On Take It To The Bank,
00:00:01.36\00:00:02.70
you'll find ways
to get out of debt...
00:00:02.73\00:00:05.67
solve your credit card problems,
00:00:09.60\00:00:14.68
how to make and
stick with the budget,
00:00:14.71\00:00:19.88
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, welcome to
Take It To The Bank.
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My name is Cordell Thomas,
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I'm gonna spend
the next few minutes
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talking to you about
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an important piece
of information, stress.
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What are the causes of stress?
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Why do we go through
stressful situations?
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Where are things that
we can do in our lives
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to diminish the stress
that typically comes our way?
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And I think it will be
very interesting to you
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when we come to the top
five stressors in our life.
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They're not internal stressors.
They're all external stressors.
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And if we can figure out
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how to address those stressors
that are external to us,
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we can minimize the damage
that it does in our lives.
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One of the things
that's really important
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as we talk about
causes of financial stress,
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is to look at
some of the resources
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that are actually available
to each and everyone of us.
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Some of us may be
dealing with the issue
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of living from
paycheck to paycheck.
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Then I think the first
thing that we need to do
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is grab a hold of where we--
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we are at in
reference to our finances.
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One of the biggest
things that I think
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we could do is
just develop a budget.
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When you look at the budget,
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you begin to understand
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the importance of why it exists.
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That budget form
is critical for you
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so that you can assess
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where you're at
and what you're doing.
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My concern that most people have
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when they come
and talk to me is,
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they have no idea
of where they're at.
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You can never figure
out where you're going
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unless you know where you're at.
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So some of the
goals that we setup
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is I'd like to payoff my debt.
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Okay cool,
let's payoff your debt
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but where are you right now
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and reference to
additional income
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that may help us to get
those things accomplished.
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Well, I don't know.
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Well, let's sit
down and do a budget.
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And of the things that
are quite interesting to me
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is when you can sit
with the group of individuals
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and do a budget sheet,
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it's quite interesting
what comes out of that budget.
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It gives us trends
and behavior patterns
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and different things
that happen in our lives.
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I think it's really important
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that you sit
down with your spouse,
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sit down with
you're significant other,
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sit down with, with your family
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and begin the
process of thinking through
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what it is to have a
budget, to have a home,
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to have these expenses
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that are very
relevant and important.
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You're gonna begin to get a
context of what matters most,
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what it is that
you're dealing with.
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I tell people
typically, to go for 30 days
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and we'll meet again in 30 days.
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And write down
everything you spend money on.
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And you begin to get
this, look on their face,
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I have to write down everything.
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Yes, everything
that you spend money on
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and there are
apps that are available
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to help you
from that standpoint.
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But when you start writing down
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what you spend your money on
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and where you spend the money,
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it develops a certain,
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a certain type of
symmetry to your, your life.
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You can see where
you go, what you do,
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how you handle your money,
what you spend your money on.
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It's the same as
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what they're doing
on social networks.
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They're looking at
where you go, what you do,
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where you purchase,
how you handle your funds,
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what your interests
are and guess what they do,
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they send you advertisements
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that address
those specific concerns.
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So if you have some
other social network
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doing that on your behalf,
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why not take control
of your own experiences
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and figure out what you would
like to spend your money on
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and wherever you'd like to see
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some additional
savings in your life
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so you can put
additional funds away
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and decrease that
emotional concern of, of stress.
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There are other
issues that can cause stress.
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For example, I
remember a situation
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when I was in a
retail establishment
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and there was just item, a
CD player that was for sale.
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And I had made an
agreement with my spouse
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to let her know of
any type of purchases
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we're gonna make that
were outside of the budget
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that we had setup for ourselves.
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And so as we did that,
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had established
that a few years back,
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I went into the store
and I saw this great deal.
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Now it's amazing what
happens when you break
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the bounds of an
agreement that you have.
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You begin acting like
you've never acted before
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because I still
remember bringing that item home
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and trying to hide
that item and set it up
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and put it in a
place that wouldn't think,
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I wouldn't think that my
wife would actually see it
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and acknowledge
that I purchased it.
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But what happened
when she actually saw it
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and acknowledged it and
started asking questions,
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you begin to become
that child in yourself
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that you never
realized you could be
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and it is quite funny.
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Because
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it was interesting
how I responded to her
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in that scenario.
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'Cause I-- CD player was on sale
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and now you begin to
become that child and saying,
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trying to explain your
way out of this acquisition
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that you really
shouldn't have made
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without making a simple
call from your smart phone.
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It would have been easy as that
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and they wouldn't have
been any surprise in her life.
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Now that was a form
of financial infidelity
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because I've broken
the bounds of an agreement
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I had with somebody.
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We've talked about those issues
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and we came to another agreement
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where you know what,
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if there is this
type of expenditure
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that I think it's
worthwhile for the family.
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Why don't I make it
from my own account?
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So we have a shared account
and then we have our own,
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we allocate funds to
our individual accounts
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for her and for me.
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And that seems to
make a little more sense
00:06:04.39\00:06:05.96
so that I have
allocated a form of fund
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that I can tap into
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if I see there's
something that needs to be done
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in a situation
that may have to be,
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the decision may have
to be made in a quick way,
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so I can access the
funds and I can pay for it.
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So we've, we've
made adjustments.
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But it still comes
down to an additional stress
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if you don't follow
what you've practiced.
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What is the biggest stress?
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What is out there
that for you and I
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to discuss in this
issue of what causes stress
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and you'll be
surprised at what happens.
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Now
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as we talk about this
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I have a few individuals
that I talked to about
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what causes stress,
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what is a stressor in your life
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and we'll use their responses
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to move through the
rest of this program.
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Here is what they said.
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My biggest stress
would be stress itself.
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Stress you know, about
not having enough time,
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stress about
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not knowing the
right information
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at the right time for
exams or for, you know,
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anything that may encounter.
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But definitely stress
itself is a big stress.
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I think my biggest
cause of stress is time.
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I tend to fill my plate a lot
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and I feel that the 24
hours in day is not enough
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so time management
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would probably be
my biggest stress.
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One of the
biggest causes of stress
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that I have is basically time.
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I always feel like I
need 30 hours in my day
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and then I only get 24,
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if not less
because I got to sleep,
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I got to recover and
then it's just, stress,
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it builds up
upon like not be able
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to match my time correctly
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because even if I
wanted 30 hours I only get 24.
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So time management,
it's-- can be stressful
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even I have a good hang of
it but it's the biggest enemy.
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I'd just say, you, Cordell,
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because you're stretching
out all of these questions
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so much to think about
00:08:08.58\00:08:09.92
and I get stressed out easily
00:08:09.95\00:08:11.35
so for me
everything stresses me out.
00:08:11.39\00:08:14.22
I should say like just
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if something doesn't
go right I get stressed.
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You could tell my
sisters and my friends are like,
00:08:17.49\00:08:19.46
"Calm down, Vienna I
start like pulling my hair
00:08:19.49\00:08:21.16
I'm like what, but yeah,
everything for me is stress.
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In my family it
would be like, financially,
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like financial stress and
other than in that school,
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and finals I just--
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The frustration that you
have with the time element
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that we all are blessed with,
here we have 24 hours in a day.
00:08:42.35\00:08:47.16
And just like
that gentleman said,
00:08:47.19\00:08:48.89
we need 31 hours within that 24
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to makeup what we need to do.
00:08:51.66\00:08:53.23
But one of the things
we talk about in our series
00:08:53.26\00:08:54.96
and we talked in
lecture is time is money.
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Every moment of the day
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that you're
spending doing something
00:08:59.60\00:09:00.94
could be
allocated to making money.
00:09:00.97\00:09:03.34
And many of the
wealthy understand that time
00:09:03.37\00:09:06.31
and the money element.
00:09:06.34\00:09:07.71
Many of us worry and
stress as we graduate college
00:09:07.74\00:09:11.05
because we're worried about
00:09:11.08\00:09:12.41
the issues of paying
back our college debt.
00:09:12.45\00:09:15.32
What is the
average source of debt,
00:09:15.35\00:09:17.89
college debt when
someone comes out of,
00:09:17.92\00:09:19.35
of college
under graduate school?
00:09:19.39\00:09:21.59
It's about
between 19 and $26,000
00:09:21.62\00:09:24.83
that people have in debt
00:09:24.86\00:09:26.63
from just their
undergraduate program
00:09:26.66\00:09:28.70
and when you get to
the masters program,
00:09:28.73\00:09:30.70
as well as a PhD program,
00:09:30.73\00:09:32.77
you can come out
with $60,000 worth of debt
00:09:32.80\00:09:35.67
that you have to payback.
00:09:35.70\00:09:37.04
That's a major cause of stress.
00:09:37.07\00:09:38.67
Many young people don't
realize is as they focus
00:09:38.71\00:09:42.08
on the college debt to payback,
00:09:42.11\00:09:45.21
they don't realize that
they have time on their side.
00:09:45.25\00:09:48.65
And if they were able
to put aside $150 a month,
00:09:48.68\00:09:53.22
once they graduate, $2,000
a year for the next 10 years,
00:09:53.25\00:09:57.73
they would have
invested through a Roth IRA,
00:09:57.76\00:10:00.60
for example, depend on
several variables, of course,
00:10:00.63\00:10:04.43
they could have well over
00:10:04.47\00:10:05.80
five to six, seven
hundred thousand dollar
00:10:05.83\00:10:07.84
by the time they retire.
00:10:07.87\00:10:09.57
And if they
continue the process,
00:10:09.60\00:10:11.04
the habit of saving money,
more money on top of that,
00:10:11.07\00:10:14.41
they could be well over
million dollars in savings
00:10:14.44\00:10:17.68
and or money they could
access upon their retirement.
00:10:17.71\00:10:20.92
But many of us
are not thinking about
00:10:20.95\00:10:23.15
the future value of the
money that they're making now.
00:10:23.18\00:10:25.69
We are worried about the
debt that we have to payback.
00:10:25.72\00:10:29.62
And many of us
aren't considering the fact
00:10:29.66\00:10:31.13
that we have other
resources available to us.
00:10:31.16\00:10:34.93
Did you know that
there are colleges here
00:10:34.96\00:10:38.27
in the United States
that offer free tuition?
00:10:38.30\00:10:44.84
And now when you think about it,
00:10:44.87\00:10:46.68
why don't we expose
most of those out there,
00:10:46.71\00:10:51.01
young people that
there are colleges
00:10:51.05\00:10:52.61
that provide those
type of potential benefits
00:10:52.65\00:10:56.02
for going to
school at that school?
00:10:56.05\00:10:57.65
We can send you that
list of you'd like to,
00:10:57.69\00:10:59.72
They're not that
many but they are there,
00:10:59.75\00:11:01.92
that provide
free tuition programs.
00:11:01.96\00:11:04.73
And in some cases,
00:11:04.76\00:11:06.29
you have no
out-of-pocket expense
00:11:06.33\00:11:08.23
to go that school
and get your education.
00:11:08.26\00:11:10.90
And when you give that
piece of mind to somebody,
00:11:10.93\00:11:13.90
then you begin to understand
00:11:13.94\00:11:15.47
the benefits of
knowing what you know.
00:11:15.50\00:11:18.57
For a family of four
00:11:18.61\00:11:20.48
that has two people
wearing glasses in the family.
00:11:20.51\00:11:24.25
They're in the
expenses associated
00:11:24.28\00:11:25.65
with having to get
eyeglasses for the family.
00:11:25.68\00:11:28.72
You may have insurance covered
00:11:28.75\00:11:30.42
but did you know
they are places you can go
00:11:30.45\00:11:33.96
that can provide you glasses,
00:11:33.99\00:11:36.66
first pair for free
00:11:36.69\00:11:38.79
and or you can buy
00:11:38.83\00:11:40.60
many different forms of those
same eyeglasses frames, lenses
00:11:40.63\00:11:44.93
and everything for $6
and 95 cents plus shipping?
00:11:44.97\00:11:49.67
When you know
these type of things,
00:11:49.70\00:11:51.84
it kind of gives
you a better context
00:11:51.87\00:11:54.64
that the stress doesn't
have to necessarily to be there
00:11:54.68\00:11:57.15
because we have resources
00:11:57.18\00:11:58.91
that can help us in
the specific environment.
00:11:58.95\00:12:02.25
As an individual,
00:12:02.28\00:12:03.65
that may have come
from difficult situation,
00:12:03.69\00:12:06.42
maybe from incarceration,
00:12:06.45\00:12:08.22
maybe from a
variety of different things
00:12:08.26\00:12:10.19
that you also
have an opportunity
00:12:10.23\00:12:11.79
because there are programs
based on your income level,
00:12:11.83\00:12:14.96
based on a variety
of different things
00:12:15.00\00:12:16.63
that fit your profile
00:12:16.67\00:12:18.27
that you can have matching funds
00:12:18.30\00:12:20.97
that can be given to
you based on your meeting
00:12:21.00\00:12:23.14
a specific goal of
$1,000 or $2,000 in savings.
00:12:23.17\00:12:27.84
These specific programs
00:12:27.88\00:12:29.24
are available
geographically across the nation
00:12:29.28\00:12:32.25
and if you want to give a call,
00:12:32.28\00:12:33.92
I would be
available to provide you
00:12:33.95\00:12:35.48
some of those resources
and where they are available.
00:12:35.52\00:12:38.59
We can even offer
some type of benefit
00:12:38.62\00:12:41.69
that if you go
through all of the series
00:12:41.72\00:12:44.33
that we provide on
financial literacy,
00:12:44.36\00:12:46.43
that you now are qualified,
00:12:46.46\00:12:48.00
you don't have to sit through
another 6 or 7 hour program
00:12:48.03\00:12:51.80
to get qualified for access
00:12:51.83\00:12:53.64
to these savings match programs.
00:12:53.67\00:12:55.57
They are out
there, they are available,
00:12:55.60\00:13:00.34
they are things
that are available
00:13:00.38\00:13:01.71
that wouldn't even know
00:13:01.74\00:13:03.08
that would offer benefits
to you as an individual.
00:13:03.11\00:13:05.75
Did you realize
that if you wanted to,
00:13:05.78\00:13:08.68
you could negotiate the price
00:13:08.72\00:13:11.19
that you pay for
medical services?
00:13:11.22\00:13:15.12
Did you know
that medical builders
00:13:15.16\00:13:16.56
would much rather
have cash pulled in
00:13:16.59\00:13:18.59
then having to build
the insurance company.
00:13:18.63\00:13:21.50
All of these can offer you
00:13:21.53\00:13:23.63
some kind of access
to a sense of peace.
00:13:23.67\00:13:28.80
knowing that
resources are there for you
00:13:28.84\00:13:32.14
so that you can pay for and or--
00:13:32.17\00:13:35.64
or get the benefits that
are necessary for your family.
00:13:35.68\00:13:40.45
Self-sufficiency,
what is self-sufficiency?
00:13:40.48\00:13:43.28
Self-sufficiency
is being able to pay
00:13:43.32\00:13:45.79
for your family's needs.
00:13:45.82\00:13:50.43
What are your family needs?
00:13:50.46\00:13:53.53
How much money do you
need to make to be comfortable?
00:13:53.56\00:13:56.93
Well, of course, as we study it,
00:13:56.97\00:13:58.33
we know that
it's based geography.
00:13:58.37\00:14:00.84
If you live in
Los Angeles, Downtown
00:14:00.87\00:14:04.11
and you need low income housing,
00:14:04.14\00:14:05.67
it might be difficult
00:14:05.71\00:14:07.04
because in Los Angeles
00:14:07.08\00:14:09.68
it may be as much
as $55,000 for a year
00:14:09.71\00:14:13.15
for you to be self-sufficient
00:14:13.18\00:14:15.08
based on a family
of five, three children
00:14:15.12\00:14:18.35
one that needs daycare
00:14:18.39\00:14:20.22
and of course, health
benefits and the like.
00:14:20.26\00:14:22.26
That's self-sufficiency,
that's getting by.
00:14:22.29\00:14:25.99
And then we deal with issues
00:14:26.03\00:14:27.56
of the amount of money
that you make, minimum wage
00:14:27.60\00:14:33.97
those kind of
things have a lot to do so.
00:14:34.00\00:14:36.14
If you make minimum wage
and live in, in Los Angeles,
00:14:36.17\00:14:39.37
how many fulltime working adults
00:14:39.41\00:14:41.58
would you need in a household
00:14:41.61\00:14:44.31
to support that household
00:14:44.35\00:14:46.15
of five or six individuals.
00:14:46.18\00:14:48.15
And you have,
00:14:48.18\00:14:49.52
you take the
context of $8 in hour,
00:14:49.55\00:14:51.55
you would have three
adults working fulltime
00:14:51.59\00:14:55.29
to make $49,000 a year.
00:14:55.32\00:14:57.16
And so you're not
even at self-sufficiency
00:14:57.19\00:14:59.93
in that specific
area or geography.
00:14:59.96\00:15:03.30
So we begin to bring
all of those things together
00:15:03.33\00:15:06.03
and you realize that there
are so many elements out there
00:15:06.07\00:15:09.94
that cause stress.
00:15:09.97\00:15:11.94
Number five,
00:15:11.97\00:15:13.74
on the stress
level chart is irritants.
00:15:13.78\00:15:16.98
Everything around your
life that young lady said,
00:15:17.01\00:15:19.78
that causes stress,
00:15:19.81\00:15:21.75
things in life,
things that come up
00:15:21.78\00:15:23.59
unexpected items
that cause stress.
00:15:23.62\00:15:25.99
Work related issues.
00:15:26.02\00:15:28.12
Number four on the
list has to do with health.
00:15:28.16\00:15:30.89
We are always worried
about our family's health,
00:15:30.93\00:15:34.06
our spouse's health,
our children's health
00:15:34.10\00:15:36.33
and that's
number four on the list
00:15:36.36\00:15:37.73
of major causes of stress
00:15:37.77\00:15:40.50
which are due to
external conditions.
00:15:40.54\00:15:43.57
Health is
something you can't control.
00:15:43.61\00:15:46.37
So you try to make sure
00:15:46.41\00:15:47.74
you have health
insurance in place
00:15:47.78\00:15:49.71
so they can pay
for the peace of mind
00:15:49.74\00:15:52.31
when you go to a, do a physical
00:15:52.35\00:15:54.18
and have those
things taken care of.
00:15:54.22\00:15:56.28
But you know,
00:15:56.32\00:15:57.82
how
hypertension can fit into it,
00:15:57.85\00:16:00.19
heart disease,
problems with eyesight,
00:16:00.22\00:16:03.02
sugar affliction, diabetes.
00:16:03.06\00:16:05.19
those types of things
00:16:05.23\00:16:06.56
are major causes
of a life stress.
00:16:06.59\00:16:09.46
And that's
number four on the list.
00:16:09.50\00:16:13.84
Number three on the list
00:16:13.87\00:16:15.27
has to do with
personal relationships.
00:16:15.30\00:16:18.17
We all have to
deal with relationships,
00:16:18.21\00:16:19.87
inter family relations,
outside of that, your in-laws,
00:16:19.91\00:16:24.38
those cause major
stresses to your relationship
00:16:24.41\00:16:28.28
in the family as well
as outside the family.
00:16:28.32\00:16:30.69
That's a number three
00:16:30.72\00:16:32.09
cause of stress which is
also in external environment.
00:16:32.12\00:16:35.86
Studies of children,
attitude of your relatives,
00:16:35.89\00:16:39.39
arguments with your
spouse, a change of place
00:16:39.43\00:16:42.33
due to the
requirements of your job,
00:16:42.36\00:16:44.63
a relocation,
illness of a family member,
00:16:44.67\00:16:48.40
moving into your parents
00:16:48.44\00:16:49.87
or moving out of
your elder children
00:16:49.90\00:16:52.54
are all causes of major stress
00:16:52.57\00:16:54.28
and you know that
this stress level went up
00:16:54.31\00:16:56.41
since the economy took a dive
00:16:56.44\00:16:59.68
over the past
three to four years.
00:16:59.71\00:17:03.18
Number two on list has to
do with the workplace stress.
00:17:03.22\00:17:07.52
Stress in the
workplace is another major cause
00:17:07.56\00:17:10.16
because you may be worried
about your next promotion.
00:17:10.19\00:17:13.09
You might be facing
the negative attitudes
00:17:13.13\00:17:15.46
or bullying
behavior of your boss.
00:17:15.50\00:17:19.60
You may not be
getting to your career goals.
00:17:19.63\00:17:22.47
There are many
different things in your life
00:17:22.50\00:17:24.87
at work that
cause you to be worried.
00:17:24.91\00:17:27.31
One of the big things
in Los Angeles has to do,
00:17:27.34\00:17:29.84
the stress of getting to work.
00:17:29.88\00:17:31.35
The long commute hours,
the time you spend in the car,
00:17:31.38\00:17:34.08
the time you spend
trying to get to work.
00:17:34.12\00:17:36.42
All of these things
are major causes of stress
00:17:36.45\00:17:39.55
and it causes you
to worry about things
00:17:39.59\00:17:43.36
that you don't
necessary have to worry for.
00:17:43.39\00:17:45.49
We're always looking
for the next promotion,
00:17:45.53\00:17:47.40
we're always looking
for the next opportunity.
00:17:47.43\00:17:50.20
And then of course,
we get to the number one
00:17:50.23\00:17:52.17
cause of stress.
00:17:52.20\00:17:53.54
We had an opportunity
to talk to several people
00:17:53.57\00:17:55.54
out in the Venice
area of California
00:17:55.57\00:17:58.84
and they were giving us
00:17:58.87\00:18:00.34
some of their
top causes of stress
00:18:00.38\00:18:02.24
and you can hear
00:18:02.28\00:18:03.61
it even in the young
people that responded today
00:18:03.65\00:18:06.08
as well as anywhere
else that you talk to,
00:18:06.11\00:18:08.38
the major and number one
cause of stress in anyone's life
00:18:08.42\00:18:12.35
has to do with finances.
00:18:12.39\00:18:15.29
Finance is the
biggest cause of stress.
00:18:15.32\00:18:17.59
This is a number one issue
00:18:17.63\00:18:20.33
that people aren't
really talking about today.
00:18:20.36\00:18:23.03
You and your
family are not able to do
00:18:23.06\00:18:24.80
what you want to do
because of the lack of money.
00:18:24.83\00:18:28.10
When you talk
about happiness in life,
00:18:28.14\00:18:30.91
it's the ability to
do what you want to do
00:18:30.94\00:18:33.31
when you want to do it
00:18:33.34\00:18:34.68
and you're not
encumbered by this issue
00:18:34.71\00:18:36.68
of not having
the funds to do so.
00:18:36.71\00:18:39.41
We know that
middleclass Americans
00:18:39.45\00:18:41.42
are in the habit of spending
every bit of what they make.
00:18:41.45\00:18:45.19
And it's important to
take a step back and realize
00:18:45.22\00:18:48.22
that if I do have
that emergency savings,
00:18:48.26\00:18:50.46
if I'm spending
$4500 of the $7000
00:18:50.49\00:18:54.86
I make on a monthly
basis, whatever that number is,
00:18:54.90\00:18:57.80
if you have the ability to save
00:18:57.83\00:19:00.47
at least 20, 30, 40
percent of what you make,
00:19:00.50\00:19:03.20
now you have access
to funds you can tap into
00:19:03.24\00:19:06.27
that can give a
sense of peace of mind
00:19:06.31\00:19:08.61
if that
emergencies should come up.
00:19:08.64\00:19:10.78
But what is going on right now
from the financial standpoint,
00:19:10.81\00:19:13.95
since we're living
paycheck to paycheck,
00:19:13.98\00:19:15.88
if we're not able to keep a job,
00:19:15.92\00:19:19.25
if we lose the job,
00:19:19.29\00:19:20.66
we have no idea
00:19:20.69\00:19:22.02
where the next amount of
money is gonna be coming from.
00:19:22.06\00:19:24.59
And that causes
an increase in stress
00:19:24.63\00:19:27.10
and that increase in stress
00:19:27.13\00:19:28.63
can cause a lot of
difficult behavior patterns
00:19:28.66\00:19:31.77
within the home as
well as outside the home.
00:19:31.80\00:19:34.67
And it's those that
don't have the funds
00:19:34.70\00:19:36.94
that are likely to gamble,
00:19:36.97\00:19:39.01
to take risk
and I think gambling
00:19:39.04\00:19:41.51
is also a part of
playing the lottery.
00:19:41.54\00:19:45.15
Risk is a difficult
thing to really grapple with
00:19:45.18\00:19:50.42
because you take
risk in everyday life.
00:19:50.45\00:19:52.49
You go driving to work,
00:19:52.52\00:19:54.36
which you could
get to a car accident.
00:19:54.39\00:19:55.92
So we try to handle that
risk by paying for insurance.
00:19:55.96\00:19:59.59
But many of us
can't pay for insurance
00:19:59.63\00:20:01.26
because we're basically
00:20:01.30\00:20:03.40
taking care of
our basics in life
00:20:03.43\00:20:05.87
and just keeping a
roof over our heads.
00:20:05.90\00:20:08.24
And it's been very difficult
as we rate the level of,
00:20:08.27\00:20:12.31
of stress that goes
on into person's life,
00:20:12.34\00:20:14.71
as you talked to that individual
00:20:14.74\00:20:16.24
that used to make
that six digit income
00:20:16.28\00:20:19.15
on a yearly basis,
00:20:19.18\00:20:20.52
and now they're homeless
in a different environment.
00:20:20.55\00:20:23.75
And all you have to
do is read some books
00:20:23.79\00:20:25.39
and you see that
there are a lot of barriers
00:20:25.42\00:20:27.89
to getting back
into the work environment
00:20:27.92\00:20:29.62
because some of these
people that haven't worked
00:20:29.66\00:20:32.36
for many months or
years and have been stressing,
00:20:32.39\00:20:35.06
looking for that type of work
00:20:35.10\00:20:36.50
are dealing with
mental health issues.
00:20:36.53\00:20:39.17
They're dealing
with family issues,
00:20:39.20\00:20:41.00
they're dealing with
house, housing issues,
00:20:41.04\00:20:43.10
they're dealing
with clothing issues,
00:20:43.14\00:20:44.61
transportation issues
00:20:44.64\00:20:45.97
and they are
total of about 12 items,
00:20:46.01\00:20:48.44
attributes on that list
00:20:48.48\00:20:49.81
that people who
are looking for work,
00:20:49.84\00:20:51.71
who haven't been able to work
00:20:51.75\00:20:53.25
and dealing with
the stress in their life
00:20:53.28\00:20:54.85
of losing a home
and losing the stuff
00:20:54.88\00:20:58.79
that they've
always had in their life.
00:20:58.82\00:21:01.16
All you need to do
is talk to an individual
00:21:01.19\00:21:03.43
that tells you,
yeah, I'm going to have to,
00:21:03.46\00:21:07.70
to sell my stuff so I
can have some of that income
00:21:07.73\00:21:12.97
to use to get into
a temporary shelter.
00:21:13.00\00:21:16.20
Looking at what it was like
for someone to lose their home.
00:21:16.24\00:21:20.28
And yes, identifying with that
00:21:20.31\00:21:22.81
is key to know
how that we can work
00:21:22.84\00:21:26.25
through that type of situation.
00:21:26.28\00:21:29.25
So the number one
issue is financial.
00:21:29.28\00:21:33.09
What are the causes
of financial problems?
00:21:33.12\00:21:36.06
What cause those
specific issues in your life?
00:21:36.09\00:21:39.59
Well, I'm gonna go
through six basic causes of this
00:21:39.63\00:21:44.80
number one,
financial stress in our life.
00:21:44.83\00:21:48.40
And the number
one concern or cause
00:21:48.44\00:21:52.71
has to do with
your personal planning.
00:21:52.74\00:21:57.05
What is it?
00:21:57.08\00:21:58.41
Poor budgeting
or lack of a budget.
00:21:58.45\00:22:01.08
That's what comes out
as a number one issue,
00:22:01.12\00:22:03.99
poor personal planning.
00:22:04.02\00:22:06.09
So what do we talk
about in all of these things?
00:22:06.12\00:22:08.76
What are we talking about?
00:22:08.79\00:22:10.56
It has everything to do with
00:22:10.59\00:22:14.06
taking an assessment
of where you want to be
00:22:14.10\00:22:16.43
and where you want to go.
00:22:16.46\00:22:19.20
A personal budget
will take you there.
00:22:19.23\00:22:21.60
It gives you that goal,
00:22:21.64\00:22:23.87
it tells you, I
need to payoff debt.
00:22:23.91\00:22:26.07
It tells you, this is
where my income comes from.
00:22:26.11\00:22:28.58
It tells you, this is
where my expenses are going.
00:22:28.61\00:22:32.18
That is key,
planning and understanding
00:22:32.21\00:22:35.25
that paying off debt,
putting things away in savings,
00:22:35.28\00:22:38.75
having an
emergency savings account
00:22:38.79\00:22:40.66
is key to managing
the stress of finance.
00:22:40.69\00:22:45.39
Because when you lose a job
00:22:45.43\00:22:47.20
or you lose that,
that income source,
00:22:47.23\00:22:50.87
it becomes a big issue how
you can last in that house,
00:22:50.90\00:22:56.17
how you can keep food
on the table for your kids.
00:22:56.20\00:23:00.04
It is a major stress
and then it's, it's added to
00:23:00.08\00:23:04.75
when you lose the
home and you're unemployed
00:23:04.78\00:23:07.48
and you lose the shelter
for your family and kids.
00:23:07.52\00:23:11.19
It's critical and we've
talked to people like that.
00:23:11.22\00:23:13.92
So poor budgeting
and planning means
00:23:13.96\00:23:16.22
I don't have that
emergency savings.
00:23:16.26\00:23:18.53
I don't know
what and where to go
00:23:18.56\00:23:21.70
to get that additional
funding to pay for it.
00:23:21.73\00:23:24.17
And I've been asked, Cordell,
00:23:24.20\00:23:25.53
what is a good
amount of emergency savings.
00:23:25.57\00:23:28.94
Well, I will tell you
right now that would be great
00:23:28.97\00:23:31.41
if you had emergency
funds you can tap in to--
00:23:31.44\00:23:34.28
for the course of one
year because we know right now
00:23:34.31\00:23:37.15
that people or looking for work
00:23:37.18\00:23:39.21
have been looking for
work for over 18 to 24 months.
00:23:39.25\00:23:44.92
So there are
resources that you can tap into,
00:23:44.95\00:23:48.62
there are welfare
agencies that are--
00:23:48.66\00:23:52.19
welfare and or tax
incentive agencies,
00:23:52.23\00:23:55.43
whichever way you look at
it that are willing to help out
00:23:55.46\00:23:58.57
from the
standpoint of food banks,
00:23:58.60\00:24:00.74
with the standpoint
of temporary shelters,
00:24:00.77\00:24:03.14
from the standpoint
of additional funding
00:24:03.17\00:24:05.34
that can come in and
healthcare for your kids.
00:24:05.37\00:24:08.21
So that's one of the major areas
00:24:08.24\00:24:10.48
that I would
typically talk about
00:24:10.51\00:24:12.71
in starting the process
00:24:12.75\00:24:14.55
of handling that
stress in your life.
00:24:14.58\00:24:17.35
Now as we talked to
00:24:20.82\00:24:23.89
the number two cause
of financial problems
00:24:23.93\00:24:26.76
is unemployment
and loss of income.
00:24:26.80\00:24:29.00
We talked about a
little bit about that
00:24:29.03\00:24:31.23
and it comes to a place
00:24:31.27\00:24:34.44
where that it only exacerbates
a problem little bit more.
00:24:34.47\00:24:39.01
So what I would say now
00:24:39.04\00:24:40.68
is if you do not
currently have a job,
00:24:40.71\00:24:44.28
there are resources
that are available for you
00:24:44.31\00:24:46.82
that can help you bide the time
00:24:46.85\00:24:49.15
until you tie
yourself to a new position.
00:24:49.18\00:24:52.12
If you do have a job,
00:24:52.15\00:24:54.29
look at getting
a budget in place
00:24:54.32\00:24:56.83
because I can't emphasize,
I can't emphasize enough
00:24:56.86\00:25:00.43
the importance of having
that extra revenue in a place
00:25:00.46\00:25:04.30
that you can access readily.
00:25:04.33\00:25:06.23
If you're not prepared
to do long term investments,
00:25:06.27\00:25:09.24
start the process
small by having savings,
00:25:09.27\00:25:12.47
having an emergency
savings and having some
00:25:12.51\00:25:15.11
at place that
you can tap into that
00:25:15.14\00:25:17.15
in case some type
of problem does happen.
00:25:17.18\00:25:22.22
Number three on list of
causes of financial problems
00:25:22.25\00:25:25.95
has to do with
expensive emergencies.
00:25:25.99\00:25:29.42
You also know the time.
00:25:29.46\00:25:30.79
I remember that time in my life
00:25:30.83\00:25:32.19
when I'm driving
my car on the road,
00:25:32.23\00:25:34.16
I had about a,
at that time I had
00:25:34.20\00:25:35.86
about a 110,000 or
115,000 miles on my car
00:25:35.90\00:25:39.60
and I knew that the
timing belt had to be changed,
00:25:39.63\00:25:42.34
right about the
100,000 mile mark.
00:25:42.37\00:25:44.87
I can still recall
that time that I was,
00:25:44.91\00:25:47.54
that you could hear this thing,
ping, go on under the hood
00:25:47.58\00:25:51.61
and all of a
sudden a little smoke
00:25:51.65\00:25:53.45
coming out from under
the hood as my timing belt
00:25:53.48\00:25:56.22
had, had lost, you know,
lost all service with my car.
00:25:56.25\00:26:01.52
It was the moment
that I can never forget
00:26:01.56\00:26:03.66
because I'm on
the side of the road
00:26:03.69\00:26:05.03
and I'm thinking
okay, what the next step.
00:26:05.06\00:26:07.93
If I didn't have
the funding available,
00:26:07.96\00:26:09.73
I wouldn't have been
able to had the car towed.
00:26:09.76\00:26:12.90
If I didn't have
available resources,
00:26:12.93\00:26:15.37
I wouldn't have
been able to get the car
00:26:15.40\00:26:17.91
taken care of and fixed.
00:26:17.94\00:26:20.08
The other nice thing was
I have a fantastic family,
00:26:20.11\00:26:23.65
a father-in-law
who's mechanical minded
00:26:23.68\00:26:26.01
and was able to suggest to me,
00:26:26.05\00:26:28.58
yeah, you've towed
it to a dealership,
00:26:28.62\00:26:30.32
they took care of the basics
00:26:30.35\00:26:31.69
but I can take
care of your timing belt
00:26:31.72\00:26:34.79
and was able to, buy
the parts, buy the resources
00:26:34.82\00:26:37.66
and get back to a
sense of wholeness,
00:26:37.69\00:26:40.10
a certain sense of insurance
if I can put it that way
00:26:40.13\00:26:43.97
because that is really
what we all need to look at
00:26:44.00\00:26:48.50
in reference to how we handle
00:26:48.54\00:26:50.57
these emergencies
that come our way.
00:26:50.61\00:26:53.81
When you're
seeking a financial advice,
00:26:53.84\00:26:56.11
don't get the advice
from the wrong person.
00:26:56.14\00:26:58.85
If you want financial advice,
00:26:58.88\00:27:00.28
go to someone that
understand finance.
00:27:00.32\00:27:02.45
And don't go to somebody
00:27:02.48\00:27:03.99
that has never
been in that realm.
00:27:04.02\00:27:06.72
Don't get involved
in risky investments
00:27:06.76\00:27:09.16
because that will
cause a lot of stress.
00:27:09.19\00:27:11.63
It will cause you to
not know what's gonna happen
00:27:11.66\00:27:14.33
and it will cause
you to always question
00:27:14.36\00:27:15.93
what you've done
00:27:15.96\00:27:17.30
and it could also be a
loss from that standpoint.
00:27:17.33\00:27:20.64
And then of course,
the other major area
00:27:20.67\00:27:23.51
that causes financial
problems later on in life
00:27:23.54\00:27:26.68
is, inadequate
planning for retirement.
00:27:26.71\00:27:30.01
So what I can tell you right now
00:27:30.05\00:27:32.31
and what I'm gonna
emphasize to you right now
00:27:35.68\00:27:37.45
and I can
emphasize enough is this.
00:27:37.49\00:27:41.06
Start by paying down your debt
and start by getting a budget.
00:27:41.09\00:27:45.76
Once you have
that budget in place,
00:27:45.79\00:27:47.96
the rest is just
cream on the pie.
00:27:48.00\00:27:50.63
You and I will
be in a better place
00:27:50.67\00:27:53.77
when you can have money
00:27:53.80\00:27:55.14
available for those
at emergencies in life.
00:27:55.17\00:27:57.74
Take that to the bank.
00:27:57.77\00:27:59.11
God bless.
00:27:59.14\00:28:00.48