Coach, the energy out there felt different. What changed for the team today?
It was a new game day, scratches from the California Lottery players, everything. Those games sent the team's energy through the roof.
Are you saying it was the off field play that made the difference on the field.
Hey, little play makes your day, and today it made the game. That's all for now, Coach, one.
More question play than you Los Angeles Chargers, San Francisco forty nine Ers and Los Angeles Rams scratchers from the California Lottery. A little play can make your day. Peace made responsibily. Must be eighteen years or older to purchase plate or claimant to ask.
I want a question because I feel like we talked about stock a lot on this show, but it's more just a stock shows. It's a it's a business show financial. So one of the things that's crippling on people the most in this world is dead. Even on our podcast, you Go, I talked a lot some different strategies to pay off debt. I think is the avalanche approach? And did of another approach? Can you talk about that?
Yeah?
No, absolutely, And I think that also too. I think I want people to open up their minds about the market. There are so many markets to invest in. I became a millionaire and I invest in like stocks, but that's that's not my main source. You know, I feel like you should. A smart investor is an investor that's willing to do the research in the thing they enjoy investing in.
So yes, that well.
And I'll say this too about black and brown people in debt, that I'm gonna share with you ways to pay off your debt, but I want you to set it and semi forget it. That is not your focus. A study was done that black and brown people focus more on getting out of debt, where the larger population focus more on on growing wealth. And it is why we are here because debt is a is a goal
on the way to the destination. It's not the destination itself, you know, Like it's not like, Yay, I'm debt free, and I always say so is my four year old nephew Roman.
He's still broke and you can go free.
Yes, de free, don't ego broke. Don't let people out here fool you. Debt free, don't ego broke. Your toddler is that free? They still broke the growth broke. So anyway, here's some of the methods to get out of debt. First method that I like is the snowball method. That's when you pay off the debt with the lowest balance first, and you can find snowball calculators online, do your googles, and so the reason why you do that is because
people are emotional and they need early success. So if you pay off the debt with the lowest balance first, and then while you're paying off the debt with the lowest balance, you are also paying the minimum to the rest of your debt on your list because you're wanting to give that debt it's minimum plus any extra you can pull. So let's just say you can pull an extra five hundred dollars a month from your budget. You know, so first debt gets its minimum plus the five hundred.
Once that debt is paid off, you roll over that full amount to the second lowest step. Second lowest stet gets first lowest sets minimum it's minimum plus that five hundred, pay off that debt you roll it over. So imagine like a snowball rolling down the hill that the more it rolls, the bigger it gets. So the premise of the snowball method is as you get to debt with bigger and bigger balances, you have more and more money to put toward it because you're collecting minimums along the way.
The other method is the avalanche method. For those of you who are really linear and the avalanche that are really logical. The avalanche method actually makes more or sense, not emotional sense, but makes more mental sense. And that you pay off the debt with the highest interest rate first because that's the debt that's the most expensive, and the same thing to pay off the debt with the highest interest rate, they roll it over to the second
debt with the with the second highest interest rate. I believe him doing a mix, start with the snowball and when it makes sense, not out debt with the highest interest rate. So but honestly, you said it, and Sai, I forget it. Like I call him Jake the thief. When I was like twenty seven, a friend of mine who had like a lambbou a penhouse in New York. So I thought he was rich and I was like, yo, teach me how to invest, and he promptly stole my money.
But he's in jail.
Now, and so he left me and left me thirty five thousand dollars in debt. And I remember that I put all my energy for two and a half years and to pay.
Off that debt.
And I remember when it was finally paid off my credit card debt, I was like so excited, and I was like, yes, I paid up the debt. I did it, and I looked around and I was still living in the room. That's when the light bar went on, like the hell are you doing to me?
All this time?
You did all this and yes, you're you paid off the debt. Because the next I head of my list was my student loan debt. And I said to myself, you know what, I'm gonna pay just the minimum to the student loan debt because that's fifty thousand dollars. I don't want to spend another three years working on getting debt free just to be still in this room. And I'm gonna spend the next three years working on my
business investing and so. And then it took the three maybe I want to say, maybe four years, and then one day I was able to write a full fifty two thousand dollars check to my student loan debt like it was nothing.
And so that's why I say I want you to focus on growing.
Wealth and investing and allow debt to happen as a result of growing wealth.
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That's that's incredible because you know, we just had this conversation maybe three hours ago when we in our Booklubs shot everybody that was in the book Cup yesterday about that scarcely mindset. Whereas like whatever we lack, we focus on, yes, whether if I lack money, I'll focus on trying to get money. If I lack food, all I can think about is getting food.
If I if I'm trying.
To be different. All I can think about is a debt you're saying, and I agree with you. Was like, yo, we should focus on the investment piece and that will take care of the other part everything else.
I'm gonna let you ask you a question, but I going to make a statement too, because I feel like, especially black people, a lot of telling me feel like this.
There's no such things as credit jail. Like I used to have.
Terrible credit when I was in college. I got out of college, I ran up credit cards and I actually I think I had a lean on a judgment.
On one of the credit cards I couldn't pay back when I was like in my early twenties.
And eyl one of my eyl nives shout out to PTG. They just dropped the car off for me. We'll reveal, we'll do a whole revealing. But what was my credit score?
A fifty two? A fifty two. So it's like, you know what I'm saying, don't ever let somebody tell you that, yes, if you got that credit credit.
I don't sweat credit.
I just want, honest see, if all the things to worry about, it's the least you should worry about. All your financial because it's the easiest thing to trick, right, Like you're like, oh, hey, hey Graham, I you could put me on your credit card as an authorized user. Boom some points, you know, hey, let me pay off a credit card. If this is what I when I lost my job and I my credit score fell from like a oo two to a five forty seven after I couldn't for my mortgage and when it's a foreclosure,
I put a debt. A debt lawyer told me, Tiffany, get a credit card, put Netflix on it, or the gym, your gym membership on it, and paid off every month in full.
Boom boom boom. I did it for two.
I used to call my jump like Jordan card. Right, I'm like, yo, this credit card is about to jump like Jordan. I did it with two, and in like two and a half years, my five forty seven became a seven fifty with an active foreclosure. Some of y'all don't have no foreclosures, still don't have no seven fifty, right, And I was just like, no, so credit. I don't swear credit. Like now my credit score is probably like
I don't know, eight oh seven. I think last time I checked quite honestly, I don't care I can raise credit like this. I'm focused on growing wealth. I'm focused on managing debt. I'm actually debt free like four year rold, but I'm focused on managing debt. I'm focused on increasing business opportunities. I'm always like my mentee always tell me, like, yo, Tippy, you wait on a coin. I'm like, I will yo. I will have an idea that I know probably won't see the money for for five to ten years.
I'm good on that because if you start planning.
Seeds now, like I'm forty, I'm reaping my thirty year old seeds. Well, people don't get That's why I don't mind planning seeds at forty. I'm not going to see the fifty because I'm like, I'm good. I'm reaping millions of dollars because of seeds I've planned at thirty thirty one, thirty two, thirty three. If you continue to plant, you
will continue to reap. And that's the issue is that most people, the reason why they don't achieve the wealth and the success that they want is that at some point they don't see the seed grow fast enough, so they stop right and then five years later, one of those seats sprouts up and they're like, oh snap, that's from five years ago.
And you realize, like, dang, had I kept going?
You will?
I will always read. Not only will I always read, my kids will read. My kids' kids will reap.
My kids kids will read because I have set it up that I am depositing every day. I'm planting every single day, So I don't mind waiting on the corn. I have ideas that I'm like that that's a billion dollars. This is in about fifteen years. The way the market is going, like I was just watching, like I don't know. I mean, I'm sure you guys have been following, like what's happening with Joe button pudding?
Right?
Let me get my jersey, my fellow jersey writing.
Right, you can put the s on it right, right right, and so like even Kanye, I mean, you know Kanye, but still right right.
I know.
My graduates from my school being forced back.
Drop bag drop Mike, drop bag drop drops.
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