EYL #75 State of Emergency

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All right, guys, welcome back State of Emergency edition. You know, we haven't really had a live episode since this Corona situation for full blown Obviously, if you were watching a podcast, you know that We have a lot of episodes that we've take before and never put out, but but we decided that, you know, instead of just keep putting those episodes out, we got really a couple of really good ones still in the vault. We wanted to kind of just talk about some of some current topics.

Well has changed, Yeah, for sure, It's.

A lot going on in the world right now, and our job is to try to help people out, try to educate people, and try to you know, bring awareness of different things.

So and we appreciate that people are looking for us to do that, man, because that is super encouraging in these times. So we're going to deliver on that for sure.

Yeah.

So we're gonna talk about a few different topics in business right now that's trending and really relevant.

To everybody's lives.

And so yeah, first up to bat, we're gonna talk about video conferencing.

Yeah, it's huge right now.

That seems to be the way that everyone is communicating due to the social disgizing. There's tons of platforms, So let's get into it. That's actually where we left off.

Really.

Yeah, we talked about Zoom a while ago, spoke Well, the crazy thing is that if you're in business, you're not new to Zoom, like you've been using Zoom for a long time.

I been using Zoom for years.

I was actually surprised that not a lot of people knew what Zoom was until recently. But we spoke about Zoom on the podcast I think a few weeks ago.

Yep.

We were actually talking about how if this was going to happen, social digital was going to happen, we would see video conference and be the thing, and that was a stock that we spoke about.

And now we're back at it. Yeah.

So if anybody's not familiar, Zoom is a video conferencing application that allows you to video conference. It's like FaceTime, but it also allows to do like I think, up to like a thousand people. It's a max something like that, and then it has like different levels that you can pay for or different features. And it's real big in

Like virtual happy hours.

The user amount went from ten million to one hundred million.

They went from ten million to two hundred million in two.

Months, ten million to two hundred million two months. The stock price went from sixty four dollars sixty two dollars in December to it reached its peak at one hundred and sixty four dollars in March. So just in a few months, it increased one hundred and sixty four percent. When everything else was falling, Zoom was rising.

We started getting text messages about that thanks.

And it went up one hundred and sixty four percent, and so it's crazy. So now it's like we talk about it all the time as far as how you got to stay up to date as far as the world because everything changes so rapidly. But now we actually get to witness it. We actually get to witness the world literally changing in fourteen days.

Like living in it as it's evolvement.

It's kind of crazy to be a part of because everybody says, like, yo, we never thought we'd be here, but we're here, and now it was like well three or four weeks now that we're into it, So getting adjusted to it is a thing, and then now trying to survive in it is another.

Yeah, so let's talk about Zoom. We gonna talk about few different things for the conference, but just talk about Zoom. So, as I said, I mean, everybody should be aware of Zoom. We use Zoom for Eyo University. Shout out to all Eyo University members. Most jobs that are you know, doing distance communication is using Zoom. Most distance learning is using Zoom. So a lot of people are getting familiar with Zoom. Like you said, it went from ten million users to

Yeah, so the major thing, like you said, a lot of business corporation has been using it. But when it came into the education space, security became a real situation. We had kids going into conferences what they're calling is zoom bombing, going into them not being invited.

Kurs and doing all types of profanity.

So it became a security issue from an education standpoint, but on a business standpoint, a lot of people's information was being shared, so that became a big thing. Companies like Facebook and LinkedIn were getting information based on people subscribing and people putting up their ID for their chats, so it became a real security issue, and recently New York City decided listen, we're banning Zoom. We can't use it now for our schools. We have to find alternatives for these reasons.

Yeah, and you know, it's something that all technology companies have for Privy too, So it's like Facebook just the next one up. Facebook has pay billions of dollars for sharing user information. Google has been proven that they've shared user information. So this is the world that we live in. And Zoom has vowed to take steps to correct this measure.

Yeah, so now there thing is like rather than making upgrades, because it's some things that they could do to improve now that they have such a large platform of people that are using it, they've maken a vow to listen the next sixty to ninety days. Our only thing that we're working on is security. So it's a great platform. They just want to get the bugs out. So there was like an update that happened a few weeks ago.

You have a password.

Also, yeah, you can put.

Password protect the ID, or when somebody comes into the room, you can put they must expimission before entering. You make sure that everybody mic is muted before they enter. You make sure no screens on before they inter So all these things that people who are commenting zoom could.

Have done or know to do. The new userge they're not for making.

So for like people that are zoom bomb what's zoom bombing? Talk about so zoom bombing.

And I'll give you a perfect example is like if we had a video conference, right, We're doing an Eyo University webinar and somebody shared like that we didn't have part of the group shared that link. They come in and they just go off like their MIC's not muted,

So all right, So for people that are in business, because this is a business podcast and they're setting up their zoom, what tips can how do they stop that from happening?

Like we said, so there are precursors before once you set up your accounts. When you set up you account, there's all types of things you can do when doing like a webinar or you're doing a video conference. When you go to the settings, you can check everyone's mic

And Zoom is so you create the zoom link and then you send it. You you send it to anybody that you want to have in the Zoom exactly rxactly. Zoom is free, right, that's true up to one hundred users.

One hundred users.

Yeah, so anything over one hundred users, like some conference rooms have a thousand, right, then you're gonna have to pay more.

How much do you pay?

Uh?

Their plans vary.

I know there's one that's ninety nine, there's a three to ninety nine plan, and then it goes up from there.

You know how many people you want a month?

Yeah, per month, right, which in the business world is a small expense. If you have to use Zoom on a daily and you having huge numbers of people in your conference.

It makes sense.

But school districts have to do now is like figure out like where we go next? Because that was an expense that kept everybody together.

Now what do we use?

Okay and Zoom stock? So on the financial side people can benefit from it is that obviously you can buy a stock. So like I said, that the stock one of one hundred and sixty four percent in a few months, which is crazy. Then they dropped after all of the security stuff came out and dropped. So now it's at one hundred and twenty four dollars, so still double what it was in December, literally double from sixty two to one hundred and twenty four. Will we bullish on the stock or parish on the stock?

Who you're asking if we are?

Yeah, I'm asking your opinion.

I like the stock, like I said, I think the platform is good. They have some security issues. I'm sure they'll be competitors that are trying to compete, but that's what everyone's using. Right you got two hundred million people at your doing stuff right now.

I think it's a great stock.

I don't think that social distance discision is going anywhere anytime soon.

So I think it stays around.

I'm bullet showing. I'm bullet showing Zoom. I don't know if right now it's the best time to buy Zoom stock, but I think over the long haul, Zoom is here to stay. They've had security issues, but everybody's has security. Facebook has more security issues than anybody, and everybody still uses Instagram. A lot of people don't even know that Facebook owns Instagram, which is mind modeling. And there's people on Instagram that say, I don't trust Facebook. I never

So hack everybody on Instagram, same company, guys.

But it's actually a very interesting article about how Mark Zuckerberg sage tried to sabotage Instagram because you got jealous. That's a whole different story. Maybe we'll talk about that on the podcast. But so yeah, I think that long term Zoom has a lot more improvement to make. But I think it's here to stay. Like I said, I was using Zoom before social distancing. Now, as you said, I don't think social distancing is going anywhere, So it'd be interesting to see.

But there's a few other apps like that.

Have come to prominence during this time of social distancing, and you know, it really highlights a new way of living, like if you think about it, because it's like I always tell people, I was telling Jamal this the other day. Sixty day, they say, sixty days of doing anything makes a haboc. So it's like, at first, when this whole social distancing came about, everybody's like nah na da da da. And then after a few weeks everybody gets used to it.

House Party. House Party is crazy, house party.

Shoot. I just found out about house Party. I wasn't evenly even aware of the situation. Somebody told me about it, and it like download the app and then once they told me about it. A lot of people started talking about it about house Party.

Yes, the house Party's dope.

It's one of those interactive situations where you have video conferencings but you can have multiple people in a lot of people using it at first as a way to do online gaming, right, so like if we're playing a game, we can like Heads Up as a popular game on that so I can do it virtually. But now it's turned into that virtual happy hour spot where people can talk to each other and have own separate conversations within

I would advise anybody in business. But I said before Dana Shanell like she said this during her interview. If the business doesn't have a home, it's homeless. She was talking about apps. She's like, every business has to have an app. So I said to say, I encourage all entrepreneurs, all business, anybody that's interested business. If you're not online,

We spoke about it a lot, even when we talk about brick and mortar, Like we said, Yo, listen, if you don't have an online presence, you ain't gonna survive.

Yeah, you can't fight it. You just got to go with it, right, So we're seeing you. If you can't understand like this play, Like a lot of times people get amused by what's going on, they can't actually see what's in front of their face. So it's like four hundred thousand people's tuned into Tory Lanes with Quarantine Radio, and it's like it's entertaining. But if you don't see the bigger play behind that, then you're missing it. The bigger play is that this is a new way. This

Recome anytime that we have to interact with people in large groups, it's going to be tough, like the trust of society won't be there, so large events they can't exist in the same way that.

They used to.

Tory Lanze is ill though, because, like you said, the record on Instagram live for most people, and then the other day he went to TikTok and he had the most live on there too.

He's moving crazy, right, I mean, he's doing the right thing, and like even for us, like you know, like I was saying a couple of days ago, I'm like, we need to have a virtual networking event for eyl real

And that's crazy.

So like most of the world is thinking, like, yo, how can I recreate that I'm a Savage challenge or any of these challenges, And it's like, not, there's a bigger play here, Like y'all got to see that.

Yeah, they're doing these things with these makeup brushes.

Oh, the rush challenge, Yeah, and.

No, it's it's it's entertaining, but I mean, just understand what you're doing, Like you're doing these shimmy dances and they're they're taking all your information. I mean, I don't know what to call it like I'm from I'm from a different era.

We you know what I'm saying.

I respect what's going on, but I'm just from a different I'm cut from a.

Time I think people are just trying to find ways to entertain themselves or find entertainment and you know.

But you know what, though we said this before too, the vast majority of people, unfortunately, will come out of this thing worse than they left then they.

Came, they went into it.

A select few will come out tremendously better. We've been saying, the financially said, there's a lot of opportunity, and the vast majority will not be able to see it because they will be caught up in entertainment and survival and a select few will make a killing.

We said that.

We actually had this conversation and we said, like, right now, it's survival mode, but for some people to thrive the mode we're trying to figure out, like yo, how we how we're going to survive the drought, Like we're going to survive the drought and do well, So like that's the mindset that's got to be, Like, Yo, there's an opportunity in here. Like I told people this ain't ideal

There's some space.

So like zoom has some issues, I'm sure there's somebody right now that's trying to say, you know what, we can make a better platform than what they have.

And now it's a good time too to reach out to So like even with us with the podcast, and I got this idea yesterday, it's like now because at first I'm like, it's a couple of big name people that I wanted to reach out to get on the podcast, and I'm like, oh, now we gotta wait because it's slow motion. But then I'm like, actually, this might be a beneficial thing because now everybody's home, so they can't have the excuse that they are out of town or they flying on So maybe this is a good time

You got to make sure it's valuable too, because now you've got to remember that for those same reasons that everybody's watching, why are they going to watch you? So you got to make sure that the content is valuable and that it's worth watching. It's not just some frivolous thing that you're putting out because you all competing with people who never went on IG live are now there and everybody's I saw Rihanna on I Live yesterday.

Shout out to Benny Pugh. Ben We spoke a few days ago, former president of Rock Nation, and he told me he was like, all the everybody's doing what they should have been doing.

A year ago, two years exactly.

Now everybody want to get on Instagram Live and build their social media. Now everybody realized how valuable social media that you should have been on Instagram Live, should have been doing these youtubes. I should have been doing all this stuff and even a lot of Instagram Like this is a perfect time to create your own situation like Tory Lanez and they shut him down, and it's like, okay, now now we once again Danny Channel. She was speaking

So that's the thing, and I think maybe that's the place. So like Versus, they keep using the hashtaging. In my mind, I'm like, there must be a bigger platform. I think they're building out Versus and when we come back to a place where we can actually move around, like I think Versus becomes a platform for just that. Right now, they have to use Instagram and then they got to play by Instagram rules. So like I'm watching every battle because just as a fan of the culture, I'm super

Shout out to Swiss beach Man, we gotta get him on.

And Timbo and Timbo don't leave Timbo out.

Timbo to King, all right, we got we gotta go to this before we run out of town. Distance learning something that's near and dear to your heart. And also this all relates to video conferencing. Distance learning is something that is crazy because this is something that nobody ever

So I think what they're saying now is like the faster they can get tests that will determine if somebody has it or not. If they can multiply that and a mass way, then they can start having people open up some things.

So hopefully they said a vaccine twelve to eighteen months, eighteen months away from that, so's if the vaccine is eighteen months away, that's the end of twenty twenty one, beginning of twenty twenty two.

But that's why the testing becomes even more important. So like if I could, if I know, like we saw in China, right, they have these thermal scanners, like when you walk in a building, like wait, his temperature is too high, Sir, we can't allow you in the building, or sir, we can't allow you on the bus. Like if they can get testing at that rate, then you can slowly and I don't think it'll be full blown like everybody's back outside, but you can slowly let some people outside.

Yeah, and well there's another issue because a lot of people are asymptomatic, so they don't even test, they don't have a temperature, but their carriers. It's like ghostbusters, Like you're fighting a situation that you can't see, you can't determine who has it. So I say that to say, social distancing and distance learning might be here to stay, and especially if it starts to go pretty decent, it's

I had so we had our kids around the same age, man we had and I was with you man, fifteen hundred in the summer.

They raise a price.

It was fifteen hundred a month for a kid. I'm like Yo, this is this is like college tuition.

Yeah, a three year old, Yeah, to just do nothing.

Let's not there, you always do that. Not the educators that are in these places.

Right, not a shout out to them, but I mean it's just it is what it is.

So now so now you got daycare, which is a booming business, and so it's a necessary business because parents have to go to work. That's the whole point of having a daycare, right, parents have to go to work. But now it's like if parents don't go to work any because like, the school system is one thing. School system is funded. It's a public they're public school.

Schools.

Private school are different. But we'll talk about public schools. That's one thing because they're not gonna get shut down because they're publicly funded. But you got these daycares which are not publicly funded for the most part, and they're tuition based. So now they don't have any money. So now they're they're going to need to bail out. So what a lot of them are doing is they're still billing. They're still billing parents, they're not refunding any money, and

Just think about the concert you just said, right, we're doing a video conference with a three year old.

Number one, what.

Three year old even knows how to get on a video conference platform?

So like that, it's a parents job now exactly.

But now so now the parents is like, like I said, a lot of people unfortunately are out of work, but a lot of people still are actually working from home. So now you're trying to work from home and you're trying to manage your three year old and you still have to pay. You're still paying one thousand dollars a month for your daycare because they didn't they didn't refund you at least if you're paying like the whole year, if you paid a couple months in advance, they they

Let's save this.

So now that's fifty thousand dollars that they have they're backed up on.

You know what I mean. That's it.

Every day care in America could shut their doors by the time it opens back.

Up, and by the time it open backs up and there's no where to put the kids, then what right, it's a big it's a.

It's a effect that everybody. I don't think people understand. It's like so many different areas that's getting effective by this.

Yeah, man, especially like you said that the distance learning pieces is so key because number one, yeah, you are working, but you are trying to teach your kids. So like the number one thing, like I have to I have two kids, So it was like the best thing I could have ever done was made a schedule just so we have some structure, right, So like creating a schedule where they come in every morning, they know what they

It doesn't stop.

And so like if you if I wasn't a parent who was in education, I couldn't even imagine, like how am I going to help my kids?

That's what and that's what.

That's just one part right, Like, and I had this conversation earlier. It was like I'm blessed to have the technology with this. Families who don't have technology, you know what I'm saying. So like this is learning is cool if you have the technology to do it. There are so many families in so many communities that don't have the technology, so then they're just forgotten about. Right, So now it's not even a situation of like yo, they're learning or not.

This is like a have or have not.

We don't even have the socioeconomic resources to even distance learn. So now that's like a forgotten population in a sense because like how do.

They learn now? Like people were like, oh, we could print out packets.

I'm like yeah, but then who goes against the package and who turns them in and how do they get to the person who's going to assess it. It's like a whole like dominoal of things in education. It's just like like this is real.

Yeah. And then also it's like a lot of kids in school is more than just learning. Learning is not even not even nothing when it comes to it. It's like when I was watching Loupe Fiasco a few years ago and he was like he was he was he was speaking to a school in Chicago, and you know, he was talking to the principal, and you know, he was saying, the principal told him that, you know, the majority of the kids only come.

To school to eat. Mm hmm. That's that's just the reality.

It's like it's like a lot of a lot of kids go to school to eat.

Yeah.

And so the public schools, and in this area in New York, the epicenter pretty much of the world at this point, they still have the schools are still open for just that. So like they do provide meals. But then but again you have to go out.

But the problem isn't like people where it's not from New York and made you know, most everywhere else in the country, you go to school on the school bus. If you if you're in New York City, go to you go to school, you go to high school, middle school, elementary, elementary school on the subway or the bus or the bus. Subway or the bus. A lot of kids take the subway. So that's now, that's really that's a difference. Now you're

Yeah, because and that's another thing, like people got to understand the dynamics of how New York City is. It's like you don't just go to school down the street from your house, like some kids have to get on two trains just to get to school. You know what I'm saying. That might be on another side of the county that you're in. So like that's a whole other thing, right, And as soon as people go back whatever, you are

Yeah, So I mean it's a lot, man, it's a lot to unpack there with the distance learning. But I think that from a business standpoint, it's gonna it's gonna have ripple effects because like the longer you keep kids out of school, now parents can't effectively work. So now there's no really hope of them getting back into the workforce. The average person can't, you know, doesn't have a job where they can just take months off at a time.

That's a fact, you know.

And another part of this is, in my petition, is there's going to be education reform, right because like what is happening throughout the So the SAT gets canceled and the ACT gets canceled. All these standardized tests that people realize like, yo, we don't even need that to graduate anymore.

It's like, if we're.

Not going to be able to check the work, how what is the level of work we should be given? And then who's creating the rigor like how difficult the work is. I think education reform is the next wave that comes out.

Out of this.

Well we'll see all my teachers stay strong, yeah, yeah, stay strong and staying couraged real quick.

This.

So the platform we didn't talk about the platforms that teachers can use. So Skype is a platform that New York City is looking into. Also Google Classroom and there is Google Hangout. So Google Hangout is very similar to like Zoom where it's inside the Google platform, So there's not those same type of security, medicine. Those are platforms that educators are using right now. We personally use in my district Google Classroom and it works pretty well.

There you have it.

So in the next segment, we're going to talk about the unemployment, not just the unemployment, you know, bad news, but we're gonna talk about different things that people have available to them and different options if you do lose your job or if you're in uh, lose your job in the future. Financially, it's a whole different ball game that you have to think about. So we're gonna go

Right then, what this is?

This is an economic title wave. Like it's one thing, the health issue is crazy. The financial issue might even be more dangerous because that's going to hurt people that's not affected by it, Like you know what I mean, if you think about it, it's like.

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They say, Okay, let's say the vast majority of the population and have this virus yet, but a large portion could be financially crippled by like one percent of the population. If they have, it could affect forty percent of the population. So the unemployment numbers right now is crazy due to the group seventeen million unemployed within the last three weeks, which is eleven percent unemployments up to eleven percent right now. They said that the real unemployment is probably in the teens.

Doesn't for long duration, right like two or three years.

Yeah, the worst case, and the thing with this is that it just happened so quick, within a couple of weeks.

That's crazy.

So worst case scenario, thirty two percent of the population will be unemployed. So with that, it's a lot of things that come into play when you lose your job. Right, So we're going to talk about a couple of different things that if somebody has lost their job, somebody knows somebody that has lost their job, somebody's spouse has lost their job, somebody that might lose their job in the future.

Right.

Nobody prepared for this, right, well, nobody was aware that this was going to happen. Some people have prepared, but nobody specs like, Yo, I'm working in March tenth and March seventeenth, I'm no longer have a job.

Yeah.

So the first thing we're talking about is retirement benefits. And we talked about this before retirement plans, but so the government the Cares Act, that is the stimulus package, they changed the laws for retirement plans for this year. A couple of things that people should be aware of. So if you have a fall one K plan or similar type of retirement plan, you are now able to take money out if you're no longer work, and you can take money out without a ten percent penalty tax.

For this year. That's important.

So previously it was a ten percent penalty. Like, if you took money out before fifty nine and a half, you pay a ten percent penalty, state federal tax, and a teen percent penalty tax if you take it out prematurely. This year, you can take money out prematurely if you can prove you were affected by corona virus, which is a majority of people.

It shouldn't be that hard.

That's crazy, Like, think about that, Like that penalty, you're talking almost forty percent your paying it's almost like a forty Like say, if you count state tax, right, we live in New York State, you count the federal plus the tempercent, you're almost talking forty percent of the money that you're trying to take is being taken out taken away.

Probably more than that depends on your tax bracket. But so yeah, so that's that's that's done for this year. There's a thing called a sixty day rule where if you take money out of a retirement like let's say you take money out of IRA, and usually you have sixty days to put it back in before you get taxed. That's been stretched double. So it's a hund in twenty days this year without paying a penalty. They've also allowed the amount of loans from your four one K to

I think it was a statistic, right, sixty six percent of Americans don't have a thousand dollars in the savings. So the first place that we're going to look for money is retirement acount.

Yeah, so but the problem we're taking money from your assirement account. Obviously you deplete your retirement, but also you pay a bunch of taxes. So that's why they try to make some provisions for this year. So if people who have no other option and they have to take money, then that's an option that you know is available to them.

But that that class in itself man like and we've spoken about this before, but like that class was like super informative because I learned some things.

I'm like, oh okay, because, like you said, being in.

Education, being in the Union is like, all right, we're strong now, but like, Yo, what happens in September when they're like listen, we're cutting salaries in half or nobody's getting a salary, you know what I'm saying.

It becomes a real situation.

Comes to issue. And then another thing we're retiring plan is like even if you add a job or if you you know, my personal opinion is that if you're young, ride it out because we the market. The markets already starting to go back up, which is a whole different conversation.

But a lot of times.

People panic and they see that full one K goes down and they want to cash their money out. So that's not really probably the best option because now you pay penalties, you pay taxes, and you lose the future growth. Where it's like you can just stay the course, or you can change how you're allocate, Like you can go to a money market account. If you really don't have the stomach for stock market, you can always go to

Yeah, it's gonna take some pages, man, waiting for things to come back. In this climate.

It's already coming back. I mean the market. If you follow the stock market, the stock market's been booming.

And that that is something like we've got a conversation.

I'm not sure or quite understand because if you see right this tidal wave of its coming of people being unemployed, people not having income, people not having funds, how does the market keep going up?

Well, one of the things whise it goes up is that it's in the last recession, we had a thing called quantitative eason where the FED just pumped money into the and now this is like that on steroids. So they're pumping trillions, literally trillions of dollars into the economy to prop it up. So it's like on stilt right now. Right, that's one reason, because it's so much money being pumped into it. And the FED has said on national television that it will print as much money as we they have.

Go into it.

But so the Federal Reserve's bank is an outside entity that controls the currency, and they really have free range to manipulate the market however they want. So, like when you see the Fed's lower interest rates, like at any point in time, the Feds want a lower interest rates they can lower. They want to raise interest rates that can raise them. They want to stop printing money, slow down,

And that's the thing, Like when you flood the streets for money, and what does that do to the value of the dollar, and how you stop inflation from happening. It's like a big So those are like big dominoes, right, Like when we see that on a scale, it's like, all right, that makes sense.

But until you go to the supermarket.

Now your milk is ten dollars and you have no money to get it, It's like, all right, we're back to survival mode.

Yeah, So that's the delicate situation. So most people think at some point, I mean I personally think at some point the stock market has to come down because especially if jobs aren't opening, businesses aren't making money, people getting laid off, it doesn't really technically make sense that the stock market's going up, right, very puzzling.

It's puzzling, like and we'll take a sect if we looking like the airline sector. We're looking at these airlines like they're fluctuating, they're going up, they're going down. I'm thinking, like, there's nobody that's flying right now, Like nobody's flying, Like flights are going with two or three people on them, Like this doesn't make sense.

And this is just highlights another thing. It reminds me of crypto, the crypto days, when you know the sad reality of it is that the vast majority of people are just pawns in this game where a few people really move the pieces. So you have hedge funds, you have institutional investors, you have big, big, big players, right, and this just shows you that it's no real rhyme or reason. A lot of times it's whatever they want to do. It wasn't like Wales and reality of it.

Everybody's changed their progestions for the year already.

Ninety five percent companies rolled off the year three weeks in the year's.

Done three weeks and like so like what does that look like two to three months? Right, Because if we're talking about like what the government, well the mayor said, we're going schools, mean people can't go back to work. If nobody goes back to work until the summer, you're talking three or four months, three weeks, and that's what.

It looks like. This is we in for some some different type of time.

So wash the stock market. Shout out to Ian, Shout out to Wall Street trapper, Shout out to everybody that's educating the people, because you can make money in this market. I'm invested in the market. You know, a lot of us are still invested in the market. And I'm playing the game. Yeah, I'm learning. I'm playing it, and I'm learning. I'm playing a game, and I understand that I'm not making the rules. I'm not trying to act like I'm in control of it. But okay, there's money to be made.

We're gonna try to make it's legal.

It's not like you're doing anything unethical. I mean, it doesn't make sense, but whatever, somebody's gonna do it, so why not all right? Well, so okay, so staying on track with unemployment. Yeah, another big issue for people is healthcare, especially now whatever what coronavirus is, like, you know, your health health is the number one issue. So healthcare is a big situation because obviously when you lose your job, now you have to make decisions about your health insurance.

Yeah, So cobra is a continuation of your health insurance for anybody that loses their job, and it depends on your employer, but it usually after you use your job and you lose your health benefits.

You can apply.

You have sixty days to apply for COBRA, which will continue your health insurance. The biggest difference is that you have to pay the premium. So whereas if you worked in education, right the premium won't be as high because it's a union and the rate is going to be a lot lower. Now with COBRA, you have to pay the premium up front. One interesting thing that I found out was like people that are furlough so like people lose their jobs, they can apply for COBRA within sixty days.

People are furloughed, COBRA is not a qualifying event.

So those people, you know, hopefully their employees can continue their help benefits.

If the some do, some don't. I think they're in an interesting space, like what do those people do because a lot of people are being furloughed.

Eventually, I'm thinking if this continues, they'll eventually be laid off and then they will be.

Qualified for COBRA. But it's a very slippery slope right now.

Man health insurance right now is I mean, what will we do with that without that right now?

Especially in a health crisis.

Imagine that you don't have health insurance and now you're in a health crisis. Yeah, you don't have a job to pay the premium.

Yeah, So Cobra Yeah, Cobra is for people that, like you said, got laid off. And the thing with Cobra is that you get to keep your same plan, but the premiums go out substantially. They could go up substantially because now your employer is no longer paying that portion of it.

A lot of times the employer has government and set assistance put inside the plan, so they paid some of it to them and pay something.

Now it's all on you. Yeah.

And then also you're no longer part of that group, so everything is always lower with a group. That's why it's called group insurance as opposed to individual insurance. So now if you're on Cobra, you're on the outside. So if you were paying let's say two point fifty a month for your health insurance at your job, now a Cobra you could be paying seven hundred dollars a month, six hundred dollars a month because now you know it's no longer being subsidized. It's the same plan, but now

Which is why in my mind, and we sold the federal government. They changed the unemployment rate, right, so well, not the unemployment, the unemployment insurance amount, so that they've added six hundred dollars to it to whatever you were getting, right, depending on how much you've made this a percentage's actually a calculation. You can determine how much your unemployment insurance check is. But they've added six hundred because of these type of expenses. Right, somebody's gonna go on a crow,

While, and we have to have people with money. We have to give them some type of income.

Yeah, and you know another thing that people have available to them sometimes is the ACA Affordable Health Affordable Care Act that was better known as Obamacare.

Obamacare Act, and Medicaid.

So, you know, the interesting thing about medicaid is that, you know, each Medicaid Medicaid system is really screwed up because it's there's really no set thing for it. It depends on your income. Each state is different. You can like apply on the state website. But they said that it estimated six million adults that actually qualify for Medicaid are not enrolled. So that's another option as well, because with Medicaid is like you don't really pay for anything.

People think they're not getting the best health professionals to be doing the job.

Well, guess why you're not getting the best health professionals anyway, unless you're rich.

What's the reality of it?

So, yeah, it's free, So I that might be something that a lot of people should look into as well, Like I said, with researcher and they said that six million people that actually qualify for Medicaid are not enrolled. In medicaid, just lack of awareness, lack of awareness, and yeah, lack of awareness would I.

Would say lack of awareness more than stigma. I don't even think people know that.

You don't think people have the stigma with medicaid? No, No, I don't think people know that they qualify for it.

Because of the stigma attached to it. They think medicaid is just strictly for you know, poverty, like extreme poverty, senior citizen and things that the nature.

They don't.

But you can be working class. Poverty is a real thing, and you might have a full time job and technically be in poverty. It's the reality of them. Middle class poverty happens.

We had that argument, right, we were doing working class, middle class, rich, poor.

We had like this whole debate about that. But that's a fact.

Yeah, there's no middle class, either rich or poor.

We're gonna fall in between one of those.

Yeah, because realistically, it's like Ian Sam, if you don't have sixty months saved, you're screwed. And it's like, Okay, that sounds crazy, but that's what that's.

When we said it. We were like, yo, that's crazy.

That's wealthy because it's like Okay, Now this is exposing like what we've been saying for ever that no matter how much money you make, a lot of people are one paycheck away from a financial crisis. If you're one paycheck away from a financial crisis, you're poor, You're in poverty.

You have no reserves.

That's one of the things like in shout out to Ian and shout to map, but we've been stressing that, like you got to have reserves. Like I told you when you told me at twenty six, like, yo, you need to have six to twelve months to live off of. And I was like, y, all right, that's the standard. And then when he said sixty, I was like.

I'm in the wrong boat. I got to readjust what I was.

Thinking, because he's right, like, this is a financial crisis. This is a health crisis and a financial crisis at the same time. So like that's five years.

Yeah, really how long people survive? Yeah?

So and then it's like with the Obamacare, the ACA that's open enrollment once again, and the issues that they're having is that they haven't changed it, like you would think that they would make some provisions for like enrollment and different things. Because it was going on but for the most part, they really haven't. So a lot of people are mad about that in the administration, and it's kind of a lot of it's a lot of lag time on everything.

I mean, at first they wanted to get rid of it.

Yeah, so now it's like why even go revisit it when they try to get rid of in the first place.

So healthcare is something that you know, people should be aware of. Another thing that people should be aware of is their insurance. And were talked about this before as well, especially you know, talking about life insurance right specifically talk about life insurance. A lot of times people think that they're good, quote unquote, I'm good because they.

Haven't you have it all the time.

I'm good you have insurance at your job. But no, you're really not, because it's like, what happens is that this is a perfect example. If you lose your job, a few things happen. It's one you can keep your insurance. That doesn't really happen for the most part, but you can keep your insurance in the same majority of the time, what happens is that you no longer have your insurance or just like the health insurance, you can keep your insurance,

I was gonna say, thee hundred thousand sounds like most of the ones I've seen.

Well, sometimes they let you get like double your income. It depends on how much money you make, so it's all relative. But I say that to say it's good to have because it's a low risk as far as like it doesn't really cost you, you think, sometimes even free. But the problem with having life insurance that as your only source of life insurance is that this right now, so a lot of times when you leave your job, you can't it's not transferable, you can't take it with you.

Wow.

So this is a whole domino effect and it's much deeper than most people think about.

Wow. But once again, I meante.

Thinking about the premiums as you said it just now, like I hadn't even thought of that. Imagine that you lose a life insurance and you do have to pay the premium, Like, let's take the life insurance, now take the health insurance premium, I mean the Cobra premium, Like Something're gonna have to give up. Something you have to say, look, I can't pay one of these.

Yeah, And it's a learning experience. And once again, not to play the role of like I told you so, but this is things that we've spoken about on the podcast for months and hopefully people take heed to it right because it's like it's unfortunate. But most time people don't really learn until something that happens. And this is like a perfect example of why you should budget, why you should live, why you should live below your means, why you should save for or any day, why you

Credit.

It's something to fall back on. As Cash spoke about that on the Live. It's like, if you have great credit, you lose your job, you can still you can live off of credit for a certain amount of time.

A lot of people are not even thinking.

It's not the best option, but it's an option. It's better than you know nothing. Yeah, that's the fact. Yeah, so that's one of the first.

Things you did.

He was like, Yo, I'm about to try to increase my credit limit because like, yo, an event that I need to have it.

I want to have it. Yeah.

I was like, all right, I'm not the first thing that I'm on that I'm on that time too, let's do it.

The first thing when this thing really started to get like crazy weeks ago, the first thing I did was to call all my credit cards, increase my credit limits, take out balanced transfers, twelve month free loan. I don't even need the money, but bunker down, I said I would. I learned that early on when when when it ships

So we're not gonna let it happen again where there was opportunities and we.

Didn't have the income to take advantage.

This time around, there's definitely gonna be opportunities and we're gonna, we're gonna, we're gonna make sure we have the income to take advantage.

I'll put money in the street. I don't put a lot of money in the street. I don't put a lot of money in the street. Hold you man, it's gonna be a lot of money made. That stock market is gonna stock market and real estate is gonna be prime is gonna be.

Just on an educational standpoint for people who are having financial issues, student loan, and we didn't we didn't talk about it, but I'm just really quickly student loan. If you have federal student loans, those have been suspended till September. So if you have a federal student loan, you don't

Until mid September.

So if you want to take advantage of that, that's also a great opportunity to tie down some of that student loan because, like you said, credit, credit is important and a lot of people are struggling with their credit because of student loans. So this is a good time if you have the cash to do it, take advantage of it.

Yeah, take advantage of everything right now. Yeah, apply for it, take advantage of it because it's out there.

Yeah, small business loans, all that, take advantage.

Yeah for sure. So yeah, so yeah, that was something that I felt that was needed. You felt like it was needed. You know, we're going to get back to story time and some other entertaining stuff later on, but this was a state of the Union. Yeah, serious times right now. So we just want to make sure that everybody's informed, and we're gonna be doing this periodically. We're gonna get back to like the regular format of the show. There's really no regular format could be changing so much.

So we take great responsibility in that. So, I mean, we said that all the time, man like, we want to give information. A lot of people right now, you don't see them that will give three months ago in their respective areas no where.

To be found.

I'm glad you said that.

We want to make sure that we are right in front of y'all giving you all information as we get it. We're reading every day, trust me, with researching and reading every day, and we won't provide y'all with the information as we get it. So we're gonna stay right in front of the camera, right in front of y'all, taking care of our audience. Because there's no us without y'all. So we're gonna we're gonna make sure that we deliver every time.

Yeah, and a lot of those guys in real estate, some of them are actually we were cool with. And the thing about it is and that's one of the reasons why we started our private Facebook real Estate group. Shout out to MG the mortgage guy. He's been heading that up for us. He's one of the people that stayed active throughout this whole thing, educating people and give

And we got a lot of alumni in there too, so MAT's running it. But we got a lot of alumni. We got some Brandon rules brand and rules in there. We got extended family in there.

Credit credit dude is coming in.

Scott's in there.

Yeah, so we got we got some some family in there, and we're in this.

And we're gonna be doing like weekly webinars exclusively for the.

We got a book club, we got a movie book club.

And the good thing with that too is that like like MG, the mortgage got like he gives his cell phone number out in that group, so you have direct access. And these are these are discussion boards where it's like, Okay, somebody like I'm buying my first home and I'm trying to get a two three k lo and anybody have some suggestions for contractors and then people are like, oh, you should holler at this person. Was like, it's turned into a real community so fast too, No, very quickly.

We got We got sixty five archive already, webinars up on the page, so you're getting a lot of content and you're getting up to date stuff like massing there every day, hitting you up with new information. We're on there doing live webinars. We got a lot of our alumni and special guests coming on doing webinars, so it's tremendous value.

Yeah, and we got our new show, We're mastering the Art of Content. So this is the first show that we're producing live. It's a live show every Monday on YouTube at eight o'clock Eastern Standard Time with our guy asked to investor, Ian Dunlapp just finished the first one, which was amazing, and so every Monday, put it on your calendar. It's a live show. You can ask questions on YouTube and then it's saved to our YouTube channel after and that's the first show that we're executivecing under

Keep your moral high, keep your faith even high.

And then some parting words.

Yeah, yeah, we just want to say rest in peace to Earl Graves, the founder of Black Enterprise.

He was a leader in the entrepren nor world.

And we always say that a lot of times, if you can't see something, it's tough to aspire to be it, and he made sure that we did that for decades. So we want to give a rest and peace to him and all the Black Enterprise family. I know his son is running the company now, but Earl is a tremendous pillar in our community so and he's a not more for residents too. So we lost a pillar in our community. So rest and peace to Earl Graves Senior. You'll be truly missed.

Yeah espressing peace for sure. You guys, stay safe. Thank you for rocking with us. We'll see you next week. Peace peace.

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