On Take it to the Bank,
00:00:01.36\00:00:02.70
you'll find ways
to get out of debt.
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Solve your credit card problems,
00:00:09.54\00:00:14.68
how to make and
stick with the budget,
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simple ways to save...
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buying or selling a home,
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and many more financial
matters on Take it to the Bank.
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Hi, my name is Cordell Thomas
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and welcome to
Take it to the Bank.
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This program is
really important, I think,
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as it develops an opening for us
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to begin the dialogue of
the importance of budgeting
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with our students, our
young people, our children.
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This is a key area
that they need to be aware
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because we're gonna talk about
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another top reason
for financial crisis.
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And it has to do with
tuition, student loan debt,
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as well as ID theft.
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And that's what
we'll talk about today.
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Lots of little things are
going on in our communities
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in reference to colleges
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and we hear some
of the conversations
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that are actually
happening on on-term,
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on real time
basis on the websites
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as well as on our
national syndicate TV programs.
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This is a critical issue.
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I mean, one of the things we
do from step one of organization
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is we do
financial literacy training.
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And one of the
concerns that we have
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in reference to
financial literacy
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is the key issue of
training not only the parents
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but also the children.
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If we're gonna change
the children's perspective,
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it goes back to the parents.
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We're finding that the
statistics are showing that
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this under-served communities
in poverty actually exists,
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and spirals, and recycles
it selves over generations.
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So if we're not able to stop
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this cycle of
poverty in one generation,
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it will continue
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because of the
example set for the children.
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So what we talk about now
is, can we talk to the parents?
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And that's what we'll do first.
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And we go and
chat with them about
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financial literacy
issues, about the same things,
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about assessing where you're at,
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about taking a look
at creating a budget,
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about cutting your
expenses and then, of course,
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creating an
emergency savings account,
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and then, of course,
going after that debt,
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and trying to pay it off as
quickly as you possibly can.
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Once we talk to
them about those issues,
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then we can begin the dialogue
of how do we address credit?
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What is the essence of
credit? What is a credit report?
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How do you look
at a credit report
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and read a credit report?
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What is the basic for a child
to understand a credit report?
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Should a child be
reading a credit report?
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Well, I don't know but you
get the free credit reports
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on yearly basis.
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And the reason I bring children
into the credit report issues,
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you know that as we
talk about the major frauds
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that are going on,
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and the scams that are happening
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with people in
their livelihoods.
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One of the biggest things
to realize is if it happens,
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check you inner circle first,
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it typically comes
from friends and relatives
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that gain access to
certain information.
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But it's also even more devious
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because we're
finding that our children,
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five,
three-five, seven year olds
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are having their
social security numbers
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stolen by their parents
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or people that
can get access to,
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or steal those data bases
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that have their
numbers associated with it.
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So we're finding that
there are critical issues
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that are relevant to families
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when we're dealing with finance
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and educating people on finance.
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So what we want to
do is teach the parents,
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talk to the parents,
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and then once we've
talked to them initially
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about the
importance of supporting
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their young people in
this education and finance,
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then we go to the young
people and we say, "Hey, okay.
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We have a program for you.
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We want to talk to you
about saving and providing,
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planning for these purchases
that you'd like to make."
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A lot of kids think that
they can easily purchase a bike
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because you can
put it on a credit.
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What are the three
"Cs" of accessing credit?
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Well, the bank is
gonna look at your character,
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so they find
about your character
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through your credit report.
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What is another
"C"? Your capital.
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What is your capital?
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It means how much
money you have saved.
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If you have money
saved in the bank,
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they know that you have a
certain type of emergency fund
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to help pay off the debt
on that card if you use it.
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And then, of course,
they look at capacity.
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Capacity is the
fact that you have a job.
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The job will sustain
money going into your account
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and help pay on that
debt regardless of what it is.
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So we teach kids
these specific elements
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and the importance of credit
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and also try to tell
them to stay away from it,
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because that's one of
the nightmares that people,
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young people are getting into,
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which leads us to what
we're talking about today.
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With tuitions rates rising,
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and the cost of
Ivy League schools
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costing so much money,
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what is the best
approach for people to take
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when we're talking about
going to school and teaching...
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And kids getting
that graduate experience,
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and graduating the BS
degree and going on to get PhD.
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The context is it's
important for them to understand
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how they study that,
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because you and I know
that when we went to college,
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we didn't really know what
we want to do first two years.
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And, of course, the
first two years of college
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when I was there
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way back at the
day was general studies
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which you can pick
up at any university
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and community college setting.
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The difference
is you're not paying
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as much to go to
school at a community college
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which is accessible
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to many students
on an ongoing basis.
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But even the community college
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can provide stress
related to financial issues.
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I know because I was
a part of a committee
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in the Riverside area.
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And we sat down and found
out there are lot of students
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that would sign up
for community college
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so that they could sign
up for tuition assistance.
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That tuition assistance
could take many different forms
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in the form of a
loan, in the form of a grant
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and we found that the students,
once they got the grant,
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they may come to
school for a couple of classes
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but then they will disappear.
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They wouldn't
complete the class,
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but they would take the
money which is a critical issue
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because student
loans follow you.
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They follow you,
you can't get them
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taking care of
through bankruptcy
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or they can't just go away.
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They stay with you for life,
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and those are
critical issues to be aware of.
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The context of a student loan
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and how kids use it is critical,
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because we haven't
yet taught our kids
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then how to budget
the use of those funds.
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We need to talk to them
about how they use funds,
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how they access the
funds and what they do,
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because those funds
that are given to them
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to go school
needs to be budgeted
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over the course of that year.
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And it has to be used for food,
and clothing, and dormitory,
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and all those type of elements
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that support them
completing that year of school.
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And many kids don't know that.
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And we see that, it's relevant
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because kids are
actually coming in,
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signing up to get the funds
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and they go on and do
other things with the funds
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which will follow them
for years and years to come.
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So these are important
issues that need to be discussed
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with your students
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when it comes to the
issue of student loan debt
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because it's there.
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It's a relevant issue.
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So as we talk
about these issues,
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we also need to talk to our kids
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about identity theft
and what that consists of.
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There is so much of it going on
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as we now know of as it's
in the news all over the place.
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And if we're not aware of it
and willing to teach our kids
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about it on a proactive basis,
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we begin the process of creating
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and setting them up
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for disappointment in the future
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because they're not
aware of some of the things
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that can come and devastate
them from a credit standpoint
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and from the standpoint
of not paying their loans
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on a timely basis.
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How much time do you have
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after you graduate to
start repaying back those loans?
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Study that, it turns
out you have six months
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before you have to plan
the process of beginning
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to repay those
loans once you graduate.
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Many people don't know that.
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And the other thing is
with the state of the economy,
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we have a lot of
kids coming out of school
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and there are no jobs available.
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In fact, because of
the state of the economy,
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you have the parents
that are actually working
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the jobs that kids
coming out of school
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would be picking
up once they graduate.
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But now, the
parents are doing those jobs
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so the kids don't have
anywhere to go to find work.
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So we're finding
kids coming out of school,
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paying a lot of
money for school,
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getting into debt for school,
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and they don't have any work
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to take on to help in
the repayment of that debt.
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What is the average or a
typical type of loan debt
00:09:14.75\00:09:19.82
that a student would have?
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We're finding from
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under graduate
high profile schools,
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it can be as much as $40,000,
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between 19,000
upwards of $40,000,
00:09:27.20\00:09:29.83
that students
will come out in debt.
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If you go into
post graduate school
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and get your PhD, or
going to medical school,
00:09:33.67\00:09:36.07
it can be upwards of
a $160,000 to $175,000,
00:09:36.10\00:09:39.07
even upwards of
$200,000 worth of debt
00:09:39.11\00:09:41.64
that these young
people are coming out facing
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before they even
hit the reality of life.
00:09:45.71\00:09:47.85
So there is a
lot of communication
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that needs to happen
between you, and your child,
00:09:50.09\00:09:53.86
and your young person
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as we prepare them
for how we do things,
00:09:55.26\00:09:58.39
and a lot of how they do
things will be based on what?
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It will be based
on how you behave
00:10:03.20\00:10:07.07
and what type of example
you set for your young person.
00:10:07.10\00:10:10.31
Upon graduation,
00:10:13.54\00:10:15.41
we mention that they
have approximately six months.
00:10:15.44\00:10:18.25
Key, what type of
debt do they have?
00:10:18.28\00:10:21.08
How do we
approach the conversation
00:10:21.12\00:10:22.58
with them about debt?
00:10:22.62\00:10:23.95
How do we talk to them about
budgeting to use their funds
00:10:23.99\00:10:27.69
associated with
their potential degree?
00:10:27.72\00:10:30.99
These are serious
questions that we need to ask
00:10:31.03\00:10:33.36
and we need to
set our kids up for.
00:10:33.40\00:10:35.16
And I try to do so
now, more so with my son
00:10:35.20\00:10:38.40
because as we
talk through things of,
00:10:38.43\00:10:40.67
"Dad, I want to buy this."
00:10:40.70\00:10:42.04
"Well, do you have
the money to but it?"
00:10:42.07\00:10:43.41
"Oh, I forgot to
bring my wallet."
00:10:43.44\00:10:44.81
Well, you should begin to think
about those types of issues
00:10:44.84\00:10:48.38
because we can't just go to
a store with one thing in mind
00:10:48.41\00:10:51.78
and all of a sudden you
want to buy something, but then,
00:10:51.81\00:10:53.95
why do you want to buy it?
00:10:53.98\00:10:55.32
Is it something you need?
00:10:55.35\00:10:58.02
Well, I don't
think I really need it.
00:10:58.05\00:11:00.82
Is it something you
want? Yes, I wanted.
00:11:00.86\00:11:02.42
Have you been prepared to...
have you prepared to buy it?
00:11:02.46\00:11:04.99
Well, I'm prepared
00:11:05.03\00:11:06.36
because I have the
money in my wallet.
00:11:06.39\00:11:07.73
But you don't have
the wallet with you.
00:11:07.76\00:11:09.10
But the key is
teaching them to budget
00:11:09.13\00:11:11.90
and teaching them
to adhere to a budget
00:11:11.93\00:11:14.10
that they would set up.
00:11:14.14\00:11:15.47
Their budget
could be a $10 budget
00:11:15.50\00:11:16.94
on a weekly or monthly basis
00:11:16.97\00:11:19.17
of what they have
to make expenditures,
00:11:19.21\00:11:21.28
but it's
teaching them a context of
00:11:21.31\00:11:23.65
what we should be
doing on a larger scale.
00:11:23.68\00:11:26.08
Assessing where we are
from a debt standpoint,
00:11:26.11\00:11:28.45
he shouldn't have any debt.
00:11:28.48\00:11:30.45
And we should teach
him not to go into debt.
00:11:30.49\00:11:32.89
And then, of
course, creating the budget,
00:11:32.92\00:11:34.26
so you know where
your money is coming from
00:11:34.29\00:11:35.96
and you know where
your money is going,
00:11:35.99\00:11:37.33
tracking where
those expenses are.
00:11:37.36\00:11:40.43
And of course, for us,
00:11:40.46\00:11:41.80
it takes on an additional step
of not only creating the budget
00:11:41.83\00:11:47.20
but cutting those
expenses that we have,
00:11:47.24\00:11:49.47
so we can live within
our means, and be happy,
00:11:49.50\00:11:52.54
and spend time doing things
00:11:52.57\00:11:55.71
where money is not the priority,
00:11:55.74\00:11:57.88
it's what we do with the
money that becomes the priority.
00:11:57.91\00:12:00.45
And then, of course, cutting
those additional expenses,
00:12:00.48\00:12:04.62
assessing where our debt is,
00:12:04.65\00:12:07.46
and attacking that
debt with a vengeance.
00:12:07.49\00:12:10.09
And of course, with
the savings that we have,
00:12:10.13\00:12:12.29
we can put money away
into savings and investments
00:12:12.33\00:12:15.06
that will help the whole family
in the long-run as we plan.
00:12:15.10\00:12:19.43
Things that we
haven't even talked about
00:12:19.47\00:12:21.10
should also be brought
up with the kids, trusts,
00:12:21.14\00:12:23.44
and wills, and insurance,
00:12:23.47\00:12:24.81
and those type of
things can help prevent,
00:12:24.84\00:12:27.24
and help make
someone as whole as possible
00:12:27.28\00:12:30.35
after a devastating loss.
00:12:30.38\00:12:35.38
There are variety of
things we can talk about
00:12:35.42\00:12:37.72
in reference to finding a job,
the problems that people have.
00:12:37.75\00:12:42.69
And then, there's other problems
00:12:42.72\00:12:44.16
that are going on now.
00:12:44.19\00:12:45.53
I saw the story on the
web and it was interesting
00:12:45.56\00:12:48.43
as the video came across
00:12:48.46\00:12:49.90
where a young person got
a dramatic amount of money.
00:12:49.93\00:12:56.20
I believe, it was
$50,000 on a yearly basis
00:12:56.24\00:12:59.04
to put her through law school.
00:12:59.07\00:13:01.44
And of course, to get that type
of full scholarship to do it,
00:13:01.48\00:13:05.88
there are certain requirements,
00:13:05.91\00:13:07.68
you have to
maintain a certain GPA,
00:13:07.72\00:13:10.32
you have to also maintain
00:13:10.35\00:13:12.82
certain standards
within school system.
00:13:12.85\00:13:15.56
And what happened
in that setting was,
00:13:15.59\00:13:19.53
she had a family, she
had, I believe, five children.
00:13:19.56\00:13:23.20
Everyone gave up everything
00:13:23.23\00:13:24.57
to move to that location
for her to go to school.
00:13:24.60\00:13:27.80
And then, what we found was,
00:13:27.84\00:13:29.24
she got the stress
that she wasn't aware of.
00:13:29.27\00:13:33.07
Spouse wasn't working,
couldn't work, lost his job.
00:13:33.11\00:13:35.84
And so everything
was reliant upon her
00:13:35.88\00:13:38.78
stipend to keep them going.
00:13:38.81\00:13:40.62
So the first thing
they should have done
00:13:40.65\00:13:42.48
was budgeted that $50,000
of the course of the year
00:13:42.52\00:13:46.02
to ensure that they
have things in place
00:13:46.05\00:13:48.56
to pay for things as it need be.
00:13:48.59\00:13:50.89
But then, there came
the struggles with children
00:13:50.93\00:13:54.76
as they were going
to school, certain...
00:13:54.80\00:13:57.40
kids didn't have
the work ethic possibly,
00:13:57.43\00:13:59.73
they were getting sick,
00:13:59.77\00:14:01.10
there was other stresses
that added to her stress load
00:14:01.14\00:14:05.17
in reference to going to school.
00:14:05.21\00:14:06.94
So her grades suffered
00:14:06.98\00:14:08.78
and what happened was
that she lost the scholarship.
00:14:08.81\00:14:12.11
And now, the whole family
00:14:12.15\00:14:13.52
is in the whole
state of disrepair
00:14:13.55\00:14:15.18
because the father isn't working
00:14:15.22\00:14:18.15
and now the mom,
who is going to school,
00:14:18.19\00:14:20.66
doesn't have the
means to go school
00:14:20.69\00:14:22.02
because they cut her funding.
00:14:22.06\00:14:24.43
And these are
real life perspectives
00:14:24.46\00:14:27.20
as it has to do
with student loans
00:14:27.23\00:14:29.13
and or scholarships.
00:14:29.16\00:14:30.80
Now she's probably has
to rely on a student loan
00:14:30.83\00:14:33.07
as opposed to the scholarship
00:14:33.10\00:14:34.44
which will create
another level of indebtedness.
00:14:34.47\00:14:37.31
School is not
anything to take...
00:14:37.34\00:14:42.28
not take seriously,
00:14:42.31\00:14:43.85
because if we don't
think about those things now,
00:14:43.88\00:14:46.85
they will become relevant issues
00:14:46.88\00:14:48.68
in the very near future.
00:14:48.72\00:14:50.55
Now, the other element
00:14:50.59\00:14:52.89
that people don't
think about has to do with
00:14:52.92\00:14:56.39
how we use those loans
00:14:56.42\00:14:58.23
that we're
given to go to school.
00:14:58.26\00:15:00.03
We typically think
of a college student
00:15:00.06\00:15:03.47
as 18 to 22 year-old
00:15:03.50\00:15:05.83
that goes to school
right out of high school
00:15:05.87\00:15:08.40
and they are not married.
00:15:08.44\00:15:10.04
But that has
changed tremendously.
00:15:10.07\00:15:12.24
In fact, we're seeing that
many of our college students now
00:15:12.27\00:15:16.01
have chosen not to
go directly to college
00:15:16.04\00:15:19.31
but to work a bit and
save money to go to school,
00:15:19.35\00:15:23.12
or a variety of other
explanations could be there.
00:15:23.15\00:15:27.06
But we're finding that
00:15:27.09\00:15:28.42
the typical college
student is older now.
00:15:28.46\00:15:30.33
They are pretty much
around 28 to 32 years of age.
00:15:30.36\00:15:33.09
They have worked a little
bit, saved a little bit of money
00:15:33.13\00:15:35.36
so that it can defray
the cost of going to school
00:15:35.40\00:15:37.80
and they're now back in school.
00:15:37.83\00:15:39.60
They have
acquired a student loan
00:15:39.63\00:15:41.44
and they are married.
00:15:41.47\00:15:44.24
So one of the things to
look out for in this case
00:15:44.27\00:15:46.37
with the student loan issues
is budgeting the money wealth
00:15:46.41\00:15:49.04
to last over the course
00:15:49.08\00:15:51.11
of the
timeframe that you needed,
00:15:51.15\00:15:53.31
but one of the other things
is maintain a spending record
00:15:53.35\00:15:56.42
of you and or your
partner's spending habits.
00:15:56.45\00:15:59.32
Review it and make
copies of credit card
00:15:59.35\00:16:02.39
and bank statements.
00:16:02.42\00:16:03.76
It is not uncommon
for a vindictive spouse
00:16:03.79\00:16:07.76
to go on spending sprees
00:16:07.80\00:16:09.56
in order to
deplete the family assets
00:16:09.60\00:16:13.10
and or to rack up debts.
00:16:13.13\00:16:15.04
These are real and
these are relevant concerns
00:16:15.07\00:16:18.87
that we should
all be well aware of,
00:16:18.91\00:16:21.88
because if we're not,
00:16:21.91\00:16:23.24
it will come back to
haunt us and to create problems.
00:16:23.28\00:16:27.05
So I ask you to do
a couple of things.
00:16:27.08\00:16:29.75
Develop some type of channel
of communication with your kids,
00:16:29.78\00:16:32.85
with your young people.
00:16:32.89\00:16:34.22
16, 14, 18 year-olds
00:16:34.26\00:16:36.52
that are just getting
ready to graduate high school
00:16:36.56\00:16:38.56
or are in the midst of
their high school years,
00:16:38.59\00:16:41.40
it's key because these
kids know what's going on.
00:16:41.43\00:16:43.67
They are multi-tasking.
00:16:43.70\00:16:45.03
They are on the phone,
they're on the computer,
00:16:45.07\00:16:46.74
they're doing their homework.
00:16:46.77\00:16:48.10
They're doing variety of things.
00:16:48.14\00:16:49.47
We're dealing with a whole
00:16:49.50\00:16:50.84
different
generation of young people.
00:16:50.87\00:16:52.21
And they know, and they know.
00:16:52.24\00:16:54.34
So it's a matter
of us now coming up
00:16:54.38\00:16:57.61
and being the
right... stepping it up,
00:16:57.65\00:16:59.25
and being the
right type of examples
00:16:59.28\00:17:00.85
for our young
people as they prepare
00:17:00.88\00:17:03.65
to take on independence
and take on responsibility.
00:17:03.69\00:17:08.06
Key: The first
issue to look at right now
00:17:08.09\00:17:11.29
in reference to
financial crisis,
00:17:11.33\00:17:13.33
student loan debt.
00:17:13.36\00:17:15.76
And what we want to
do is to prevent our kids
00:17:15.80\00:17:19.83
that problem of
starting life in debt.
00:17:19.87\00:17:24.27
Let's try to
prevent that from happening.
00:17:24.31\00:17:26.07
And the second issue
00:17:26.11\00:17:27.94
that is really big issue
is fraud, identity theft.
00:17:27.98\00:17:32.95
All you need is
00:17:32.98\00:17:34.32
to go to any type of
financial lit person,
00:17:34.35\00:17:36.55
and they'll show you
all of these brochures
00:17:36.58\00:17:39.55
on identity theft
and what to look for.
00:17:39.59\00:17:42.12
Look, charges are
made to your accounts
00:17:42.16\00:17:44.66
that you did not authorized.
00:17:44.69\00:17:46.09
It's an indication
00:17:46.13\00:17:47.46
that your
identity has been stolen.
00:17:47.50\00:17:49.76
Your credit is denied
due to a poor credit rating
00:17:49.80\00:17:53.44
despite you believing
00:17:53.47\00:17:55.14
that you have a
good credit history.
00:17:55.17\00:17:57.14
That goes to character,
that goes to access to credit,
00:17:57.17\00:18:00.44
that's what people are
looking for to give you credit
00:18:00.48\00:18:03.98
and if you have a good character
00:18:04.01\00:18:06.08
and payment history.
00:18:06.11\00:18:08.18
You are contacted by
creditors regarding amounts
00:18:08.22\00:18:10.42
owned for goods, amounts
owed for goods or services
00:18:10.45\00:18:15.02
that you never
obtained or never authorized.
00:18:15.06\00:18:17.96
Your credit card
and bank statements
00:18:17.99\00:18:19.66
are not received in
the mail as expected.
00:18:19.69\00:18:22.56
These are little warning signs
that you should be aware of
00:18:22.60\00:18:25.40
that you may be a
victim of ID theft.
00:18:25.43\00:18:29.77
And this one is critical.
00:18:29.80\00:18:31.14
A new or renewed
credit card is not received.
00:18:31.17\00:18:35.51
One of the things we try to do
00:18:35.54\00:18:38.15
is to try to tell people
that you need to be aware.
00:18:38.18\00:18:40.42
Did you apply for something?
00:18:40.45\00:18:41.88
If you apply for
something, look for it.
00:18:41.92\00:18:44.25
We received a
grant from a major bank
00:18:44.29\00:18:47.96
and that grant
never came in the mail.
00:18:47.99\00:18:50.99
So when they tell you
that the grant has been funded
00:18:51.03\00:18:55.30
and we are
sending you your check,
00:18:55.33\00:18:59.30
I then begin tracking
00:18:59.33\00:19:01.54
when it was sent to
when it should arrive.
00:19:01.57\00:19:03.81
It was sent from the East Coast,
00:19:03.84\00:19:05.51
so I'm gonna give it
about five business days
00:19:05.54\00:19:07.71
to get to the West
Coast and get into our PO Box.
00:19:07.74\00:19:10.95
It never arrived.
00:19:10.98\00:19:12.31
In fact, that first
week it didn't arrived.
00:19:12.35\00:19:14.98
So the next week
I called and said,
00:19:15.02\00:19:16.89
"It hasn't arrived yet."
00:19:16.92\00:19:18.32
"Oh, don't worry,"
this and that and the other.
00:19:18.35\00:19:20.36
And then the bank said,
"If it doesn't arrive, call us
00:19:20.39\00:19:25.26
and we will put
a stop pay on it,
00:19:25.29\00:19:27.36
and of course,
we issue a new one."
00:19:27.40\00:19:31.07
Now that was,
kind of, interesting
00:19:31.10\00:19:32.43
because they give the
check 45 days to get to me,
00:19:32.47\00:19:38.57
45 days and a lot of things
00:19:38.61\00:19:40.44
can happen within those 45 days.
00:19:40.48\00:19:42.11
And that's a bank telling
you these types of things.
00:19:42.14\00:19:44.81
So what I do is track
the mail on a daily basis.
00:19:44.85\00:19:47.75
After 10 days, it didn't arrive.
00:19:47.78\00:19:49.68
15 days, it didn't arrive,
20 days, it didn't arrive.
00:19:49.72\00:19:52.69
And I began the
process of saying,
00:19:52.72\00:19:54.06
"You know what,
00:19:54.09\00:19:55.42
let me send you a letter
on letterhead and tell you,
00:19:55.46\00:19:58.63
could you please
stop pay on that check?
00:19:58.66\00:20:01.70
Could you stop pay on the check
00:20:01.73\00:20:03.06
because I'm concerned that
it's in someone else's hand,
00:20:03.10\00:20:05.73
it was put into the
wrong mail-box, or PO Box."
00:20:05.77\00:20:08.57
And whatever else could
be going on with that amount.
00:20:08.60\00:20:11.67
And a grant is a
very serious thing
00:20:11.71\00:20:13.44
because I'm held responsible
00:20:13.48\00:20:14.88
for how that grant
is used and allocated.
00:20:14.91\00:20:18.65
But, of course,
you would think that
00:20:18.68\00:20:20.12
no one could
actually cash your check
00:20:20.15\00:20:21.62
because they don't
have my business name.
00:20:21.65\00:20:24.29
But ID theft is out there.
00:20:24.32\00:20:28.06
What actually ended up happened,
00:20:28.09\00:20:29.56
to make a long story short is,
00:20:29.59\00:20:31.59
the bank actually
sent it to a branch manager
00:20:31.63\00:20:35.16
who is going to get a photo up
and actually give me the check.
00:20:35.20\00:20:39.30
And I didn't know that,
they didn't tell me that.
00:20:39.33\00:20:41.44
They didn't even
know that themselves.
00:20:41.47\00:20:43.10
But it was exciting to hear
a call from him and he said,
00:20:43.14\00:20:45.57
"Oh, yes, Mr. Thomas
I received the check."
00:20:45.61\00:20:49.21
You know, "I'm
sorry, Mr. manager,
00:20:49.24\00:20:50.78
but I stopped pay on that.
00:20:50.81\00:20:52.51
Could you resolve the
situation and fix it for me?"
00:20:52.55\00:20:55.98
And within three or four days,
00:20:56.02\00:20:57.65
we had a new
check sent, reissued,
00:20:57.69\00:20:59.82
and we had that photo up.
00:20:59.85\00:21:02.39
What I'm trying
to tell you is this.
00:21:02.42\00:21:05.93
You're going to make
applications for credit,
00:21:05.96\00:21:08.83
you're going to send
checks in certain places.
00:21:08.86\00:21:11.83
You're gonna receive
your bills in your mail box.
00:21:11.87\00:21:15.24
If you're expecting a
bill and it doesn't come in,
00:21:15.27\00:21:19.07
check to make sure
that your credit is okay.
00:21:19.11\00:21:22.28
There are things that you can do
00:21:22.31\00:21:23.65
to prevent
things from happening.
00:21:23.68\00:21:25.35
And I have personally,
00:21:25.38\00:21:26.72
from a family member standpoint,
00:21:26.75\00:21:28.08
witnessed someone in my family
who was targeted for ID theft.
00:21:28.12\00:21:33.46
And the stress that
it caused the family
00:21:33.49\00:21:36.42
and what they had to
do to resolve the issue.
00:21:36.46\00:21:40.23
So those are critical
elements to identity theft.
00:21:40.26\00:21:44.10
Now tips for
preventing it are key.
00:21:44.13\00:21:48.24
We can send you
some of these brochures
00:21:48.27\00:21:49.87
if you request it.
00:21:49.90\00:21:51.24
I would ask you to go
online at some point in time,
00:21:51.27\00:21:53.74
if you get a chance to
make a short video of yourself,
00:21:53.78\00:21:56.48
or send us an email
00:21:56.51\00:21:57.85
which will be provided
at the end of the show.
00:21:57.88\00:22:00.05
But tell us what
you're doing to save money.
00:22:00.08\00:22:02.35
Tell us what you're doing
00:22:02.38\00:22:03.72
to prevent certain
problems in your life.
00:22:03.75\00:22:05.32
Tell us what you're
doing to pay off debt.
00:22:05.35\00:22:08.32
We would like to hear
00:22:08.36\00:22:09.69
these type of
concerns that you have,
00:22:09.72\00:22:12.33
that you may have.
00:22:12.36\00:22:13.70
And some of the
solutions that you can provide,
00:22:13.73\00:22:15.46
because I always like to listen,
00:22:15.50\00:22:17.17
hear some of the success stories
00:22:17.20\00:22:19.13
that are going on all around us.
00:22:19.17\00:22:22.20
But here are some simple tips
00:22:22.24\00:22:24.37
that you can use
to prevent anything
00:22:24.41\00:22:27.91
from happening to your identity.
00:22:27.94\00:22:31.21
Never give personal information
00:22:31.25\00:22:33.88
via the
telephone, mail, or internet
00:22:33.92\00:22:36.99
unless you have
initiated the contact.
00:22:37.02\00:22:39.02
Now there's a whole lot going on
00:22:39.05\00:22:40.76
with that specific one.
00:22:40.79\00:22:42.22
People will call
you all the time,
00:22:42.26\00:22:43.76
and they'll sound excited.
00:22:43.79\00:22:45.13
"We have this for you
00:22:45.16\00:22:46.49
but what we'll need from
you is your account number
00:22:46.53\00:22:48.86
and your social
security number."
00:22:48.90\00:22:51.73
When anyone calls you
00:22:51.77\00:22:54.74
and asks you for
personal information,
00:22:54.77\00:22:57.11
just hang up the phone,
00:22:57.14\00:22:58.71
or what I could recommend
doing is find out who they are.
00:22:58.74\00:23:02.84
Find out what
company they're from.
00:23:02.88\00:23:04.58
If you have any type of
phone number identification
00:23:04.61\00:23:10.09
so you can see the phone
number come up on your screen,
00:23:10.12\00:23:12.42
on your telephone,
register the number
00:23:12.45\00:23:15.06
and then contact
the right authorities
00:23:15.09\00:23:18.79
to report this type of fraud.
00:23:18.83\00:23:20.53
You need to make sure
00:23:20.56\00:23:21.90
you're taking a
proactive approach
00:23:21.93\00:23:23.50
so it doesn't
impact not only you
00:23:23.53\00:23:25.70
but other important
people in your life.
00:23:25.73\00:23:28.34
The other thing that
you need to be aware of is
00:23:28.37\00:23:31.07
don't open an email
00:23:31.11\00:23:32.77
that you don't
recognize who it's from.
00:23:32.81\00:23:35.21
And if they have
a link in the email,
00:23:35.24\00:23:37.01
don't even tap on that link.
00:23:37.05\00:23:38.81
Because there is
technology that's out there
00:23:38.85\00:23:41.55
that can download information
directly to your computer
00:23:41.58\00:23:45.35
and that can start
tracking your key strokes,
00:23:45.39\00:23:48.22
track where you went,
00:23:48.26\00:23:49.59
it can actually find out
information on your computer
00:23:49.62\00:23:52.59
about your personal pass codes,
00:23:52.63\00:23:55.23
it can find out
personal information about you.
00:23:55.26\00:23:58.37
And then, all of that
information is out there.
00:23:58.40\00:24:00.77
And guess what they do.
00:24:00.80\00:24:02.14
They take your information,
your personal information,
00:24:02.17\00:24:04.34
your pass codes, your passwords
00:24:04.37\00:24:06.34
and they sell it
out on the big market.
00:24:06.37\00:24:08.94
So your information
could be going over to Nigeria
00:24:08.98\00:24:11.55
and to the Europe and
to many other countries
00:24:11.58\00:24:14.22
that are willing to
purchase this information.
00:24:14.25\00:24:17.32
And it's a big thing right now.
00:24:17.35\00:24:19.52
And many people are
losing their identity
00:24:19.55\00:24:21.92
because they are
not taking care to know
00:24:21.96\00:24:25.13
who they open email from.
00:24:25.16\00:24:29.63
What I also recommend is spend,
00:24:29.66\00:24:31.97
as many manufacturers right now,
00:24:32.00\00:24:33.57
or retailers have
fantastic offers on shredders.
00:24:33.60\00:24:38.71
As a nonprofit, I purchased
a shredder from a retailer
00:24:38.74\00:24:42.71
and because I
have a tax exempt card,
00:24:42.74\00:24:45.58
I was able to get
this fantastic shredder
00:24:45.61\00:24:47.78
that typically cost
about $104 for like 39 bucks.
00:24:47.82\00:24:51.59
They're inexpensive now.
00:24:51.62\00:24:53.15
Invest in one, it's
key to help in prevent
00:24:53.19\00:24:56.29
because people are rummaging
through people's garbage.
00:24:56.32\00:25:01.56
They are looking
and stealing mail
00:25:01.60\00:25:03.83
from people's mail boxes.
00:25:03.87\00:25:05.33
And they're also targeting
00:25:05.37\00:25:06.70
your young
people, your children.
00:25:06.74\00:25:08.14
They are looking to
find out information
00:25:08.17\00:25:11.14
and social security
numbers from children
00:25:11.17\00:25:13.51
so they can use.
00:25:13.54\00:25:14.88
And what is bothersome
00:25:14.91\00:25:16.24
is the major
perpetuators of this crime
00:25:16.28\00:25:19.25
are the parents themselves.
00:25:19.28\00:25:21.45
So there are many
things that you can do.
00:25:21.48\00:25:23.25
I ask you to get
involved, go online,
00:25:23.28\00:25:25.25
check on what you can do
to prevent identity theft
00:25:25.29\00:25:28.02
and take an active role
00:25:28.06\00:25:30.29
in preventing it from happening.
00:25:30.33\00:25:32.56
Shred documents and paper
00:25:32.59\00:25:34.53
which contain
personal information about you.
00:25:34.56\00:25:37.43
Don't give out
personal information.
00:25:37.47\00:25:39.50
Never click on
unsolicited emails,
00:25:39.53\00:25:41.67
on links on unsolicited emails.
00:25:41.70\00:25:44.17
Or instead type
in that web address
00:25:44.21\00:25:48.44
that you do know to
ensure that's the case.
00:25:48.48\00:25:51.31
I used to get emails,
spam emails from individuals
00:25:51.35\00:25:55.38
that ask you to click on a
link to go to your bank website
00:25:55.42\00:26:01.26
to correct specific information.
00:26:01.29\00:26:02.99
And they were
quite open about it.
00:26:03.02\00:26:04.69
They're asking you for
your username, your password,
00:26:04.73\00:26:07.93
straight and out, and
all this kind of stuff.
00:26:07.96\00:26:09.66
All they were doing was
trying to get my information
00:26:09.70\00:26:12.30
because it was a mirror site
of the actual Wells Fargo site.
00:26:12.33\00:26:17.17
All I did was I took that email
00:26:17.21\00:26:18.67
and forward it directly
to the fraud alert department
00:26:18.71\00:26:21.68
at the bank that
I do business at.
00:26:21.71\00:26:25.01
And they took care of it.
00:26:25.05\00:26:26.38
They pretty much shut
00:26:26.41\00:26:27.75
some of that down
relatively quickly.
00:26:27.78\00:26:29.12
So know that, that
is also a possibility.
00:26:29.15\00:26:32.95
Use firewalls, use
anti-spyware information
00:26:32.99\00:26:37.86
and anti virus software
00:26:37.89\00:26:39.46
so you can help
protect your home computer,
00:26:39.49\00:26:42.13
because it is a target.
00:26:42.16\00:26:44.33
Don't use obvious passwords.
00:26:44.37\00:26:46.10
I just got an email
from another resource.
00:26:46.13\00:26:49.20
And it said, "Do you know
00:26:49.24\00:26:50.57
what one of the most
common passwords are?"
00:26:50.61\00:26:54.08
"Password one,"
00:26:54.11\00:26:55.74
how is easy is that
for someone to hack in
00:26:55.78\00:26:57.31
and find out what you're doing.
00:26:57.35\00:26:59.51
Make a unique password
00:26:59.55\00:27:01.18
and keep it as
private as possible.
00:27:01.22\00:27:03.69
And then, of
course, if you find out
00:27:03.72\00:27:05.35
that you may be
a victim of fraud,
00:27:05.39\00:27:06.76
there are three
things you can do.
00:27:06.79\00:27:08.62
Number one, contact your
banks and your creditors.
00:27:08.66\00:27:12.19
Make sure you let them know
00:27:12.23\00:27:14.06
about any unauthorized
access to your identity.
00:27:14.10\00:27:17.77
File a police
report, call them up.
00:27:17.80\00:27:21.60
Now it's relevant because
00:27:21.64\00:27:23.30
now all police department
have the fraud departments.
00:27:23.34\00:27:26.74
And they will assist
you with no problems.
00:27:26.78\00:27:30.35
And then contact each
one of your credit bureaus
00:27:30.38\00:27:33.78
to ensure that they
know what's going on
00:27:33.82\00:27:37.32
and that you can
pretty much take care
00:27:37.35\00:27:39.59
of any negative information
that's on your credit report.
00:27:39.62\00:27:42.36
So we've talked about this
one major issue that causes...
00:27:42.39\00:27:45.59
these two issues,
00:27:45.63\00:27:46.96
about student loans
and about identity theft.
00:27:47.00\00:27:50.03
These are relevant issues.
00:27:50.07\00:27:51.73
These are things that
you need to be aware of,
00:27:51.77\00:27:54.44
so that you can
save money better
00:27:54.47\00:27:56.64
and take it all
to the bank and save.
00:27:56.67\00:27:59.77
God bless you.
00:27:59.81\00:28:01.14