On Take it to the Bank,
00:00:01.36\00:00:02.73
you'll find ways
to get out of debt,
00:00:02.76\00:00:09.67
solve your credit card problems,
00:00:09.70\00:00:14.74
how to make and
stick with the budget,
00:00:14.78\00:00:19.91
simple ways to save,
00:00:19.95\00:00:24.95
buying or selling a home,
00:00:24.99\00:00:27.09
and many more financial
matters on Take it to the Bank.
00:00:27.12\00:00:32.19
Hi, welcome back to
Take it to the Bank.
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I'm so happy
you're here with us.
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It's just exciting to
talk to you about some issues
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that we all should be aware
of as we look at our finances,
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as we look at our finances.
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We've talked about
many different things
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and I think that you
should be aware of that stress
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is a major result
of financial concerns.
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We know that research
shows that single most stressor
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in all of our lives is stress.
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Let's go to some video
footage of questions we asked
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at Venice Beach
of what they consider
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the top three
stressors in their life.
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Here we are. Hi.
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What would you
consider the biggest stress
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in your life today?
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I think money will
be the biggest stress.
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Why? Because you need money.
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I mean, people say
money is not everything,
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but it is everything
you need to move around
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and stuff, so.
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What would you consider
the biggest stress in your life
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right now and why?
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Financial.
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Because I don't
have enough of it.
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Yeah.
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The biggest stress in my
life I say is money right now
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because there is
lot of great depression
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stuff like that's going on,
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so money is a
big issue in my life.
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All right.
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Thank you.
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It's interesting when you
take a look at what people have
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and people don't have.
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It's
interesting how they respond
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to these type of questions.
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The top response, bar
none, in everyone I talked to,
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either the top one or
two had to do with money,
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what stresses people.
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Now, I must say this:
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It's not the stress
that hurts or kills you,
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it's how you
respond to the stress,
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how your body responds to it,
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what you allow
your body to respond to.
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So I can say that
even with the statistics
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of heart attacks happening
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because of financial
stress during Christmas,
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it's how they're
choosing to respond
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to a stressor in their lives.
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And there are many stressors
that we have to deal with
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especially when you
are living in the community
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that has a lack of income.
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Many of us are down
in the amount of money
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they were taking
home on a paycheck.
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We are seeing a
lot of individuals,
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a dwindling middleclass,
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you hear a lot of
these topics in the news
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and we as individuals
begin to live the life
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that we hear that's out there.
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And one of the major
issues is this lack of income.
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Families who fall
below the level of income
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or basically their
budget is telling us
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they're spending
more than they bring in,
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it means a couple of things.
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One is they are not tracking
what their expenses are.
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They are not
budgeting. They're spending.
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They are bringing a paycheck
and they don't have enough
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to cover the
paycheck, but they don't know
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where they are at on their
map of life towards success.
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So if you don't
plan, if you fail to plan,
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you will then plan to fail.
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Those are the basic issues
I'd like to get across now.
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Now, the fact that
there may be a lack of income
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doesn't mean there is something
you cannot do about it.
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Many of us live in
settings, in situations
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that cause us to
have to use a credit card
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to put gas in the car,
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or use that credit
card to purchase clothing,
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and to keep us sheltered.
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Eventually, debt
though accumulates to a point
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that the family cannot
afford to make minimum payments
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on their credit card
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and they then have to
choose some alternatives.
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Now there is a couple of
things I would ask you to do
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if there is a credit card debt
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that you have to begin
the process of paying off,
00:04:02.94\00:04:05.07
there are ways to work
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with your credit
card agency, the bank.
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Call them up, talk to them,
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tell them about your
extenuating circumstance
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and they are more likely
than not to work with you,
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lower your payments short term
and give you the opportunity
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to get back in a
good standing with them.
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That is key. Call them
up. Just don't let it go.
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There is a couple of things.
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Instead of budgeting
for that $120 per month
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that you have to
pay them each month,
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maybe they'll lower it
with lower the interest rate
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and lower the amount
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that you have to
pay on a monthly basis.
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So if they lower
it to like $45 a month
00:04:37.44\00:04:40.51
and lower the
interest rate to like 1%
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as you take care of
this debt, that puts what?
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From 120 to 40 is $80
or $85 into your pocket
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that you can now
use for other items.
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There are many
other things you can do,
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which I would suggest you do
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in reference to the
items that you have.
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Many homes have cable,
many homes have landlines,
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and cell phones.
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Many homes have things
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that they don't
necessarily have to use.
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They are not necessarily
needs but they are wants.
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Many maybe could cut
back on from watering our lawn
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four times a
week to maybe watering
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our lawn two times a week.
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The importance of what
I'm telling you right now
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is the fact that once
you have a mark in the road,
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some kind of place to start,
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then we know what we need to do.
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So the first thing
I would ask you to do
00:05:33.50\00:05:36.10
is once you've
assessed your debt
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and know that you are spending
more than you are bringing in,
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you know you are in
a dangerous position.
00:05:41.30\00:05:43.00
If you are putting
things on credit card for things
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that you would typically
have to use on a monthly basis,
00:05:45.81\00:05:48.48
there is a danger
sign, it's a warning sign.
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It's telling you
that there is a concern.
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Secondarily is once you
get into a life of debt,
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you lose a lot of credit,
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and you lose a lot
of things in your life.
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It puts you into a
place that people consider
00:06:01.96\00:06:06.06
or our government could consider
00:06:06.09\00:06:08.40
you being working poor.
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Working just to make ends
meet and not being able to save
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and plan for those
expenses and those emergencies
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that will come up,
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and they do
come up all the time.
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That's what
hurts a lot of families
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is being unprepared
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for the
emergencies in their life,
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that lack of income
can cause that to happen.
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One of the things
I do as an individual
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outside of the
work environment is,
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I choose to work
with at-risk youth,
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foster care youth.
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As a fact, I'm
chairing a committee right now
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with a major organization
on the west coast to talk about
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what we can do to
help our young people
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and our foster care youth
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get an adequate
training in financial literacy.
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Literacy is key.
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If we plan to
provide our young people
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as they are coming out of
these foster care systems,
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the right type of understanding
on how they manage their money.
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In the United States today
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there are half a million
foster care young people.
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In California alone we
have 20% of the total number
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of foster care youth
in the United States.
00:07:13.60\00:07:15.70
We have 100,000 young
people in foster care system.
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And of that we
know that 5,000 plus
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are emancipating
every year into society
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and they are not
prepared to do so.
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In a foster care, a young person
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has a lot of things
on his plate to deal with
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that we wouldn't
be familiar with.
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I grew up with a
mother and a father.
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My kids are growing
up with a mom and a dad
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and they have
someone to identify with,
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someone that hugs them
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and tells them
that they are loved
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and gives them
motivation and teaches them
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and puts them in time-out
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and provides an
environment that they can grow
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and become the
type of young adults
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and adults that we
would like them to be,
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managing their money well,
00:07:50.00\00:07:51.37
managing certain
things in their lives
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that they wouldn't have
the understanding to deal with
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if they don't
grow up with a family.
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So the foster care system
00:08:00.74\00:08:02.51
is one that is
supposed to supplement
00:08:02.54\00:08:06.45
and provide them some
type of controlled environment
00:08:06.48\00:08:10.99
that they can grow
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and hopefully
become positive adults
00:08:12.99\00:08:17.13
in the
communities that they live.
00:08:17.16\00:08:19.59
But the statistics are
stark with these young people
00:08:19.63\00:08:22.93
in reference to
how they handle money.
00:08:22.96\00:08:25.10
The fact that when they
emancipate out of the system
00:08:25.13\00:08:28.64
or they graduate
from the programs,
00:08:28.67\00:08:31.57
they go out into
public life at age 18,
00:08:31.61\00:08:34.84
and what happens
is within 18 months
00:08:34.88\00:08:38.75
many of these kids are homeless,
00:08:38.78\00:08:40.28
they are on the streets.
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They don't have anywhere to go.
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They haven't been
taught how to manage money,
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how to keep a job, how
to interview for a job,
00:08:44.55\00:08:46.49
they are lacking in life skills
00:08:46.52\00:08:48.52
and those are the things
that are concerning for me
00:08:48.56\00:08:50.73
as we look at these young people
00:08:50.76\00:08:52.49
as a target market to
go after to teach them
00:08:52.53\00:08:55.46
about how, why,
and what of money.
00:08:55.50\00:08:59.93
We also find that,
you know, young women
00:08:59.97\00:09:01.94
that emancipate from the system
00:09:01.97\00:09:03.41
within two-and-a-half
years are pregnant
00:09:03.44\00:09:06.98
and become single
moms and what happens
00:09:07.01\00:09:09.68
from there is the
cycle repeats itself,
00:09:09.71\00:09:11.81
because that same child that
that mom has goes right back
00:09:11.85\00:09:14.42
into the same foster care system
00:09:14.45\00:09:16.05
that the mom came out of.
00:09:16.08\00:09:17.59
It repeats itself
and the cycle happens
00:09:17.62\00:09:19.65
over and over again
00:09:19.69\00:09:22.16
and we believe
that several things
00:09:22.19\00:09:23.69
that have happened
recently within California
00:09:23.73\00:09:26.29
where there are
several decisions
00:09:26.33\00:09:29.83
made to provide some of
these foster care young people,
00:09:29.86\00:09:32.97
additional time in foster
care from age 18 to age 22.
00:09:33.00\00:09:36.74
They can request to
extend their stay in foster care
00:09:36.77\00:09:40.58
so they can get the
right type of training,
00:09:40.61\00:09:42.61
that they can
start saving some money
00:09:42.64\00:09:44.35
and there is some programs
that actually match the monies
00:09:44.38\00:09:47.62
that they save so
that once they get out
00:09:47.65\00:09:49.68
at age 21-22 they
have money to go to school,
00:09:49.72\00:09:53.52
they have money to maybe
put a down payment on a car,
00:09:53.56\00:09:55.56
they have money to actually
00:09:55.59\00:09:56.93
even put a down
payment on a home if so,
00:09:56.96\00:09:59.46
if they choose to work that hard
00:09:59.49\00:10:01.16
and put
themselves in that position
00:10:01.20\00:10:03.33
but the key is this:
00:10:03.37\00:10:04.70
That these
foster care young people
00:10:04.73\00:10:07.34
are desiring to know
more about how finance is
00:10:07.37\00:10:11.61
and that literacy
about how to manage money.
00:10:11.64\00:10:15.78
Those kids though
are at a great risk.
00:10:15.81\00:10:18.65
They are called an at-risk group
00:10:18.68\00:10:20.42
because we find a lot
of them becoming homeless,
00:10:20.45\00:10:23.59
a lot of them
dropping out of school,
00:10:23.62\00:10:25.55
they don't graduate,
they don't finish school,
00:10:25.59\00:10:27.92
and of the ones that
graduate from school,
00:10:27.96\00:10:30.79
if they do, do you
know how many of them
00:10:30.83\00:10:33.73
actually graduate from college?
00:10:33.76\00:10:36.30
The actual percentage
of those that enter college
00:10:36.33\00:10:39.03
and actually finish college
00:10:39.07\00:10:40.47
from the foster
care system is 1%, 1%.
00:10:40.50\00:10:44.27
I've watched a
young person get up.
00:10:44.31\00:10:46.88
Things in their
lives are so controlled,
00:10:46.91\00:10:48.54
they don't have any control
00:10:48.58\00:10:50.08
and what they
can control they do.
00:10:50.11\00:10:52.15
So it may be their shoe.
00:10:52.18\00:10:54.22
And I saw this young
person wake up in the morning,
00:10:54.25\00:10:56.25
and he went to the kitchen,
00:10:56.28\00:10:59.09
and he filled a
soap water consistency,
00:10:59.12\00:11:04.09
and he took it with a toothbrush
00:11:04.13\00:11:05.46
and he went to the living room,
00:11:05.49\00:11:06.83
and I saw him scrub
and clean his Vans shoes.
00:11:06.86\00:11:11.63
And as he finished
cleaning those Vans shoes
00:11:11.67\00:11:13.84
after spending
about 15-20 minutes,
00:11:13.87\00:11:15.90
that's the control
he had in his life,
00:11:15.94\00:11:17.91
and he measured that
control by taking care
00:11:17.94\00:11:21.44
of what was in his control.
00:11:21.48\00:11:24.41
And it was interesting he
finished what he had to do,
00:11:24.45\00:11:26.72
took care of the
soap water solution,
00:11:26.75\00:11:28.75
and then he put the shoes
on and as he walked around,
00:11:28.78\00:11:31.95
he walked like,
little like a duck
00:11:31.99\00:11:33.32
because he didn't want to
put the crease in the shoe
00:11:33.36\00:11:35.62
and mess up the shoe
that he takes so much time
00:11:35.66\00:11:37.66
to take care of and clean.
00:11:37.69\00:11:39.23
What they are doing is
showing that they are interested
00:11:39.26\00:11:43.03
in taking care of
things, but those things
00:11:43.06\00:11:45.43
that are within the
confines of their control.
00:11:45.47\00:11:47.54
So I was brought in
00:11:47.57\00:11:48.90
as a consultant
to talk to them about
00:11:48.94\00:11:50.27
how do you teach
these young people
00:11:50.31\00:11:52.24
about finance?
00:11:52.27\00:11:53.61
How do you talk to
them about managing money
00:11:53.64\00:11:56.08
and financial literacy?
00:11:56.11\00:11:57.58
And a lot of these kids
will not engage with you,
00:11:57.61\00:12:00.32
because you talk down
to them or talk to them
00:12:00.35\00:12:03.49
and tell them
what they need to do.
00:12:03.52\00:12:05.12
They have been told
what to do all their lives,
00:12:05.15\00:12:07.12
that's why they
are where they are,
00:12:07.16\00:12:09.22
and they figure,
00:12:09.26\00:12:10.59
I don't want to
finish school now or college
00:12:10.63\00:12:12.63
because as soon as
I finish this degree,
00:12:12.66\00:12:15.76
they're going to
take it away from me.
00:12:15.80\00:12:17.20
That's the mentality
of these young people
00:12:17.23\00:12:18.80
and we have to change
00:12:18.83\00:12:20.24
and shift that mindset to
make them feel more secure
00:12:20.27\00:12:24.14
and confident in themselves.
00:12:24.17\00:12:26.84
And it's these young
people that are the ones
00:12:26.88\00:12:29.98
that fall off the map
00:12:30.01\00:12:31.71
and we don't
even see them anymore
00:12:31.75\00:12:33.08
because they're
homeless and they are, again,
00:12:33.11\00:12:37.09
being a part of a system
00:12:37.12\00:12:39.05
that actually
destroys them in the long haul
00:12:39.09\00:12:42.52
because they're discouraged
and they lose the hope
00:12:42.56\00:12:46.96
that the foster could have
00:12:47.00\00:12:48.36
if they are put through
the right type of program
00:12:48.40\00:12:50.90
that could enhance
00:12:50.93\00:12:52.27
and elevate
their sense of security
00:12:52.30\00:12:55.20
and their sense
of accomplishment.
00:12:55.24\00:13:00.48
Now, I shared that with you
00:13:00.51\00:13:03.78
because we are
in the same place.
00:13:03.81\00:13:08.28
We are looking at
the same type of setting.
00:13:08.32\00:13:12.69
These kids that
drop out of school
00:13:12.72\00:13:16.19
are then driven
00:13:16.22\00:13:17.93
towards this thing
called a "poverty industry".
00:13:17.96\00:13:21.90
What's the poverty industry?
00:13:21.93\00:13:23.77
What does it entail
when you take a look at
00:13:23.80\00:13:28.07
what the poverty industry is?
00:13:28.10\00:13:29.44
We have a slide that
I would like to show you
00:13:29.47\00:13:30.81
and talks to you a little
bit about the poverty industry,
00:13:30.84\00:13:33.27
and it's very
interesting as you look at it.
00:13:33.31\00:13:37.45
You look at this and you find
that the payday loan centers
00:13:37.48\00:13:40.78
as the top targeter
of our working poor.
00:13:40.82\00:13:44.99
You get a kind
of an understanding
00:13:45.02\00:13:48.32
of what these
industries do to the poor.
00:13:48.36\00:13:51.83
Did you know the size
of the poverty industry?
00:13:51.86\00:13:54.53
I will label it as the
poverty industry for you.
00:13:54.56\00:13:56.73
The size of the
industry is $33 billion.
00:13:56.77\00:14:01.00
33 billion with the B
money is the revenue comes
00:14:01.04\00:14:05.47
from this
industry of working poor.
00:14:05.51\00:14:07.61
And you have to understand that
these companies target the poor
00:14:07.64\00:14:12.38
because they know they need help
00:14:12.41\00:14:14.58
in getting
assistance in cashing a check
00:14:14.62\00:14:18.09
and doing a variety of things
00:14:18.12\00:14:19.65
and they may need a
loan on a future check to pay
00:14:19.69\00:14:23.96
for certain
things that they have,
00:14:23.99\00:14:25.53
and they charge
exorbitant amounts of interest
00:14:25.56\00:14:28.30
on that specific service.
00:14:28.33\00:14:30.03
When you'll take a
look again at the list,
00:14:30.07\00:14:32.43
you have payday loan centers,
pawnshops, casinos, people
00:14:32.47\00:14:37.04
and the working poor
think that they possibly
00:14:37.07\00:14:39.44
can get out of poverty
00:14:39.47\00:14:42.11
by winning
something big in a casino.
00:14:42.14\00:14:44.35
We have liquor stores
that pop up in intercity areas,
00:14:44.38\00:14:47.18
instead of having
a health food store,
00:14:47.22\00:14:49.12
you have liquor stores.
00:14:49.15\00:14:50.72
You have to pay a
little bit more for the product
00:14:50.75\00:14:53.15
and then, of
course, they are not selling
00:14:53.19\00:14:54.86
the quality type of fruits
00:14:54.89\00:14:56.66
and vegetables that
we should all be eating.
00:14:56.69\00:14:58.99
Of course, tobacco stores
target the poverty industry,
00:14:59.03\00:15:02.56
and guess who is another
targeter of our working poor,
00:15:02.60\00:15:07.57
credit card companies.
00:15:07.60\00:15:08.94
Do you know that
they are extending credit
00:15:08.97\00:15:10.81
now to individuals
who are more risky?
00:15:10.84\00:15:14.34
Our banks are saying,
let's expand our market share
00:15:14.38\00:15:17.31
and let's provide
credit to individuals
00:15:17.35\00:15:19.31
that may not necessarily
fit our perfect profile of those
00:15:19.35\00:15:23.89
that have the
three 'Cs' of credit:
00:15:23.92\00:15:25.89
Character, excuse
me, character, capacity,
00:15:25.92\00:15:28.92
and capital.
00:15:28.96\00:15:30.29
Those are the things
that they are looking at now
00:15:30.33\00:15:31.86
and targeting
you as an individual
00:15:31.89\00:15:34.00
who is considered someone
00:15:34.03\00:15:35.40
in the working poor communities.
00:15:35.43\00:15:38.90
But are you
really a working poor?
00:15:38.93\00:15:41.10
Or you are work in progress?
00:15:41.14\00:15:43.34
And that's probably
what I would like to do
00:15:43.37\00:15:45.14
is to take it from these labels
00:15:45.17\00:15:47.74
that probably people provide you
00:15:47.78\00:15:49.74
and take you to another step
00:15:49.78\00:15:51.85
because you are
a work in progress.
00:15:51.88\00:15:54.32
God is working in your lives
and He has something for you.
00:15:54.35\00:15:58.25
There is
something that He is going
00:15:58.29\00:15:59.62
to accomplish in your
lives if we can take hold of
00:15:59.65\00:16:02.92
and take a look at our road map
00:16:02.96\00:16:05.39
and say, let me assess
00:16:05.43\00:16:07.00
where I'm at
and create a budget.
00:16:07.03\00:16:09.16
I want you to do that.
00:16:09.20\00:16:10.53
If anything that
you do right now,
00:16:10.57\00:16:12.53
take a piece of paper out
00:16:12.57\00:16:13.90
and say this is the day
I create my first budget.
00:16:13.94\00:16:18.14
Write down budget,
write down paycheck
00:16:18.17\00:16:21.44
and how much you
bring in per month.
00:16:21.48\00:16:23.08
Write down expenses and go
and calculate approximately
00:16:23.11\00:16:26.65
how much you spend
per month in expenses.
00:16:26.68\00:16:29.62
Come up with a number and
then subtract your expenses
00:16:29.65\00:16:32.22
from your paycheck
00:16:32.25\00:16:34.36
and do you have a
positive or negative number.
00:16:34.39\00:16:36.93
That will give you a place
to start in understanding that,
00:16:36.96\00:16:41.56
"Yes, I know where I'm at now.
00:16:41.60\00:16:43.87
I've assessed my
debt, I've created a budget
00:16:43.90\00:16:47.04
and I know what I gotta do
now, where I can cut expenses?"
00:16:47.07\00:16:51.37
Where those
expenses are that you cut
00:16:51.41\00:16:53.48
is completely up to you
based on what that budget is.
00:16:53.51\00:16:56.95
Cell phone,
landline, cable, water,
00:16:56.98\00:17:02.28
whatever the case may be,
take a look at those things
00:17:02.32\00:17:06.42
from direct costs
to your livelihood
00:17:06.45\00:17:10.26
as well as indirect
costs such as things
00:17:10.29\00:17:12.63
that are variable
throughout the course
00:17:12.66\00:17:14.30
of the month and or year.
00:17:14.33\00:17:16.70
Once you do that,
you can then take a look
00:17:16.73\00:17:18.83
at those expenses you cut
00:17:18.87\00:17:20.97
will then lead to
providing possibly a gap
00:17:21.00\00:17:25.54
between your
expenses and your revenue
00:17:25.57\00:17:28.71
that you have some
money now you can save
00:17:28.74\00:17:30.85
and therein is where
is you've the first win
00:17:30.88\00:17:33.85
of the season for
you is knowing now
00:17:33.88\00:17:36.15
that you can get into
a profitable situation
00:17:36.18\00:17:38.85
and start putting money away.
00:17:38.89\00:17:41.19
Now, in this industry also,
00:17:41.22\00:17:43.29
in this work in
progress industry,
00:17:43.32\00:17:44.86
not poverty, I'm not going
to label it that way anymore,
00:17:44.89\00:17:47.56
but we're going to take it
now to the work in progress.
00:17:47.60\00:17:50.10
You are work in progress.
00:17:50.13\00:17:51.53
I want you to write
down questions that you have
00:17:51.57\00:17:53.34
if you can email me, text
me, or whatever the case may be,
00:17:53.37\00:17:55.97
we will put that information
up at the end of the program.
00:17:56.00\00:17:58.64
But I ask you to
take an active approach
00:17:58.67\00:18:01.38
and what I would
like you to also do
00:18:01.41\00:18:03.55
is also videotape
yourself, say, "Hey, Cordell,
00:18:03.58\00:18:07.52
this is what I'm
doing to save money.
00:18:07.55\00:18:09.68
This is what I'm
doing to cut my expenses."
00:18:09.72\00:18:12.55
I want to hear your 15 seconds
and it could be something
00:18:12.59\00:18:16.93
we can incorporate
on a future program,
00:18:16.96\00:18:19.43
but I need to hear it from you.
00:18:19.46\00:18:20.96
I wanna hear what you are doing,
00:18:21.00\00:18:22.40
and I want you to
take an aggressive approach
00:18:22.43\00:18:24.27
at going after
your debt, going after
00:18:24.30\00:18:27.90
creation of this budget,
00:18:27.94\00:18:29.27
and going after the
ability to save money.
00:18:29.30\00:18:33.07
Now, there are
some other statistics.
00:18:33.11\00:18:34.64
Oftentimes, the...
00:18:34.68\00:18:36.91
I'm calling you
the work in progress,
00:18:36.95\00:18:38.88
they call the working poor,
00:18:38.91\00:18:40.45
are families
headed by single parents,
00:18:40.48\00:18:42.78
young workers, new immigrants
or workers with less than
00:18:42.82\00:18:45.52
a high school degree,
00:18:45.55\00:18:46.89
they are more likely to
struggle to make ends meet.
00:18:46.92\00:18:49.66
Now, when we talk
about single families,
00:18:49.69\00:18:53.19
what do you think of?
00:18:53.23\00:18:54.96
And many of us the
first thing that came to mind
00:18:55.00\00:18:56.80
when I was talking
about this with several people
00:18:56.83\00:18:58.50
was is single parents
are typically single moms.
00:18:58.53\00:19:02.70
Well, to make sure I was
giving the right information,
00:19:02.74\00:19:04.84
I just did a quick
search on my cell phone
00:19:04.87\00:19:07.14
and it says, a typical
single parent is a mother.
00:19:07.18\00:19:09.78
Approximately 84% of
custodial parents are moms
00:19:09.81\00:19:13.58
and 16% of
custodial parents are fathers.
00:19:13.62\00:19:16.62
So single parents are
part of the work in progress
00:19:16.65\00:19:20.02
and you should
know who they are.
00:19:20.06\00:19:21.99
But then we think of
them as working poor,
00:19:22.02\00:19:24.33
they are not
really working poor,
00:19:24.36\00:19:26.19
they are work in progress.
00:19:26.23\00:19:28.06
Did you know that she is...
00:19:28.10\00:19:31.03
A he or she, the majority
of single parents are women,
00:19:31.07\00:19:33.97
so let's talk about her.
00:19:34.00\00:19:36.04
She is employed, 80%
of custodial single moms
00:19:36.07\00:19:40.98
are gainfully employed.
00:19:41.01\00:19:43.58
She and her children
do not live in poverty.
00:19:43.61\00:19:47.45
Hey, what did I just
say, you are work in progress,
00:19:47.48\00:19:50.05
that's what I've
been trying to tell you.
00:19:50.09\00:19:51.95
You can be single,
you can have things
00:19:51.99\00:19:54.22
that seem to be
working against you
00:19:54.26\00:19:55.82
but you know what is creative?
00:19:55.86\00:19:57.79
Is I look at my wife, I
look at the moms out there
00:19:57.83\00:20:01.93
and understand there is a wisdom
00:20:01.96\00:20:04.83
that we can gain
from each one of them.
00:20:04.87\00:20:06.84
They know how to budget.
00:20:06.87\00:20:08.20
They know how
to work with money.
00:20:08.24\00:20:09.70
They know how to
work with limited amounts.
00:20:09.74\00:20:11.81
They know how to make it expand.
00:20:11.84\00:20:13.38
And if you are in Christ
00:20:13.41\00:20:14.91
and you know what His
leading is doing in your life,
00:20:14.94\00:20:18.11
you will see the blessings
that happen in your life
00:20:18.15\00:20:21.15
on a daily, weekly,
monthly, and yearly basis.
00:20:21.18\00:20:23.95
So don't take it for a fact
what everyone is telling you.
00:20:23.99\00:20:28.72
The fact is these
typical 40-year-old individuals
00:20:28.76\00:20:33.36
who are custodial parents
00:20:33.40\00:20:34.73
who are raising
typically one child
00:20:34.76\00:20:36.87
are not living in poverty
00:20:36.90\00:20:38.43
and they are gainfully employed.
00:20:38.47\00:20:40.80
So what is that telling you?
00:20:40.84\00:20:42.44
Many of the individuals that
are labeled are labeled wrongly
00:20:42.47\00:20:46.41
because they are not
giving you credit for the wisdom
00:20:46.44\00:20:49.61
and the
creativity that you have.
00:20:49.64\00:20:51.68
The creativity is
there in the communities
00:20:51.71\00:20:54.12
because we know
statistically that young people
00:20:54.15\00:20:57.95
who take a risk and
try to start a business
00:20:57.99\00:21:01.12
in those communities
are typically successful.
00:21:01.16\00:21:06.49
They go against the
grain of what typically happens
00:21:06.53\00:21:09.70
with new business
startups that fail.
00:21:09.73\00:21:13.60
What I would like
to tell you right now
00:21:13.64\00:21:15.30
is there are a
lot of options for you
00:21:15.34\00:21:19.37
as you take a step
in changing the label
00:21:19.41\00:21:24.15
that people have put on you.
00:21:24.18\00:21:25.58
I want you to change that label.
00:21:25.61\00:21:27.38
Use Christ's label in your life.
00:21:27.42\00:21:29.58
You're now a work in progress.
00:21:29.62\00:21:32.52
Write these things down.
00:21:32.55\00:21:34.32
Make sure you have
the budget in place.
00:21:34.36\00:21:36.39
Connect with me.
00:21:36.42\00:21:37.76
Let's talk about how we can
even take it to another step
00:21:37.79\00:21:41.53
and what could that step be?
00:21:41.56\00:21:43.40
There are a variety of things.
00:21:43.43\00:21:45.50
And I'll do that by
telling you this story.
00:21:45.53\00:21:48.40
We went to on a trip.
00:21:48.44\00:21:49.80
My wife and I went to Guatemala
00:21:49.84\00:21:51.17
and we traveled
around for a little bit
00:21:51.21\00:21:53.14
and we had an
enjoyable time with our kids
00:21:53.17\00:21:56.75
and traveling around the country
00:21:56.78\00:21:58.25
where she grew up.
00:21:58.28\00:22:00.18
One of the things we did notice
00:22:00.22\00:22:01.55
as we were
traveling through the markets
00:22:01.58\00:22:02.92
where some unique
little items that girls wear,
00:22:02.95\00:22:08.19
and it was
interesting that I could see
00:22:08.22\00:22:10.93
that my daughter had this
fantastic interest in design
00:22:10.96\00:22:15.30
and she loves the color pink.
00:22:15.33\00:22:18.13
And so she
decided to ask questions.
00:22:18.17\00:22:20.37
Now she was really
young at that time.
00:22:20.40\00:22:22.40
But you could see
she gravitated to it.
00:22:22.44\00:22:25.47
My daughter is
now five years of age
00:22:25.51\00:22:28.74
and somehow she is
picking up on this business idea
00:22:28.78\00:22:31.75
and she loves
these items that are pink
00:22:31.78\00:22:34.12
and she has
designed a unique design
00:22:34.15\00:22:36.45
that she would
like to put on them.
00:22:36.48\00:22:38.02
So I'm working seriously
with her to find suppliers
00:22:38.05\00:22:41.72
of this item that she can take
00:22:41.76\00:22:44.09
and then she can begin
her own little online business
00:22:44.13\00:22:47.53
and now there are
things I'm going to have to do,
00:22:47.56\00:22:50.27
because as I'm
teaching her about business,
00:22:50.30\00:22:52.47
I teach her about,
"Don't talk to the baker
00:22:52.50\00:22:55.37
if you need to
talk to a builder."
00:22:55.40\00:22:57.44
I'm not all-encompassing
when it comes to finance
00:22:57.47\00:23:01.91
so I go to the expert in
the area about finding out
00:23:01.94\00:23:04.91
what business
she can incorporate,
00:23:04.95\00:23:06.51
what type of
business it would be,
00:23:06.55\00:23:08.58
and how we can
work it through that
00:23:08.62\00:23:09.95
she does not have to
spend that much in taxes
00:23:09.98\00:23:12.95
and that she can put more time
00:23:12.99\00:23:14.79
and emphasis into
driving people to her website
00:23:14.82\00:23:18.03
which takes money,
00:23:18.06\00:23:19.39
and it will take her
beginning the process
00:23:19.43\00:23:21.06
of saving and doing,
00:23:21.10\00:23:22.43
so that is going to
have to help out quite a bit
00:23:22.46\00:23:24.53
as she starts with the process.
00:23:24.57\00:23:26.70
My son has an interest also,
00:23:26.74\00:23:29.30
and then I have an
interest as an adult.
00:23:29.34\00:23:32.14
I have many interests
that I would like to take on,
00:23:32.17\00:23:34.81
and I hear it the same way
00:23:34.84\00:23:37.25
all across the
spectrum of individuals
00:23:37.28\00:23:39.25
who have business
ideas and concepts.
00:23:39.28\00:23:42.65
When you lose a job
00:23:42.68\00:23:44.12
or there is this lack of income,
00:23:44.15\00:23:46.82
let's look at it
as an opportunity,
00:23:46.86\00:23:50.73
to go to a
local Adventist church
00:23:50.76\00:23:52.63
in your community,
00:23:52.66\00:23:54.00
because it's a
microcosm of the big population
00:23:54.03\00:23:56.46
and in those
communities you can find
00:23:56.50\00:23:58.13
professional tax consultants,
you can find physicians
00:23:58.17\00:24:01.87
who need people
to work with them,
00:24:01.90\00:24:04.11
you can find a variety
00:24:04.14\00:24:05.61
of different
type of professionals
00:24:05.64\00:24:07.34
that can probably help
you and there are those
00:24:07.38\00:24:09.94
that understand how to
build an online business
00:24:09.98\00:24:13.31
or build a physical business.
00:24:13.35\00:24:15.38
Do you cook well?
00:24:15.42\00:24:16.75
Do you have a
talent than most people,
00:24:16.79\00:24:18.89
other don't have and
can't equate with you.
00:24:18.92\00:24:21.72
And I think those
are the kinds of things
00:24:21.76\00:24:23.12
we need to
consider as we move forward
00:24:23.16\00:24:25.13
because no one can be confident
00:24:25.16\00:24:28.06
in keeping a job
for 40 years anymore.
00:24:28.10\00:24:30.73
You're going to
see mass layoffs,
00:24:30.77\00:24:32.87
you're seeing a
squeeze on the middleclass,
00:24:32.90\00:24:35.30
and what it will
take is the creativity
00:24:35.34\00:24:36.91
that you have,
00:24:36.94\00:24:38.27
that you can take on by yourself
00:24:38.31\00:24:40.74
and drive a business
that generates revenue.
00:24:40.78\00:24:43.41
Do you play the piano?
Do you play the guitar?
00:24:43.45\00:24:45.61
Do you play the saxophone?
00:24:45.65\00:24:46.98
Do you know how much
you can ask for lessons
00:24:47.02\00:24:51.12
that you teach other
people on an hourly basis?
00:24:51.15\00:24:53.52
Do you know what you can
get from baking your goods
00:24:53.56\00:24:57.43
and selling them?
00:24:57.46\00:24:58.79
How do you start that business?
00:24:58.83\00:25:00.23
How do you get a
setup in a big store
00:25:00.26\00:25:04.77
where people can come and
taste, test your products?
00:25:04.80\00:25:07.40
How do you do those things?
00:25:07.44\00:25:08.77
And you can only
get it from the experts.
00:25:08.80\00:25:10.24
The first thing I tell
you is talk to the experts.
00:25:10.27\00:25:13.21
The second thing is
talk through your idea.
00:25:13.24\00:25:15.68
The only way you'll
know if it's a viable idea
00:25:15.71\00:25:18.41
is if you work through it
and talk to those that know.
00:25:18.45\00:25:23.18
And then third is
don't be afraid to try.
00:25:23.22\00:25:27.06
There are things you
can do to bring in income
00:25:27.09\00:25:30.13
while you are dealing
00:25:30.16\00:25:31.49
with the job
search and developing
00:25:31.53\00:25:33.19
and moving forward in your life.
00:25:33.23\00:25:35.66
But it all takes planning
00:25:35.70\00:25:38.00
and I need you to
plan your road map.
00:25:38.03\00:25:41.64
So lack of
income, is it a problem?
00:25:41.67\00:25:47.64
Yes.
00:25:47.68\00:25:49.18
But is it an opportunity?
00:25:51.25\00:25:53.42
Yes, it is.
00:25:53.45\00:25:54.78
It gives you an
opportunity to change things
00:25:54.82\00:25:56.35
because people who have labeled
you working poor are wrong
00:25:56.38\00:26:00.36
because we are now
a work in progress.
00:26:00.39\00:26:03.83
And we are going
to work together.
00:26:03.86\00:26:05.53
Together we are going to see
00:26:05.56\00:26:06.90
some substantive
change in our communities
00:26:06.93\00:26:08.90
because we are going to
talk, discuss, grab a hold
00:26:08.93\00:26:12.23
of what those finance we have,
00:26:12.27\00:26:14.30
and we're gonna make
it work on our behalf.
00:26:14.34\00:26:17.04
I know we can.
00:26:17.07\00:26:18.41
It takes assessment and
development of a budget.
00:26:18.44\00:26:21.58
And I ask you to do that for us.
00:26:21.61\00:26:23.65
Now, what I would like to
do is throw up a quick slide
00:26:23.68\00:26:25.58
to tell you or show you those
that are worst hit by poverty.
00:26:25.61\00:26:30.79
It's top nine that
are worst hit by poverty.
00:26:30.82\00:26:33.46
Those that are living
in developing countries,
00:26:33.49\00:26:36.76
the elderly, those
that are unemployed,
00:26:36.79\00:26:40.13
number four ethnic minorities,
number five single parents,
00:26:40.16\00:26:45.63
number six would be those
00:26:45.67\00:26:47.30
that are low paid with children,
00:26:47.34\00:26:49.50
people with disabilities,
refugees and asylum seekers,
00:26:49.54\00:26:53.17
and number nine, the homeless.
00:26:53.21\00:26:55.64
Those are the nine that
are worst hit by poverty.
00:26:55.68\00:27:00.42
Can we do something about that?
00:27:00.45\00:27:03.89
There are things we can do.
00:27:03.92\00:27:05.85
The first thing is
know where you are at,
00:27:05.89\00:27:07.52
because if you don't
know where you are at,
00:27:07.56\00:27:09.42
how do you know
where you are going to go?
00:27:09.46\00:27:11.59
Secondarily, it
takes commitment.
00:27:11.63\00:27:15.43
It takes commitment.
00:27:15.46\00:27:17.63
If someone
dropped you from a plane
00:27:17.67\00:27:21.10
and you landed on the I75
00:27:21.14\00:27:23.64
and I94 quarters
where would you be?
00:27:23.67\00:27:27.68
If you understand
maps, you know that
00:27:27.71\00:27:30.21
94 is the East West highway
because it's an even highway,
00:27:30.25\00:27:33.72
and interstate highway.
00:27:33.75\00:27:35.32
The same with the 75
is the North South highway
00:27:35.35\00:27:37.69
because it's an odd highway.
00:27:37.72\00:27:39.55
The crossroads are right where?
00:27:39.59\00:27:42.52
In Michigan, near Battle Creek.
00:27:42.56\00:27:44.86
So now I know where I'm at.
00:27:44.89\00:27:46.59
If I need to get to 3ABN,
00:27:46.63\00:27:50.07
now I can figure
out how to get here.
00:27:50.10\00:27:51.57
The same with your
financial mapping is key.
00:27:51.60\00:27:54.44
Lack of income, I
don't see it as such,
00:27:54.47\00:27:56.94
because when we plan,
00:27:56.97\00:27:58.57
you can then take it
to the bank and save.
00:27:58.61\00:28:01.14
God bless you.
00:28:01.18\00:28:02.68