18-to-35 Year Olds Are Hurting For Money. That's Likely Because Of The Way They Use It.

[00:00:04] [SPEAKER_00]: You're Listening To Casual Talk Radio Where Common Sense Is Still The Norm. Whether You're A New Or A Longtime

[00:00:12] [SPEAKER_00]: Listener We Appreciate You Joining Us Today. Visit Us At CasualTalkRadio.net

[00:00:17] [SPEAKER_00]: And Now Here's Your Host Lyster.

[00:00:22] [SPEAKER_01]: Very Good Afternoon Out There Casual Talk Radio Back With Another Episode That Is Going To Be Targeted

[00:00:28] [SPEAKER_01]: Focused Around Money

[00:00:30] [SPEAKER_01]: The Listeners The Demographic Of The Listeners Of The Show I Think Fall Roughly Older

[00:00:38] [SPEAKER_01]: Than The Target I'm Going To Be Speaking About

[00:00:41] [SPEAKER_01]: If You Happen To Have Children In The Age Range I'm Speaking About

[00:00:47] [SPEAKER_01]: If Some Of The Information Is Beneficial Please Share It Because I Think We Have A Duty To Them As

[00:00:55] [SPEAKER_01]: Older Generation If You're In This Age Range And I'm About To Speak About I

[00:01:00] [SPEAKER_01]: Would Employ You To At Least Do Some Research Yourself In What I'm Talking About and When I Say Do Research By The Way

[00:01:08] [SPEAKER_01]: Use Whatever Device You Choose But I'm Going To Recommend You Don't Just Pull Out Your Phones In Your Automotive

[00:01:12] [SPEAKER_01]: What's It's Instead Sit Down At The Good Ol' Trusty Computer Take The Time To Really Look At It Take Some Notes And

[00:01:20] [SPEAKER_01]: Determine What Makes Sense For You Because I Think A Lot Of Young Folks Today

[00:01:24] [SPEAKER_01]: And When I Say Young Folks Going Forward In This Conversation

[00:01:29] [SPEAKER_01]: Consider The Age Range To Be Roughly Between 18 And 35 Let's Say To Be Fair

[00:01:35] [SPEAKER_01]: Probably A Little Bit Maybe 18 To 30 But I'm Gonna Say 18 To 35 Just To Cover It And Cover All The Basis

[00:01:41] [SPEAKER_01]: For The Conversation

[00:01:43] [SPEAKER_01]: Everything I'm Gonna Be Describing Targets Gen Z I Don't Think That's Fair

[00:01:49] [SPEAKER_01]: Gen Z I Think Is Too Broad Of A Swath

[00:01:53] [SPEAKER_01]: And I've Lost Track Of What We Call All The Gens Because Of Course They Run Out Of Letters And They Call It Something

[00:01:58] [SPEAKER_01]: Else And I Forgot What It Is

[00:01:59] [SPEAKER_01]: The Bottom Line Is To Me I'm Targeting 18 To 35

[00:02:03] [SPEAKER_01]: Ish You Might Have People Who Are A Little Bit Older Than 35 Where This May Still Apply Feel Free To Take Some

[00:02:10] [SPEAKER_01]: Of This Information To Heart Let's Talk About Money

[00:02:15] [SPEAKER_01]: The Hard Conversation Money It's One Of Those Funny Things Isn't It The Problem I

[00:02:21] [SPEAKER_01]: Did My Opinion The Problem With Money Is How It's Being

[00:02:26] [SPEAKER_01]: Taken From You When I Say Taken From You What Do I Mean Well If You Consider

[00:02:31] [SPEAKER_01]: How Money Used To Be If You Didn't Know This Because You're Too Young To Have Been During This Era

[00:02:36] [SPEAKER_01]: Used To Be That You Were Given Physical Cash In Your Hand You Go Down To The Store And Pay With It

[00:02:43] [SPEAKER_01]: Directly And It's Whether It's Coins Or Bills It Didn't Matter Whether It's Bubblegum Or Soda It Didn't Matter

[00:02:49] [SPEAKER_01]: Whether You Go Into The Taco Shop Or The Supermarket It Didn't Matter

[00:02:53] [SPEAKER_01]: It Was Rare That You Were Doing Anything Other Than Handing Over Regular Currency Coins And Paper

[00:03:00] [SPEAKER_01]: Every Now And Then You Might Have Parents Who Are Writing Checks Believe It Or Not

[00:03:06] [SPEAKER_01]: After Time Debit Cards Become More Of A Thing There Was A Time Though It Was Hard To Get A Debit Card Some Of The Banks Some Of The Credit Unions

[00:03:14] [SPEAKER_01]: They Actually Resisted Giving Debit Cards They Were Treating It Like Credit They Would Screen You And You Are Approved Or Denied And Sometimes

[00:03:22] [SPEAKER_01]: You Would Get A Regular Debit Card That You Couldn't Really Swipe And All You Could Do

[00:03:27] [SPEAKER_01]: Is Pull Money Of An ATM Now For Some People That Was Fine Right You Just Pull Money The ATM

[00:03:32] [SPEAKER_01]: We Take For Granted The Visa And MasterCard Debit Cards That Are Issued From Banks That Are Happily Issued From Banks Those Don't Require Credit Checks Because They Realized After Some Years

[00:03:42] [SPEAKER_01]: It's Your Money What Is It That We're Blocking And It Helps Them Because They Collect Fees

[00:03:48] [SPEAKER_01]: The Fees That Are Collected Happened At The Swipe So When You Swipe It At The Terminal There Are Fees Collected As Part Of This Transaction A

[00:03:56] [SPEAKER_01]: Lot Of Merchants Started To Bulk At The Fees And So They Would Charge It Back To The Customer Or In Some Cases Especially With Taco Shops

[00:04:03] [SPEAKER_01]: They Would Tell You On A Sign We're Gonna Charge You A Fee To Swipe Your Card But We'll Take Cash For Free

[00:04:09] [SPEAKER_01]: There Was A Time When Gas Stations Had A Little Island Right In The Middle Where You Could Pay With Cash At The Terminal

[00:04:16] [SPEAKER_01]: Fast Majority Of Them Have Ripped It Out And I Wish They Didn't But There Was A Time When You Could Pay Cash And They Encouraged You To Do So Some Gas Stations Still

[00:04:23] [SPEAKER_01]: Offer Cheaper Gas If You Pay With Cash Because Of The Fees That Are Charged And Implied Upon Them

[00:04:30] [SPEAKER_01]: Fast Forward And We Get To A World

[00:04:32] [SPEAKER_01]: International This Was Taken For Granted But The United States It Took Us A While To Get To The Point

[00:04:37] [SPEAKER_01]: Where You Could Use Your Phone An

[00:04:39] [SPEAKER_01]: NFC As It's Referred To The Technology Where Your Phone The Distance Between Your Phone And The Terminal The Closer You Got To

[00:04:46] [SPEAKER_01]: It Eventually They Could

[00:04:48] [SPEAKER_01]: Communicate Near Field Communication And The Transaction Was Authorized And Approved That Way

[00:04:54] [SPEAKER_01]: What Some Didn't Realize In This Rush To Do This Because It Took A While To Work Out The Kinks Of That

[00:04:59] [SPEAKER_01]: Believe It's Pretty Seamless Now I Watched A Young Kid He Did His On The Phone It Was Pretty Fast And Smooth

[00:05:05] [SPEAKER_01]: Now I I Am Not One Of Those Consumers I'm A Cash Consumer Because I Believe

[00:05:10] [SPEAKER_01]: Number One Cash Is The Most Trustworthy Way To Get The Money That's Ode Number Two

[00:05:15] [SPEAKER_01]: You're More Likely To Tip When You Pay With Cash And Number Three

[00:05:18] [SPEAKER_01]: If Something Happens To Your Phone Or Device You're Screwed Which I'll Talk About Here Later

[00:05:23] [SPEAKER_01]: But The Point Is This Phone Swipe Became The More Popular Way For The Young

[00:05:27] [SPEAKER_01]: Generation Instead Of Swiping The Card Or Doing The Chip Insert Or Even Giving Cash Is Swiping Off The Phone

[00:05:34] [SPEAKER_01]: We Start Seeing All These Payment Tools Popping Up You Know The Venmo's And The Cash Apps And The Paypal's You Heard Me

[00:05:41] [SPEAKER_01]: Criticize These

[00:05:42] [SPEAKER_01]: Upwards To Sunday These Start To Become A Thing And They Have Continued To Be A Thing Very Popular With The Younger

[00:05:48] [SPEAKER_01]: Generation The Younger Generation Who Either

[00:05:51] [SPEAKER_01]: Cringes At The Concept Of Cash Or Was Never Taught How To Count It And So They Rush Away From It At The Certain Stores Then

[00:05:58] [SPEAKER_01]: When You Hand Them Cash They Struggle To Count Change Because They Were Never Taught Properly How To Do It By Their Parents

[00:06:06] [SPEAKER_01]: Now One Of The Updates I Wanted To Share Around This Concept Of Money And The Reason I Gave The Preface Story

[00:06:12] [SPEAKER_01]: You May Or May Not Have Heard What Happened With Cash App Which Is One Of These Tools

[00:06:16] [SPEAKER_01]: Cash That Was Subject To A Major Security Breach Where People's Privacy Was Violated

[00:06:21] [SPEAKER_01]: Want To Describe What Happened Then I want to describe how it happened then I'm gonna give you my moral and it's not an

[00:06:28] [SPEAKER_01]: Eana need an eater deep deep deep but it is one of those lessons learned

[00:06:32] [SPEAKER_01]: So what happened?

[00:06:34] [SPEAKER_01]: In summary the basics of what happened

[00:06:38] [SPEAKER_01]: There's in every company right you have employees

[00:06:42] [SPEAKER_01]: Technology employees who have access to certain information to make the tool happen they have access to the databases they have access to the servers they

[00:06:49] [SPEAKER_01]: Have access to the networking they have to have some level of access

[00:06:52] [SPEAKER_01]: The employees are subject to a level of trust because they're granted access to this information and

[00:07:00] [SPEAKER_01]: They're expected and trusted to protect the information and not do sketchy stuff with it

[00:07:06] [SPEAKER_01]: In the old days what this took the form of believe it or not and I'll tell you stories about this crazy

[00:07:12] [SPEAKER_01]: But there used to be situations like take

[00:07:16] [SPEAKER_01]: A

[00:07:17] [SPEAKER_01]: Hollywood video blockbuster video some of these stores game stop now

[00:07:22] [SPEAKER_01]: But in the oil it's harder now that it used to be EB

[00:07:26] Babbage's

[00:07:27] [SPEAKER_01]: What would happen is those workers would do what was referred to as a five finger discount and help themselves to some of

[00:07:34] [SPEAKER_01]: The products so like say Hollywood video they would take off with some of the games that were up for rent or

[00:07:42] [SPEAKER_01]: Same a blockbuster on the Babbage inside EB. They take some of the games target. They take some of the games

[00:07:49] [SPEAKER_01]: Kmart they take some of the games office Depot staples right they take some of these things and they resell them

[00:07:56] [SPEAKER_01]: So they didn't buy them. They stole it, but they would go and resell it

[00:08:01] [SPEAKER_01]: the whole

[00:08:02] [SPEAKER_01]: Remember this is before the era of excessive

[00:08:06] [SPEAKER_01]: Cameras and things there was a time

[00:08:08] [SPEAKER_01]: Where the supermarkets you could freely walk in and out of the supermarkets without fail?

[00:08:15] [SPEAKER_01]: There was a point I remember IGA food land

[00:08:19] [SPEAKER_01]: installed the sensors the security sensors so that it would detect if you walked out with something because

[00:08:25] [SPEAKER_01]: That started to be a real problem again cameras started to rise and we saw less of that obviously in California

[00:08:32] [SPEAKER_01]: They can freely smash and grab but back then in certain parts you wouldn't it was unheard of and the crime started

[00:08:39] [SPEAKER_01]: Skyrocket this is a measure of trust or a lack of trust in those people

[00:08:44] [SPEAKER_01]: Where they expected the employing not to do these things in a digital world?

[00:08:49] [SPEAKER_01]: You're talking now access to the data

[00:08:52] [SPEAKER_01]: So people would take access to the information and I'll tell you another story about that here in a second

[00:08:58] [SPEAKER_01]: But they'd access the information and do one of two things with it

[00:09:01] [SPEAKER_01]: There were stories about people who would work at certain call centers, let's say celebrities, right?

[00:09:08] [SPEAKER_01]: Celebrities buy gifts. So there are gift companies and I'm not going to name the company name, but I'm aware of there's gift companies

[00:09:16] [SPEAKER_01]: Stores where the celebrity is doing a transaction

[00:09:19] [SPEAKER_01]: Well, the celebrity has to have their information on record as far as their address and some others

[00:09:25] [SPEAKER_01]: so in

[00:09:26] [SPEAKER_01]: Some smart company cases they would dedicate a department for employees who would work with the celebrities

[00:09:33] [SPEAKER_01]: So there were stories in this company. I'm aware of

[00:09:36] [SPEAKER_01]: Where they said yeah, I believe they said it they took an order from Rebecca Gayheart

[00:09:41] [SPEAKER_01]: I believe they took an order from Janet Jackson one time

[00:09:45] [SPEAKER_01]: So on all these big name people but it's like two people

[00:09:48] [SPEAKER_01]: Locked in a room that only those two people could get in their badges only worked for those two people to this room

[00:09:55] [SPEAKER_01]: But the company had to trust these workers with access to in this case celebrity information

[00:10:03] [SPEAKER_01]: Other companies who did not isolate those people you would hear stories where these fan girls or fanboys

[00:10:10] [SPEAKER_01]: Would stalk these celebrities they would show up at people's houses

[00:10:13] [SPEAKER_01]: They would you know

[00:10:15] [SPEAKER_01]: That's how the whole paparazzi thing got worse and worse and worse because some of that information got leaked either the person who?

[00:10:21] [SPEAKER_01]: worked in the organization

[00:10:22] [SPEAKER_01]: Just decided to pop up there

[00:10:24] [SPEAKER_01]: Or they would resell the information or share it or somehow divulge it when they weren't supposed to

[00:10:30] [SPEAKER_01]: In something like this, it's financial potentially financial data, right?

[00:10:36] [SPEAKER_01]: Financial data goes for a very high amount of money on what's referred to as the dark web

[00:10:41] [SPEAKER_01]: So they'll take this information download it go to the dark web as it's referred to and

[00:10:47] [SPEAKER_01]: Sell it to other people who then do what they can make up a card and drain your funds or

[00:10:53] [SPEAKER_01]: Do a sim swap attack and get access to your phone if they get access to your phone

[00:10:59] [SPEAKER_01]: And you've gone YOLO with all these tools for digital assets instead of cash and everything else

[00:11:05] [SPEAKER_01]: All they need is to do a sim swap to your phone and they have access now to the phone number

[00:11:10] [SPEAKER_01]: That's connected to these services

[00:11:12] [SPEAKER_01]: They then do a social engineering attack, which is they'll contact each of these services that you use

[00:11:19] [SPEAKER_01]: Pretending to be you because they now have your phone number on

[00:11:23] [SPEAKER_01]: Their device of choice and they can get access if you have not locked it down with like a passphrase or something

[00:11:28] [SPEAKER_01]: Get access to your account on the back end through the phone carrier

[00:11:33] [SPEAKER_01]: Reset passwords through those services get access to that then get access to the funds

[00:11:39] [SPEAKER_01]: With the cash app case the cash app employee had gotten improper access to the personal information

[00:11:45] [SPEAKER_01]: And then a bunch of people sued them now this extends to people who had their account between

[00:11:51] [SPEAKER_01]: Basically 2018 to 2024 so that's a pretty broad range

[00:11:55] [SPEAKER_01]: With a significant claim depending on loss of money up to

[00:11:59] [SPEAKER_01]: $2,500 if you use cash app and you're between

[00:12:03] [SPEAKER_01]: 2018 and 2024 you may or may not be eligible for a settlement

[00:12:07] [SPEAKER_01]: I'm assuming they would have contacted you if you are part of the settlement

[00:12:11] [SPEAKER_01]: You can choose to opt in or opt out of the settlement if you like more information do check out cash app security settlement

[00:12:18] [SPEAKER_01]: calm and

[00:12:20] [SPEAKER_01]: That's again. I would recommend you do it from a computer not from a mobile device

[00:12:23] [SPEAKER_01]: It's up to you cash app security settlement calm

[00:12:27] [SPEAKER_01]: You need to submit a form by November 18th if you want to get a claim and you appear to be

[00:12:33] [SPEAKER_01]: eligible for this

[00:12:35] [SPEAKER_01]: You can only do the one time if you have more you have multiple accounts you can submit

[00:12:41] [SPEAKER_01]: Multiple tags cash tags are referred to on the single form, but you can only submit one form

[00:12:46] [SPEAKER_01]: So if it's a family situation and let's say two or three of you were breached you could you can submit one claim with

[00:12:51] [SPEAKER_01]: multiple cash tags

[00:12:53] [SPEAKER_01]: Across those claims, so I'm sharing that because some people may be

[00:12:57] [SPEAKER_01]: affected by this

[00:12:59] [SPEAKER_01]: Speaking of Gen Z then but again. I think it's more 18 to 35

[00:13:05] [SPEAKER_01]: Surveys were done that identified that the younger generation is ultimately stuck with family and parents

[00:13:11] [SPEAKER_01]: They're not able to move forward. They're having a hard time making ends meet specifically around housing

[00:13:19] [SPEAKER_01]: Those listening to me for a while have heard me rant about the scam that is renting I maintain

[00:13:24] [SPEAKER_01]: It's a scam. There's a news article today

[00:13:27] [SPEAKER_01]: That talked about there's a person that had cerebral palsy

[00:13:32] [SPEAKER_01]: Person had learning disorders and

[00:13:35] [SPEAKER_01]: The AC went out and it's been out for a year and trust me I can I can relate

[00:13:40] [SPEAKER_01]: Went out for a year. They reported it the property manager wrote in the lease that the

[00:13:46] [SPEAKER_01]: Tenant had to be there on the hook to fix the air conditioning

[00:13:50] [SPEAKER_01]: The state says law says no if it's part of the home when you move in then you landlord are

[00:13:58] [SPEAKER_01]: Responsible for it that's basically how the law is written in the state however this

[00:14:04] [SPEAKER_01]: Shady business wrote in the lease the landlord

[00:14:07] [SPEAKER_01]: You know the tenant is responsible for the air conditioning if it goes out which is unthinkable

[00:14:12] [SPEAKER_01]: Because the air conditioning is first of all it's one of the most expensive things to fix depending on what breaks the condenser

[00:14:18] [SPEAKER_01]: Goes out you're screwed at the compressor goes out your screwed

[00:14:22] [SPEAKER_01]: Second it's part of the home if it was working when it moved in and then it breaks

[00:14:26] [SPEAKER_01]: It's unthinkable that you'd be saddled with it

[00:14:27] [SPEAKER_01]: But I can speak from direct experience in the matter because the place that I left down in, Nevada

[00:14:32] [SPEAKER_01]: Tried to send me a bill for fourteen thousand dollars because they basically tried to bank

[00:14:38] [SPEAKER_01]: Let's get a whole new fridge deep deep deep the fridge that was there

[00:14:41] [SPEAKER_01]: Was physically damaged the moment I moved in I reported it

[00:14:45] [SPEAKER_01]: They called it out in the checklist when he moved in they still wanted to try to saddle me to replace it

[00:14:51] [SPEAKER_01]: The landscaping they wanted to saddle me to replace all the landscaping even though the reason the landscaping went south is because a of a

[00:14:58] [SPEAKER_01]: Water restriction where they limited your ability to water the lawn

[00:15:02] [SPEAKER_01]: Second the irrigation system had busted and I reported it

[00:15:05] [SPEAKER_01]: And they said they would not fix it and it was on the tenant to do that this term

[00:15:10] [SPEAKER_01]: Far as saddling these large expenses on the tenant for things that were pre-existing

[00:15:15] [SPEAKER_01]: Issues is starting to become more of a thing is my point now the other place the most recent place not in, Nevada

[00:15:23] [SPEAKER_01]: That I moved out of prior to me purchasing the home. They did it right?

[00:15:27] [SPEAKER_01]: They basically sent me a check they had charged me for things that I knew were going to be things that were fine such

[00:15:33] [SPEAKER_01]: As they had to redo some of the paint in the drywall and pieces

[00:15:38] [SPEAKER_01]: I had given them a pretty high deposit so they took out the deposit

[00:15:41] [SPEAKER_01]: They sent me a check for the overage and we're done

[00:15:43] [SPEAKER_01]: It was easy slick clean

[00:15:45] [SPEAKER_01]: Nothing to it. They did it right and this is the same state

[00:15:50] [SPEAKER_01]: Where this shady business took place? So now I'm wondering I

[00:15:55] [SPEAKER_01]: See that it's different orgs, but as long as they wrote it in the lease

[00:15:59] [SPEAKER_01]: they're getting away with it and

[00:16:01] [SPEAKER_01]: So my messaging to anybody out there that is trying to get into a renting situation

[00:16:06] [SPEAKER_01]: For your first place getting out of the parents home

[00:16:10] [SPEAKER_01]: It's vital that you understand what's in the lease and

[00:16:14] [SPEAKER_01]: Understand your rights and don't just settle for the first place that catches your eye

[00:16:19] [SPEAKER_01]: You might need to settle for something that's in a shady place based on cost or you may need to room roomy up with

[00:16:27] [SPEAKER_01]: People that's fine. I'm saying make sure you understand what's in that lease

[00:16:31] [SPEAKER_01]: Make sure it's in accordance with the law in the state

[00:16:34] [SPEAKER_01]: Make sure they're not trying to settle you with over expenses because that's what creates a scam when I say renting is a scam

[00:16:40] [SPEAKER_01]: It is the tendency of these landlords to try to settle you with extra expenses that you should not incur and they're willing

[00:16:48] [SPEAKER_01]: To do this. They're happy to do it and you don't have a recourse

[00:16:52] [SPEAKER_01]: You don't have a fallback because the state will just say yeah, but the least they

[00:16:58] [SPEAKER_01]: So it's up to you what you need to do

[00:17:01] [SPEAKER_01]: But I don't want to see people get in that situation barring that

[00:17:05] [SPEAKER_01]: I'm understood

[00:17:06] [SPEAKER_01]: roughly half of Gen Z folks 18 to 27 now the younger younger are

[00:17:13] [SPEAKER_01]: Talking about having to be supported by parents by a supported by extended family members

[00:17:19] [SPEAKER_01]: At least from financial assistance now, obviously for college that's understood, right?

[00:17:24] [SPEAKER_01]: It's expected that your parents would support you during college and you know loans and that sort of stuff

[00:17:29] [SPEAKER_01]: But these are referring to direct financial assistance a

[00:17:34] [SPEAKER_01]: Lot of these young folks swear that they're they're not even getting ahead

[00:17:39] [SPEAKER_01]: They're falling behind which ties to the economy in the state of the economy to which I would tell those people

[00:17:45] [SPEAKER_01]: Part of the reason that you're feeling

[00:17:47] [SPEAKER_01]: Appropriately so that you're falling behind is because the economy is not in a good state

[00:17:53] [SPEAKER_01]: It has not been for at minimum four years

[00:17:57] [SPEAKER_01]: The economy has been progressively worse over time

[00:18:01] [SPEAKER_01]: We had a period where it was about to get better and then kovat showed up out of nowhere

[00:18:06] [SPEAKER_01]: perceived to be a man-made disease and

[00:18:10] [SPEAKER_01]: The first person to talk about that theory was muted off of X at the time Twitter

[00:18:15] [SPEAKER_01]: That person is trying to get back into office that being Donald Trump

[00:18:20] [SPEAKER_01]: So if you are in the financial straits that you describe in this type of a survey

[00:18:26] [SPEAKER_01]: You're one of those who feels the crunch

[00:18:28] [SPEAKER_01]: Rightfully, so understand you're not alone. The crunch has been affecting everybody

[00:18:34] [SPEAKER_01]: It's disproportionately

[00:18:36] [SPEAKER_01]: affecting the younger generation because the younger generation does not have the same advantages that the older folks would have had in a

[00:18:45] [SPEAKER_01]: Situation prior to cell phones prior to even debit cards prior to those digital applications prior to the loss

[00:18:53] [SPEAKER_01]: control of your money

[00:18:56] [SPEAKER_01]: You see how I tie that together the loss of control of your money is how it's it's

[00:19:04] [SPEAKER_01]: It's tricks. It's magic, right? It's okie-dokie. It's smoke

[00:19:09] [SPEAKER_01]: It's the idea if we take away your direct contact with your wealth

[00:19:15] [SPEAKER_01]: You start to lose track of just where you are where you sit and where you fit in

[00:19:20] [SPEAKER_01]: In a world where it's cash driven largely cash driven

[00:19:24] [SPEAKER_01]: It forces you to maintain control of the situation because you only have what you can hold

[00:19:29] [SPEAKER_01]: You think that having it in the bank. It's gonna manage it for you

[00:19:33] [SPEAKER_01]: You know if you run out it'll just decline or hit you overdraft. That's not how you budget yourself

[00:19:39] [SPEAKER_01]: That's not how you manage your wealth. I take it. I'm speaking from experience in the matter

[00:19:43] [SPEAKER_01]: One of the worst things I ever did was rely excessively heavily on the banking system

[00:19:49] [SPEAKER_01]: When I started going back to cash transactions and primarily focusing on cash transactions

[00:19:54] [SPEAKER_01]: You'd be surprised how much easier everything got that's not telling you that it's the right answer for you

[00:20:01] [SPEAKER_01]: I'm sharing the story from my lens

[00:20:04] [SPEAKER_01]: Focusing on cash forced to me to only focus on what money I had available

[00:20:09] [SPEAKER_01]: When I went Yolo on the banking side when I first got in it when I was roughly your age range

[00:20:14] [SPEAKER_01]: I lost track of it and it put me in trouble not because I didn't understand budgeting but because I didn't understand I

[00:20:23] [SPEAKER_01]: Wasn't focused. I wasn't focused on the right things. I was focused on spending

[00:20:30] [SPEAKER_01]: Right and some of these young folks have said that they've done things like cut down how much they eat out or cut

[00:20:36] [SPEAKER_01]: Down how much they spend time with friends or cut down on these entertainment things. That's good

[00:20:41] [SPEAKER_01]: But I believe in my opinion that

[00:20:44] [SPEAKER_01]: Not having direct contact with your money is part of the reason why it's harder or it seems harder

[00:20:52] [SPEAKER_01]: To maintain some of it left over every pay period you maybe live in check to check

[00:20:58] [SPEAKER_01]: Now I'm not suggesting you go back all cash. That's not what I'm saying

[00:21:01] [SPEAKER_01]: I'm saying that if you look at what you spend on on a frequent or recurrent basis

[00:21:07] [SPEAKER_01]: And if you have the option to pay cash for those things, I'm not talking bills

[00:21:11] [SPEAKER_01]: I'm talking things where you go to the store

[00:21:13] [SPEAKER_01]: I'm talking these you go to supermarkets you get gas or you get groceries something and you start doing those

[00:21:19] [SPEAKER_01]: Transactions in cash and you try that for a month

[00:21:23] [SPEAKER_01]: Then measure how much more or less do you spend doing it that way?

[00:21:29] [SPEAKER_01]: Versus just swiping the card or swiping your phone and really check it because I think you'll find this is a theory

[00:21:35] [SPEAKER_01]: That the transactions you do with your card or your phone

[00:21:39] [SPEAKER_01]: You end up spending more than you think

[00:21:43] [SPEAKER_01]: Versus cash which forces you to spend only what you have in hand it forces it limits you

[00:21:48] [SPEAKER_01]: You can only pull so much out of ATM, right?

[00:21:50] [SPEAKER_01]: You can only pull five hundred dollars a day or whatever it is that

[00:21:53] [SPEAKER_01]: Creates its own constraint that forces you to be more studious about how and where and why you spend

[00:22:00] [SPEAKER_01]: In my opinion that was one of the best moves

[00:22:02] [SPEAKER_01]: I made in controlling spent is if I pay certain things cash and not

[00:22:07] [SPEAKER_01]: Excessively touch what's in the bank and the bank is simply a means to an end. I'm controlling my spend

[00:22:12] [SPEAKER_01]: I know how much money is flowing out. I know how much money I have on hand

[00:22:16] [SPEAKER_01]: I know how much is flowing in without reliant on internet without relying on power without relying on a

[00:22:22] [SPEAKER_01]: third-party bank to quote deny or quote approve the transaction the transactions approved by me handing you the cash

[00:22:30] [SPEAKER_01]: Obviously that doesn't work when you're renting a hotel or renting a car or you know getting on a plane

[00:22:36] [SPEAKER_01]: But for your routine transactions consider if that's something that may work, maybe it doesn't I'm challenging you to try it

[00:22:43] [SPEAKER_01]: See what it works to me. I think it's a better way to

[00:22:47] [SPEAKER_01]: Introduce simple forms of budgeting this doesn't solve the underlying problem though

[00:22:52] [SPEAKER_01]: Does it if you are reliant on family parents?

[00:22:56] [SPEAKER_01]: Feel free to continue doing so if you don't want it

[00:23:01] [SPEAKER_01]: Understand that you may have to make hard decisions that you don't want to do

[00:23:04] [SPEAKER_01]: Everything is about having to decide to do things you may not want to do one of those things

[00:23:09] [SPEAKER_01]: Maybe you've got to work a different career

[00:23:12] [SPEAKER_01]: Than what you want to do or what you've been doing because what you're doing doesn't pay like it's supposed to

[00:23:18] [SPEAKER_01]: Fighting to get more money. You can try but most are not going to do that

[00:23:22] [SPEAKER_01]: Getting promoted inside might be but that's hard some companies aren't with it

[00:23:28] [SPEAKER_01]: All I'm saying I'm not suggesting any of this is easy

[00:23:31] [SPEAKER_01]: I'm saying that the financial straits that you're feeling are they're accurate

[00:23:35] [SPEAKER_01]: It's you are legitimately feeling what you think you're feeling the root cause of why you're feeling what you're feeling

[00:23:42] [SPEAKER_01]: It's endemic. It's a longer term thing that has been festering over years

[00:23:48] [SPEAKER_01]: We've allowed it to get to that point

[00:23:50] [SPEAKER_01]: You are simply feeling the fallout of bad decisions and a rush to technology the rush to technology is what took away

[00:23:58] [SPEAKER_01]: People's ability to effectively control spend

[00:24:02] [SPEAKER_01]: Think about how the government prints and prints and prints and prints they print because they can

[00:24:07] [SPEAKER_01]: when they print they start losing track of

[00:24:11] [SPEAKER_01]: Why they print and they start losing track of why they spend and they start losing track of where they spend on

[00:24:17] [SPEAKER_01]: I guarantee you if somebody sat down with authority and looked at everything the government spent

[00:24:22] [SPEAKER_01]: Probably two-thirds of it doesn't need to be spent

[00:24:25] [SPEAKER_01]: They're afraid to unravel it because they know

[00:24:28] [SPEAKER_01]: Unraveling something could have catastrophic results downstream to airports to the military to your schools to your parks

[00:24:37] [SPEAKER_01]: Because everything is so intertwined. They've lost track of it because it's no longer in sight

[00:24:42] [SPEAKER_01]: That's how your bank account works. That's the problem with rushing away from cash and

[00:24:48] [SPEAKER_01]: Only working with what you have on hand

[00:24:51] [SPEAKER_01]: They're subject to it just like you are

[00:24:53] [SPEAKER_01]: So I shared the whole cash up situation if you are subject to it, feel free to check that out and

[00:25:01] [SPEAKER_01]: I shared my thoughts on the whole money situation. I don't envy your position. I've been in that situation

[00:25:06] [SPEAKER_01]: It sucks. It royally sucks one of the best decisions I made

[00:25:12] [SPEAKER_01]: For myself mind you was when I ultimately left and did not look back and I did what I had to do

[00:25:19] [SPEAKER_01]: To make sure I did not look back and that ultimately made some hard decisions

[00:25:23] [SPEAKER_01]: Some of which resulted in me almost being homeless at a point

[00:25:27] [SPEAKER_01]: But it was more important to me

[00:25:30] [SPEAKER_01]: To get to that point than it was to stay in the situation

[00:25:34] [SPEAKER_01]: I was in staying in the situation. I was in was not an option in your case

[00:25:39] [SPEAKER_01]: It's an option and feel fortunate you have that option because not everybody does there are people out there that don't have that

[00:25:45] [SPEAKER_01]: that cushion

[00:25:47] [SPEAKER_01]: Feel fortunate you have it

[00:25:49] [SPEAKER_01]: I would encourage you to push yourself

[00:25:53] [SPEAKER_01]: Harder to get out of that rut and get away from it so that you're not staying in that situation

[00:25:58] [SPEAKER_01]: You're not stuck there if you want to be I can't tell you what to do

[00:26:03] [SPEAKER_01]: I'm saying for your mental health or your spiritual health

[00:26:07] [SPEAKER_01]: See what you can do to change the situation

[00:26:10] [SPEAKER_01]: Which may mean do something that you didn't think that you could would or should not saying illegal

[00:26:16] [SPEAKER_01]: I'm saying something where you're pushing yourself beyond your limits because our limits are self-imposed

[00:26:22] [SPEAKER_01]: You can push yourself beyond that and get to where you need to go

[00:26:26] [SPEAKER_01]: But it may need to be a different route than what you thought initially