On Take It To The Bank,
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you'll find ways
to get out of debt...
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..solve your
credit card problems,
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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 back to this program
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called Take It To The Bank.
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I'm really excited
to talk to you today
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because it's
about an important topic
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that we all should
be very, very aware of.
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The context is the
targeted demographic.
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You as an individual,
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you have been targeted
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in many different
forms and formats.
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I can recall some
information I came across
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about how the media
targets you as a group.
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Now that group could mean
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you're targeted
as where you buy,
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what you do, what
your income level is.
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And it could be a
variety of different things
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that you're not
even quite aware of
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because they
have all of this data
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that's being
collected about you.
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But the interesting thing
about what was said was in fact,
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that this whole thing on media
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and what they're trying
to do through advertising
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is to manipulate you
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and they will say
it straightforwardly,
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"We want to get you to
do what we want you to do."
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And it's quite interesting
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because it appears that
they have been successful.
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Since 1984, the regulation
of advertising industry,
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we've seen a parallel
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between the amount
of personal savings
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and the amount
of, of expenditures
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that those individuals
who have been impacted
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by the advertising
have actually done.
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So out of pocket,
we've seen people's savings
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drop
precipitously from 1984 to 2006
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of which it's
dropped continually
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to a negative savings rate.
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And negative savings rate
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which means we're spending
more than we actually bring in,
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which is very
interesting because this game
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that they think of is something
you should be aware of.
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Everything that you do,
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wherever you go,
whatever you transact,
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unless you pay for it via cash,
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your information is
being logged somewhere.
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So if you use your credit card,
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people can track certain
type of behavior patterns.
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If you sign a warranty card,
people get a pretty good idea
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of who you are as an individual
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and there are
some very interesting
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as well as
devastating stories about people
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who shared so much information
about their personal lives
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and they are not
in touch with those
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or don't realize those people
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who are actually reviewing
the data and the information.
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We have gift cards, you
have cards for specific stores
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that you can, uh,
reduced prices or discounts.
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And don't be misled
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because they try
to make it or paint it
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as a service to you.
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It's not about what
you have and what you do
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because it's never kept private.
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Those companies are
looking for specific information
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regardless of if they say
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we're going to give a
warranty to cover your product,
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regardless of if they say,
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we're going to give
you a discounted price,
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regardless of what they say,
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we're going to
give you a benefit
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for signing up with our
organization or corporation,
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they have your
information in their targets.
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All they want is
access to your data,
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where you live, how
much money you make,
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are you married, how
many kids do you have,
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what's the level of
affluence of your community.
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They need this data so
they can begin to track you
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and begin to find
tune their ads toward you
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as an individual.
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When they talk
about consumer confidence,
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when they talk about,
um, how people are spending,
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they begin to paint a
picture and use terminology
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that may tend to
mislead you as an individual.
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Consumer confidence
means that I feel comfortable
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with what's
going on in the economy
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so I feel now that I
can go out and spend.
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That's not consumer confidence,
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that's actually buying into
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what they're
actually telling you.
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Go and buy, buy, buy
and we, as consumers,
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have fit right into
that overall mentality
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that what they tell
us to do, we will do.
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You need to understand
that this whole dynamic
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is to track the patterns
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that we have in our expenditures
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and they can begin
to predict behavior.
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Did you hear about
the next big thing?
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What was that?
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Well, it was an
article that I had seen
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that talked about
credit card companies.
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They know based on
your buying patterns
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what's going on in your life.
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They can put together
specifics and connect the dots.
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In fact, the next big area that
you can go into for employment
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is being able to
write programs for companies
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that can bring together
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all of this
different type of data
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and begin in track your
specific behavior patterns
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and give you a preview
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of what can be
going on in your life.
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For example, what
if they looked at you
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and your buying habits?
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They contacted
your credit card company
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and the credit card company
said something like this,
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"Well, we've noticed
that he lives in this city
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but he has a home in the suburbs
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but he seems to be
purchasing more hotel stays."
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"He's buying more flowers
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which seems out
of the ordinary."
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Or the fact that he has
just begun a new gym membership.
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They are going to tie
together that information
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because this new change
in your behavior patterns
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and your
purchase habits tells us
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that something is
going on in your life.
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And it could mean
that this individual now
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from a predictive standpoint
is headed for divorce.
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What if they saw the fact
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that you are on a social network
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and you love to
give people updates
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on a every 15, 20 minutes,
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the fact that
you're living online
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and doing a lot
of social networking.
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And then all of a sudden
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over the course of
the next couple of days,
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that type of behavior
drops off of substantively?
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There are couple of things
that, that could go in there.
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They would know things like,
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well, this
individual has diabetes.
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How do they know that?
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That information
may have been shared
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through their,
their insurance company
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or their medical doctor.
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That information is out there,
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it may not be tied to a
name but they have an idea,
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this individual may have
a certain type of illness
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that may predict that he
may be going through something
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and we need to trigger an alert.
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What if you see
certain other elements
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such as, you know, this
individual took a debit card
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and he started
charging certain things
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like diapers and
razor blades and champagne?
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What is it telling you
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from the standpoint
of predictive behavior?
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Well, it can tell you
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that this person
probably stole the card
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because several
things are at play here.
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If you are buying via
debit card or credit card,
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things like diapers
or things like champagne
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or those type of things,
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it tells you that the champagne
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and the razor
blades are easy to resell
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and the diaper seems to,
to help the counter person
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who is selling to you
feel a little softer to you
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thinking that, "Oh, he's in
a rush to go home to his baby."
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Those kind of things happen
and it causes people to hold on
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and begin to
predict certain things
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and it's actually kind of good
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because this type
of predictive behavior
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triggers an alert to
your credit card company
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wherein you get
these call saying,
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"Hi, Mr. Thomas.
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We know that you don't
typically go to Palm Springs
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but we have seen certain type
of behavior on your credit card
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and want to ensure that
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you are actually in Palm Springs
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making that purchase."
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These things are
actually going on.
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And the more information
that's being collected,
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the more information
that there is about you,
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when you take a look
at all of the information
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that you need to be aware of,
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you have to also understand
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that wherever that
data is being provided,
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you have to opt
out of those companies
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allowing your
information to be sold
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and that's how
they make their money.
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It's quite
interesting when you look at
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how that information is
used and why you are targeted.
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It's all about information
and they're trying to gain more
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and more of those details.
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So you, as a
demographic are targeted so much
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so that you have no idea
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how much information is
actually out there about you.
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There are certain websites
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that have actually
been spawned by that,
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that you can actually sign
up with where you can go in
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and put your name,
certain information and say,
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"Could you
trigger an alert to me
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if certain information of
mine is actually out there
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on the net in a
negative perspective?"
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And they can actually help
you clear that information out.
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You need to know
about these things
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because not only is
your, your smartphone,
00:09:18.49\00:09:22.36
um, information being sold
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but also your
landline information,
00:09:24.33\00:09:26.26
as well as medical information,
00:09:26.29\00:09:28.00
as well as so many
other bits of information
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that, that tells
us that we need to be
00:09:31.10\00:09:33.74
very, very vigilant
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about how we
protect our information
00:09:35.37\00:09:37.47
and what we need to
do to keep our families
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and our personal data safe.
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There is an
interesting verse in the Bible
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that I just came across
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and I think it's
quite interesting
00:09:49.42\00:09:51.19
because when we look at
this area called consumerism,
00:09:51.22\00:09:55.59
we get this perspective
that we as targets are actually,
00:09:55.62\00:10:00.26
um, very good targets
00:10:00.30\00:10:03.16
because we are
capitulating to the behavior
00:10:03.20\00:10:06.63
they want us to do.
00:10:06.67\00:10:08.30
We are consuming
at a large degree
00:10:08.34\00:10:11.71
and we lose sight of the fact
00:10:11.74\00:10:13.51
that we should be
planning for the future
00:10:13.54\00:10:16.68
and we should be
happy with where we are at.
00:10:16.71\00:10:19.08
We should be content of
what's going on in our lives
00:10:19.11\00:10:22.38
and use those,
those assets, those things
00:10:22.42\00:10:26.42
that God has given
us to build a future
00:10:26.45\00:10:28.96
in whatever way we possibly can.
00:10:28.99\00:10:31.26
That verse is in 1Timothy 6:6
and the verse starts out with,
00:10:31.29\00:10:36.70
godliness with
contentment is great.
00:10:36.73\00:10:39.27
Actually to quote
the verse, it says,
00:10:39.30\00:10:42.80
"But godliness with
contentment is great gain.
00:10:42.84\00:10:46.64
For we brought
nothing into the world,
00:10:46.68\00:10:48.44
and we can take
nothing out of it.
00:10:48.48\00:10:50.81
But if we have
food and clothing,
00:10:50.85\00:10:52.85
we will be content with that.
00:10:52.88\00:10:55.48
People who want to get rich
fall into temptation and a trap
00:10:55.52\00:10:59.75
and into many
foolish and harmful desires
00:10:59.79\00:11:02.06
that plunge people
into ruin and destruction.
00:11:02.09\00:11:04.59
For the love of money is
a root of all kinds of evil.
00:11:04.63\00:11:07.96
Some people, eager for money,
00:11:08.00\00:11:10.97
have wandered from the faith
00:11:11.00\00:11:12.33
and pierced
themselves with many gods."
00:11:12.37\00:11:14.60
Small g, gods.
00:11:14.64\00:11:16.91
It's a relevant verse.
00:11:16.94\00:11:19.47
Be content with
where you are at.
00:11:19.51\00:11:21.01
Be vigilant. Save your
money. Plan for the future.
00:11:21.04\00:11:24.71
Do the things God
would have you do with it
00:11:24.75\00:11:27.12
and wait on Him.
00:11:27.15\00:11:28.75
Wealth is a wonderful thing.
Many of us search for wealth.
00:11:28.78\00:11:33.05
We follow what the
media tells us to follow.
00:11:33.09\00:11:36.22
We follow the
individuals in the media
00:11:36.26\00:11:39.13
and what they wear, what
they do, the next big car.
00:11:39.16\00:11:42.80
And we don't
necessarily have to do so.
00:11:42.83\00:11:44.93
Do you really need a new car?
00:11:44.97\00:11:46.80
Do you really
need that bigger house
00:11:46.84\00:11:48.77
because you had
the promotion at work?
00:11:48.80\00:11:50.74
Be thankful for the promotion,
00:11:50.77\00:11:52.54
be thankful for that extra money
00:11:52.57\00:11:54.54
because with that extra money,
you can do great things for God
00:11:54.58\00:11:58.05
if you're content
with where you are at.
00:11:58.08\00:12:02.08
There are many
wealthy people in this world
00:12:02.12\00:12:04.62
that don't make
more than $60,000 a year.
00:12:04.65\00:12:07.56
There are many wealthy people
00:12:07.59\00:12:09.09
and content people in this world
00:12:09.12\00:12:10.89
because they haven't
bought off on this apple
00:12:10.93\00:12:14.10
that the world has given them
00:12:14.13\00:12:15.46
that buying
things makes you happy.
00:12:15.50\00:12:18.20
When you see those stories on,
00:12:18.23\00:12:20.77
in the media and on the Internet
00:12:20.80\00:12:23.00
about the fact that
the economy is growing,
00:12:23.04\00:12:25.91
people are, are,
are, um, encouraged
00:12:25.94\00:12:30.28
by what's going
on in the economy
00:12:30.31\00:12:32.78
and now they're going out
00:12:32.81\00:12:34.25
and using their
savings and spending more.
00:12:34.28\00:12:37.09
You begin to get a context
that this thing is beyond us
00:12:37.12\00:12:41.09
and many people in
this world are hurting.
00:12:41.12\00:12:43.89
The prime reason
I talk about that
00:12:43.93\00:12:46.29
is did you know of
some of the studies
00:12:46.33\00:12:48.16
that are out
there about happiness?
00:12:48.20\00:12:50.23
Happiness has nothing
to do with what you have.
00:12:50.27\00:12:53.90
In fact, one article talks about
00:12:53.94\00:12:55.54
happiness comes
with respect, not wealth.
00:12:55.57\00:12:59.44
Happiness comes from
knowing that you're something
00:12:59.47\00:13:02.31
and creating a legacy,
not having a lot of money.
00:13:02.34\00:13:07.85
And then you begin to understand
00:13:07.88\00:13:09.22
that you as an individual,
00:13:09.25\00:13:10.89
have to make those
decisions on an on-going basis
00:13:10.92\00:13:13.42
about what you need.
00:13:13.46\00:13:14.86
The Bible says that if
you have food on the table,
00:13:14.89\00:13:17.59
if you have a
roof over your head,
00:13:17.63\00:13:19.29
you should be very content
00:13:19.33\00:13:21.03
to know that God has
blessed you with these things
00:13:21.06\00:13:23.20
but hey, when I
came into this world,
00:13:23.23\00:13:26.03
I had nothing, so you
have a little bit right now.
00:13:26.07\00:13:28.84
And when you leave this world,
00:13:28.87\00:13:30.21
you are not going to
have anything either.
00:13:30.24\00:13:31.57
So the 70 to 80 years
00:13:31.61\00:13:34.01
that Psalms 90
actually talks about, says,
00:13:34.04\00:13:37.58
"Help us to number
these days that we have,
00:13:37.61\00:13:40.45
so that we can gain wisdom."
00:13:40.48\00:13:43.32
So now, who are
you as a demographic?
00:13:43.35\00:13:45.89
And they have
labeled different groups
00:13:45.92\00:13:48.09
and I would like to give you
00:13:48.12\00:13:49.46
context of what
that actually is.
00:13:49.49\00:13:52.33
When you take a
look at the I-generation,
00:13:52.36\00:13:55.60
which we just labeled right now,
00:13:55.63\00:13:57.07
I-generations are
those young people
00:13:57.10\00:13:59.17
that were born post 2000
up until this point in time.
00:13:59.20\00:14:02.50
So they're probably
between 12 and 13 years of age,
00:14:02.54\00:14:05.74
up to that age.
00:14:05.77\00:14:07.11
Now we're still trying
to distinguish that group
00:14:07.14\00:14:09.14
because we don't
know much about it.
00:14:09.18\00:14:11.01
This is still
evolving on that young group
00:14:11.05\00:14:13.35
but what we do know is
they are the only group
00:14:13.38\00:14:16.48
that have grown up
in the Internet age
00:14:16.52\00:14:19.72
where they're
completely surrounded
00:14:19.75\00:14:21.36
with this type of technology
00:14:21.39\00:14:23.36
and where they have parents
who are relatively comfortable
00:14:23.39\00:14:26.46
with what the
Internet Age is all about.
00:14:26.49\00:14:29.46
So these guys are
completely connected.
00:14:29.50\00:14:32.53
As an individual that has
I-generation young people,
00:14:32.57\00:14:35.90
I am completely aware of
how they have accommodated
00:14:35.94\00:14:39.67
or have acclimated
to this technology.
00:14:39.71\00:14:42.34
They can come to the,
they know how to tap on apps,
00:14:42.38\00:14:45.55
they know how to do things.
00:14:45.58\00:14:46.92
I mean, I have this look
on my face sometimes where,
00:14:46.95\00:14:50.92
how do I do this?
00:14:50.95\00:14:52.29
How do I, how do
I access this thing?
00:14:52.32\00:14:54.22
And my son will come up.
"Oh, Dad. It's just like this."
00:14:54.26\00:14:56.32
Boom, boom, boom,
boom, boom. And it's done.
00:14:56.36\00:14:58.56
So I'm amazed at how
they have just adapted to it
00:14:58.59\00:15:01.73
because that's all
they've ever known.
00:15:01.76\00:15:05.37
And of course, you
have the Gen Y generation.
00:15:05.40\00:15:07.87
These are called the Millennials
00:15:07.90\00:15:09.60
or Echo Boomers.
00:15:09.64\00:15:11.27
These are
children of um, boomers
00:15:11.31\00:15:14.28
ages probably to
13 to 28, 13 to 32
00:15:14.31\00:15:18.18
depending on what
type of study you look at.
00:15:18.21\00:15:20.78
The cause of the higher
cost of living in some cases,
00:15:20.82\00:15:23.49
most of these
kids have gone back
00:15:23.52\00:15:25.39
to live with their parents
and of course, with the, um,
00:15:25.42\00:15:29.22
recession that we
had in 2006 through 2008,
00:15:29.26\00:15:32.89
many of these young
people may have been caught
00:15:32.93\00:15:35.50
in the recession
losing their home
00:15:35.53\00:15:38.37
and trying to
consolidate to make ends meet.
00:15:38.40\00:15:41.04
Now the fact that they're
living with their parents,
00:15:41.07\00:15:42.87
I believe, um, a total amount
00:15:42.90\00:15:46.11
of 26 percent of
these young people
00:15:46.14\00:15:48.54
are actually
residing with their parents
00:15:48.58\00:15:51.28
which now tells us that
this group of individuals
00:15:51.31\00:15:54.38
have access income to spend
00:15:54.42\00:15:56.85
and they are
spending in unique ways.
00:15:56.89\00:15:58.99
But when you take a look at
these Millennials individuals,
00:15:59.02\00:16:01.76
there's some other things
that are going on with that.
00:16:01.79\00:16:04.76
For example, Millennials
now are a targeted group
00:16:04.79\00:16:07.90
because people
want to study them.
00:16:07.93\00:16:09.70
Not only are they
moving up in corporate life,
00:16:09.73\00:16:13.74
they are also
changing the dynamics
00:16:13.77\00:16:16.24
of how we utilize
financial services.
00:16:16.27\00:16:20.61
For example, the story
that came out back in 2010,
00:16:20.64\00:16:24.01
I believe it is, talks about
00:16:24.05\00:16:25.75
Millennials are using
alternative financial services.
00:16:25.78\00:16:30.15
They are called underbanked,
they are called individuals
00:16:30.19\00:16:33.25
who are using
alternative sources
00:16:33.29\00:16:35.26
because of their lack of
understanding of, of checks,
00:16:35.29\00:16:39.93
of banks, of financial services
00:16:39.96\00:16:42.73
and many of these
individuals are called
00:16:42.76\00:16:45.10
the cash strapped 20-somethings.
00:16:45.13\00:16:47.74
There are many
individuals that are involved
00:16:47.77\00:16:50.01
in this grouping
00:16:50.04\00:16:51.37
because they are
the ones that are apt
00:16:51.41\00:16:53.68
to use payday loan centers.
00:16:53.71\00:16:55.74
And it's
interesting when you go online
00:16:55.78\00:16:58.25
and look at some
of these stories.
00:16:58.28\00:17:00.62
What I like to see
is some of the responses
00:17:00.65\00:17:03.59
and the comments
in those stories.
00:17:03.62\00:17:05.39
For example, here's
one individual saying,
00:17:05.42\00:17:08.06
"After having my financial
meltdown in 2008 and 2009,
00:17:08.09\00:17:12.56
my wife and I swore off banks.
00:17:12.59\00:17:15.36
We have a specific
retailer debit card
00:17:15.40\00:17:19.27
that we used to pay bills with.
00:17:19.30\00:17:20.77
We don't have any
credit cards anymore
00:17:20.80\00:17:22.90
and if we don't have any cash,
then we don't buy the item."
00:17:22.94\00:17:26.84
They have learned a lesson
00:17:26.88\00:17:28.64
that without
understanding the fact
00:17:28.68\00:17:32.41
that getting into
debt is not the way
00:17:32.45\00:17:34.68
to go about doing things
and because they've been there.
00:17:34.72\00:17:37.69
Once you've been
there, once you've done that,
00:17:37.72\00:17:39.42
or once you have
talked to someone
00:17:39.45\00:17:41.39
who's been
through that situation,
00:17:41.42\00:17:42.92
you begin to understand
00:17:42.96\00:17:44.53
that it's a very
difficult thing to get through
00:17:44.56\00:17:47.50
and many of those Millennials
00:17:47.53\00:17:49.46
are beginning to
change their behavior patterns
00:17:49.50\00:17:51.87
and do certain things
00:17:51.90\00:17:53.23
so much so it
has changed the way
00:17:53.27\00:17:57.91
that financial
service organizations
00:17:57.94\00:17:59.77
are actually adapting to them.
00:17:59.81\00:18:01.48
For example, from a
financial services' standpoint,
00:18:01.51\00:18:04.91
there are certain retailers
00:18:04.95\00:18:06.31
that have now
developed certain product
00:18:06.35\00:18:08.75
for that type of client.
00:18:08.78\00:18:11.49
Did you know
00:18:11.52\00:18:13.12
that there are now these
specific type of credit cards
00:18:13.15\00:18:16.76
associated with really
good brand, organizations
00:18:16.79\00:18:21.33
and they have partnered with
some of these major retailers
00:18:21.36\00:18:25.37
to have not only the debit card
00:18:25.40\00:18:28.77
and, or credit
card associated with
00:18:28.80\00:18:31.17
linked into an account that
they set up with this retailer.
00:18:31.21\00:18:34.41
Not into a specific bank
system but so they have access
00:18:34.44\00:18:39.11
and they pay their
bills with that card
00:18:39.15\00:18:41.58
so that card is
their actual bank system
00:18:41.62\00:18:44.05
because they don't trust
the banks like they used to.
00:18:44.09\00:18:48.02
I've heard stories of
an individual coming to me
00:18:48.06\00:18:50.53
and telling me about
his experience with a bank
00:18:50.56\00:18:54.10
coming in and saying,
"I started a bank account.
00:18:54.13\00:18:56.30
They promised that
the bank account was free.
00:18:56.33\00:18:59.23
And they didn't tell me
00:18:59.27\00:19:00.60
that there were
these type of fees
00:19:00.64\00:19:03.00
that would be
associated with it,
00:19:03.04\00:19:04.37
so I put some
money into the account.
00:19:04.41\00:19:06.27
I didn't know that I had to keep
00:19:06.31\00:19:08.58
a specific
balance in the account
00:19:08.61\00:19:10.58
and if I didn't have,
00:19:10.61\00:19:13.01
let's say $100 in the account
and maintain that balance,
00:19:13.05\00:19:16.52
they would charge my
account, um, some fees.
00:19:16.55\00:19:20.19
And I left the country because
I went to do service for my,
00:19:20.22\00:19:25.19
my country and by
the time I got back,
00:19:25.23\00:19:27.50
I found I had
close to $400+ in fees
00:19:27.53\00:19:32.47
that I owed up and
above the fact that my,
00:19:32.50\00:19:35.47
my, bank checking
account had been over drafted
00:19:35.50\00:19:39.17
so many different times."
00:19:39.21\00:19:40.54
So it took a, a lot of
time to get out of that debt
00:19:40.58\00:19:43.91
to pay back what need to be paid
00:19:43.95\00:19:45.75
because of misinformation
that may have been given him
00:19:45.78\00:19:48.75
through the system
00:19:48.78\00:19:50.12
or the fact that he
may not have understood
00:19:50.15\00:19:52.19
what he was signing
up for um, at the bank.
00:19:52.22\00:19:55.12
And I'll tell you
it's critical to understand
00:19:55.16\00:19:58.39
that what
organizations tell you,
00:19:58.43\00:20:01.16
you need to study on your
own to see if it's actually
00:20:01.20\00:20:04.43
viable information
and if it's actually true.
00:20:04.47\00:20:07.64
There are a lot of fine
print bits of information
00:20:07.67\00:20:11.21
that we tend lose sight of
00:20:11.24\00:20:13.88
and, and if we lose
sight of those things
00:20:13.91\00:20:17.08
that we don't read,
we're held responsible to it.
00:20:17.11\00:20:19.85
I constantly go
back to the story
00:20:19.88\00:20:23.05
of when I was presenting
to a group of youngsters
00:20:23.08\00:20:26.96
and I came into the
room to talk to these kids
00:20:26.99\00:20:30.46
but before I could
get up, there was a bank
00:20:30.49\00:20:33.29
that was up there
talking to young people
00:20:33.33\00:20:35.53
and they came in
and very calmly said,
00:20:35.56\00:20:38.07
"Look, we're going to give you
00:20:38.10\00:20:41.27
something that we
don't give everyone.
00:20:41.30\00:20:43.61
We're going to give you access
to a free checking account.
00:20:43.64\00:20:47.51
All we ask that you do is
directly deposit your money
00:20:47.54\00:20:50.38
from your work
right into account
00:20:50.41\00:20:52.58
and we'll manage
your money for you.
00:20:52.61\00:20:54.32
Now there are couple
of things that are there.
00:20:54.35\00:20:56.58
Banks are there
to manage your money.
00:20:56.62\00:20:58.49
In fact, your
funds up to $250,000 are,
00:20:58.52\00:21:02.16
is guaranteed and protected.
00:21:02.19\00:21:03.63
It's insured, so
that if something happens,
00:21:03.66\00:21:06.09
you should be able to
get up to $250,000 back
00:21:06.13\00:21:08.93
depending on how much
money you have in that account.
00:21:08.96\00:21:11.97
So it's protected.
00:21:12.00\00:21:13.54
It's nothing perfect but
it's supposedly protected,
00:21:13.57\00:21:16.81
which is true but when
you put money in that account,
00:21:16.84\00:21:20.71
people tend to not realize
00:21:20.74\00:21:24.25
what actually
happens to those funds.
00:21:24.28\00:21:26.08
Those funds are
leverage. What is leverage?
00:21:26.11\00:21:28.65
The funds are actually
used as kind of a collateral
00:21:28.68\00:21:32.92
to take those funds and reinvest
00:21:32.95\00:21:36.22
in other type of
investment products.
00:21:36.26\00:21:39.36
So your money goes in,
00:21:39.39\00:21:41.40
they give one to two
percent simple interest.
00:21:41.43\00:21:44.37
You are comfortable
00:21:44.40\00:21:45.73
that your money is
gaining a little bit of value
00:21:45.77\00:21:47.80
while it's sitting
in that account safe.
00:21:47.84\00:21:50.24
But they take that
funds, leverage it and reinvest
00:21:50.27\00:21:54.58
so if you have,
00:21:54.61\00:21:55.94
you know, how many hundreds
of thousands of customers
00:21:55.98\00:21:58.48
and that amount
of money in the bank,
00:21:58.51\00:22:00.18
they turn around and
they being a business
00:22:00.22\00:22:04.42
are in business to make money,
00:22:04.45\00:22:06.02
so they reinvest at
a higher interest rate
00:22:06.05\00:22:08.99
upwards to 20 to 25 percent
return on their investment.
00:22:09.02\00:22:12.46
But what is most
important is this.
00:22:12.49\00:22:16.13
When you open a bank account,
00:22:18.07\00:22:21.00
be sure or whenever you
go to any type of corporation
00:22:21.04\00:22:25.07
and try to do
business with them,
00:22:25.11\00:22:27.11
try to realize this
00:22:27.14\00:22:28.84
that business is in
business to do business
00:22:28.88\00:22:32.88
and that
business is to make money.
00:22:32.91\00:22:35.52
So no matter what they
tell you to make you feel good,
00:22:35.55\00:22:38.52
realize they are making
money one way or the other.
00:22:38.55\00:22:42.62
And one of things I
told those young people
00:22:42.66\00:22:44.99
as I got up after
the banker left is this,
00:22:45.03\00:22:47.86
don't be mislead.
00:22:47.90\00:22:50.40
You signed up for a
free checking account.
00:22:50.43\00:22:52.90
You put your money
directly into that account
00:22:52.93\00:22:55.50
but I want you to
read the fine print
00:22:55.54\00:22:58.17
but even before you read
the fine print, realize this.
00:22:58.21\00:23:01.18
You guys are smart.
00:23:01.21\00:23:02.54
Each one of you young
people have smartphones.
00:23:02.58\00:23:04.58
You have these tablet
devices that can trigger alerts.
00:23:04.61\00:23:07.68
Use those apps appropriately.
00:23:07.72\00:23:10.79
Make sure you know what
your bank account balance is.
00:23:10.82\00:23:14.02
And then there are few things
00:23:14.06\00:23:15.42
that you should be
aware of with your bank
00:23:15.46\00:23:18.39
as you work out a
strategy to manage your checking
00:23:18.43\00:23:22.26
because if in
fact, you bounce a check
00:23:22.30\00:23:25.00
or have insufficient
funds in your account,
00:23:25.03\00:23:27.80
they're going to charge you $35,
00:23:27.84\00:23:30.31
not just a one-time fee
because however many days that,
00:23:30.34\00:23:34.28
that account stays delinquent
within sufficient funds,
00:23:34.31\00:23:37.51
they will continue to
charge again and again and again
00:23:37.55\00:23:41.58
until you bring
that account even.
00:23:41.62\00:23:44.55
That's critical to know
00:23:44.59\00:23:46.52
because many of us don't
stay in touch with our accounts.
00:23:46.55\00:23:48.89
We believe everything is okay
00:23:48.92\00:23:50.33
and like Cordell did way back
in the day in his college days
00:23:50.36\00:23:53.36
before we had debit cards,
00:23:53.40\00:23:54.83
I'm, I'm dating myself but it,
you had up in your head like,
00:23:54.86\00:23:59.80
um, I know I have about
00:23:59.83\00:24:01.60
this amount of
money in the account,
00:24:01.64\00:24:03.14
so I should be
okay to write the check.
00:24:03.17\00:24:05.77
Fortunately, I was
accurate on most situations
00:24:05.81\00:24:08.21
but it only takes that one time
00:24:08.24\00:24:10.68
to change your behavior patterns
00:24:10.71\00:24:12.21
about how the bank system works.
00:24:12.25\00:24:14.12
Strategies that can
include things like,
00:24:14.15\00:24:16.99
how do I handle
overdraft situations?
00:24:17.02\00:24:19.75
The bank is going to tell you,
"It's no problem, Mr. Thomas.
00:24:19.79\00:24:23.26
It was what we'll do.
00:24:23.29\00:24:24.86
What we can do is
associate your savings account
00:24:24.89\00:24:27.16
to your checking account.
00:24:27.20\00:24:29.10
And if you have insufficient
funds in your checking account,
00:24:29.13\00:24:31.90
what we'll just do is
overdraft into your checking
00:24:31.93\00:24:35.20
and pull it into
your, into your checking,
00:24:35.24\00:24:37.47
oh, into your saving account,
00:24:37.51\00:24:38.84
pull into your checking
account and cover that cost."
00:24:38.87\00:24:42.71
But they will still
charge you one overdraft fee.
00:24:42.74\00:24:46.95
They will still get some
money out of that although,
00:24:46.98\00:24:50.45
when they
transfer the funds then,
00:24:50.49\00:24:52.12
it will cover the account.
00:24:52.15\00:24:53.96
Did you know that if you say,
00:24:53.99\00:24:56.12
"Look, if there's
no money in my account,
00:24:56.16\00:24:59.66
I don't want any
money pulled out, um,
00:24:59.69\00:25:02.06
I don't want any type of
transaction from my account."
00:25:02.10\00:25:04.90
If you don't
want any transactions
00:25:07.87\00:25:09.30
from your account,
you tell a bank that
00:25:09.34\00:25:11.47
and you write a check
00:25:11.51\00:25:13.27
and it goes through and
no money in your account.
00:25:13.31\00:25:15.88
You're going to be charged
an insufficient funds fee.
00:25:15.91\00:25:18.98
If you go to
00:25:19.01\00:25:20.75
a retail establishment
and swipe your card,
00:25:20.78\00:25:23.92
what should happen
is the bank should,
00:25:23.95\00:25:26.55
the card should be declined.
00:25:26.59\00:25:28.52
But there are always different
things you need to think about
00:25:28.56\00:25:31.49
how the bank system works.
00:25:31.53\00:25:34.26
You need to ask
00:25:34.30\00:25:35.63
that individual who is
opening up your account,
00:25:35.66\00:25:38.27
how does it work.
00:25:38.30\00:25:39.63
And this type of
scenario, am I really that safe?
00:25:39.67\00:25:44.11
So I sit and think
and look at the kids
00:25:44.14\00:25:47.71
and say, "Have you really ask
that gentleman on the questions
00:25:47.74\00:25:50.61
that you are willing to ask?"
00:25:50.65\00:25:51.98
And these kids are smart.
00:25:52.01\00:25:53.35
They said, "No.
We didn't ask that.
00:25:53.38\00:25:54.72
We didn't even know that."
00:25:54.75\00:25:56.08
And that's key
00:25:56.12\00:25:57.75
because if you
don't know something,
00:25:57.79\00:25:59.55
you're going to
be held responsible
00:25:59.59\00:26:02.06
for that type of behavior,
00:26:02.09\00:26:04.16
which is what many
people are doing today.
00:26:04.19\00:26:07.86
They are filling
out warranty cards
00:26:07.90\00:26:10.33
and providing
personal information
00:26:10.37\00:26:12.17
that they don't
necessarily have to provide.
00:26:12.20\00:26:15.70
They are getting
caught up in this thing called
00:26:15.74\00:26:19.94
consumerism
00:26:19.97\00:26:21.31
and they are being "manipulated"
00:26:21.34\00:26:23.28
as a quote by
the media and saying,
00:26:23.31\00:26:26.08
"We know how to increase sales
at these retail establishments.
00:26:26.11\00:26:30.69
We know how to tell people
00:26:30.72\00:26:32.22
that they're valuable for
the money that they spend.
00:26:32.25\00:26:35.16
We know how to get
people to go out and do
00:26:35.19\00:26:38.29
what we want them to do."
00:26:38.33\00:26:40.06
And as I come to you today,
00:26:40.10\00:26:43.67
I ask you to reflect on
that verse in 1 Timothy 6:6.
00:26:43.70\00:26:49.00
"Godliness with
contentment is great gain."
00:26:49.04\00:26:52.14
You have
everything when you're content
00:26:52.17\00:26:54.44
with what you have.
00:26:54.48\00:26:55.98
If you have food on
your table, be happy.
00:26:56.01\00:26:59.41
If you have a roof
over your head, be happy.
00:26:59.45\00:27:02.15
If you have what you need
and you have a budget in place,
00:27:02.18\00:27:06.79
be very happy
00:27:06.82\00:27:08.16
because everybody wants you
to do what they want you to do.
00:27:08.19\00:27:12.33
Control your life,
control what you are doing.
00:27:12.36\00:27:15.43
Control your money.
00:27:15.46\00:27:16.87
Invest it, budget,
save, put it in a place
00:27:16.90\00:27:21.04
that can do good
things for other people
00:27:21.07\00:27:25.41
because that's
what God wants you to do
00:27:25.44\00:27:28.54
and that's why He told you that.
00:27:28.58\00:27:30.98
"Teach us to number our days,
so that we may gain wisdom."
00:27:31.01\00:27:35.88
Take that to the bank and save.
00:27:35.92\00:27:38.92
God bless you.
00:27:38.95\00:27:40.29