:17:27.71
Okay.
00:17:27.74\00:17:29.08
So you are not using
the goose or using the eggs
00:17:29.11\00:17:31.38
and once it's paid off,
00:17:31.41\00:17:32.91
that goose is gonna
continue to produce eggs
00:17:32.95\00:17:34.88
and that money
can go somewhere else.
00:17:34.92\00:17:37.32
So you know, have you
ever seen people that become
00:17:37.35\00:17:39.99
so obsessed with becoming
wealthy that they, you know,
00:17:40.02\00:17:44.63
they are doing everything
they can to, you know,
00:17:44.66\00:17:47.23
chase the money down?
00:17:47.26\00:17:48.60
Are you suggesting that
for everything that we have,
00:17:48.63\00:17:51.20
we should be looking for
some kind of way, I mean,
00:17:51.23\00:17:53.47
tell us about that.
00:17:53.50\00:17:54.84
What do you think about that?
00:17:54.87\00:17:56.20
You know there's a
lot of things out there.
00:17:56.24\00:17:57.57
Yeah.
00:17:57.61\00:17:58.94
Well, yeah.
00:17:58.97\00:18:00.41
But we talked early that
00:18:00.44\00:18:01.78
the title of this
topic is wisdom and wealth.
00:18:01.81\00:18:03.55
And what we want to be
sure, we're doing as Christians,
00:18:03.58\00:18:06.01
we want accompany godly...
00:18:06.05\00:18:08.08
We want godly wealth because it
comes with godly wisdom, okay.
00:18:08.12\00:18:11.55
We don't ever
wanted to seek to build
00:18:11.59\00:18:13.15
wealth outside the will of God.
00:18:13.19\00:18:14.62
Wisdom being,
00:18:14.66\00:18:16.02
that's gonna lead you
to a multitude of problems,
00:18:16.06\00:18:17.79
multitude.
00:18:17.83\00:18:19.16
You're gonna get rich yourself
00:18:19.19\00:18:20.53
involving get-rich-quick schemes
00:18:20.56\00:18:21.90
or business that's, you
know, less than honorable.
00:18:21.93\00:18:25.10
So we don't want to get,
00:18:25.13\00:18:27.10
we don't want to find
our self chasing that rabbit.
00:18:27.14\00:18:29.37
There's a
scripture that talks about
00:18:29.40\00:18:31.27
the blessings of
the Lord overtaking us.
00:18:31.31\00:18:33.24
I heard this term a lot,
people say I'm paper chasing,
00:18:33.27\00:18:36.31
I'm chasing the money.
00:18:36.34\00:18:37.68
Well, I tried to live my life
and I wish people lead a life
00:18:37.71\00:18:40.82
as such where I
don't have to chase money.
00:18:40.85\00:18:42.92
God's blessings chases me
00:18:42.95\00:18:44.29
if you live in
according to His will.
00:18:44.32\00:18:46.49
Yeah, that's excellent.
00:18:46.52\00:18:48.36
That's excellent.
00:18:48.39\00:18:49.72
So now how could
a person be prudent
00:18:49.76\00:18:52.23
and responsible
and understanding,
00:18:52.26\00:18:55.10
being within the will of
God make certain decisions.
00:18:55.13\00:18:57.43
What's that way,
you guys mentioned about
00:18:57.47\00:19:01.30
rental property
or having a asset
00:19:01.34\00:19:03.81
perhaps that could pay for some.
00:19:03.84\00:19:06.21
How would one go
about that if, you know,
00:19:06.24\00:19:08.24
they're not coming from a family
00:19:08.28\00:19:10.15
where people are
really good at that?
00:19:10.18\00:19:12.51
Seek advice.
00:19:12.55\00:19:15.65
Just like if my
car needs service.
00:19:15.68\00:19:18.49
I don't know how to fix the car.
00:19:18.52\00:19:20.02
So I go to someone that
knows how to fix the car
00:19:20.06\00:19:22.82
and then I can be pretty sure
that they are going to fix it
00:19:22.86\00:19:26.73
and I can be on my way.
00:19:26.76\00:19:28.10
And there is
nothing wrong with realizing
00:19:28.13\00:19:30.57
where you don't know
everything about a topic
00:19:30.60\00:19:33.57
and going to someone who can.
00:19:33.60\00:19:35.20
And I think
that's being prudent.
00:19:35.24\00:19:37.57
It's seeking
advice from professionals
00:19:37.61\00:19:41.01
that can help you
reach your financial goals.
00:19:41.04\00:19:44.81
And though, I
mean, even if it's...
00:19:44.85\00:19:47.08
If you don't have a professional
00:19:47.12\00:19:48.55
or you don't know
someone directly to talk to,
00:19:48.58\00:19:52.12
then maybe you can
use other recourses online
00:19:52.15\00:19:55.92
or sometimes you
can just talk to someone
00:19:55.96\00:19:58.96
who has done it before.
00:19:58.99\00:20:01.30
And they can be a start.
00:20:01.33\00:20:02.66
So get the information
00:20:02.70\00:20:06.30
and getting the information
that's being prudent.
00:20:06.33\00:20:09.74
And then you should
be able to be successful.
00:20:09.77\00:20:12.94
And can I add something? Yeah.
00:20:12.97\00:20:14.31
Today, there's a
ton of information
00:20:14.34\00:20:17.25
that doesn't cost you
a dime on the internet.
00:20:17.28\00:20:19.65
Most of the books on
personal finance are there,
00:20:19.68\00:20:22.52
you can just
download them today.
00:20:22.55\00:20:23.89
So it's really not whereas back,
00:20:23.92\00:20:26.49
you know years before
00:20:26.52\00:20:27.86
that was a close guarded
secret on a lot of stuff,
00:20:27.89\00:20:31.33
a lot of wealth
building techniques
00:20:31.36\00:20:32.69
or just good
information in general.
00:20:32.73\00:20:35.36
But a lot of the things...
00:20:35.40\00:20:36.77
Yeah, you could just
download a lot of this stuff.
00:20:36.80\00:20:38.60
So, you know, just Google in,
00:20:38.63\00:20:42.47
you know, different headings,
00:20:42.50\00:20:44.44
how to be build wealth,
00:20:44.47\00:20:45.81
or how to manage
my money builder.
00:20:45.84\00:20:47.31
There are so many websites,
00:20:47.34\00:20:48.68
even when you talk about
balancing your check book
00:20:48.71\00:20:51.65
or just tracking your cash flow,
00:20:51.68\00:20:54.35
free websites that are available
00:20:54.38\00:20:55.95
to help you do that,
to help you get started
00:20:55.98\00:20:57.79
because documentation is the key
00:20:57.82\00:20:59.42
to ways to beginning.
00:20:59.45\00:21:00.79
It's the first step of the
whole wealth building process.
00:21:00.82\00:21:03.69
Okay, I have another question.
00:21:03.73\00:21:06.70
I am, have
available on my job a 401k...
00:21:06.73\00:21:12.97
Okay. Okay.
00:21:13.00\00:21:14.34
Plan and I have options to
be able to buy stocks or bonds,
00:21:14.37\00:21:19.47
you know, they go
to, but the idea of,
00:21:19.51\00:21:21.34
you know, how do you, you know,
00:21:21.38\00:21:22.71
a lot of people,
you know, with your job,
00:21:22.74\00:21:24.41
you get pension and
you know, how do you,
00:21:24.45\00:21:26.92
what's a good way to do that?
00:21:26.95\00:21:28.75
Is it should we just leave it
and let it go or as Christians,
00:21:28.78\00:21:34.36
is it okay for us
to take a look at bonds
00:21:34.39\00:21:37.49
and stocks and then how?
00:21:37.53\00:21:39.73
What's the best way to do that?
00:21:39.76\00:21:41.20
Oh, that's a
great, great question.
00:21:41.23\00:21:43.50
Let me jump in there.
00:21:43.53\00:21:44.87
Um, 'cause I get
that question a lot.
00:21:44.90\00:21:47.54
Should we as Christians
00:21:47.57\00:21:49.14
because some of
them purchasing stocks,
00:21:49.17\00:21:50.67
is it, is it, and I
get the question a lot,
00:21:50.71\00:21:52.27
is it a lot like gambling.
00:21:52.31\00:21:53.64
Well, let's address that.
00:21:53.68\00:21:56.24
There's a difference between
investing and trading, okay.
00:21:56.28\00:21:59.98
When you're stock investor,
this is what you are doing.
00:22:00.02\00:22:03.05
You're examining the
benefits or the merits.
00:22:03.08\00:22:05.52
You're looking at, what
is this company producing,
00:22:05.55\00:22:08.39
what's their good of service,
is it something that I like,
00:22:08.42\00:22:11.16
is it something that I use.
00:22:11.19\00:22:12.53
And you're also looking
00:22:12.56\00:22:13.90
at the
fundamentals of the company.
00:22:13.93\00:22:15.26
Is this company making money?
00:22:15.30\00:22:16.63
Do they got a good board
of directors in the place?
00:22:16.67\00:22:18.00
How is the management team?
00:22:18.03\00:22:19.37
That's the
attitude of an investor.
00:22:19.40\00:22:21.14
An investor says, hey,
00:22:21.17\00:22:22.50
this company
doing some good stuff,
00:22:22.54\00:22:23.87
they're making money, I
want to participate in it.
00:22:23.91\00:22:25.57
I want to own a
piece of that company.
00:22:25.61\00:22:27.08
That's all the stock is.
00:22:27.11\00:22:28.44
It represents
ownership in a company.
00:22:28.48\00:22:30.28
Whereas a trader,
00:22:30.31\00:22:31.65
trader is not
looking at any of the things
00:22:31.68\00:22:33.01
that I've just mentioned.
00:22:33.05\00:22:34.38
Trader is simply
looking at stock prices.
00:22:34.42\00:22:36.08
They're jumping
in, that's gambling.
00:22:36.12\00:22:37.92
They're jumping in and out,
00:22:37.95\00:22:39.29
they don't care what
the company is doing.
00:22:39.32\00:22:40.66
The company could be
sinful, they don't care.
00:22:40.69\00:22:43.06
They're just
looking at the stock prices,
00:22:43.09\00:22:44.43
they're jumping in
and out, that's gambling.
00:22:44.46\00:22:46.39
So investing and
trading is two different things.
00:22:46.43\00:22:50.50
So I definitely encourage
people to become investors.
00:22:50.53\00:22:53.77
By owning stocks,
00:22:53.80\00:22:55.14
stocks traditionally
being the fastest appreciating
00:22:55.17\00:22:57.07
asset in this country.
00:22:57.11\00:22:58.44
So when you look
at being a part owner
00:22:58.47\00:23:00.58
of some very
reputable companies.
00:23:00.61\00:23:03.65
Yeah, you want to
participate in that.
00:23:03.68\00:23:05.18
Absolutely.
00:23:05.21\00:23:06.68
So how does one
go about it, again,
00:23:06.72\00:23:09.32
looking background or not,
you know, again, the wealth,
00:23:09.35\00:23:11.65
and how to build
wealth for people
00:23:11.69\00:23:13.15
who don't know
how to build wealth.
00:23:13.19\00:23:14.62
How to be wise about wealth?
00:23:14.66\00:23:16.09
Maybe they
inherited some money even.
00:23:16.12\00:23:18.09
Want to be wiser,
they don't blow it, right?
00:23:18.13\00:23:21.36
Is it a good idea to go buy
a lottery ticket for example?
00:23:21.40\00:23:25.23
No, that's not a good idea.
00:23:25.27\00:23:26.60
What's the
Christian, we got to cover it.
00:23:26.63\00:23:28.20
We got to cover it.
00:23:28.24\00:23:29.57
What's the...
00:23:29.60\00:23:30.94
What's the...
00:23:30.97\00:23:32.31
How does God
view lottery tickets?
00:23:32.34\00:23:33.68
I wouldn't advice that.
00:23:33.71\00:23:35.38
That, you know,
00:23:35.41\00:23:36.75
as the scripture talks
about a get-rich-quick schemes
00:23:36.78\00:23:38.71
that they were
following it there.
00:23:38.75\00:23:40.72
But you talked about
participating in 401k.
00:23:40.75\00:23:43.75
If your company offers a
401k, you need to participate
00:23:43.79\00:23:47.82
because the thing about it is,
00:23:47.86\00:23:49.62
it's hard to miss
what you never had.
00:23:49.66\00:23:51.06
The good thing
about 401k is that,
00:23:51.09\00:23:52.79
they take the money out before
00:23:52.83\00:23:54.16
you ever have a
chance to spend it.
00:23:54.20\00:23:55.53
And for most people,
00:23:55.56\00:23:56.90
they don't have that
discipline on their own,
00:23:56.93\00:23:58.73
that's a great way to
get some investments going
00:23:58.77\00:24:01.60
as well as prepare
for your retirement.
00:24:01.64\00:24:03.61
And it's also they
take it out pre-tax.
00:24:03.64\00:24:05.64
Absolutely.
00:24:05.67\00:24:07.01
So that's less money
00:24:07.04\00:24:08.61
that you use in the calculation
00:24:08.64\00:24:10.31
of how much your
taxable income means,
00:24:10.35\00:24:12.45
so 401k is that's
taken out pre-tax.
00:24:12.48\00:24:15.22
And then a lot of times
the companies will do a match.
00:24:15.25\00:24:17.92
So they may say, okay,
if you put in a dollar,
00:24:17.95\00:24:20.32
we'll put in 50 cents.
00:24:20.36\00:24:21.69
And that's free money,
00:24:21.72\00:24:23.06
so we
definitely recommend people
00:24:23.09\00:24:25.66
to contribute to their 401k,
00:24:25.69\00:24:27.46
especially, if
they're getting a match
00:24:27.50\00:24:28.83
from their company.
00:24:28.86\00:24:30.20
Well, some people
would say, well, you know,
00:24:30.23\00:24:31.90
the stock prices
going up and down
00:24:31.93\00:24:34.57
and with the market,
00:24:34.60\00:24:35.94
you know, we're just, you know,
00:24:35.97\00:24:37.31
recession and the
economy going up and down,
00:24:37.34\00:24:39.51
is it a good idea versus
00:24:39.54\00:24:41.48
just putting the
money in the bank?
00:24:41.51\00:24:43.35
Well, let's look at that.
00:24:43.38\00:24:46.41
The average bank
right now as we speak today,
00:24:46.45\00:24:50.45
the savings accounts
are paying a little less
00:24:50.49\00:24:52.45
or right at one percent, okay.
00:24:52.49\00:24:56.32
And you say, what else,
00:24:56.36\00:24:57.69
I mean, I know my
money is going to be safe.
00:24:57.73\00:25:00.03
But you look at the
average cost of prices rising,
00:25:00.06\00:25:03.06
is about three percent.
00:25:03.10\00:25:04.60
So if prices are
rising at three percent,
00:25:04.63\00:25:06.50
but I'm only earning one percent
00:25:06.53\00:25:08.50
and that says I'm
losing two percent
00:25:08.54\00:25:10.14
every year of my
purchasing power.
00:25:10.17\00:25:11.81
So it's just the
illusion of safety that you have
00:25:11.84\00:25:15.44
with just letting
your money sit there.
00:25:15.48\00:25:17.08
So, yeah, stock
markets move up and down
00:25:17.11\00:25:20.72
just like real
estate moves up and down.
00:25:20.75\00:25:22.08
For years we thought
real estate only went one way.
00:25:22.12\00:25:24.19
But the recent financial
crisis taught us different.
00:25:24.22\00:25:26.49
The real estate can depreciate.
00:25:26.52\00:25:27.92
So but over the long
run, over the long run,
00:25:27.96\00:25:31.23
the stock market has been
a great place to build wealth
00:25:31.26\00:25:34.20
averaging 10 to 12 percent
of its lifetime so, yeah,
00:25:34.23\00:25:37.93
in short, and you have to,
00:25:37.97\00:25:40.24
the way you balance that is,
00:25:40.27\00:25:42.44
you never put
money in the market
00:25:42.47\00:25:44.77
that you need in a short
time and by short time I mean,
00:25:44.81\00:25:47.38
within the next, you
know, four or five years.
00:25:47.41\00:25:50.55
If you want to
use the stock market,
00:25:50.58\00:25:52.01
use it for long term
wealth build strategies,
00:25:52.05\00:25:54.28
anything five plus years.
00:25:54.32\00:25:56.22
Well, you guys
have, and both of you...
00:25:56.25\00:25:59.02
Reginald and Ebony,
00:25:59.05\00:26:00.72
you both have answered
so many wonderful questions.
00:26:00.76\00:26:03.53
You're just so
wonderful resource.
00:26:03.56\00:26:06.36
I really appreciate your coming.
00:26:06.39\00:26:07.93
One of you can have prayer
before we close out today.
00:26:07.96\00:26:11.07
Sure, absolutely.
00:26:11.10\00:26:12.43
Let's bow. Okay.
00:26:12.47\00:26:13.80
The Lord, thank you
so much for another day.
00:26:13.84\00:26:15.17
Thank you for the wisdom
00:26:15.20\00:26:16.67
you've given us to build wealth.
00:26:16.71\00:26:18.11
Thank you for
giving us the ability
00:26:18.14\00:26:20.01
to build wealth as well.
00:26:20.04\00:26:21.48
Lord, thank you,
please help us to be better
00:26:21.51\00:26:24.01
stewards and
managers of our finances
00:26:24.05\00:26:26.08
and help us to consult you
00:26:26.11\00:26:28.78
and seek out opportunities
that you would be pleased with.
00:26:28.82\00:26:32.12
And give us a
mind and the knowledge
00:26:32.15\00:26:33.76
to bless you
with all that we do.
00:26:33.79\00:26:35.59
Give us a heart, to
purpose in our heart
00:26:35.62\00:26:37.83
to return unto
you a faithful tithe
00:26:37.86\00:26:39.73
and honest offering
and let us not be hoarders
00:26:39.76\00:26:43.23
but let us have a
mindset to bless others
00:26:43.26\00:26:45.43
as you have blessed us.
00:26:45.47\00:26:46.80
We ask these
blessings in your Son
00:26:46.84\00:26:48.17
Jesus' name we pray, amen.
00:26:48.20\00:26:49.64
Amen. Amen.
00:26:49.67\00:26:51.64
So if we wanted to
be able to have you come
00:26:51.67\00:26:55.38
or if someone
watching the program,
00:26:55.41\00:26:57.25
are you guys
available to travel?
00:26:57.28\00:26:58.75
Oh, absolutely. Definitely.
00:26:58.78\00:27:00.25
Okay, so do you have
like one day seminars,
00:27:00.28\00:27:03.92
how does it work?
00:27:03.95\00:27:05.29
Yeah, we do one day seminars.
00:27:05.32\00:27:06.82
We've done...
00:27:06.86\00:27:08.32
do a lot with churches.
00:27:08.36\00:27:09.69
We can come in and do
00:27:09.72\00:27:11.19
a Wednesday night Bible study...
00:27:11.23\00:27:12.56
Oh, really?
00:27:12.59\00:27:13.93
Yeah, yeah, Wednesday night
00:27:13.96\00:27:15.80
or Monday seminars, workshops,
00:27:15.83\00:27:17.47
we like workshops
'cause it's more interactive.
00:27:17.50\00:27:19.43
On various topics so
it can be as broader,
00:27:19.47\00:27:21.77
specific as you want it.
00:27:21.80\00:27:24.21
Absolutely.
00:27:24.24\00:27:25.57
Well, again,
thank you for coming
00:27:25.61\00:27:27.14
all the way from
Memphis, Tennessee.
00:27:27.18\00:27:29.24
I appreciate the
sharing that you did today.
00:27:29.28\00:27:31.75
And for those of you at home,
00:27:31.78\00:27:33.38
I hope that the
program was really helpful.
00:27:33.42\00:27:35.82
I know, I kind, you know,
00:27:35.85\00:27:37.25
it's nice as a host
00:27:37.29\00:27:38.62
when you get to get
information from your guest.
00:27:38.65\00:27:41.49
So I know it
benefited me tremendously.
00:27:41.52\00:27:44.43
So I hope it
does for you at home.
00:27:44.46\00:27:46.03
So hey, we did learn today
that we can all become wealthy
00:27:46.06\00:27:51.40
just by learning how
to live within our means
00:27:51.43\00:27:53.94
and learning how to
live underneath our means.
00:27:53.97\00:27:56.60
We've learned
that God has given us
00:27:56.64\00:27:58.31
all the ability to
be able to get wealth,
00:27:58.34\00:28:02.38
and so we want to be
able to be a blessing
00:28:02.41\00:28:05.61
and open up our
hands and our hearts
00:28:05.65\00:28:08.45
to receive
whatever God has for us.
00:28:08.48\00:28:10.79
Thank you for joining us
today. May God bless you.
00:28:10.82\00:28:14.06
Have a great rest
of the day. Bye-bye.
00:28:14.09\00:28:16.93