Take it to the Bank

Debt Pt. 2

Three Angels Broadcasting Network

Program transcript

Participants: Cordell Thomas

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Series Code: TITTB

Program Code: TITTB000043


00:01 On Take It To The Bank,
00:02 you'll find ways to get out debt,
00:09 solve your credit card problems,
00:14 how to make in stick with a budget,
00:19 simple ways to save,
00:24 buying or selling a home, and many more finical matters
00:29 on Take it to the Bank.
00:30 Hi, my name is Cordell Thomas
00:32 and welcome to Take It To The Bank.
00:34 We're going to talk about some interesting things today.
00:38 And I think you should be excited
00:41 to know that college debt
00:43 is something you don't even need to incur.
00:45 Did you know that there are colleges out there
00:49 that offer free tuition?
00:51 Did you know that if you want to extend
00:53 your college education
00:55 or find college education somewhere,
00:57 if you know where to look, you can find schools
00:59 that are willing to offer a variety of things?
01:01 If you are good enough in your high school days,
01:04 there are things you can get in reference to scholarships
01:07 and other programs that don't even address
01:11 the issue of loans.
01:13 Meaning that, this college education thing
01:15 can be accessible for all of you that are out there.
01:18 It's a matter of how you address the specific issue.
01:21 But as we talk about this thing called debt,
01:23 there's a lot of things that you need to be
01:25 aware of as you go into this overall process,
01:29 it can be quite stressful.
01:30 You do well in high school, you probably will be invited
01:33 to many different schools.
01:35 But those schools are going to provide
01:37 different costs associated with tuition
01:39 and room and board,
01:41 and other elements that can be as much as
01:42 20 to 30, 000 dollars a year.
01:44 So, it's very important, it's incumbent upon you
01:47 to look for those resources that are available
01:52 that can help defray that cost or even get rid of it,
01:55 eliminate it completely.
01:57 But many people aren't aware, there are close
01:58 to 15 different schools around the United States
02:01 that are offering free tuition programs
02:03 that can make your educational experience very wonderful
02:08 when you know you won't have to come out of college
02:11 worried about the issue called debt.
02:14 Many kids, young people,
02:16 I was able to talk to one around
02:17 in the kitchen room area after a birthday party
02:20 and he was talking about going to school.
02:23 We mentioned these same specific issues,
02:25 we mentioned the same concerns
02:27 about looking at free tuition and or starting out
02:31 maybe in a community college settings
02:33 until you figure out really what area you're interested in.
02:37 But many of us are so worried about the college issue
02:40 and the importance of trying to pay
02:42 for that type of education,
02:46 and we forget the importance of planning after the fact,
02:49 because realistically,
02:51 you're college education is supposed to provide you
02:54 the opportunity to make more money.
03:00 A college education is very important.
03:03 It teaches you many new things, depending on where you go
03:06 you can gain fantastic opportunities
03:08 to share, to serve.
03:09 There are some wonderful Christian institutions
03:13 that provide opportunities to go outside
03:15 of the United States and do mission projects
03:18 and learn what it means to give.
03:20 And it makes you happier because we know that the study
03:22 on happiness says that if I can give to somebody else
03:25 instead of spending on myself, I am a happier individual.
03:30 But consider this, many young people
03:33 like yourselves will come out of college
03:35 with close to 20,000 to 26, 000 dollars worth
03:39 of student loan debt.
03:43 And many of you will come out of that
03:45 undergraduate experience worried
03:46 about paying that debt back, which is very good.
03:50 You should be concerned
03:52 about taking care of your obligations.
03:54 But there are areas you can go to
03:56 and studies that you can find out about
03:59 that you can get rid of your student loan debt
04:02 if you go into public service.
04:03 Did you know that?
04:05 Did you know that there are other ways
04:07 of deferring the debt for a few months or years?
04:10 Did you know there are other things you can do
04:13 to help take care of that debt?
04:15 And one of the things
04:16 I always try to tell young people is this,
04:19 when you come out of school,
04:20 I want you to start looking forward in your life,
04:22 start looking forward to the next ten years of your life
04:25 because right now
04:27 when you think about this eight wonder
04:30 of the world is what they call it,
04:31 the rule of 72, it means you have the time
04:35 to actually invest and that investment can help you
04:39 because of the time that you currently have.
04:41 One of the secret hints is talk to your parents
04:44 about finding out more about a Roth IRA
04:47 or some type of investment that you can get involved in.
04:51 Why is that?
04:52 Because if you are able to save
04:54 after you get out of school 150 dollars a month,
04:57 2000 dollars a year over the first ten years
05:00 of your working life,
05:02 you wouldn't have to save another penny.
05:06 That 20,000 dollars based on your time investment
05:08 on compound interest,
05:10 you could have a lot of funds available to you
05:14 after retirement at age 70.
05:16 But many of us don't think that far ahead.
05:18 The money could be in excess of 5, 6, 700,000 dollars
05:22 dependent on several different variables.
05:24 But the key is right now
05:26 getting involved when you have the time.
05:28 Thereafter you can...
05:29 Because you're in the habit of saving,
05:31 you can continue the process of saving,
05:34 you can continue the process of doing what you're doing
05:37 and putting that money aside
05:38 and the funds that you would have available
05:41 to you post retirement would be exponential.
05:44 So we're talking about student loans,
05:45 we're talking about loans,
05:47 loan deferral, those type of issues.
05:48 And I had a wonderful conversation
05:50 about that specific issue
05:52 with one of our financial advisors
05:54 that we work with in Orange County.
05:56 Mr. Joshua Hernandez
05:57 and I'd like to go to that conversation.
06:01 College debt is relevant to a lot of us
06:03 and you have been responding.
06:05 It's quite interesting,
06:07 the responses we've got in emails.
06:09 And I'm going to focus on one email
06:10 and, of course, we're gonna bring in
06:12 our expert on investments,
06:14 financial expert Mr. Joshua Hernandez
06:16 thank you for being here.
06:17 Sure. I appreciate it.
06:19 The young lady actually sent me an email.
06:22 "So I'm a student presently
06:24 and some loans prior to in, two colleges,
06:27 from two colleges I went to.
06:29 And I noticed on the firstforeducation.gov
06:34 website, they are promoting
06:35 a consolidation loan through President Obama."
06:38 Okay, so she's asking now
06:40 I have loan debt right now about 10,000 dollars
06:43 and I'm looking to go to graduate school.
06:46 If you can take us a little bit through the process
06:49 of considering the decision of getting another loan,
06:53 consolidating the loans that she already has together
06:56 or is there another approach
06:58 that she should take in reference too
07:00 her college debt?
07:01 And then what I'd like you to do also is
07:04 how can she start thinking about
07:06 not only the college debt
07:07 is will come out with when she's done,
07:09 but planning for here future long term in reference
07:11 to investing and savings and that type of thing?
07:15 Great question.
07:18 I'm not an expert in types of college programs
07:21 in terms of consolidation and debt,
07:24 but I can tell you about,
07:26 maybe the thought process in considering
07:27 what will be the best scenario
07:29 or what to start thinking about.
07:31 I think specifically, I read the email and there was,
07:34 you know, part of that debt can be 4 percent interest rate
07:38 and then another part of it was about 6 percent
07:40 and so does that make sense or you know
07:42 how do you determine what part of that works?
07:44 And the first thing I'd think about is,
07:46 you know, what's the interest rate
07:48 that they're charging you now?
07:50 Is the new interest rate lower than that?
07:53 Now if there's two different loans involved,
07:55 is the interest rate on the first and the second,
07:58 if you average them together,
07:59 is that lower than the current interest rate
08:03 that you're getting charged in your current loan?
08:05 If you were to switch over to another loan,
08:08 is there a fee or penalty to transfer over?
08:12 So consider the penalties involved as well.
08:15 And then is there a timeframe?
08:16 You know, how long you can have this loan for?
08:19 And when do you have to pay it off?
08:23 Another idea that comes in mind is,
08:27 you know, deferral you can,
08:29 you can defer a lot of these loans
08:30 until you're done with school.
08:32 And so maybe you don't have to pay for it
08:34 for a little while.
08:35 One of the recommendations that I offer college students
08:38 is if you're deferring your loan,
08:40 you don't pay until you're out.
08:42 Start saving money or start paying off your loan
08:46 now, even before you have to start paying it.
08:49 As an example, if they tell you that when you start to...
08:52 When you start having to pay your loan
08:54 and that payment is 100 dollars a month.
08:58 If you can start putting 100 dollars a month
09:00 into your own savings account
09:02 as if you're paying off that loan.
09:04 And then when you have to pay for that loan,
09:06 well, you've already got some money already,
09:07 you can fund into it,
09:08 and you immediately decreased a portion of that debt.
09:12 Or you've got, you know, monthly payments,
09:13 you've already got money putting into,
09:16 couple of ideas.
09:18 Fantastic.
09:19 So as a college student,
09:20 there are different approaches I can take
09:22 specific to setting up a saving account, number one,
09:26 which if you have the concept of an emergency savings
09:29 as we typically talk about,
09:30 you can tap into it if you have broken down a car,
09:34 you need to tap into that to do other things.
09:36 But for the primary issue of college debt,
09:39 which a lot of youth students get involved in, we all do,
09:43 I know I had college debt,
09:45 but there are other opportunities too.
09:51 And those are the opportunities,
09:53 what are they?
09:54 You know, tax deferred growth,
09:55 many other things that come to mind,
09:57 but when you look at the conversation we had,
09:59 many different possibilities came to mind.
10:02 Think about it?
10:03 When you have an opportunity to think ahead,
10:06 looking forward, we get a concept of how we can plan,
10:10 better plan to manage some of these expenses.
10:12 Do college loans, student loans ever go away?
10:16 No, they will stay with you and stay with your family
10:19 as long as you still have it.
10:21 So it's incumbent upon you to figure a way
10:23 how you can begin the process of paying this debt off,
10:28 whether it be through public service,
10:30 by planning ahead and starting to put certain funds away
10:34 into a specific account that's needed to address that.
10:37 But guess what?
10:38 It comes down to a simple issue that many of us miss,
10:41 what is that issue?
10:42 That issue is this.
10:44 If you don't plan, you will never figure out
10:47 where you need to go.
10:49 The planning process is key because if you have a budget
10:53 and you understand what you're doing.
10:54 And yes, a budget applies to you as a college student,
10:57 it applies to what you have to accomplish,
11:00 it applies to you and your success.
11:02 The earlier that you start with planning and budgeting
11:07 the better off that you will be in planning for your future.
11:12 So then we went in further in this conversation
11:15 I had with Josh, and we talked a little bit more
11:17 about tax deferred growth and the like.
11:21 And here is what that conversation had to offer.
11:23 Listen keenly.
11:25 Are there other things they can look for,
11:28 not just looking back at paying off debt,
11:31 but future, kind of,
11:32 investments that they can think of as students that may help
11:36 them as their debt decreases their net worth
11:39 can also increase from financial assets
11:40 that they develop?
11:42 Definitely, and you can definitely start saving
11:44 for your future while you're going to school.
11:46 You know, while you're investing
11:47 in your own personal financial...
11:49 Your own personal education, you can start investing
11:51 in your own future at the same time.
11:53 And so a lot of students are working part time jobs,
11:56 a lot of students may have already
11:57 had some savings available,
11:59 and a small portion of that can already,
12:01 you know, can be invested in an investment
12:03 account like an IRA, a Roth IRA.
12:07 What is that?
12:09 Explain IRA, what is that mean?
12:11 It's an individual retirement account.
12:12 Okay.
12:14 And so anyone, an individual can have a savings account,
12:18 it's like a savings account, but the account has options
12:22 like stocks and bonds and it's tied to investment
12:24 in the stock market.
12:26 So, you know, as the value of those stocks and bonds,
12:28 you know, fluctuate and potentially increase,
12:31 the money you're investing
12:32 in that account can also increase.
12:35 What is the benefit of saving in an IRA?
12:37 Is that pre-tax dollars that go in?
12:39 You're not taxed on those, those funds, correct?
12:43 The benefit in IRA usually, you use that money it's,
12:47 it's after tax money.
12:48 So you get a paycheck and you put that into an IRA.
12:51 Now in an IRA, the amount of money
12:53 you invest in an IRA can be a tax deduction.
12:56 It can lower your yearly income at the end of the year.
12:59 One of the benefits of...
13:01 Another benefit of an IRA is that it grows tax deferred.
13:04 So as the value of your account increases,
13:07 you're not taxed on the additional value
13:09 of the increase.
13:12 And so that's another benefit of an IRA.
13:16 Interesting. You can get tax deferred.
13:17 So there are a lot of different venues
13:19 a college student can use as a plan
13:22 towards finishing school
13:25 and starting their overall career.
13:27 Yeah, an important piece
13:29 I want to make sure that we're aware of in an IRA,
13:30 it is a long term investment.
13:31 So depending on your liquidity needs,
13:33 depending on how much access you need to that money,
13:36 you know that an IRA is a long term investment.
13:38 So if you ever need money from an IRA
13:40 and you pull money out
13:42 of that IRA before 59 and a half,
13:44 there are taxes and penalties that can be incurred
13:46 if you pull it out too soon.
13:49 And so you want to keep an eye on that.
13:51 And if you need something liquid then,
13:53 you know, a basic savings account
13:54 where you can have access to that money a little easier
13:57 that doesn't have any penalties or taxes
13:59 that pull money out for more short term or mid term,
14:03 kind of, savings is important, idea for that idea.
14:06 Wonderful opportunities out there for savings
14:08 and for developing wealth.
14:10 And not only the career that you'll have after college
14:13 that will help you pay off your debt,
14:15 but also the funds that you'll have saved towards
14:18 that future value of that investment,
14:20 which is great.
14:22 Now I'm going to take you back to one other part of the email
14:25 that we haven't yet reviewed
14:26 and I want to ask a question about that.
14:28 And, she's asking, all right.
14:30 "I have a line of credit from a bank
14:33 that's close to 2000 dollars.
14:34 Now I want to pay it off."
14:36 So it means that she has,
14:38 she's used up some of that line of credit.
14:40 "But I don't have the finances to take care of it.
14:44 Could I add that in with my student loans,
14:46 which are funded from the government?"
14:49 Whether it's to subsidize or on subsidized loans,
14:53 the question is can you incorporate it
14:55 under a government type loan?
14:57 Yeah, that's a great question.
14:59 So the first thought is,
15:01 I don't think that a student loan
15:05 can incorporate any outside debt.
15:07 You know, student loan is specifically
15:09 for educational purposes.
15:11 So I've not heard of any programs that can do that.
15:14 So no, I don't think that's possible.
15:16 You can't incorporate your line of credit
15:18 and move it into your student loan.
15:20 Now I'm able to do the opposite.
15:23 If you've got a line of credit,
15:24 which is, kind of, having a credit card
15:27 and you might be able to incorporate your student loan
15:29 into your line of credit.
15:31 And one of the reasons why that would work
15:33 is if your line of credit offers a lower interest rate
15:36 than your current college debt.
15:39 So if it is lower interest rate,
15:42 then you'll be paying less long term.
15:44 And you can... It's like using a credit card
15:46 to pay off your college tuition.
15:49 So again, you have to look at your interest rate,
15:51 if they're going to charge you any fees
15:53 in closing it early and things like that.
15:59 A lot of great ideas in there
16:01 and I hope you've picked up on a couple of things
16:03 that are there, the Roth IRA,
16:04 the IRA, Individual Retirement Account.
16:07 All of these things have a thing to play,
16:09 but I had a question from one of the viewers
16:12 that was asking about tuition and school
16:16 and what if I can't afford to actually go to school
16:19 or pay for school at a community college level
16:21 or anywhere else?
16:23 What if I can't make it to that first level
16:26 and getting into any type of school?
16:28 But, of course, you know, there's a performance measure
16:30 that you should have in high school
16:32 and many of us as inner city
16:33 and urban urbanites, do with very well in school,
16:36 you perform well.
16:38 Concentrate on your school work,
16:39 concentrate on what you are given to do
16:42 and do your best at it and remember this
16:45 that if you've fit specific criteria,
16:46 there are programs that are out there based on your geography,
16:50 and I can check on that on your behalf,
16:52 but there are some independent development accounts programs
16:55 that if you reach a specific savings goal,
16:59 the money is put aside
17:00 into a tertiary bank accounts, it's managed,
17:04 they will match your funds dependent on the program
17:07 two to one, three to one, and even four to one.
17:09 So if you want to save money, those specific accounts
17:12 can actually go towards buying a new car,
17:15 putting down payment on a house, college tuition fees,
17:18 and as well as starting a new business.
17:20 So there are options that are available
17:22 to you as a young person
17:24 in whatever geography or urban community that you live.
17:27 And it's not something that you should give up too easily on.
17:30 Because we have resources,
17:32 there are things that are available
17:34 and I would love to have an opportunity
17:35 to get an email from you and or call
17:38 asking that same question so we can check
17:40 on those specifics on your behalf.
17:43 But a lot of things came out of the conversation
17:44 with Josh where I think that we all should be aware of.
17:47 One of the things has to do
17:48 with the simplicity of a budget,
17:50 understanding that investment account
17:54 should not be touched,
17:55 because it's a long term investment,
17:57 that's what an IRA is all about.
17:59 And when I tell you about it, put the money aside
18:02 and don't ever intend on trying to get that back
18:05 until you need it at 59 and a half.
18:08 Because you will incur fees,
18:11 the overall objective for that type of account
18:14 is to save for your retirement.
18:15 So know that the long term investment.
18:18 But what is a simple part of?
18:20 Is a fact that if you, as a young person,
18:23 begin with a budget and a system,
18:26 no matter if you make 1000 dollars a month,
18:28 1,500 dollars a month, 6000 dollars a month,
18:31 all that matters is, you have now begun
18:33 the process of engaging in this process that says,
18:36 "I'm going to allocate time to figuring out my expenses,
18:40 figuring out what I spend,
18:41 and figuring out where I can save,
18:44 cutback, substitute,
18:45 and make sure I have emergency savings in place,
18:48 so I can take some care of some of those other things
18:52 that I can take care of."
18:53 Remember, a retirement account, a long term investment
18:55 should only come about when you've got your house in order.
18:58 There is no way that you can maintain
19:01 a long term savings investment account
19:05 when you can't even,
19:06 when you're spending
19:08 what you make on a monthly basis.
19:09 It can't happen.
19:11 Something has to give.
19:12 So make sure you've already studied,
19:14 put something away in savings,
19:16 you have that additional funding
19:17 and additional ability to take some other funds
19:21 and put into account that you'll probably
19:23 never touch for a long time.
19:25 And that the wisdom of budgeting,
19:26 the simplicity of understanding that if I know where I'm at,
19:30 I know where I want to go.
19:31 And know this that if you plan and you understand
19:35 and you get in touch with the right resources,
19:38 they might find out there are programs available for you,
19:41 yes, you, to be able to get access
19:43 to that type of college experience.
19:46 The other thing that's was relevant
19:48 to our conversations with Joshua,
19:50 I had to do with the issue
19:53 that we all spend what we make.
19:55 We talk about that issue
19:56 and the importance of how we should address
20:00 how we are how we utilize our budget?
20:03 The budget in and of itself is in agreement
20:06 with yourself, your family, your spouse
20:08 that I am going to spend in this manner
20:11 and I am going to ensure that I put funds away
20:14 in this manner on a monthly,
20:15 on a quarterly basis and I will ensure
20:17 that I have the funds necessary
20:19 to maintain this individual retirement account
20:22 and I will know that if I fit the right criteria,
20:24 I can ask the right questions,
20:26 and I can get access to some funds
20:28 that can match my savings
20:30 and can go towards getting me into that venue
20:33 that I would like to get into.
20:35 But let's go back to the conversation with Joshua.
20:37 Here we talked about the spending issue,
20:40 spending what you make.
20:41 This was very interesting.
20:43 Let's take a look.
20:46 This is just another scenario that just always comes up
20:50 and it's a question that always comes up.
20:52 It's quite interesting because a lot of students are,
20:53 okay, they're gonna come out
20:55 with a job paying them about 50, 60,000 dollars a year
20:58 and you want to buy a home,
20:59 you want to buy these type of elements.
21:01 Long term, we're always talking long term now,
21:03 is from an investment standpoint,
21:05 how do I, as an individual, prepare for those long term,
21:09 my promotions at work and the different scenarios
21:14 that happen in my life as I evolve,
21:17 does my home evolve?
21:18 Does my growth, the types of car I drive evolve?
21:20 Do I always have to keep up with the Joneses,
21:22 that kind of a thing?
21:24 If I go from 60,000 dollars a year
21:27 and I have a nice house
21:28 and I go to 75,000 dollars a year,
21:31 does that necessarily mean I need to move up
21:33 in the house size?
21:35 Does it necessarily mean I need to change the car?
21:37 Do you need to spend what you earn?
21:40 Right, that's a great question.
21:42 One of the biggest mistakes I see people make
21:45 is that they feel obligated to spend what they make.
21:49 You know, as soon as a promotion happens at work,
21:52 they're in their current car, before they get to their house,
21:56 they're already driving a new car.
21:58 Mentally, they've already bought
22:00 the car that they want to buy.
22:02 And that car they want to buy maybe just eat
22:06 more on a monthly payment
22:07 than what they just got in the promotion.
22:09 But it's just enough for them to say and justify buying it.
22:12 So one of the biggest success...
22:14 Several of the biggest success stories
22:16 I've seen in savings accounts with my clients
22:19 are clients that have been in their career
22:21 for 10-15 years and they never used their promotion money,
22:27 they stayed-- You know, they got a decent income,
22:30 they bought a home, they bought a car they were happy
22:33 with that did the job,
22:35 and every time they got a promotion,
22:38 they would just stock that extra money
22:39 away into savings account.
22:41 And they lived, just as they were five, eight,
22:44 ten years ago, when they had first got their job.
22:47 And it's just amazing how significant of an increase
22:50 their savings begins to grow.
22:53 So not only did they stock that extra money away,
22:56 but they still kept their savings plan as it was.
22:59 If they were starting to save 100 dollars a month,
23:02 they still save 100 dollars a month,
23:03 but they also moved in that extra money
23:05 into their savings account.
23:07 So having that mentality,
23:09 you know, definitely want to live, you don't want to,
23:11 you know, stay in a cabin,
23:12 if that's where you started, and,
23:14 you know, if you're looking to move into a place
23:16 with some nice utilities and thing like that,
23:18 you know, you deserve those things.
23:20 We talked about earlier, live life,
23:22 enjoy the money you make.
23:23 But you don't have to spend it all.
23:28 Live life, enjoy the money, but remember this,
23:32 happiness doesn't come from spending on yourself.
23:36 Enjoy by spending on others, by supporting others,
23:39 by using you're ability to gain
23:43 through the experience of budgeting,
23:45 so you can support these agencies that are giving
23:48 the Gospel to the world.
23:49 Now in reference to some of the things that were said,
23:52 I heard the story of, you know, a professional athlete that,
23:56 you know, when we think about it,
23:57 they're not really in their profession that long.
24:00 And typically, from the status of football,
24:03 many of them last in the league for about three years,
24:06 an average of three years.
24:08 And within five years after they're retired,
24:10 they're out of cash.
24:11 It's a big issue and one story is told of one gentleman
24:14 that had to retire from the game
24:16 and he just gotten his,
24:19 I believe some type of monies from an injury
24:23 that he had incurred on the football field
24:25 and it was a lump sum.
24:27 Part of it was already taken out
24:28 for some type of child support payment.
24:31 But he said as he was driving home,
24:33 he had that 54,000 dollars,
24:36 I believe it is, on him as he was driving home.
24:39 And guess what?
24:40 As he was driving home he saw that new vehicle that,
24:44 it was a new vehicle at the time that was available
24:46 and it cost almost 40,000 dollars
24:50 with all the bells and whistles.
24:51 And guess what he did?
24:52 With his last 54,000 dollars, that gentleman went
24:56 and bought the next best thing.
24:58 He didn't think about the future.
25:01 He thought about now,
25:03 about greed, about getting what he wanted now.
25:05 And I think that's one of the things
25:07 we need to take in from the standpoint of understanding
25:11 why God is saying
25:13 that if we have godliness with contentment
25:16 that is a great game.
25:18 Being at peace with where you're at,
25:20 studying the venues, studying the horizon,
25:23 seeing what works for you,
25:25 figuring out the programs that are available,
25:27 thinking for the future,
25:28 because when most people buy cars,
25:30 they don't realize that there are costs associated with it
25:33 as would be insurance payments, and gas,
25:37 and maintenance and all of these other elements
25:40 from that standpoint.
25:42 Thinking of the future talks about this issue called college
25:45 and I'm talking to that market
25:47 that's looking at going to school
25:48 or may have recently finished school
25:50 or may have finished school a few years back,
25:52 but still has the college debt.
25:54 There are different resources
25:55 that you can use to help pay off the debt quicker
25:57 or pay it off through public service.
25:59 There are a lot of things that you can do to support
26:03 what you're doing and support the ability to get into school,
26:07 whether you don't have the funds,
26:09 there are ways to find the funds.
26:11 If you do well in school,
26:13 there are opportunities through scholarships.
26:15 And when you look at school,
26:17 understand that that debt that you have can be minimized,
26:21 and if you think future...
26:24 For a future tense,
26:25 you can begin planning your future
26:27 by putting money aside
26:29 right now to pay for those other expenses
26:32 that will come your way.
26:34 So we take a look at that.
26:36 We thank Mr. Joshua Hernandez
26:38 for his for his time and for his insight
26:39 because it provides you an opportunity to look more
26:43 so at your finances
26:45 and look at one of the big things
26:47 that cause a lot of stress in people's life.
26:50 College student loan debt is one of the top three
26:52 along with bank loans
26:54 and along with credit card debt.
26:56 Those top three are things that you should be aware of.
26:59 Start thinking about it now,
27:01 and begin the process of understanding
27:04 the value in your life when you can live it,
27:08 without the debt
27:09 and live it with the peace of mind
27:11 knowing that you can support
27:13 and do and be for others.
27:16 So we talk about student loan debt,
27:18 we talk about college debt,
27:20 we talk about you as an individual.
27:22 Wherever you live, there are opportunities,
27:26 there are chances for you
27:28 to become something far greater than yourself.
27:31 And when you plan for your future,
27:33 you're planning to become wealthy,
27:35 not because of how much money you will make,
27:38 but because how you will manage your money,
27:42 how you will spend your money, how you will save your money,
27:45 how you will buy assets with your funds,
27:48 and how you will invest your funds.
27:50 I am thrilled to have this opportunity
27:52 to talk to you about this issue called debt
27:55 because I've seen it in my life
27:56 and in other lives.
27:58 If you think,
27:59 then you can take that extra to the bank and save.
28:03 God bless.


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Revised 2016-02-18