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Financial Literacy

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April 3, 2019
27:31

Taking Care of Business

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Financial Literacy

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  • 6 MONTHS OF ME BEING 18.
  • 00:00:03.220 --> 00:00:06.170
  • $15.000 I WAS IN CREDIT CARD DEBT.
  • 00:00:06.190 --> 00:00:08.100
  • $10.000 I WAS IN FURNITURE DEBT, AND THEN
  • 00:00:08.120 --> 00:00:10.120
  • ANOTHER $10.000 IN STUDENT LOANS WHEN I
  • 00:00:10.140 --> 00:00:12.220
  • DIDN'T NEED THEM.
  • 00:00:12.240 --> 00:00:14.050
  • - YOU KNOW, WE HAVE TO LOOK AT EVERYTHING THAT'S
  • 00:00:14.070 --> 00:00:16.070
  • FACING THESE KIDS RIGHT OFF THE BAT.
  • 00:00:16.090 --> 00:00:18.270
  • YOU KNOW, FROM THE STUDENT LOANS TO THE
  • 00:00:18.290 --> 00:00:20.180
  • CREDIT CARDS TO THE CAR LOANS AND SO ON, AND IF
  • 00:00:20.200 --> 00:00:23.120
  • YOU LOOK AT THE DATA, I MEAN, IT'S JUST CRAZY.
  • 00:00:23.140 --> 00:00:26.060
  • THE STUDENT LOANS ARE PREVENTING YOUNG PEOPLE
  • 00:00:26.080 --> 00:00:29.200
  • FROM BEING ABLE TO PURCHASE THEIR OWN HOME.
  • 00:00:29.220 --> 00:00:31.200
  • THE NUMBER ONE HOUSING OPTION FOR 18 TO 25
  • 00:00:31.220 --> 00:00:34.130
  • YEAR OLDS IS MOM AND DAD'S BASEMENT.
  • 00:00:34.150 --> 00:00:36.090
  • IF THAT JUST SINKS IN FOR A MINUTE, IT'S CRAZY.
  • 00:00:36.110 --> 00:00:40.070
  • - NEARLY 34 TO 40% OF PEOPLE DO NOT HAVE BASIC
  • 00:00:40.090 --> 00:00:44.050
  • FINANCIAL KNOWLEDGE AND THEY CAN'T EVEN PASS A
  • 00:00:44.070 --> 00:00:46.270
  • BASIC FINANCIAL TEST.
  • 00:00:46.290 --> 00:00:48.160
  • - YOU KNOW, YOU'VE HEARD THE TERM ROBBING FROM
  • 00:00:48.180 --> 00:00:50.150
  • PETER TO PAY PAUL.
  • 00:00:50.170 --> 00:00:51.210
  • THEY'RE WAITING FROM PAYCHECK TO PAYCHECK AND
  • 00:00:51.230 --> 00:00:52.260
  • THEY JUST CAN'T COVER EVERYTHING.
  • 00:00:52.280 --> 00:00:54.170
  • SO WHAT WE LIKE TO CALL IS BROKE.
  • 00:00:54.190 --> 00:00:56.020
  • A LOT OF PEOPLE ARE JUST BROKE.
  • 00:00:56.040 --> 00:00:57.140
  • YOU KNOW, HERE IN THE UNITED STATES DEBT IS NORMAL.
  • 00:00:57.160 --> 00:01:00.270
  • - YOU KNOW, IF YOU CHANGE THE LIFE OF A
  • 00:01:00.290 --> 00:01:02.060
  • MIDDLE SCHOOLER AND THEY KNOW TO AVOID STUDENT
  • 00:01:02.080 --> 00:01:05.070
  • DEBT AS MUCH AS POSSIBLE, THEY KNOW TO AVOID CREDIT
  • 00:01:05.090 --> 00:01:07.230
  • CARDS WHEN THEY CAN, THEY KNOW YOU DON'T HAVE TO
  • 00:01:07.250 --> 00:01:10.010
  • FINANCE YOUR CAR, THAT IF YOU TAKE YOUR CAR PAYMENT,
  • 00:01:10.030 --> 00:01:13.030
  • PUT IT IN A GROSS STOCK MUTUAL FUND OVER THE NEXT
  • 00:01:13.050 --> 00:01:15.020
  • 40 YEARS THEY'RE GOING TO BE A MULTI-MILLIONAIRE, IF YOU
  • 00:01:15.040 --> 00:01:17.070
  • TAKE THOSE PEOPLE AND MULTIPLY THEM SEVERAL
  • 00:01:17.090 --> 00:01:19.120
  • TIMES, THEY'RE GOING TO START BUSINESSES THAT
  • 00:01:19.140 --> 00:01:21.060
  • WOULDN'T HAVE BEEN STARTED OTHERWISE.
  • 00:01:21.080 --> 00:01:23.050
  • [ JAZZ MUSIC ]
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  • TAKING CARE OF BUSINESS...
  • 00:01:32.060 --> 00:01:35.200
  • TAKING CARE OF BUSINESS...
  • 00:01:35.220 --> 00:01:47.040
  • - KELLY WRIGHT: YOU KNOW, FOR MANY AMERICANS
  • 00:01:47.290 --> 00:01:49.100
  • TALKING ABOUT MONEY IS AT LEAST AS UNCOMFORTABLE AS
  • 00:01:49.120 --> 00:01:52.070
  • DISCUSSING SEX.
  • 00:01:52.090 --> 00:01:54.020
  • A RECENT CHARLES SCHWAB STUDY FOUND THAT MOST
  • 00:01:54.040 --> 00:01:56.110
  • PARENTS FELT BETTER PREPARED TO GIVE THEIR
  • 00:01:56.130 --> 00:01:59.010
  • TEENS ADVICE ON THE BIRDS AND THE BEES THAN
  • 00:01:59.030 --> 00:02:02.050
  • ON INVESTING.
  • 00:02:02.070 --> 00:02:04.070
  • NOW, THAT TABOO MAY EXPLAIN WHY AMERICANS ARE
  • 00:02:04.090 --> 00:02:07.030
  • SO INEPT WHEN IT COMES TO MAKING SOME OF THE MOST
  • 00:02:07.050 --> 00:02:11.000
  • IMPORTANT DECISIONS OF THEIR LIVES.
  • 00:02:11.020 --> 00:02:13.010
  • MILLIONS OF AMERICANS ACCUMULATE
  • 00:02:13.030 --> 00:02:15.260
  • UNMANAGEABLE DEBT.
  • 00:02:15.280 --> 00:02:17.250
  • THEY FAIL TO SAVE FOR A RAINY DAY AND RETIREMENT
  • 00:02:17.270 --> 00:02:22.000
  • AND MAKE COUNTLESS OTHER POOR FINANCIAL CHOICES
  • 00:02:22.020 --> 00:02:24.100
  • THAT EVENTUALLY CRIPPLE THEM.
  • 00:02:24.120 --> 00:02:26.120
  • BUT BEFORE RAILING AGAINST CONSUMER
  • 00:02:26.140 --> 00:02:29.020
  • STUPIDITY, CONSIDER THIS.
  • 00:02:29.040 --> 00:02:31.110
  • IT'S NOT ALWAYS THEIR FAULT.
  • 00:02:31.130 --> 00:02:33.080
  • MANY OF THOSE BAD DECISIONS ARE CAUSED BY A
  • 00:02:33.100 --> 00:02:36.090
  • LACK OF KNOWLEDGE.
  • 00:02:36.110 --> 00:02:38.110
  • MILLIONS OF HOUSEHOLDS HAVE GOTTEN THEMSELVES
  • 00:02:38.130 --> 00:02:41.250
  • INTO MORTGAGE DEBT THEY NEVER SHOULD HAVE GOTTEN
  • 00:02:41.270 --> 00:02:43.180
  • THEMSELVES INTO IN THE FIRST PLACE.
  • 00:02:43.200 --> 00:02:45.160
  • YOUNG ADULTS EAGERLY TAKE ON CREDIT CARD DEBT AND
  • 00:02:45.180 --> 00:02:49.030
  • STUDENT LOAN DEBT AT A SHOCKING PACE, AND THE
  • 00:02:49.050 --> 00:02:53.150
  • WORST PART OF ALL THIS IS MOST WHO TAKE ON THESE
  • 00:02:53.170 --> 00:02:56.070
  • MYRIAD FORMS OF DEBT REALLY DIDN'T UNDERSTAND
  • 00:02:56.090 --> 00:02:59.290
  • WHAT THEY WERE GETTING INTO OR AGREEING TO.
  • 00:03:00.030 --> 00:03:02.170
  • AMERICANS LACK OF BASIC FINANCIAL LITERACY IS
  • 00:03:02.190 --> 00:03:05.140
  • NOTHING SHORT OF A NATIONAL CRISIS.
  • 00:03:05.160 --> 00:03:10.150
  • - I AM A PRODUCT OF THE WORLD.
  • 00:03:10.170 --> 00:03:12.070
  • I WAS NOT EDUCATED WHETHER AT HOME OR SCHOOL
  • 00:03:12.090 --> 00:03:15.190
  • HOW TO DEAL WITH MONEY, SO A LOT OF MINE HAVE
  • 00:03:15.210 --> 00:03:17.230
  • BEEN TO THE SCHOOL OF HARD KNOCKS.
  • 00:03:17.250 --> 00:03:19.020
  • I'VE MADE A LOT OF MISTAKES.
  • 00:03:19.040 --> 00:03:20.140
  • YOU KNOW, AS PARENTS YOU ALWAYS TELL YOUR KIDS
  • 00:03:20.160 --> 00:03:22.020
  • I'VE BEEN THERE, I KNOW, YOU KNOW, LISTEN TO ME.
  • 00:03:22.040 --> 00:03:23.290
  • SO I'M TRYING TO DO THE SAME THING THROUGH
  • 00:03:24.010 --> 00:03:26.160
  • FINANCIAL LITERACY, SO A LOT OF WHAT I'M
  • 00:03:26.180 --> 00:03:28.260
  • TEACHING I HAVE ALREADY EXPERIENCED.
  • 00:03:28.280 --> 00:03:30.230
  • - I KNEW FOR MY PERSONAL STORY THAT I DIDN'T HAVE
  • 00:03:30.250 --> 00:03:33.060
  • A MAJOR FINANCIAL LITERACY CLASS IN HIGH SCHOOL.
  • 00:03:33.080 --> 00:03:37.060
  • I DIDN'T HAVE IT IN MIDDLE SCHOOL.
  • 00:03:37.080 --> 00:03:38.210
  • I DEFINITELY DIDN'T GET THAT IN COLLEGE, AND WHEN
  • 00:03:38.230 --> 00:03:40.280
  • I GRADUATED IT WAS UP TO ME AS HEAD OF MY
  • 00:03:41.000 --> 00:03:43.170
  • HOUSEHOLD TO GO AND FIND THOSE THINGS.
  • 00:03:43.190 --> 00:03:46.000
  • I DON'T WANT THAT TO BE THE STORY FOR EVERYBODY
  • 00:03:46.020 --> 00:03:48.170
  • IN OUR COMMUNITY.
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  • - WHEN WE FIRST GOT MARRIED, WE DIDN'T KNOW
  • 00:03:50.090 --> 00:03:52.100
  • EXACTLY WHAT WE WERE DOING.
  • 00:03:52.120 --> 00:03:53.240
  • NO JOBS, NO PLACE TO LIVE.
  • 00:03:53.260 --> 00:03:55.170
  • - PREGNANT.
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  • - EXCEPT FOR WITH OUR PARENTS.
  • 00:03:56.290 --> 00:03:58.230
  • - PREGNANT.
  • 00:03:58.250 --> 00:03:59.220
  • - VERY PREGNANT.
  • 00:03:59.240 --> 00:04:01.160
  • MY PARENTS GAVE US SOME LAND TO PUT A MOBILE HOME ON.
  • 00:04:01.180 --> 00:04:02.290
  • WE HAD THE SEPTIC TANK DUG FOR A HOUSE.
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  • WE WERE GOING TO BUY A HOUSE SOMEDAY, AND A
  • 00:04:04.250 --> 00:04:06.190
  • LITTLE TROUBLE WITH COMMITMENT ISSUES, ENDED
  • 00:04:06.210 --> 00:04:08.080
  • UP LIVING IN THAT MOBILE HOME FOR 12 YEARS.
  • 00:04:08.100 --> 00:04:10.130
  • SO WE DID THAT, AND WE PAID OFF EVERYTHING
  • 00:04:10.150 --> 00:04:12.060
  • EXCEPT FOR THE STUDENT LOANS, AND THEN WE BOUGHT
  • 00:04:12.080 --> 00:04:14.080
  • THE HOUSE.
  • 00:04:14.100 --> 00:04:15.140
  • WENT FROM A $300 PAYMENT TO $1500 MORTGAGE.
  • 00:04:15.160 --> 00:04:18.200
  • WE HAD TO BUY APPLIANCES AND FURNITURE.
  • 00:04:18.220 --> 00:04:21.220
  • - IT JUST SNOWBALLED AND GOT OUT OF CONTROL.
  • 00:04:21.240 --> 00:04:24.180
  • - THE DEBT ROSE BACK UP TO ABOUT $67.000 OR SO,
  • 00:04:24.200 --> 00:04:28.190
  • AND IT WASN'T UNTIL REALLY JUST A COUPLE OF
  • 00:04:28.210 --> 00:04:30.290
  • YEARS AGO THAT WE TRULY GOT IT, YOU KNOW.
  • 00:04:31.010 --> 00:04:33.100
  • IT'S NOT A KNOWLEDGE PROBLEM.
  • 00:04:33.120 --> 00:04:34.290
  • IT'S TRULY A BEHAVIOR PROBLEM.
  • 00:04:35.010 --> 00:04:36.250
  • THE KEY TO TRULY MAKE AN IMPACT WAS TO MAKE A HUGE
  • 00:04:36.270 --> 00:04:40.200
  • SHOVEL SO THE MINIMUM PAYMENT ON THAT STUDENT
  • 00:04:40.220 --> 00:04:43.130
  • LOAN WOULD HAVE BEEN 167 BUT WE MADE THE SIDES OF
  • 00:04:43.150 --> 00:04:47.020
  • OUR SHOVEL $2500 SO WE WERE MAKING SEVERAL $2500
  • 00:04:47.040 --> 00:04:50.280
  • A MONTH PAYMENTS, AND WE DID IT.
  • 00:04:51.000 --> 00:04:53.210
  • - GOT IT OUT OF THE WAY.
  • 00:04:53.230 --> 00:04:55.040
  • - YEAH.
  • 00:04:55.060 --> 00:04:56.100
  • - SO WHEN I WALKED AROUND THE COLLEGE CAMPUS
  • 00:04:56.120 --> 00:04:57.180
  • I'LL NEVER FORGET THERE WAS A LONG LINE OF BANKS
  • 00:04:57.200 --> 00:05:00.220
  • LINED UP, AND THIS ONE GUY JUST JUMPS OUT IN
  • 00:05:00.240 --> 00:05:02.230
  • FRONT OF ME AND THEY SAID HEY, WOULD YOU LIKE A
  • 00:05:02.250 --> 00:05:05.020
  • CREDIT CARD?
  • 00:05:05.040 --> 00:05:06.060
  • I WAS LIKE, CREDIT CARD?
  • 00:05:06.080 --> 00:05:07.240
  • HE WAS LIKE, YEAH.
  • 00:05:07.260 --> 00:05:09.020
  • SO IF YOU FILL OUT THIS CREDIT CARD APPLICATION,
  • 00:05:09.040 --> 00:05:10.110
  • I'M GOING TO GIVE YOU 2 FREE LARGE PIZZAS AND ONE
  • 00:05:10.130 --> 00:05:12.130
  • FREE T-SHIRT.
  • 00:05:12.150 --> 00:05:14.040
  • NOW, YOU JUST TOLD AN 18 YEAR OLD KID WHO IS BROKE
  • 00:05:14.060 --> 00:05:18.170
  • THAT YOU'RE GONNA GIVE HIM SOME FREE FOOD AND A
  • 00:05:18.190 --> 00:05:19.280
  • FREE T-SHIRT AND A POSSIBILITY TO GET
  • 00:05:20.000 --> 00:05:22.240
  • SOME MONEY? BET!
  • 00:05:22.260 --> 00:05:25.130
  • SO I SIGNED UP FOR IT.
  • 00:05:25.150 --> 00:05:26.280
  • WITHIN A MATTER OF 13 HOURS I SPENT $500 AND MY
  • 00:05:27.000 --> 00:05:30.120
  • CREDIT CARD LIMIT WAS $500.
  • 00:05:30.140 --> 00:05:32.230
  • SO I DO EXACTLY, I MEAN EXACTLY WHAT EVERYONE
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  • ELSE DOES IN AMERICA.
  • 00:05:35.210 --> 00:05:37.000
  • I MAKE THE SMALL MINIMUM PAYMENT.
  • 00:05:37.020 --> 00:05:39.230
  • I SEND IT IN, AND ABOUT A MONTH LATER THE CREDIT
  • 00:05:39.250 --> 00:05:42.030
  • CARD COMPANY SENDS ME A LETTER BACK SAYING HEY,
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  • MR. O'NEILL, THANK YOU SO MUCH FOR MAKING YOUR
  • 00:05:45.030 --> 00:05:46.050
  • PAYMENT ON TIME.
  • 00:05:46.070 --> 00:05:47.140
  • WE SEE THAT YOU ARE A COLLEGE STUDENT AND YOU
  • 00:05:47.160 --> 00:05:49.030
  • CAN USE AN INCREASE IN YOUR CREDIT LIMIT, SO
  • 00:05:49.050 --> 00:05:52.070
  • WE'VE UPPED FOR LIMIT FROM $500 TO $1.000.
  • 00:05:52.090 --> 00:05:55.050
  • YOU JUST GAVE AN 18 YEAR OLD $500 MORE?
  • 00:05:55.070 --> 00:05:59.050
  • AND I'M LIKE, OKAY, COOL.
  • 00:05:59.070 --> 00:06:00.250
  • THAT WAS GONE WITHIN A MATTER OF 45 MINUTES.
  • 00:06:00.270 --> 00:06:03.020
  • I PUT MYSELF INTO $35.000 WORTH OF DEBT WITHIN
  • 00:06:03.040 --> 00:06:07.140
  • SIX MONTHS OF ME BEING 18.
  • 00:06:07.160 --> 00:06:10.230
  • $15.000 IN CREDIT CARD DEBT, $10.000 IN
  • 00:06:10.250 --> 00:06:14.040
  • FURNITURE DEBT, AND A ANOTHER $10.000 IN
  • 00:06:14.060 --> 00:06:16.210
  • STUDENT LOANS WHEN I DIDN'T EVEN NEED THEM
  • 00:06:16.230 --> 00:06:18.060
  • BECAUSE I HAD A SCHOLARSHIP AND I HAD MY
  • 00:06:18.080 --> 00:06:19.170
  • FATHER'S GI BILL.
  • 00:06:19.190 --> 00:06:21.010
  • AND I LOST EVERYTHING THAT I HAD.
  • 00:06:21.030 --> 00:06:22.230
  • I LOST MY JOB.
  • 00:06:22.250 --> 00:06:24.010
  • I LOST THE RESOURCES FOR SCHOOL, AND I ALSO LOST
  • 00:06:24.030 --> 00:06:26.230
  • MY APARTMENT. WHEN I LOST MY APARTMENT I THOUGHT I
  • 00:06:26.250 --> 00:06:29.170
  • WAS GOING HOME, BUT ME AND MY FATHER JUST GOT
  • 00:06:29.190 --> 00:06:32.180
  • INTO A REAL BAD ARGUMENT.
  • 00:06:32.200 --> 00:06:34.170
  • HE SAID HEY, YOU TOLD US YOU'RE A GROWN MAN.
  • 00:06:34.190 --> 00:06:36.110
  • YOU DO NOT WANT TO LISTEN TO US, SO YOU'RE NOT
  • 00:06:36.130 --> 00:06:38.090
  • COMING HOME.
  • 00:06:38.110 --> 00:06:39.200
  • A GROWN MAN IS GOING TO FIX HIS OWN ISSUES.
  • 00:06:39.220 --> 00:06:43.020
  • HE KNEW THAT IF I ALLOWED ANTHONY TO COME HOME,
  • 00:06:43.040 --> 00:06:45.190
  • ANTHONY WOULD NEVER BECOME A GROWN MAN THAT
  • 00:06:45.210 --> 00:06:49.150
  • HE IS CALLED TO BE.
  • 00:06:49.170 --> 00:06:51.020
  • AND I'M TAKING BATHS AT THE BOYS AND GIRLS CLUB,
  • 00:06:51.040 --> 00:06:53.190
  • THE YMCA, LOOKING FOR JOBS, ODD JOBS HERE
  • 00:06:53.210 --> 00:06:56.190
  • AND THERE.
  • 00:06:56.210 --> 00:06:58.010
  • AND IT WAS ROUGH.
  • 00:06:58.030 --> 00:07:00.060
  • I'LL NEVER FORGET THE LAST DAY.
  • 00:07:00.080 --> 00:07:01.210
  • THE LAST DAY.
  • 00:07:01.230 --> 00:07:02.280
  • IT WAS FUNNY NOW BUT IT WASN'T FUNNY THEN.
  • 00:07:03.000 --> 00:07:04.050
  • A YOUNG LADY HAD CALLED ME.
  • 00:07:04.070 --> 00:07:05.190
  • I'D JUST MET HER HAD HE MALL, AND SHE WAS LIKE
  • 00:07:05.210 --> 00:07:07.240
  • HEY, SOME FRIENDS AND I ARE ABOUT TO GET A
  • 00:07:07.260 --> 00:07:08.280
  • BLOCK BUSTER MOVIE.
  • 00:07:09.000 --> 00:07:09.280
  • IT WAS 10 O'CLOCK AT NIGHT.
  • 00:07:10.000 --> 00:07:12.080
  • THE BOYS AND GIRLS CLUB IS CLOSED.
  • 00:07:12.100 --> 00:07:13.180
  • THE YMCA IS CLOSED, AND I DO NOT WANT TO GO OVER
  • 00:07:13.200 --> 00:07:16.070
  • THERE AND NOT SMELL APPROPRIATE.
  • 00:07:16.090 --> 00:07:19.030
  • SO I WENT AND GOT THE DAWN DISH DETERGENT THAT
  • 00:07:19.050 --> 00:07:23.260
  • I USE TO WASH MY CAR, GOT THE BUCKET, WENT TO THE
  • 00:07:23.280 --> 00:07:26.120
  • SIDE OF WAL-MART, FILLED IT UP WITH COLD WATER
  • 00:07:26.140 --> 00:07:30.160
  • WITH THE DAWN DISH DETERGENT, I GO BACK TO
  • 00:07:30.180 --> 00:07:33.110
  • MY CAR AND I GET IN THE BACK SEAT OF MY CAR, AND
  • 00:07:33.130 --> 00:07:36.040
  • I START WASHING MYSELF WITH DAWN DISH DETERGENT.
  • 00:07:36.060 --> 00:07:40.190
  • I START WASHING MYSELF, AND SOMEHOW I ENDED UP IN
  • 00:07:40.210 --> 00:07:44.100
  • THE MIDDLE OF MY BACK SEAT, AND I HAVE SOAP
  • 00:07:44.120 --> 00:07:47.190
  • SUDS FROM ANY NECK ALL THE WAY DOWN, AND I SEE
  • 00:07:47.210 --> 00:07:50.190
  • MYSELF IN THE REAR VIEW MIRROR, AND MY WHOLE
  • 00:07:50.210 --> 00:07:52.050
  • WORLD SHIFTED RIGHT THEN.
  • 00:07:52.070 --> 00:07:53.210
  • I SEE THIS YOUNG KID IN THE BACK OF THE SEAT,
  • 00:07:53.230 --> 00:07:59.000
  • NAKED WASHING HIMSELF IN THE BACK OF HIS CAR.
  • 00:07:59.020 --> 00:08:02.000
  • AND I JUST BROKE DOWN CRYING.
  • 00:08:02.020 --> 00:08:05.170
  • WHAT WAS SO FUNNY IS THAT NIGHT MY FATHER FOUND ME
  • 00:08:05.190 --> 00:08:08.010
  • AND HE SAID, COME ON HOME.
  • 00:08:08.030 --> 00:08:09.150
  • HE SAID, I THINK YOU'VE LEARNED YOUR LESSON,
  • 00:08:09.170 --> 00:08:12.000
  • AND I WENT ON HOME, AND MY DAD GAVE ME A
  • 00:08:12.020 --> 00:08:14.270
  • DAVE RAMSEY BUDGET FORM, YEARS AGO,
  • 00:08:14.290 --> 00:08:18.100
  • AND HE WAS LIKE "ANTHONY, WHAT YOU'RE GONNA DO IS WRITE
  • 00:08:18.120 --> 00:08:20.150
  • OUT EVERY SINGLE PERSON THAT YOU OWE." HE SAID
  • 00:08:20.170 --> 00:08:23.020
  • "SO WHAT YOU'RE GONNA DO IS GET A JOB, AND YOU HAVE
  • 00:08:23.040 --> 00:08:25.000
  • SIX MONTHS TO GET YOURSELF BACK ON YOUR FEET.
  • 00:08:25.020 --> 00:08:27.260
  • I'M NOT KICKING YOU OUT, BUT I'M GONNA USHER YOU
  • 00:08:27.280 --> 00:08:30.130
  • OUT THIS TIME." I SAID "YES, SIR."
  • 00:08:30.150 --> 00:08:33.020
  • MY VERY FIRST JOB WAS A BILL COLLECTOR.
  • 00:08:33.040 --> 00:08:37.000
  • I WAS CALLING PEOPLE COLLECTING CREDIT CARD
  • 00:08:37.020 --> 00:08:40.070
  • DEBTS, AND IT WAS SO FUNNY NOW BECAUSE I'M
  • 00:08:40.090 --> 00:08:43.040
  • LIKE MAN, I WAS SWEATING BECAUSE ONE OF THE CREDIT
  • 00:08:43.060 --> 00:08:45.110
  • CARD COMPANIES I WAS COLLECTING FOR I ALSO
  • 00:08:45.130 --> 00:08:48.050
  • OWED THEM, SO WHILE I'M ON THE COMPUTER MACHINE
  • 00:08:48.070 --> 00:08:50.120
  • CALLING PEOPLE, EVERY TIME I HIT ENTER TO GO TO
  • 00:08:50.140 --> 00:08:53.050
  • THE NEXT ONE, I WAS SWEATING BECAUSE I DON'T
  • 00:08:53.070 --> 00:08:55.190
  • WANT MY NAME TO COME UP AND I'M IN TROUBLE.
  • 00:08:55.210 --> 00:08:58.120
  • SO THAT WAS THE VERY FIRST CREDIT CARD I EVER
  • 00:08:58.140 --> 00:09:00.170
  • PAID OFF BECAUSE I NEED THIS JOB,
  • 00:09:00.190 --> 00:09:02.120
  • AND I DO NOT NEED MY NAME TO COME UP IN THIS SYSTEM.
  • 00:09:02.140 --> 00:09:05.140
  • BUT FOR YEARS I DID THAT, AND I GOT MYSELF OUT OF
  • 00:09:05.160 --> 00:09:07.210
  • DEBT IN A MATTER OF THREE TO FIVE YEARS.
  • 00:09:07.230 --> 00:09:10.030
  • TODAY I'M 34 YEARS OLD, COMPLETELY 100% DEBT FREE.
  • 00:09:10.050 --> 00:09:15.000
  • - THE PRESIDENT'S ADVISORY COUNCIL ON
  • 00:09:16.050 --> 00:09:17.190
  • FINANCIAL LITERACY DEFINES PERSONAL
  • 00:09:17.210 --> 00:09:20.060
  • FINANCIAL LITERACY AS THE ABILITY TO USE KNOWLEDGE
  • 00:09:20.080 --> 00:09:23.220
  • AND SKILLS TO MANAGE FINANCIAL RESOURCES
  • 00:09:23.240 --> 00:09:26.190
  • EFFECTIVELY FOR A LIFETIME OF FINANCIAL WELL BEING.
  • 00:09:26.210 --> 00:09:30.260
  • PERSONAL FINANCIAL LITERACY IS MORE THAN
  • 00:09:30.280 --> 00:09:33.030
  • JUST BEING ABLE TO BALANCE A CHECKBOOK,
  • 00:09:33.050 --> 00:09:35.000
  • COMPARE PRICES OR TO EVEN GET A JOB.
  • 00:09:35.020 --> 00:09:38.100
  • IT ALSO INCLUDES SKILLS LIKE LONG-TERM VISION AND
  • 00:09:38.120 --> 00:09:41.050
  • PLANNING FOR THE FUTURE AND THE DISCIPLINE TO USE
  • 00:09:41.070 --> 00:09:44.030
  • THOSE SKILLS EVERY SINGLE DAY. IN THE U.S. WE MAKE
  • 00:09:44.050 --> 00:09:49.120
  • GREAT EFFORTS TO TEACH OUR CHILDREN TO
  • 00:09:49.140 --> 00:09:51.080
  • READ AND TO WRITE, BUT WE DON'T GIVE THEIR
  • 00:09:51.100 --> 00:09:53.260
  • FINANCIAL LITERACY THE SAME ATTENTION.
  • 00:09:53.280 --> 00:09:56.280
  • AS A RESULT, FEW YOUNG PEOPLE KNOW HOW TO
  • 00:09:57.000 --> 00:09:59.100
  • MANAGE THEIR PERSONAL FINANCIAL LIVES,
  • 00:09:59.120 --> 00:10:01.240
  • AND THEY DON'T KNOW BECAUSE IN ALL LIKELIHOOD
  • 00:10:01.260 --> 00:10:05.010
  • THEIR PARENTS DON'T KNOW EITHER,
  • 00:10:05.030 --> 00:10:08.050
  • SO THIS BECOMES A GENERATIONAL PROBLEM.
  • 00:10:08.070 --> 00:10:12.220
  • - I THINK FINANCIAL LITERACY REALLY HAS TWO
  • 00:10:13.160 --> 00:10:15.150
  • PARTS: THAT OVERALL THING THAT WE WANT TO
  • 00:10:15.170 --> 00:10:17.290
  • ACCOMPLISH AGAIN, SHOWING ALL THE LAND MINES OUT
  • 00:10:18.010 --> 00:10:20.290
  • THERE FOR YOUNG PEOPLE AND PREVENTING THEM FROM
  • 00:10:21.010 --> 00:10:23.230
  • GETTING INTO TROUBLE FINANCIALLY AT AN EARLY
  • 00:10:23.250 --> 00:10:27.060
  • AGE, BUT THEN ON THE FLIP SIDE OF THAT,
  • 00:10:27.080 --> 00:10:29.200
  • SHOWING THEM HOW THEY CAN BUILD WEALTH,
  • 00:10:29.220 --> 00:10:32.020
  • AT THE MINIMUM BUILDING A RETIREMENT THAT THEY CAN
  • 00:10:32.040 --> 00:10:34.280
  • LIVE ON, AND JUST AN OVERALL PRINCIPLE OF HOW
  • 00:10:35.000 --> 00:10:37.280
  • MONEY WORKS IN AMERICA.
  • 00:10:38.000 --> 00:10:40.150
  • - FINANCIAL LITERACY DOES NOT MEAN
  • 00:10:40.170 --> 00:10:42.040
  • MILLIONAIRES, A LOT OF MONEY.
  • 00:10:42.060 --> 00:10:43.230
  • IT JUST MEANS THE BASIC UNDERSTANDING OF MONEY.
  • 00:10:43.250 --> 00:10:47.060
  • FOR AN EXAMPLE, WHAT IS A VISA AND MASTERCARD LOGO?
  • 00:10:47.080 --> 00:10:49.290
  • WHAT IS THAT?
  • 00:10:50.010 --> 00:10:51.020
  • WHAT IS A CREDIT CARD OR DEBIT CARD?
  • 00:10:51.040 --> 00:10:52.190
  • WHAT IS THAT?
  • 00:10:52.210 --> 00:10:54.030
  • HOW DO I PREPARE MYSELF TO BEING A HOMEOWNER AND
  • 00:10:54.050 --> 00:10:57.170
  • TO PURCHASE A HOME?
  • 00:10:57.190 --> 00:10:59.110
  • THAT'S WHAT WE CALL FINANCIAL LITERACY IS
  • 00:10:59.130 --> 00:11:01.140
  • KNOWING THE BASIC KNOWLEDGE OF ALL THINGS AROUND MONEY.
  • 00:11:01.160 --> 00:11:06.000
  • - FINANCIAL LITERACY IS EDUCATION TO KNOW HOW TO
  • 00:11:06.020 --> 00:11:09.190
  • HANDLE AND MANAGE YOUR MONEY.
  • 00:11:09.210 --> 00:11:11.030
  • THERE'S A LOT OF DIFFERENCE ASPECTS TO IT
  • 00:11:11.050 --> 00:11:12.260
  • THAT YOU KIND OF HAVE TO DIG INTO,
  • 00:11:12.280 --> 00:11:14.150
  • BUT THE BIGGEST THING IS MAKING SURE THAT YOUR
  • 00:11:14.170 --> 00:11:16.220
  • INCOME WILL COVER ALL OF YOUR EXPENSES AND
  • 00:11:16.240 --> 00:11:19.070
  • YOU'RE NOT OVER SPENDING.
  • 00:11:19.090 --> 00:11:21.010
  • - SO NEARLY 72 PERCENT OF PEOPLE LIVING PAYCHECK
  • 00:11:21.030 --> 00:11:24.050
  • TO PAYCHECK THEN ALSO NEARLY 40 PERCENT CAN'T
  • 00:11:24.070 --> 00:11:27.020
  • EVEN AFFORD A $400 DOLLAR EMERGENCY.
  • 00:11:27.040 --> 00:11:30.000
  • - IF YOU LOOK AT THE STATISTICS FOR FINANCIAL
  • 00:11:30.020 --> 00:11:32.130
  • LITERACY, YOU WILL SEE THAT BANKRUPTCY IS A
  • 00:11:32.150 --> 00:11:34.130
  • HIGH PERCENTAGE IN THE UNITED STATES,
  • 00:11:34.150 --> 00:11:36.220
  • BUT IT'S BECAUSE YOU SPEND MORE THAN YOU MAKE.
  • 00:11:36.240 --> 00:11:40.280
  • - EVERYBODY'S THE OLD SAYING "YOU'VE GOT TO
  • 00:11:41.000 --> 00:11:43.210
  • KEEP UP WITH THE JONES'". WELL, NOT NECESSARILY.
  • 00:11:43.230 --> 00:11:47.050
  • - THEY'RE BROKE. THE JONES ARE BROKE.
  • 00:11:47.070 --> 00:11:49.030
  • - THE JONES ARE BROKE.
  • 00:11:49.050 --> 00:11:50.120
  • YOU HAVE TO KEEP UP WITH YOUR OWN SELVES AND DON'T
  • 00:11:50.140 --> 00:11:52.240
  • WORRY ABOUT THE JONES BECAUSE THEY'RE BROKE TOO
  • 00:11:52.260 --> 00:11:55.180
  • JUST LIKE YOU ARE.
  • 00:11:55.200 --> 00:11:57.050
  • - YOU REALLY HAVE THREE THINGS YOU CAN DO WITH
  • 00:11:57.070 --> 00:11:58.130
  • YOUR MONEY, IT'S EITHER SAVE IT, SPEND IT OR
  • 00:11:58.150 --> 00:12:00.200
  • GIVE IT AWAY. THE U.S. IS BIG AT MARKETING AND
  • 00:12:00.220 --> 00:12:03.250
  • WANTING YOU TO SPEND AS MUCH MONEY AS YOU CAN GET.
  • 00:12:03.270 --> 00:12:06.040
  • THE OTHER THING THAT WE'RE VERY GOOD AT IS CAUSES.
  • 00:12:06.060 --> 00:12:08.250
  • WE WANT YOU TO GIVE AND HELP BREAST CANCER,
  • 00:12:08.270 --> 00:12:11.030
  • WE WANT YOU TO GIVE AND HELP SAINT JUDE OR
  • 00:12:11.050 --> 00:12:13.150
  • WHATEVER IT IS. GIVE MONEY TO THIS.
  • 00:12:13.170 --> 00:12:15.220
  • BUT THE ONE THAT THEY'RE NOT LOOKING AT IS SAVING
  • 00:12:15.240 --> 00:12:17.180
  • FOR YOUR FUTURE WHETHER IT'S INVESTING INTO
  • 00:12:17.200 --> 00:12:19.210
  • RETIREMENT OR SAVING FOR A RAINY DAY.
  • 00:12:19.230 --> 00:12:22.250
  • - LET'S LOOK AT RIGHT NOW MILLENNIALS.
  • 00:12:22.270 --> 00:12:25.070
  • WHEN WE LOOK AT THEM, NEARLY EVERYONE THAT
  • 00:12:25.090 --> 00:12:27.070
  • GRADUATES NOW; SOME GRADUATE WITH $38-40.000
  • 00:12:27.090 --> 00:12:30.030
  • DOLLARS OF STUDENT LOAN DEBT ON TOP OF THAT
  • 00:12:30.050 --> 00:12:31.260
  • WITH ABOUT 15.000 DOLLARS IN CREDIT CARD DEBT.
  • 00:12:31.280 --> 00:12:34.130
  • THE AVERAGE PERSON IS GONNA GRADUATE COLLEGE
  • 00:12:34.150 --> 00:12:36.110
  • WITH A JOB MAKING 35.000 TO 38.000 DOLLARS.
  • 00:12:36.130 --> 00:12:39.170
  • BUT WAIT A MINUTE, THEY'RE ONLY MAKING
  • 00:12:39.190 --> 00:12:41.010
  • 38.000 BUT THEY'RE ALREADY NEARLY
  • 00:12:41.030 --> 00:12:42.270
  • 50.000 DOLLARS IN DEBT BEFORE THEY GET STARTED?
  • 00:12:42.290 --> 00:12:45.180
  • THAT'S BAD. THAT IS UNHEALTHY.
  • 00:12:45.200 --> 00:12:47.270
  • - FROM THE STUDENT LOANS TO THE CREDIT CARDS TO
  • 00:12:47.290 --> 00:12:49.280
  • THE CAR LOANS AND SO ON, IF YOU LOOK AT THE DATA,
  • 00:12:50.000 --> 00:12:52.270
  • I MEAN IT'S JUST CRAZY.
  • 00:12:52.290 --> 00:12:55.040
  • THE STUDENT LOANS ARE PREVENTING YOUNG PEOPLE
  • 00:12:55.060 --> 00:12:58.280
  • FROM BEING ABLE TO PURCHASE THEIR OWN HOME.
  • 00:12:59.000 --> 00:13:01.150
  • THE NUMBER ONE HOUSING OPTION FOR 18 TO 35 YEAR
  • 00:13:01.170 --> 00:13:04.150
  • OLDS IS MOM AND DAD'S BASEMENT.
  • 00:13:04.170 --> 00:13:07.000
  • AND THAT JUST SINKS IN FOR A MINUTE, IT'S CRAZY.
  • 00:13:07.020 --> 00:13:10.270
  • AVERAGE PERSON PAYING OFF THEIR STUDENT LOAN AT 42.
  • 00:13:10.290 --> 00:13:13.180
  • WHAT DOES THAT MEAN?
  • 00:13:13.200 --> 00:13:14.280
  • WELL THAT MEANS THEY'RE NOW SERIOUSLY BEHIND ON
  • 00:13:15.000 --> 00:13:17.040
  • SAVING FOR THEIR RETIREMENT.
  • 00:13:17.060 --> 00:13:18.280
  • SO WHILE WE HAVE A RETIREMENT CRISIS NOW,
  • 00:13:19.000 --> 00:13:22.100
  • WHICH IS THE GENERATION ABOVE ME,
  • 00:13:22.120 --> 00:13:25.030
  • WHAT'S THEIR RETIREMENT CRISIS GONNA LOOK LIKE IF
  • 00:13:25.050 --> 00:13:28.050
  • THEY'VE GOT STUDENT LOANS UNTIL THEY'RE AGE 42?
  • 00:13:28.070 --> 00:13:31.140
  • AND AS A COUNTRY, I REALLY HOPE THAT WE
  • 00:13:31.160 --> 00:13:35.070
  • SERIOUSLY SIT DOWN AND SAY THIS HAS SERIOUS
  • 00:13:35.090 --> 00:13:39.280
  • RAMIFICATIONS THAT WE HAVE TO FIGURE OUT AS ADULTS.
  • 00:13:40.000 --> 00:13:43.260
  • - WELL, A LOT OF PEOPLE JUST DON'T KNOW HOW TO
  • 00:13:43.280 --> 00:13:46.100
  • PREPARE A BUDGET IN GENERAL.
  • 00:13:46.120 --> 00:13:48.200
  • YOU WANT TO HAVE A POSITIVE CASH FLOW.
  • 00:13:48.220 --> 00:13:50.030
  • YOU WANT TO HAVE MONEY LEFT OVER FROM YOUR CHECK
  • 00:13:50.050 --> 00:13:51.240
  • AFTER YOU PAY ALL OF YOUR NECESSARY EXPENSES.
  • 00:13:51.260 --> 00:13:53.260
  • AND A LOT OF PEOPLE JUST DON'T.
  • 00:13:53.280 --> 00:13:55.230
  • HERE IN THE UNITED STATES, DEBT IS NORMAL.
  • 00:13:55.250 --> 00:13:59.210
  • A LOT OF PEOPLE HAVE MORE THAN ONE CREDIT CARD.
  • 00:13:59.230 --> 00:14:03.030
  • A LOT OF PEOPLE HAVE A LOT OF OTHER TYPES OF
  • 00:14:03.050 --> 00:14:06.130
  • LOANS THAT THEY'RE DEALING WITH AND FEEL
  • 00:14:06.150 --> 00:14:08.120
  • LIKE THEY CAN JUST PAY THE MINIMUM PAYMENT.
  • 00:14:08.140 --> 00:14:10.070
  • AS LONG AS I CAN PAY THE MINIMUM PAYMENT I'M GOOD
  • 00:14:10.090 --> 00:14:12.160
  • BUT NOT REALIZING IN THE END IT'S REALLY IMPACTING
  • 00:14:12.180 --> 00:14:15.130
  • THE FUTURE FOR THEM.
  • 00:14:15.150 --> 00:14:17.060
  • - WELL, SOME OF THE KEY PRINCIPLES TO FINANCIAL
  • 00:14:17.080 --> 00:14:19.060
  • LITERACY THAT WE COVER, WE TALK ABOUT SAVINGS AND
  • 00:14:19.080 --> 00:14:23.130
  • THE IMPORTANCE OF SAVINGS AND REALLY SAVING FOR
  • 00:14:23.150 --> 00:14:25.260
  • THREE THINGS. THE EMERGENCY FUND,
  • 00:14:25.280 --> 00:14:27.250
  • SAVING UP AND PAYING CASH FOR LARGE PURCHASES,
  • 00:14:27.270 --> 00:14:30.060
  • AND ALSO SAVING TO BUILD WEALTH.
  • 00:14:30.080 --> 00:14:33.140
  • WE'LL GET INTO BUDGETING A LOT BECAUSE IT'S VERY
  • 00:14:33.160 --> 00:14:36.090
  • HARD TO WIN WITH MONEY WHEN YOU DON'T DO A BUDGET.
  • 00:14:36.110 --> 00:14:38.250
  • SO WE'LL TAKE OUR STUDENTS TO A STUDENT
  • 00:14:38.270 --> 00:14:41.230
  • BUDGET AND WE'LL ALSO TAKE THEM THROUGH A MORE
  • 00:14:41.250 --> 00:14:45.080
  • COMPLEX WHAT AN ADULT BUDGET WOULD BE.
  • 00:14:45.100 --> 00:14:48.030
  • AND IN TODAY'S MODERN WORLD,
  • 00:14:48.050 --> 00:14:51.100
  • BEING ABLE TO DO IT ON LINE IS SOMETHING THAT WE
  • 00:14:51.120 --> 00:14:53.110
  • CAN DO FAIRLY EASILY.
  • 00:14:53.130 --> 00:14:55.020
  • THERE'S REALLY NOT MUCH EXCUSE FOR NOT DOING A BUDGET.
  • 00:14:55.040 --> 00:14:57.220
  • - MY FAVORITE BUDGETING TOOL IS EVERY DOLLAR.
  • 00:14:57.240 --> 00:14:59.240
  • I LOOK AT THAT TOOL EVERY SINGLE MORNING I WAKE UP,
  • 00:14:59.260 --> 00:15:01.240
  • AND I WANT TO KNOW HERE ARE MY SPENDING LIMITS.
  • 00:15:01.260 --> 00:15:04.170
  • HERE'S WHAT I CAN SPEND ON FOOD.
  • 00:15:04.190 --> 00:15:06.020
  • HERE'S WHAT I CANNOT SPEND ON CLOTHES.
  • 00:15:06.040 --> 00:15:09.090
  • I'M A SINGLE MAN, SO I HAVE A DATING CATEGORY IN
  • 00:15:09.110 --> 00:15:12.240
  • MY BUDGET SO I KNOW I CAN SPEND A CERTAIN AMOUNT OF
  • 00:15:12.260 --> 00:15:15.190
  • MONEY EVERY SINGLE MONTH IF I'M TAKING OUT
  • 00:15:15.210 --> 00:15:17.180
  • A YOUNG LADY TO GET TO KNOW HER BETTER,
  • 00:15:17.200 --> 00:15:19.040
  • AND ONCE I HIT THAT, I'M SORRY WE GOT TO GO OUT
  • 00:15:19.060 --> 00:15:22.000
  • NEXT MONTH BABE BECAUSE I CAN'T AFFORD TO
  • 00:15:22.020 --> 00:15:23.200
  • DO IT RIGHT NOW. BUT AGAIN, IT'S ON PAPER.
  • 00:15:23.220 --> 00:15:26.000
  • I KNOW MY LIMITS BECAUSE I'M FOCUSED.
  • 00:15:26.020 --> 00:15:28.260
  • ANNOUNCER: MILLIONS OF AMERICANS ARE BURIED IN DEBT.
  • 00:15:31.070 --> 00:15:34.000
  • THE FINANCIAL AND EMOTIONAL STRESS CAN
  • 00:15:34.020 --> 00:15:36.000
  • OFTENTIMES BE CRUSHING AND UNBEARABLE.
  • 00:15:36.020 --> 00:15:39.040
  • NEARLY 50 PERCENT OF ADULTS DON'T HAVE ENOUGH
  • 00:15:39.060 --> 00:15:41.130
  • CASH TO COVER A $400 DOLLAR EMERGENCY,
  • 00:15:41.150 --> 00:15:44.040
  • AND APPROXIMATELY TWO-THIRDS OF AMERICAN
  • 00:15:44.060 --> 00:15:45.290
  • ADULTS CAN'T PASS A BASIC FINANCIAL LITERACY TEST.
  • 00:15:46.010 --> 00:15:49.170
  • IT'S A PROBLEM THAT AFFECTS EVERY AGE GROUP IN OUR
  • 00:15:49.190 --> 00:15:52.150
  • POPULATION INCLUDING YOUNG ADULTS WHO TAKE ON
  • 00:15:52.170 --> 00:15:54.220
  • STUDENT LOANS AND CREDIT CARD DEBT WITHOUT FULLY
  • 00:15:54.240 --> 00:15:57.050
  • UNDERSTANDING WHAT THEY WERE AGREEING TO.
  • 00:15:57.070 --> 00:15:59.170
  • WE ALL WANT TO MAKE GOOD FINANCIAL DECISIONS TO
  • 00:15:59.190 --> 00:16:02.030
  • ENSURE SUCCESS AND STABILITY FOR OUR FUTURE,
  • 00:16:02.050 --> 00:16:05.120
  • BUT MOST OF US HAVE NEVER LEARNED HOW TO DO THIS.
  • 00:16:05.140 --> 00:16:08.260
  • THE NATIONAL ENDOWMENT FOR FINANCIAL EDUCATION
  • 00:16:08.280 --> 00:16:11.020
  • IS A NON-PROFIT ORGANIZATION DEDICATED TO
  • 00:16:11.040 --> 00:16:14.000
  • INSPIRING EMPOWERED FINANCIAL DECISION-MAKING
  • 00:16:14.020 --> 00:16:16.120
  • FOR INDIVIDUALS AND FAMILIES THROUGH
  • 00:16:16.140 --> 00:16:18.040
  • EVERY STAGE OF LIFE.
  • 00:16:18.060 --> 00:16:19.230
  • FOR MORE INFORMATION, CALL.
  • 00:16:19.250 --> 00:16:24.130
  • OR FOR FREE ONLINE COURSES,
  • 00:16:24.150 --> 00:16:25.250
  • VISIT THE WEBSITE.
  • 00:16:25.270 --> 00:16:29.040
  • [MUSIC]
  • 00:16:29.060 --> 00:16:34.130
  • - SO HOW AND WHERE CAN WE INSTILL THE BASIC KNOWLEDGE
  • 00:16:34.150 --> 00:16:36.210
  • OF FINANCIAL LITERACY INTO THE NEXT GENERATION?
  • 00:16:36.230 --> 00:16:39.290
  • WELL THE CLASSROOM IS WHERE MANY AMERICANS
  • 00:16:40.010 --> 00:16:42.190
  • LEARN TO READ, WRITE, PERFORM ARITHMETIC AND
  • 00:16:42.210 --> 00:16:45.250
  • SPEAK A FOREIGN LANGUAGE, SO CAN IT ALSO BE THE
  • 00:16:45.270 --> 00:16:48.220
  • PLACE WHERE THEY MASTER IMPORTANT FINANCIAL
  • 00:16:48.240 --> 00:16:51.040
  • CONCEPTS SUCH AS HOW TO MANAGE DEBT,
  • 00:16:51.060 --> 00:16:53.240
  • IMPROVE CREDIT, TAKE OUT STUDENT LOANS AND
  • 00:16:53.260 --> 00:16:56.050
  • PLAN FOR RETIREMENT?
  • 00:16:56.070 --> 00:16:58.090
  • FOR MANY POLITICIANS, EDUCATORS AND FINANCIAL
  • 00:16:58.110 --> 00:17:01.040
  • LITERACY ADVOCATES, THIS QUESTION HAS CREATED A
  • 00:17:01.060 --> 00:17:04.080
  • PUSH FOR FINANCIAL EDUCATION IN ELEMENTARY,
  • 00:17:04.100 --> 00:17:07.010
  • HIGH SCHOOL, COLLEGE CLASSROOMS AND COMMUNITY
  • 00:17:07.030 --> 00:17:10.150
  • CENTERS THROUGH COUNSELING, SEMINARS, AND WORKSHOPS.
  • 00:17:10.170 --> 00:17:15.170
  • - I THINK IT'S SOMETHING THAT I REALIZE I MISSED
  • 00:17:15.190 --> 00:17:18.010
  • WHEN I WAS IN HIGH SCHOOL,
  • 00:17:18.030 --> 00:17:19.180
  • AND THEN WHEN I SAW THE KIDS GRAVITATE TO THIS
  • 00:17:19.200 --> 00:17:22.010
  • ABOUT TEN YEARS AGO NOW, COMMENTS FROM PARENTS
  • 00:17:22.030 --> 00:17:25.150
  • QUITE FRANKLY THAT THIS WAS THE CLASS THEY
  • 00:17:25.170 --> 00:17:28.080
  • WISHED THEY HAD HAD.
  • 00:17:28.100 --> 00:17:30.080
  • OF COURSE I IDENTIFIED WITH THAT PERFECTLY.
  • 00:17:30.100 --> 00:17:32.250
  • THEN REALLY JUST YOU CAN SEE THE EMPOWERMENT IN
  • 00:17:32.270 --> 00:17:35.080
  • THE KIDS AND HOW THEY TAKE TO IT.
  • 00:17:35.100 --> 00:17:38.280
  • THEY'RE SO THIRSTY TO LEARN HOW MONEY WORKS IN
  • 00:17:39.000 --> 00:17:41.200
  • THE REAL WORLD.
  • 00:17:41.220 --> 00:17:43.120
  • PART OF THAT IS THEY'VE SEEN WHAT GOES ON AROUND
  • 00:17:43.140 --> 00:17:46.020
  • THEM, INSIDE THE HOUSE, OUTSIDE THE HOUSE, AND I
  • 00:17:46.040 --> 00:17:48.030
  • REALLY THINK THERE'S THREE AREAS THAT WE'VE
  • 00:17:48.050 --> 00:17:51.150
  • REALLY FAILED IN AMERICA.
  • 00:17:51.170 --> 00:17:53.090
  • WE'RE NEVER REALLY GOODS ABOUT TALKING ABOUT IT
  • 00:17:53.110 --> 00:17:55.130
  • AROUND THE KITCHEN TABLE AT HOME.
  • 00:17:55.150 --> 00:17:57.130
  • I GREW UP IN AN ERA WHERE YOU JUST DIDN'T TALK
  • 00:17:57.150 --> 00:17:59.260
  • ABOUT MONEY MUCH.
  • 00:17:59.280 --> 00:18:01.260
  • THERE WASN'T MUCH QUESTIONS.
  • 00:18:01.280 --> 00:18:03.170
  • YOU DIDN'T ASK MOM AND DAD HOW MUCH THEY MADE.
  • 00:18:03.190 --> 00:18:05.100
  • WE JUST HAD ENOUGH MONEY TO GET BY.
  • 00:18:05.120 --> 00:18:07.030
  • BUT AT THE SAME TIME, YOU DIDN'T LEARN VERY MUCH.
  • 00:18:07.050 --> 00:18:10.100
  • WE'VE NEVER DONE IT IN SCHOOL, PER SE', AND I
  • 00:18:10.120 --> 00:18:14.180
  • WASN'T TAUGHT THAT IN SCHOOL.
  • 00:18:14.200 --> 00:18:16.160
  • I'M A BUSINESS MAJOR SO I HAD A BUNCH OF THE
  • 00:18:16.180 --> 00:18:19.010
  • CLASSES, BUT DID I REALLY KNOW HOW MONEY WORKED?
  • 00:18:19.030 --> 00:18:21.110
  • NO, EVEN TO THE COLLEGE LEVEL.
  • 00:18:21.130 --> 00:18:23.190
  • AND THEN THE OTHER PLACE, I NEVER HEARD IT AT
  • 00:18:23.210 --> 00:18:26.240
  • CHURCH, AND MONEY AND POSSESSIONS IS ONE OF THE
  • 00:18:26.260 --> 00:18:29.290
  • MOST TALKED ABOUT TOPICS IN THE BIBLE.
  • 00:18:30.010 --> 00:18:32.110
  • AND I THINK MANY CHURCH LEADERS REALLY HAVE AN
  • 00:18:32.130 --> 00:18:36.120
  • ISSUE WITH TEACHING AND PREACHING BIBLICAL FINANCE.
  • 00:18:36.140 --> 00:18:39.270
  • WE CAN'T GO 0 FOR 3 ANYMORE, YOU KNOW?
  • 00:18:39.290 --> 00:18:42.200
  • WE'VE GOT TO START TALKING ABOUT IT AT HOME.
  • 00:18:42.220 --> 00:18:45.160
  • WE DEFINITELY HAVE TO DO IT IN SCHOOLS, AND IT
  • 00:18:45.180 --> 00:18:48.050
  • WOULD BE GREAT IN THE CHURCH LEADERS WOULD DO
  • 00:18:48.070 --> 00:18:50.150
  • THAT AT CHURCH ALSO.
  • 00:18:50.170 --> 00:18:51.290
  • - IT BOTHERS ME THAT SCHOOLS, THEIR MAIN
  • 00:18:52.010 --> 00:18:55.030
  • PRIORITY IS TO GET US READY FOR THE REAL WORLD.
  • 00:18:55.050 --> 00:18:57.150
  • THEY DO A GOOD JOB AT TEACHING US HOW TO READ,
  • 00:18:57.170 --> 00:18:59.190
  • WRITE, PROCESS INFORMATION AND ADD.
  • 00:18:59.210 --> 00:19:02.040
  • BUT THEY DO NOT DO A GOOD JOB AT TEACHING ME HOW TO
  • 00:19:02.060 --> 00:19:04.250
  • WIN WITH FINANCES OR HOW TO EVEN GET A DECENT JOB,
  • 00:19:04.270 --> 00:19:09.250
  • AND WHEN I GET THAT JOB, HOW DO I DEAL WITH THE
  • 00:19:09.270 --> 00:19:11.270
  • MONEY THAT COMES FROM IT?
  • 00:19:11.290 --> 00:19:13.170
  • EVERY SCHOOL NEEDS TO HAVE A MANDATORY
  • 00:19:13.190 --> 00:19:16.200
  • FINANCIAL COURSE THAT EVERY STUDENT HAS TO TAKE.
  • 00:19:16.220 --> 00:19:20.000
  • SO THAT BY THE TIME THEY GRADUATE, THEY DIDN'T NOT
  • 00:19:20.020 --> 00:19:22.170
  • ONLY COMPLETE THE CLASS, IT'S ALREADY INSIDE OF
  • 00:19:22.190 --> 00:19:25.070
  • THEM, AND I THINK THAT'S SO IMPORTANT.
  • 00:19:25.090 --> 00:19:27.100
  • - I DO THINK THAT TEACHING FINANCIAL
  • 00:19:27.120 --> 00:19:29.250
  • LITERACY OR FINANCIAL PEACE OR EVEN JUST BASIC
  • 00:19:29.270 --> 00:19:32.030
  • CORE SKILLS OF WHAT DOES AN ONLINE BALANCE MEAN?
  • 00:19:32.050 --> 00:19:35.150
  • HOW CAN YOU KEEP SPENDING MONEY?
  • 00:19:35.170 --> 00:19:37.220
  • DO YOU HAVE TO HAVE A CREDIT SCORE?
  • 00:19:37.240 --> 00:19:40.060
  • ALL OF THOSE IMPORTANT SKILLS ARE ABSOLUTELY
  • 00:19:40.080 --> 00:19:42.140
  • NECESSARY IN THE HIGH SCHOOLS.
  • 00:19:42.160 --> 00:19:44.120
  • WE HAVE TWO KIDS.
  • 00:19:44.140 --> 00:19:46.070
  • ONE OF THEM HAS A CAR LOAN, AND THE OTHER ONE
  • 00:19:46.090 --> 00:19:47.160
  • DOES NOT.
  • 00:19:47.180 --> 00:19:49.050
  • THEY'VE BOTH GOT FANTASTIC JOBS, THEY'RE
  • 00:19:49.070 --> 00:19:50.140
  • BOTH DOING GREAT.
  • 00:19:50.160 --> 00:19:52.040
  • IT'S JUST A DIFFERENCE OF HOW SERIOUS ARE YOU ABOUT
  • 00:19:52.060 --> 00:19:54.010
  • SAYING NO TO DEBT, TO CREDIT.
  • 00:19:54.030 --> 00:19:56.090
  • - WE REACHED OUT TO RAMSEY TO GET A SYSTEM IN
  • 00:19:56.110 --> 00:19:59.030
  • PLACE TO WHERE THERE ARE LAYERS OF TRUTH THAT ARE
  • 00:19:59.050 --> 00:20:03.050
  • REVEALED IN MIDDLE SCHOOL, IN HIGH SCHOOL,
  • 00:20:03.070 --> 00:20:05.100
  • MAYBE IN COLLEGE AT SOME POINT OR MULTIPLE POINTS
  • 00:20:05.120 --> 00:20:07.080
  • ALONG THE WAY.
  • 00:20:07.100 --> 00:20:08.290
  • AT THAT TIME, WE REALIZED VERY QUICKLY THAT IF YOU
  • 00:20:09.010 --> 00:20:10.270
  • CHANGE THE LIFE OF A MIDDLE SCHOOLER, AND THEY
  • 00:20:10.290 --> 00:20:12.280
  • KNOW TO AVOID STUDENT DEBT AS MUCH AS POSSIBLE,
  • 00:20:13.000 --> 00:20:16.240
  • THEY KNOW TO AVOID CREDIT CARDS WHEN THEY CAN, THEY
  • 00:20:16.260 --> 00:20:19.070
  • KNOW THAT YOU DON'T HAVE TO FINANCE YOUR CAR, THAT
  • 00:20:19.090 --> 00:20:21.270
  • IF YOU TAKE THAT CAR PAYMENT, PUT IT IN A
  • 00:20:21.290 --> 00:20:24.070
  • GROWTH STOCK MUTUAL FUND OVER THE NEXT 40 YEARS,
  • 00:20:24.090 --> 00:20:26.070
  • THEY'RE GOING TO BE A MULTI-MILLIONAIRE; THINGS
  • 00:20:26.090 --> 00:20:28.120
  • LIKE THAT, IF YOU TAKE THOSE PEOPLE AND MULTIPLY
  • 00:20:28.140 --> 00:20:30.210
  • THEM SEVERAL TIMES, THEY'RE GOING TO START
  • 00:20:30.230 --> 00:20:32.220
  • BUSINESSES THAT WOULDN'T HAVE BEEN STARTED OTHERWISE.
  • 00:20:32.240 --> 00:20:34.210
  • THEN OUR BANK, AND ALL BANKS, ARE GOING TO SERVE
  • 00:20:34.230 --> 00:20:38.030
  • THOSE FOLKS AS BUSINESS OWNERS THAT NEVER WOULD
  • 00:20:38.050 --> 00:20:40.050
  • HAVE BEEN IN THE FIRST PLACE.
  • 00:20:40.070 --> 00:20:41.200
  • THAT IS THE KIND OF THING THAT CAN CHANGE NOT JUST
  • 00:20:41.220 --> 00:20:44.190
  • OUR COMMUNITY, BUT OUR ENTIRE ECONOMY.
  • 00:20:44.210 --> 00:20:46.130
  • WE ARE NOW SERVING FOLKS IN A SYSTEM OF DIFFERENT
  • 00:20:46.150 --> 00:20:50.080
  • KINDS OF CHECK POINTS, SO WE NOW HAVE 21 PUBLIC
  • 00:20:50.100 --> 00:20:53.130
  • SCHOOLS THAT DON'T HAVE TO WORRY ABOUT NOT
  • 00:20:53.150 --> 00:20:55.250
  • KNOWING THOSE TYPES OF THINGS.
  • 00:20:55.270 --> 00:20:58.070
  • AND THEN WE OFFER ONE-ON-ONE COACHING AFTER
  • 00:20:58.090 --> 00:21:00.260
  • THE FACT WHERE WE TAILOR -- WE'LL HELP SOMEONE
  • 00:21:00.280 --> 00:21:03.090
  • BUILD A PROGRAM THAT CAN GET THEM REALLY MOVING IN
  • 00:21:03.110 --> 00:21:05.250
  • THE RIGHT DIRECTION WITH LIFE.
  • 00:21:05.270 --> 00:21:07.130
  • SO IT HAS SNOWBALLED FROM THOSE FIRST FEW DAYS INTO
  • 00:21:07.150 --> 00:21:11.000
  • SOMETHING THAT NOW WE BARELY HAVE ENOUGH PEOPLE
  • 00:21:11.020 --> 00:21:13.030
  • TO HANDLE BECAUSE THE NEED IS THERE.
  • 00:21:13.050 --> 00:21:15.280
  • WORD HAS GOTTEN OUT THAT WE HELP WITH THIS, AND
  • 00:21:16.000 --> 00:21:18.120
  • NOW IT'S GONE STATE WIDE IN A LOT OF WAYS THROUGH
  • 00:21:18.140 --> 00:21:22.040
  • THE FINANCIAL LITERACY INITIATIVE AND THE
  • 00:21:22.060 --> 00:21:24.230
  • FINANCIAL LITERACY BILL, WHICH IS KIND OF ANOTHER STORY.
  • 00:21:24.250 --> 00:21:26.130
  • - WELL, THE BILL IS ACTUALLY VERY SIMPLE.
  • 00:21:26.150 --> 00:21:28.130
  • THE DEPARTMENT OF EDUCATION IS IN CHARGE OF
  • 00:21:28.150 --> 00:21:32.170
  • SETTING UP A FINANCIAL LITERACY COURSE, A HALF A
  • 00:21:32.190 --> 00:21:34.210
  • CREDIT, THAT ALL PUBLIC HIGH SCHOOL KIDS
  • 00:21:34.230 --> 00:21:37.290
  • HAVE TO TAKE.
  • 00:21:38.010 --> 00:21:39.190
  • I GOT A CALL FROM DAVE RAMSEY FOLKS THAT SAID,
  • 00:21:39.210 --> 00:21:42.040
  • HEY, WOULD YOU BE WILLING TO TRY OUR CURRICULUM?
  • 00:21:42.060 --> 00:21:44.060
  • I HAD A CLASS OF 20.
  • 00:21:44.080 --> 00:21:46.080
  • TRIED IT OUT, AND I REMEMBER GOING HOME TO MY
  • 00:21:46.100 --> 00:21:48.280
  • WIFE AND SAYING, HONEY, YOU'VE GOT TO SIT DOWN
  • 00:21:49.000 --> 00:21:51.040
  • AND WATCH THIS WITH ME.
  • 00:21:51.060 --> 00:21:54.020
  • AND SO I LEARNED RIGHT THERE WITH THE KIDS, AND
  • 00:21:54.040 --> 00:21:57.290
  • WHAT WE DID WAS DECIDED THAT WE WERE
  • 00:21:58.010 --> 00:22:00.160
  • GOING TO DO A 180.
  • 00:22:00.180 --> 00:22:02.100
  • WE PAID OFF $36.000 DOLLARS IN ABOUT NINE
  • 00:22:02.120 --> 00:22:05.010
  • MONTHS, AND THAT TOTALLY CHANGED OUR LIVES.
  • 00:22:05.030 --> 00:22:08.010
  • I'VE BEEN THERE AT THE ADULT LEVEL THAT I DON'T
  • 00:22:08.030 --> 00:22:11.180
  • WANT THESE KIDS TO HAVE TO GO THROUGH, SO I CAN
  • 00:22:11.200 --> 00:22:14.200
  • REALLY IDENTIFY WITH HELPING THEM
  • 00:22:14.220 --> 00:22:16.160
  • PREVENT PROBLEMS.
  • 00:22:16.180 --> 00:22:18.120
  • REALLY BACK IN '08 WHEN WE FIRST STARTED DOING
  • 00:22:18.140 --> 00:22:21.140
  • THIS, I WENT TO MY ADMINISTRATORS AND SAID,
  • 00:22:21.160 --> 00:22:23.270
  • I'M SEEING THINGS THAT I'VE NEVER SEEN BEFORE.
  • 00:22:23.290 --> 00:22:27.000
  • CAN I DO THIS NEXT YEAR?
  • 00:22:27.020 --> 00:22:29.000
  • AND SO WE HAD A COUPLE OTHERS DO THAT, AND TO
  • 00:22:29.020 --> 00:22:30.210
  • THEIR CREDIT, THEY SAID, SURE, GO WITH IT.
  • 00:22:30.230 --> 00:22:33.100
  • AND THEN WE CONTINUED TO GET FEEDBACK FROM PARENTS
  • 00:22:33.120 --> 00:22:37.030
  • ABOUT NOW THEY'RE STARTING TO HAVE -- THEIR
  • 00:22:37.050 --> 00:22:39.140
  • KIDS ARE COMING HOME ASKING QUESTIONS ABOUT
  • 00:22:39.160 --> 00:22:41.170
  • MONEY, SO IT KIND OF STARTED THAT CONVERSATION
  • 00:22:41.190 --> 00:22:44.060
  • AT HOME THAT HAD PROBABLY NEVER REALLY BEEN THERE.
  • 00:22:44.080 --> 00:22:47.200
  • I STARTED MEETING WITH SOME OUTSIDE GROUPS TO
  • 00:22:47.220 --> 00:22:50.050
  • SEE, COULD WE GET THIS GOING STATE WIDE?
  • 00:22:50.070 --> 00:22:53.040
  • WE'D TAKE A COUPLE STEPS FORWARD AND A FEW STEPS
  • 00:22:53.060 --> 00:22:55.270
  • BACK AND FINALLY GOT A BILL FILED ABOUT WHAT
  • 00:22:55.290 --> 00:22:59.250
  • WOULD BE THREE YEARS AGO.
  • 00:22:59.270 --> 00:23:02.070
  • SO WE HAD TWO FAILED BILLS ALONG THE WAY.
  • 00:23:02.090 --> 00:23:05.010
  • IT WAS A LONG PROCESS, BUT FINALLY OUR GOVERNOR
  • 00:23:05.030 --> 00:23:08.050
  • SIGNED THE BILL.
  • 00:23:08.070 --> 00:23:10.120
  • STARTING WITH THE CLASS OF 2023, WE'LL HAVE TO
  • 00:23:10.140 --> 00:23:12.120
  • HAVE FINANCIAL LITERACY TO GRADUATE.
  • 00:23:12.140 --> 00:23:16.010
  • WE REALLY WANT TO ENSURE KIDS HAVE IT, AND YES, WE
  • 00:23:16.030 --> 00:23:18.280
  • HAVE TO CALL IT A GRADUATION REQUIREMENT,
  • 00:23:19.000 --> 00:23:21.170
  • BUT FINANCIAL LITERACY DOES NOT BYPASS ANYBODY.
  • 00:23:21.190 --> 00:23:26.010
  • IT AFFECTS 100% OF THE KIDS FOR 100% OF THEIR LIFE.
  • 00:23:26.030 --> 00:23:30.190
  • WHEN YOU DO SOMETHING LESS THAN A MANDATE,
  • 00:23:30.210 --> 00:23:33.080
  • YOU'RE NOT GETTING EVERYBODY, AND THEN AS
  • 00:23:33.100 --> 00:23:35.150
  • ADULTS, WE KNOW THEY'RE GOING TO HAVE TO KNOW HOW
  • 00:23:35.170 --> 00:23:38.100
  • TO HANDLE MONEY.
  • 00:23:38.120 --> 00:23:40.000
  • - THERE ARE TWO MAIN REASONS WHY MORE PARENTS
  • 00:23:40.020 --> 00:23:43.110
  • DON'T TALK TO THEIR KIDS ABOUT MONEY AND HELP THEM
  • 00:23:43.130 --> 00:23:46.070
  • DEVELOP CRITICAL FINANCIAL LITERACY SKILLS.
  • 00:23:46.090 --> 00:23:48.170
  • FOR ONE, THEY'RE TERRIFIED THEY'RE NOT
  • 00:23:48.190 --> 00:23:51.090
  • GOOD ROLE MODELS, WHEN IT COMES TO MONEY.
  • 00:23:51.110 --> 00:23:53.250
  • AND SECOND, MANY PARENTS FEEL LIKE THEY DON'T KNOW
  • 00:23:53.270 --> 00:23:58.110
  • A LOT ABOUT MONEY, AND THEY DON'T HAVE THE
  • 00:23:58.130 --> 00:24:00.240
  • CONFIDENCE THAT THEY CAN TEACH THEIR KIDS ABOUT IT.
  • 00:24:00.260 --> 00:24:03.090
  • BUT THE CRITICAL TRUTH IS THIS: IT'S IMPORTANT THAT
  • 00:24:03.110 --> 00:24:06.040
  • PARENTS ENGAGE THEIR KIDS IN THE FINANCIAL ASPECTS
  • 00:24:06.060 --> 00:24:09.090
  • OF THEIR FAMILY LIFE, AND THAT IT'S OKAY FOR
  • 00:24:09.110 --> 00:24:12.110
  • PARENTS TO LEARN RIGHT ALONG WITH THEIR KIDS.
  • 00:24:12.130 --> 00:24:15.250
  • WE THINK WE NEED A Ph.D. IN FINANCE TO BE ABLE TO
  • 00:24:15.270 --> 00:24:18.140
  • TEACH OUR KIDS, BUT THAT'S NOT TRUE AT ALL.
  • 00:24:18.160 --> 00:24:21.210
  • ALL WE NEED TO DO IS TALK OUT LOUD ABOUT WHAT WE'RE
  • 00:24:21.230 --> 00:24:25.050
  • DOING AS WE'RE GOING ABOUT OR DAILY
  • 00:24:25.070 --> 00:24:27.110
  • MONEY MANAGEMENT.
  • 00:24:27.130 --> 00:24:29.200
  • - I THINK THE BIGGEST THING IS THAT FINANCIAL
  • 00:24:29.220 --> 00:24:32.230
  • LITERACY STARTS AT HOME.
  • 00:24:32.250 --> 00:24:34.170
  • MY PARENTS DID NOT PASS DOWN FINANCIAL LITERACY
  • 00:24:34.190 --> 00:24:36.160
  • TO ME, SO I KIND OF HAD TO FIGURE IT OUT MYSELF,
  • 00:24:36.180 --> 00:24:38.050
  • WHICH YOU'RE GOING TO HAVE PEOPLE THAT DO THAT,
  • 00:24:38.070 --> 00:24:39.270
  • BUT THAT'S THE REASON WHY YOU ALSO, AS AN ADULT,
  • 00:24:39.290 --> 00:24:41.150
  • CAN ALSO LEARN.
  • 00:24:41.170 --> 00:24:43.020
  • IT'S NEVER TOO LATE TO LEARN AND BE ABLE
  • 00:24:43.040 --> 00:24:44.150
  • TO PASS IT DOWN.
  • 00:24:44.170 --> 00:24:46.080
  • - ONE THING I'M RECOMMENDING TO THE PARENTS IS TO
  • 00:24:46.100 --> 00:24:48.030
  • REMEMBER THAT MORE IS CAUGHT THAN TAUGHT.
  • 00:24:48.050 --> 00:24:49.210
  • SO MAKE SURE THEY SEE BUDGETING.
  • 00:24:49.230 --> 00:24:51.120
  • MAKE SURE THEY SEE YOU GOING GROCERY SHOPPING AND
  • 00:24:51.140 --> 00:24:53.240
  • CHOOSING THE RIGHT STUFF.
  • 00:24:53.260 --> 00:24:55.060
  • MAKE SURE THAT THEY SEE YOU NOT HAVING A CAR
  • 00:24:55.080 --> 00:24:57.290
  • NOTE, BUT YOU'RE PAYING CASH FOR THE CAR.
  • 00:24:58.010 --> 00:25:01.040
  • MAKE SURE THAT THEY SEE THINGS SO THAT WAY IT'S
  • 00:25:01.060 --> 00:25:03.280
  • RELEVANT TO THEM NOW, AND WHEN THEY GROW OLDER,
  • 00:25:04.000 --> 00:25:06.000
  • THEY'LL BE LIKE, WAIT, MY MOM AND DAD NEVER
  • 00:25:06.020 --> 00:25:07.250
  • HAD A CAR NOTE.
  • 00:25:07.270 --> 00:25:09.150
  • MY MOM AND DAD ALWAYS TOLD THEIR MONEY WHAT TO
  • 00:25:09.170 --> 00:25:12.120
  • DO, BE WONDERED WHERE IT WENT.
  • 00:25:12.140 --> 00:25:14.170
  • - I THINK IT'S UP TO US, AT THE END OF THE DAY --
  • 00:25:14.190 --> 00:25:16.160
  • AND WE CAN PUT BOOKS IN FRONT OF STUDENTS ALL DAY
  • 00:25:16.180 --> 00:25:18.090
  • LONG -- BUT IT'S UP TO US AS PARENTS, IT'S UP TO US
  • 00:25:18.110 --> 00:25:21.280
  • AS ADULTS WHO MAY NOT BE WELL VERSED IN MONEY
  • 00:25:22.000 --> 00:25:24.180
  • MANAGEMENT, WE'VE GOT IT TAKE THAT ON OURSELVES.
  • 00:25:24.200 --> 00:25:26.250
  • - AS THE NEXT GENERATION OF YOUNG ADULTS COMES UP
  • 00:25:26.270 --> 00:25:29.260
  • IN OUR HOMES AND OUR SCHOOLS, THERE ARE A HOST
  • 00:25:29.280 --> 00:25:32.190
  • OF CRITICAL LESSONS WE MUST TEACH THEM, BUT
  • 00:25:32.210 --> 00:25:35.040
  • SURELY THE LESSONS OF FINANCIAL LITERACY ARE AS
  • 00:25:35.060 --> 00:25:38.060
  • IMPORTANT AS ANY OF THEM.
  • 00:25:38.080 --> 00:25:40.080
  • IMAGINE RAISING AN ENTIRE GENERATION OF ADULTS WHO
  • 00:25:40.100 --> 00:25:43.180
  • UNDERSTAND THE VALUE OF MONEY, HOW TO PUT IT TO
  • 00:25:43.200 --> 00:25:46.210
  • WORK FOR THEM, HOW TO SAVE AND INVEST IT, AND
  • 00:25:46.230 --> 00:25:49.170
  • HOW TO ENSURE A STABLE FINANCIAL FUTURE FOR
  • 00:25:49.190 --> 00:25:52.060
  • THEMSELVES AND FOR THEIR CHILDREN.
  • 00:25:52.080 --> 00:25:54.220
  • IMAGINE THE CONFIDENCE AND PEACE THIS WOULD
  • 00:25:54.240 --> 00:25:57.120
  • INSTILL AND THE TREMENDOUS FREEDOM THIS
  • 00:25:57.140 --> 00:25:59.290
  • GENERATION WOULD ENJOY.
  • 00:26:00.030 --> 00:26:02.160
  • - WE'VE BEEN BEATEN UP FOR 40 YEARS, SINCE THE
  • 00:26:02.180 --> 00:26:06.170
  • CREDIT INDUSTRY TAKE OFF IN THE 1970'S, IT'S NEVER
  • 00:26:06.190 --> 00:26:10.060
  • BEEN COUNTERED WITH ANY EDUCATION.
  • 00:26:10.080 --> 00:26:12.140
  • AND WE HAVE TO PUT ON THE BRAKES A LITTLE BIT AND
  • 00:26:12.160 --> 00:26:15.080
  • SAY, HEY, WE CAN'T LOSE ANOTHER GENERATION.
  • 00:26:15.100 --> 00:26:18.030
  • WE HAVE TO DO SOMETHING ABOUT IT.
  • 00:26:18.050 --> 00:26:19.280
  • IT'S OUR RESPONSIBILITY WE KNOW.
  • 00:26:20.000 --> 00:26:22.000
  • WE FIGURED OUT HOW MONEY WORKS AT SOME AGE.
  • 00:26:22.020 --> 00:26:23.270
  • LET'S DO IT AT AN EARLY AGE WHERE IT
  • 00:26:23.290 --> 00:26:25.270
  • PREVENTS ALL THAT.
  • 00:26:25.290 --> 00:26:27.280
  • - SO TO EVERY PARENT THAT'S WATCHING RIGHT
  • 00:26:28.000 --> 00:26:29.290
  • NOW, MAKE SURE THAT YOU'RE HAVING
  • 00:26:30.010 --> 00:26:31.160
  • THAT CONVERSATION.
  • 00:26:31.180 --> 00:26:33.120
  • MAKE SURE THAT YOUR KIDS ARE WATCHING.
  • 00:26:33.140 --> 00:26:35.020
  • IF YOU'RE A STUDENT RIGHT NOW WATCHING,
  • 00:26:35.040 --> 00:26:36.140
  • ASK THESE QUESTIONS, OKAY?
  • 00:26:36.160 --> 00:26:38.090
  • I'M LEARNING HOW TO GET THIS, BUT HOW DO I DO
  • 00:26:38.110 --> 00:26:40.010
  • THIS WITH MY MONEY?
  • 00:26:40.030 --> 00:26:41.230
  • - AND IF YOU'RE LIKE ME, AND YOU'RE SITTING THERE
  • 00:26:41.250 --> 00:26:43.140
  • IDENTIFYING WITH EVERYTHING THIS SHOW HAS
  • 00:26:43.160 --> 00:26:45.180
  • BEEN ABOUT AND SAY, HEY, I MISSED THIS, TOO.
  • 00:26:45.200 --> 00:26:48.100
  • WHAT I THINK THIS SHOW WILL HELP POINT OUT IS
  • 00:26:48.120 --> 00:26:51.040
  • THIS IS A SIGNIFICANT PROBLEM, AND WE ALL HAVE
  • 00:26:51.060 --> 00:26:53.150
  • TO GET OUR HANDS AROUND THIS.
  • 00:26:53.170 --> 00:26:55.090
  • AND IF YOU'RE A BUSINESS LEADER IN YOUR COMMUNITY,
  • 00:26:55.110 --> 00:26:58.020
  • CALL YOUR SCHOOL AND SEE HOW YOU CAN HELP OUT WITH
  • 00:26:58.040 --> 00:27:00.240
  • THEIR FINANCIAL LITERACY PROGRAM.
  • 00:27:00.260 --> 00:27:02.190
  • IF YOU'RE AN INDIVIDUAL, CALL YOUR SCHOOL DISTRICT
  • 00:27:02.210 --> 00:27:05.210
  • AND SEE HOW YOU CAN HELP OUT WITH THIS BECAUSE
  • 00:27:05.230 --> 00:27:08.110
  • WE'RE 40 YEARS OF LOSING, AND I COME FROM A
  • 00:27:08.130 --> 00:27:11.000
  • COACHING BACKGROUND, AND I DON'T KNOW HOW MANY
  • 00:27:11.020 --> 00:27:13.050
  • MORE YEARS WE CAN GO LOSING BEFORE THIS IS
  • 00:27:13.070 --> 00:27:14.280
  • JUST TOTALLY OFF THE TRACKS.
  • 00:27:15.000 --> 00:27:17.110
  • TAKING CARE OF BUSINESS...
  • 00:27:17.130 --> 00:27:22.120
  • [MUSIC]
  • 00:27:22.140 --> 00:27:29.130

Video Keywords