Participants: Cordell Thomas
Series Code: TITTB
Program Code: TITTB000005
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00:01 On Take It To The Bank,
00:02 you will find ways to get out of debt, 00:09 solve your credit card problems, 00:14 how to make and stick with a budget, 00:19 simple ways to save, 00:25 buying or selling a home 00:27 and many more financial matters on Take It To The Bank. 00:32 Hi, my name is Cordell Thomas 00:34 and welcome to Take It To The Bank. 00:37 Today, we are gonna talk about something 00:38 that's actually quite exciting, banking. 00:41 Take It To The Bank, of course it ties right into the title. 00:44 I think it's quite interesting to look at a couple of issues 00:47 that I was just made aware of. 00:48 One is this, 00:49 did you know that there is a poverty industry? 00:53 The term poverty industry 00:55 refers to a wide range of money making activities 00:57 that attract a large portion 00:59 of their business from the poor. 01:01 Businesses in the poverty industry 01:03 include same day, payday loan centers. 01:06 Some individuals who are in poverty 01:10 are not trustful of banks and at times 01:13 they will take their paychecks to a payday loan center 01:16 and pay a fee to get their money. 01:19 Not understanding that they are benefits 01:22 to putting money in the bank and making it work for them. 01:25 In addition they consider pawn shops, casinos, 01:28 liquor stores, tobacco stores 01:30 and other credit card companies 01:32 as a part of that industry, there are also illegal ventures 01:35 including loan sharking and other unhealthy activities 01:38 that people do get involved with. 01:40 The poverty industry makes guess what, 01:43 roughly $33 billion with a "B" dollars per year 01:47 from that market, those in poverty. 01:52 Now, another part of the industry 01:54 includes a legal side of this industry. 01:56 What do I mean by that? 01:57 Well, if you are in poverty 02:00 they also need policing systems, 02:02 they also need social services systems, 02:05 they need charities to help out 02:07 and do certain things in those communities 02:09 to try to bring them up. 02:11 But what is quoted, there's a little doubt 02:13 that many of these organizations benefit 02:17 from financially and create jobs 02:19 based on this industry. 02:21 But it's also stated that such organizations 02:24 spend more time giving handouts 02:27 and defending the poor rather than helping them 02:30 move up in society. 02:33 It's interesting to take a look at how we see banking, 02:36 banking through simple interest or as well compound interest 02:41 provides money, 02:43 work on the money that you have in the account 02:45 and many of us tend to look at banks in a different way 02:50 when we don't completely understand 02:53 what banks actually provide. 02:55 So what we're gonna do today 02:56 is have a wonderful conversation 02:58 about the bank, the bank. 03:01 Now, I would like to bring one of our area experts in, 03:06 her name is Ms. Regina Manning and ask her several questions 03:10 about why it's-- 03:12 what is the most important element of money management 03:15 and we will start up with that area. 03:16 Regina, what do you think? 03:18 What is the most important element of money matters? 03:20 Most important element of financial training 03:24 or management would have to be tracking, 03:27 that's where you are watching where your money is going. 03:29 You're making up a check back in your-- 03:32 Then you are trimming, 03:34 you are also then controlling your expenses 03:37 and while you are doing that you are training 03:39 that's another area 03:41 where you are actually learning to read. 03:43 You are getting information about how money works. 03:45 And you can do that by reading books, 03:48 listen to CDs. 03:49 One of the best books I found so far 03:51 was "Debt Free Prosperity" and that covers those areas. 03:57 But that's the most important I think 03:58 is actually being able be debt free. 04:01 Thank you, Regina. 04:03 I have a second question for you. 04:04 Should our young people be more engaged in money issues? 04:08 What are your thoughts? 04:11 Yes, I think we teach our children 04:14 how to read regular books. 04:15 We show them how to ride the bicycle 04:18 but unfortunately we haven't thought about making sure 04:21 that our reading for them as that they will learn 04:24 how to be better handlers of money, 04:27 And one of the books I think is the best is called 04:29 "The Richest Man in Babylon." 04:30 That one actually takes, it was very easy to read. 04:33 It's in the story front so it makes it easier. 04:37 What's the, one of the others like I stated before 04:39 was the Four Laws of Prosperity Debt Free 04:42 and then there is also the "Rich Dad Poor Dad" 04:45 that one by Robert Kiyosaki. 04:47 He has one specifically for kids. 04:49 We start getting our kids into that, in reading that 04:52 and then following up with little things 04:54 by having them save their money. 04:56 They get allowance so then you tell them now, 04:59 you can use part, you can save part 05:01 and then you can spend part. 05:03 In that way the children have an idea 05:05 that the money is not of their pocket to spend. 05:07 Or we do things like for Christmas, 05:10 you want to go ahead 05:11 and this is an item you want to get for yourself 05:14 then what you want to do is, 05:16 what you're gonna do to save to get it? 05:17 How are you gonna work? 05:19 They have to know that they have to work for the money 05:21 that it's not just gonna fall on their lap. 05:24 Thank you, Regina. 05:25 It's interesting the information she provides 05:27 and a lot of it is married with a lot of resources 05:30 that are out there. 05:32 If you as a parent or interested in educating 05:33 your young person about how this system works 05:36 and beginning to introduce them to the banking industry 05:40 and what it actually means 05:41 is there is a lot of information 05:43 and resources that you can use. 05:45 And as we talk about banking today, 05:47 I think you are gonna see some wonderful information 05:49 about how you can use your money 05:52 and make your money work better on your behalf. 05:55 There are lots of things out there, the money guide, 05:57 introduction to money management for kids 06:00 at age's eight to twelve. 06:01 We are using some of that information 06:03 for my own son about, you know, 06:06 letting him know what an allowance is about 06:08 and how he can use an allowance 06:10 and why allowances are good things. 06:12 But you don't just get allowance 06:13 because you exist, 06:15 you have to work for an allowance. 06:16 And the things you have to do, 06:17 one of the big things is going on in my household 06:19 is my little daughter who is four-years-old 06:21 she thinks that it's cool to get an allowance, yes. 06:25 But what she thinks is 06:26 if I'm good to my brother, can I get an allowance 06:29 or can I get a star on my good behavior chart? 06:33 No, it doesn't necessarily work that way. 06:36 You got to work for it. 06:37 So you got to make your bed 06:38 and you got to do certain things 06:40 so that they can understand that money has to be worked for 06:44 and has to be earned. 06:45 And then you can turn around and understand 06:47 how you can pay tithe, how you can put savings away 06:53 and then you can figure out 06:54 what it is you want to buy with the money 06:57 and plan for in reference to their short term goals 07:01 and understand 07:02 that the first thing you have to do 07:04 is pay Christ and pay yourself 07:06 and then take off the other things that happen in life. 07:09 So we're gonna continue this conversation with Regina 07:12 with a third question. 07:13 Regina, 07:15 why the lack of emphasis placed on financial literacy 07:17 in our schools? 07:20 Schools actually what they do is-- 07:23 we're in the process or schools are in market 07:26 or the business of educating our students 07:29 and so they don't have the mindset 07:32 of a business person. 07:34 So they are considered to be as we heard 07:35 in certain realms are called 95ers. 07:39 It's basically go to school, 07:41 get an education, get a good job. 07:44 The 40/40 plan that used to be and then you will be fine. 07:47 Business people are the five percenters 07:49 and they are the ones that understand how money works. 07:52 So they are the ones that are making sure 07:54 that their children understand how money is actually used, 07:57 how it's gained. 07:58 So we need to work a little bit more 08:00 in the process of teaching them in the schools 08:03 from the mindset of a five percenter. 08:06 Understanding that just like going to college, 08:09 not everyone is going to good college 08:11 we need to understand not everyone 08:12 is going to be an entrepreneur. 08:13 So we still need to have them 08:15 but they still need to know how to handle their money. 08:18 Interesting information. Thank you, Regina. 08:21 As we move forward 08:22 I think the context of what we're talking about now 08:24 is if we are able to teach our young people 08:27 about these specific issues and understand 08:30 that if we are able to teach you how to budget 08:32 which we need to talk all the time about is 08:36 "Do you have your budget in place? 08:37 Do you know what your budget is about?" 08:39 And guess what? Your young people, 08:41 your kids are going to learn from your behavior 08:44 that's the key in reference to transitioning 08:47 this whole mindset of money, 08:49 understanding financial literacy 08:51 to our young people. 08:52 It starts with you as a parent, as a leader of your family 08:55 to tell the kids that it's appropriate 08:57 to pay card first. 08:59 To put money into savings. 09:01 To understand that in reference to gaining wealth 09:05 and making Christ's gift the Holy Spirit gifts to you 09:08 in reference to wealth work, work in the right way 09:12 and we don't have to get caught up 09:14 in this issue called consumerism. 09:17 There are two people in life, 09:18 there are consumers and there are producers. 09:21 Many of us get caught up in the ideal 09:23 of I want the next tennis shoe, I want the next pair of jeans, 09:26 I want that next iPhone, I want that next, 09:29 I want that next. 09:30 Do we really need it? Do we really want it? 09:32 Is it something that will enhance our life? 09:34 Will it enhance our well being? 09:36 Will it enhance the kingdom of God? 09:40 And those are the kind of things 09:41 we got to really get across to our young people 09:43 that it's important to use our talents and our skills 09:48 and those things that the Holy Spirit provides us 09:51 in the benefit of Christ's kingdom. 09:54 Very important information. I have another question. 09:56 I'm gonna ask Regina to come back 09:58 and that question is, 09:59 "What do you consider the parent's role?" 10:02 Can you answer that for us? 10:04 Start teaching your child today 10:06 and start teaching yourself today. 10:08 Prepare yourself to teach your child. 10:11 You wait till they are in high school 10:13 as far as are close to high school for driving. 10:16 You teach them everything. 10:17 From the minute your child receives a penny 10:19 is the beginning of when you start showing them 10:22 what money is and that the value of it 10:25 but it's not everything in the world. 10:27 So start today, educating yourself 10:29 and your children. 10:30 Thank you, Regina. 10:32 Interesting information, educate. 10:34 It's a part of who we are and it starts with you. 10:37 Budgeting is key. 10:39 If a child sees and you can answer them, 10:41 you know, I mean, whenever my child ask me, 10:43 "Can we get this, Dad? 10:45 Can we get this? 10:46 And we've budgeted our grocery account 10:48 and we have budgeted this type of thing." 10:50 We can actually come back and say, 10:51 listen, son, I would love to get it for you 10:53 but it's not a part of our budget right now. 10:54 We can't really afford to get it 10:55 at this point in time. 10:57 It's not a part of something we planned for. 10:58 If in fact, that is key 11:01 he is more willing to sit back and say, 11:03 "Wow, okay, cool. 11:04 We have budgeted for it 11:06 it's something that I don't expect to get 11:08 but I have at least ask for it." 11:11 The media is teaching our kids to be very persistent. 11:13 They are gonna ask again and again and again 11:15 and again and again. 11:17 Sometimes having these type of things in place, 11:20 these resources in place helps people 11:23 or helps our children to understand in a better way 11:26 that these are things that we haven't accounted for, 11:30 we haven't saved for 11:31 and it's not just something we can get spontaneously. 11:34 We have to plan for it 11:36 and we have to move forward from that perspective. 11:37 But we're here to talk about banking 11:39 and it's an interesting part of finance literacy. 11:43 When you take a look at the banking issue 11:44 Their prerequisite is to understanding 11:46 what banking is all about and the benefits of banking 11:48 depending of what type of bank you choose. 11:51 As we go through this whole-- 11:53 the remaining portions of this program 11:55 is going to deal with banking, specifically online banking, 11:59 specifically the benefits of banking 12:00 and then towards the end of the program 12:02 we are going to talk about our top ten list 12:06 in banking, things you need to know 12:09 about banking that will help you 12:10 in your decision making process. 12:13 Now, prerequisites. 12:14 First of all, budgeting is key, 12:18 understanding the context of online banking 12:20 is also a concern 12:22 and then how your checking and savings accounts 12:25 apply to your bank account 12:28 and what it does for you in reference to your money? 12:31 Are banks a safe place? 12:33 There's nothing that's 100 percent secure. 12:36 In fact, that's why they ensure your money 12:39 from the FDIC 12:41 and ensure that up to about $250,000 12:44 which basically means 12:45 if your bank goes out of business 12:48 and you have up to $250,000 in that bank 12:51 the federal department 12:54 and insurance commission will actually give you 12:57 or compensate you that money up to that amount 13:00 that you had in the account. 13:02 It's guaranteed to $250,000 up through the year 2014. 13:08 They did it back in 2008 to sure up trust 13:11 in the banking industry. 13:12 After 2014, it will revert back to what it was 13:16 at about $100,000 insurance, insured amounts. 13:21 These are things to keep in mind 13:22 as you look at a bank and there are many other things 13:24 because there are many different attributes to a bank, 13:26 different things you can select in a bank 13:28 that fit your needs. 13:31 Now, where does your money go? What happens to your money? 13:35 How do you spend money? 13:37 Do you use a check? Do you use cash? 13:38 Do you use an ATM machine? Do you use your debit card? 13:41 All of these type of things are tracked 13:43 by your banking account. 13:45 If you in fact, have an online account 13:46 or if you have a physical bank, 13:48 your checking account is the hub, 13:52 your ATM drags from your checking account. 13:55 The bank checks that you write 13:58 pull from your checking account. 14:00 Your debit card 14:02 will pull from your checking account. 14:04 So your checking account is the hub 14:08 that can get simple interest. 14:10 Simple interest is basically interest on your principal 14:14 or in some cases you can open money market account or CDs 14:19 that can provide compound interest 14:21 which basically means the principal 14:23 and the interest accumulates interest. 14:27 What we want to talk about today is making sure 14:29 that you have established a budget, 14:32 have you looked at living within your means 14:35 and understanding the consequences 14:37 of not knowing where the money is going. 14:39 There're consequences associated 14:40 with not having a budget 14:42 that include overspending, not adhering to the budget, 14:47 not knowing where the money goes when it's spent, 14:51 but these things are alleviated if you are able to open up 14:56 a checking account and or a bank account. 14:57 And in this case we are gonna talk about 14:59 an online bank account. 15:00 Did you know those things exist? 15:03 You don't have to have a physical bank 15:05 to have a bank account. 15:09 There are banks that you can open 15:11 that are completely online. 15:12 There are no tellers, you don't go into a physical location 15:15 but you can open an account with the bank online. 15:19 What are the benefits of that? 15:20 Well, it's convenient, one, because it's accessible 24/7. 15:24 As long as you have a computer, 15:26 as long as you have internet access, 15:28 you can access your bank account 15:30 and track what's going on on a real time basis. 15:33 It's easy to use. 15:34 Your accounts can be set up 15:36 so they can transfer balances, transfer money, 15:39 you can pay bills automatically from any computer at any time. 15:43 So there's 24/7 access. How do you start? 15:47 Well, it's a matter of researching 15:49 what your needs are. 15:51 Do you need someone physically to talk to? 15:54 Are you independent and all you need is to know 15:57 if they give discount rates for certain things? 15:59 If they give free checking? 16:01 If they can link your accounts to student loans 16:04 so you can pay them off and those type of things? 16:07 Once you understand that capacity 16:09 and what you are looking for in a bank account, 16:12 you can proceed and then look at other things. 16:16 And what I love about online banking is 16:19 I remember the time 16:20 when we didn't have online banking. 16:23 I don't want to date myself 16:24 but I really got irritated at the end of the month 16:27 when I had to write the bills and put them in the envelops 16:30 and lick the envelops and like the stamps. 16:33 I had a raw time. 16:34 It wasn't the most exciting time of my life 16:36 and I avoided it like the plague 16:38 until I had to do it. 16:40 Now, I can go online, I can click what I need, 16:44 I can make sure that those accounts are paid. 16:46 I can automate the payment of specific accounts 16:49 if I don't want to deal with those issues 16:51 so they are paid automatically. 16:53 I don't do it that way. 16:54 I like to know 16:56 that I have paid this account at this point in time 16:59 and I'm the one that, that started the process 17:03 and it's not something that the bank automatically does 17:05 on my behalf. 17:07 It gives me a better methodology of tracking 17:09 the expenses that go out. 17:11 There are other things that are beneficial 17:15 in reference to funds transfer. 17:17 If you're student you can link it to your parents' account, 17:20 if things aren't being managed as correctly 17:22 and it's also a very good teaching system 17:25 that parents can use 17:26 to keep in touch with their kids 17:29 and understand the context of their management of funds. 17:31 But it starts early in life. Statements are sent to you. 17:35 Online banking provide the statements 17:37 on a monthly or even bimonthly basis. 17:39 They should be accurate but they can't-- 17:41 you can't have confidence that the bank is right all the time. 17:45 Don't trust that they are gonna be accurate. 17:48 They could be off by five or six cents, 17:50 they could be off by $50 or $60. 17:53 It takes you being committed to managing the funds 17:59 that you are given to manage 18:01 in the most appropriate and accurate way. 18:05 So every time your statement comes in, look it over. 18:08 Understand that it's important to know 18:11 that yes, I wrote these checks or what if one of your checks 18:17 or couple of your checks or checkbook was stolen 18:19 you would never know or you would find that out 18:23 if you saw some checks coming through your account 18:25 that you weren't aware of. 18:28 The hub of course is a checking-- 18:32 provides additionally good record keeping information. 18:35 You can reconcile your bank accounts sometime online. 18:40 The online statement gives a check register, 18:42 it provides you several different elements 18:45 that can provide you peace of mind 18:48 anytime you need it. 18:49 It's interesting 18:51 how technology has changed the way we've done things. 18:53 I remember the time when, okay, the bank shut down, 18:55 it's closed you are done. 18:57 You can't do anything, 18:58 You can't get access to your money, 19:00 you can't go and talk to anybody about it 19:03 and before being online 19:04 of course you couldn't figure out 19:06 what was going on with your bank account. 19:07 Now you have apps on your smartphones 19:10 where you can access your account that way. 19:12 You can access account online 19:14 and you can know what's going on on a 24/7 basis 19:18 if that actually works for yourself. 19:20 Now, strategies also come up with savings account. 19:24 You can get savings accounts 19:25 along with your checking account. 19:27 There's many different things you can do. 19:29 One, is understanding why it's important to save. 19:33 We've talked-- 19:35 we are in the process of talking of our budgeting, 19:38 we've talked about the importance of budgeting. 19:41 And if you understand what your income is 19:44 and your expenses are, 19:46 you know what amount you could potentially save 19:48 on a monthly basis. 19:51 Make sure you consider the fact that you pay yourself first, 19:54 you tithe first, 19:55 you understand that Christ has given you this opportunity 19:58 to manage His funds 20:00 and it's important to give back to Him. 20:02 From each paycheck save first, spend second. 20:07 And even spending second think about what you spend 20:09 and if you think about it for two or three days, 20:12 you may not really need it and it's a want 20:14 and not necessarily a need. 20:17 Saving your change. 20:19 At the end of each day I empty my pockets 20:21 and put in a little bowl. 20:23 The dollars as well as the coins 20:25 and over certain amount of times, I take that money 20:28 and I take it into the bank. 20:29 So the change that you actually have in your pockets 20:32 put that also into savings 20:34 because it can accumulate relatively quickly. 20:37 There are different things that you can consider from savings 20:40 and I'm gonna talk about a couple. 20:42 Did you know there is a Rule of 72 20:45 it's this issue on compound interest. 20:48 And if you understand the interest rate, 20:50 you can pretty much understand 20:52 how quickly your money can double. 20:54 So if your money is in a banking interest, 20:56 that one percent interest compound interest 20:58 your money will double how quickly? 21:01 About 72 years if the Rule of 72 is true 21:04 that I have a $1,000 in a checking account 21:06 and I get one percent interest 1 X 72 is 72 years 21:10 so that money will double in about 72 years. 21:12 If I'm actually getting interest rate 21:15 of six percent versus one percent 21:17 how quickly will my money double? 21:19 The Rule of 72 tells you 21:21 that six percent interest into 72 is 12. 21:24 Am I correct? Yes, 12 times 6 is 72. 21:26 And so your money, now that $1,000 will actually double 21:30 every 12 years as opposed to once in that 72 years. 21:34 So that six percent interest 21:36 versus that one percent interest 21:38 can provide you accumulated money 21:43 and based on compound interest $64,000 21:46 can be accumulated in just compound interest 21:48 on that $1,000 over the 72 year period of time. 21:53 So take a look 21:54 at what savings accounts are available 21:58 and how you put your money into, into savings 22:01 and how you account for it. 22:04 Now as we talk about that 22:05 there's different savings methodologies. 22:08 You got your basic savings account 22:10 but then you can also take your money 22:12 and put them into 22:14 what they consider a money market account. 22:15 And money market account is basically saying, 22:17 "Okay, Mr. Banker, I'm putting my-- 22:20 opening up a money market account 22:22 and I'm giving you the right to take that money 22:24 and invest in corporate and government securities. 22:28 And based on the performance of those government securities, 22:31 you are going to give me some of that profit back 22:33 and help my account grow that much more quicker." 22:37 The nice thing about a money market account 22:38 is the fact that you're limited to approximately 22:42 six withdrawals on a monthly basis. 22:44 You are limited. 22:45 Now if it's a savings account why would you want to be 22:47 constantly drawing from that account? 22:50 The context of what we are talking about is this. 22:54 There are different features that you could, 22:59 you can research in reference to how you save your money 23:02 and how you use the savings account 23:05 that's appropriate to you. 23:07 There is a CD which is pretty much a promissory note 23:09 from the bank saying, 23:10 "We are going to invest your money 23:13 at this interest rate 23:15 over the next three months or five years." 23:17 It's limited and it says maturity date 23:19 there is a end date to this 23:21 and it's typically between three months and five years. 23:23 A promissory note is just a promise from the bank 23:26 that they will give you this amount 23:28 over the course of this time until it matures. 23:30 Now if the interest rate Rises, you lose 23:34 because you're fixed at that amount 23:35 for certain amount of time. 23:36 If it goes down, the bank loses 23:38 because you are continuing to get that fixed amount 23:42 the bank doesn't have that opportunity. 23:44 So there's lots of different things 23:45 you can use to maximize. 23:47 I ask you to take a look at your bank statement, 23:49 reconcile your bank statement in ongoing basis. 23:52 Now, what I'd like do is we're coming down to a close 23:55 let's take a look at the top ten reasons 23:59 that banks are good 24:03 and that on banking the top ten things 24:06 that you should know about banks. 24:07 I'm going to start with number ten. 24:10 Number ten, basically is we talked about it. 24:13 You don't need a physical bank to bank. 24:18 In fact, there are financial institutions 24:20 that offer services that resemble banks 24:22 such as credit unions, mutual fund companies. 24:28 And of course we have online banking capacity 24:31 so you don't even need the physical location to go into. 24:34 Number nine, 24:36 the bill paying advantage of online banking is fantastic. 24:40 It offers the opportunity for you to pay your bills 24:43 through an automated system and control 24:46 how you send those checks in without having to pay 24:49 for the physical checks. 24:52 Number eight, I'm gonna run through this. 24:55 Do an online search 24:57 for the best banking options for you. 25:00 What is it that provides you specific satisfaction? 25:06 Maybe it's free checking as opposed to 25:08 having a minimum balance in your account. 25:12 Okay, so search for those features. 25:15 Number seven, nothing is easy but take the time to figure out 25:19 what was best-- what is best for you. 25:22 It goes back to searching and figuring out 25:25 and you wouldn't just go into a car dealership 25:28 and plunk down money and say give me any car. 25:30 You would research the type of car you want, 25:32 the color you want, the accessories you want 25:35 and then you would discuss the best type of price 25:37 that you can get for that car. 25:39 You do the research and then you would go and make the, 25:43 make the transaction. 25:44 Number six, ATM fees can take a bite out of your budget. 25:50 ATMs, if you research a bank 25:53 and you find that the bank only is regional and not national, 25:57 if you travel you might have to pay a ATM fee 26:00 because you are not going to that bank 26:02 that you are have your checking account with. 26:05 So take a look of that as one of the attributes of the bank 26:08 that you use. 26:09 Number five, shop for the better rates. 26:12 We talked about money market accounts, 26:14 we talked about CDs, there are benefits 26:17 of making your money work in a better way for you 26:19 and it's a matter of discussing with the banker 26:21 what's in the best benefit for you. 26:25 All right, where are we now? Number four. 26:27 We are down to the last four, 26:29 I don't know how much time we have left 26:30 but I'll talk a little bit about it. 26:33 Number four is, 26:34 not all rate calculations are equal. 26:36 Banks figure out interest rates in different ways. 26:40 If you want a consistent way of figuring it out 26:42 think about asking your banker 26:43 about what's considered annual percentage yield, APY. 26:47 Say that three times. 26:48 Number three, inflation, a brief word. 26:52 Even at low rate of inflation the annual creep 26:55 in the cost of goods and services 26:57 can outpace what a bank pays in interest bearing accounts. 27:02 Think about that. 27:03 Number two, 27:04 there is a minimum balance dilemma. 27:06 Discuss it with your banker. 27:08 Figure out the best option for you. 27:10 Certain accounts may require a minimum balance 27:12 others may not. 27:14 Make sure you research before you sign. 27:16 And number one, nothing is safe 27:20 but money in the bank is better. 27:23 Money is better in a bank. 27:25 We've talked about how it's insured. 27:27 We've talked about those things but I would recommend 27:30 that if you want to use the money in the best way 27:34 put it in a bank. 27:36 Remember the story of the talents. 27:38 The Parable of the Talents is key. 27:42 We all have an obligation. 27:45 So I'll see you later, take it to the bank and save. 27:50 God bless. |
Revised 2016-02-18