5 critical money lessons you should have been taught in school | HOUSTON LIFE | KPRC 2

5 critical money lessons you should have been taught in school | HOUSTON LIFE | KPRC 2


Worry about your car getting
broken into. [ ♪ ] [ ♪ ]
>>Derrick: SCHOOL CAN TEACH>>Derrick: SCHOOL CAN TEACH
US A LOT BUT SOMETIMES WE END UP US A LOT BUT SOMETIMES WE END UP
LEARNING THINGS THE HARD WAY OUT LEARNING THINGS THE HARD WAY OUT
THERE IN THE COLD REAL WORLD. THERE IN THE COLD REAL WORLD.
OUR NEXT GUEST SAYS THERE ARE OUR NEXT GUEST SAYS THERE ARE
FIVE CRITICAL MONEY LESSONS WE FIVE CRITICAL MONEY LESSONS WE
ALL SHOULD HAVE BEEN TAUGHT ALL SHOULD HAVE BEEN TAUGHT
WHILE IN THE CLASSROOM. WHILE IN THE CLASSROOM.
>>Courtney: HERE SO EXPLAIN>>Courtney: HERE SO EXPLAIN
IS PRIVATE WEALTH ADVISOR WITH IS PRIVATE WEALTH ADVISOR WITH
AMERIPRISE FINANCIAL TREVOR AMERIPRISE FINANCIAL TREVOR
SHAKIBA. SHAKIBA.
WELCOME BACK TO THE SHOW. WELCOME BACK TO THE SHOW.
>>THANK YOU.>>THANK YOU.
>>Courtney: THIS IS VERY>>Courtney: THIS IS VERY
INTERESTING. INTERESTING.
I LIKE THAT YOU START WITH DEBT. I LIKE THAT YOU START WITH DEBT.
I CAN’T AFFORD IT OR SCHOOL, I CAN’T AFFORD IT OR SCHOOL,
COLLEGE IS SO EXPENSIVE, JUST GO COLLEGE IS SO EXPENSIVE, JUST GO
GET A LOAN. GET A LOAN.
>>EXACTLY.>>EXACTLY.
THIS IS REALLY JUST ANOTHER WAY THIS IS REALLY JUST ANOTHER WAY
OF SAYING WHAT ARE THE OF SAYING WHAT ARE THE
FUNDAMENTALS TO BUILDING WEALTH. FUNDAMENTALS TO BUILDING WEALTH.
SO IT KIND OF CONTINUES OUR SO IT KIND OF CONTINUES OUR
THEME ABOUT WHAT YOUR KIDS THEME ABOUT WHAT YOUR KIDS
SHOULD KNOW, WHAT YOU SHOULD SHOULD KNOW, WHAT YOU SHOULD
TEACH THEM BUT THIS IS ALSO WHAT TEACH THEM BUT THIS IS ALSO WHAT
YOU SHOULD KNOW. YOU SHOULD KNOW.
AS WE WERE TALKING ABOUT BEFORE AS WE WERE TALKING ABOUT BEFORE
IT’S REALLY NEVER TOO LATE SO IF IT’S REALLY NEVER TOO LATE SO IF
YOU ARE WISER THAN SOME OF THE YOU ARE WISER THAN SOME OF THE
OTHER FOLKS, IT’S NEVER TOO LATE OTHER FOLKS, IT’S NEVER TOO LATE
TO GET THESE FUNDAMENTALS AND TO GET THESE FUNDAMENTALS AND
THE FIRST ONE I STARTED WITH IS THE FIRST ONE I STARTED WITH IS
DEBT IS DANGEROUS, THE REASON I DEBT IS DANGEROUS, THE REASON I
STARTED WITH IT IS THIS STARTED WITH IT IS THIS
STATISTIC. STATISTIC.
SO LISTEN TO THIS. SO LISTEN TO THIS.
OVER 50% OF STUDENTS CURRENTLY OVER 50% OF STUDENTS CURRENTLY
DO NOT UNDERSTAND THEIR STUDENT DO NOT UNDERSTAND THEIR STUDENT
LOAN PROVISIONS AND THAT’S WHERE LOAN PROVISIONS AND THAT’S WHERE
DEBT CAN BE DANGEROUS. DEBT CAN BE DANGEROUS.
I’M NOT OF THE MINDSET THAT ALL I’M NOT OF THE MINDSET THAT ALL
DEBT IS BAD, IT CAN BE GOOD IF DEBT IS BAD, IT CAN BE GOOD IF
IT’S USED CORRECTLY BUT YOU HAVE IT’S USED CORRECTLY BUT YOU HAVE
TO MAKE SURE YOU USE IT AND YOU TO MAKE SURE YOU USE IT AND YOU
DON’T LET IT USE YOU. DON’T LET IT USE YOU.
>>Derrick: ALSO IT SEEMS LIKE>>Derrick: ALSO IT SEEMS LIKE
AS A COLLEGE KID YOU GO TO THE AS A COLLEGE KID YOU GO TO THE
EVENTS AND PEOPLE HAVE THE EVENTS AND PEOPLE HAVE THE
CREDIT CARD TABLES SET UP LIKE CREDIT CARD TABLES SET UP LIKE
HEY, WE’LL GET YOU A T-SHIRT IF HEY, WE’LL GET YOU A T-SHIRT IF
YOU SIGN UP FOR THE CREDIT CARD. YOU SIGN UP FOR THE CREDIT CARD.
THAT’S ALSO VERY DANGEROUS THAT’S ALSO VERY DANGEROUS
BECAUSE IT CAN LEAD PEOPLE DOWN BECAUSE IT CAN LEAD PEOPLE DOWN
THE ROAD OF DEATH. THE ROAD OF DEATH.
>>ABSOLUTELY.>>ABSOLUTELY.
THAT GOES RIGHT INTO MY SECOND THAT GOES RIGHT INTO MY SECOND
POINT WHICH IS THE MAGIC OR POINT WHICH IS THE MAGIC OR
MIRACLE OF COMPOUND INTEREST, MIRACLE OF COMPOUND INTEREST,
WHICH IS USUALLY A REALLY GOOD WHICH IS USUALLY A REALLY GOOD
THING BUT REMEMBER THAT IT CAN THING BUT REMEMBER THAT IT CAN
WORK AGAINST YOU AS WELL SO WORK AGAINST YOU AS WELL SO
TYPICALLY WE THINK ABOUT TYPICALLY WE THINK ABOUT
COMPOUND INTEREST WITH COMPOUND INTEREST WITH
INVESTMENTS AND IT COMPOUNDS ON INVESTMENTS AND IT COMPOUNDS ON
ITSELF AND IT’S FANTASTIC AND ITSELF AND IT’S FANTASTIC AND
HELPING YOU BUILD WEALTH BUT IF HELPING YOU BUILD WEALTH BUT IF
YOU ARE OWING 10% OR 15 OR 18%, YOU ARE OWING 10% OR 15 OR 18%,
YOU ARE ACTUALLY COMPOUNDING IN YOU ARE ACTUALLY COMPOUNDING IN
REVERSE. REVERSE.
SO THAT’S MY POINT THERE IS YOU SO THAT’S MY POINT THERE IS YOU
WANT TO MAKE IT WORK FOR YOU, WANT TO MAKE IT WORK FOR YOU,
NOT FOR SOMEONE ELSE. NOT FOR SOMEONE ELSE.
>>Derrick: ALL OF THE CREDIT>>Derrick: ALL OF THE CREDIT
CARD DEBT INTEREST WILL BUILD CARD DEBT INTEREST WILL BUILD
AND IT CAN TAKE YOU YEARS TO PAY AND IT CAN TAKE YOU YEARS TO PAY
OFF. OFF.
>>Courtney: IS POWER IS WITH>>Courtney: IS POWER IS WITH
THE CONSUMER SO YOU CAN THE CONSUMER SO YOU CAN
NEGOTIATE SOMETHING IF YOU FEEL NEGOTIATE SOMETHING IF YOU FEEL
LIKE YOU NEED TO. LIKE YOU NEED TO.
>>I THINK THAT’S A GREAT THING>>I THINK THAT’S A GREAT THING
WE SHOULD HAVE LEARNED IN WE SHOULD HAVE LEARNED IN
SCHOOL. SCHOOL.
YOU HAVE THE LEVERAGE AS THE YOU HAVE THE LEVERAGE AS THE
CONSUMER. CONSUMER.
IT’S NOT THE OTHER WAY AROUND SO IT’S NOT THE OTHER WAY AROUND SO
YOU WANT PEOPLE TO COMPETE FOR YOU WANT PEOPLE TO COMPETE FOR
YOUR BUSINESS. YOUR BUSINESS.
ONE OF MY KEY TIPS HERE IS THAT ONE OF MY KEY TIPS HERE IS THAT
AT LEAST ONCE A YEAR, MAYBE AT LEAST ONCE A YEAR, MAYBE
MORE, LOOK AT ALL OF YOUR NORMAL MORE, LOOK AT ALL OF YOUR NORMAL
BILLS, YOUR UTILITY BILLS AND BILLS, YOUR UTILITY BILLS AND
SEE IF YOU CAN GET FOLKS TO SEE IF YOU CAN GET FOLKS TO
COMPETE AND ALSO LOOK AT YOUR COMPETE AND ALSO LOOK AT YOUR
MONTHLY SUBSCRIPTIONS. MONTHLY SUBSCRIPTIONS.
YOU WILL BE SURPRISED, A LOT OF YOU WILL BE SURPRISED, A LOT OF
TIMES YOU’RE PAYING FOR STUFF TIMES YOU’RE PAYING FOR STUFF
YOU’RE NOT EVEN USING. YOU’RE NOT EVEN USING.
>>Derrick: IT ADDS UP.>>Derrick: IT ADDS UP.
WHAT DO YOU MEAN THE CORRELATION WHAT DO YOU MEAN THE CORRELATION
BETWEEN MONEY AND EMOTION? BETWEEN MONEY AND EMOTION?
PEOPLE WILL OFTEN MAKE MONEY PEOPLE WILL OFTEN MAKE MONEY
DECISIONS BASED ON THE WAY THEY DECISIONS BASED ON THE WAY THEY
FEEL. FEEL.
DANGEROUS. DANGEROUS.
>>VERY DANGEROUS.>>VERY DANGEROUS.
I THINK EMOTION IS THE BIGGEST I THINK EMOTION IS THE BIGGEST
DETERMINING FACTOR. DETERMINING FACTOR.
OR CONTROLLING EMOTION IS THE OR CONTROLLING EMOTION IS THE
BIGGEST DETERMINING FACTOR IN BIGGEST DETERMINING FACTOR IN
ACHIEVING YOUR FINANCIAL GOALS. ACHIEVING YOUR FINANCIAL GOALS.
WHAT I MEAN IS IF YOU ARE MAKING WHAT I MEAN IS IF YOU ARE MAKING
FINANCIAL DECISIONS BASED ON FINANCIAL DECISIONS BASED ON
EMOTION, IT’S GOING TO TURN OUT EMOTION, IT’S GOING TO TURN OUT
VERY, VERY BAD ESPECIALLY WHEN VERY, VERY BAD ESPECIALLY WHEN
IT COMES TO INVESTMENTS, IT COMES TO INVESTMENTS,
PARTICULARLY WHEN IT’S VOLATILE PARTICULARLY WHEN IT’S VOLATILE
AND SO THAT’S GOING TO HAPPEN AND SO THAT’S GOING TO HAPPEN
WITH THE MARKET IS IF YOU REACT WITH THE MARKET IS IF YOU REACT
EMOTIONALLY THAT’S GOING TO EMOTIONALLY THAT’S GOING TO
NEGATIVELY AFFECT YOUR OVERALL NEGATIVELY AFFECT YOUR OVERALL
RATE OF RETURN AND YOU ARE LESS RATE OF RETURN AND YOU ARE LESS
LIKELY TO ACHIEVE YOUR FINANCIAL LIKELY TO ACHIEVE YOUR FINANCIAL
GOALS. GOALS.
BEING AWARE OF THAT IS 50% OF BEING AWARE OF THAT IS 50% OF
THE BATTLE AND THAT’S WHY YOU THE BATTLE AND THAT’S WHY YOU
WANT TO TYPICALLY WORK WITH A WANT TO TYPICALLY WORK WITH A
PROFESSIONAL TO HELP YOU THERE. PROFESSIONAL TO HELP YOU THERE.
>>Courtney: WHAT IS THE>>Courtney: WHAT IS THE
SECRET TO BUILDING WEALTH? SECRET TO BUILDING WEALTH?
I THINK AT THE END OF THE DAY I THINK AT THE END OF THE DAY
THAT’S WHAT WE’RE ALL LOOKING THAT’S WHAT WE’RE ALL LOOKING
AT. AT.
WHAT’S THE SECRET? WHAT’S THE SECRET?
>>THIS IS PROBABLY THE QUESTION>>THIS IS PROBABLY THE QUESTION
I GET ASKED THE MOST. I GET ASKED THE MOST.
WHAT IS THE SECRET TO ACHIEVING WHAT IS THE SECRET TO ACHIEVING
MY FINANCIAL OBJECTIVES OR GOALS MY FINANCIAL OBJECTIVES OR GOALS
AND I’M ABOUT TO TELL YOU. AND I’M ABOUT TO TELL YOU.
EVERYBODY LISTEN UP. EVERYBODY LISTEN UP.
THERE’S REALLY THREE THINGS THERE’S REALLY THREE THINGS
HERE, NUMBER ONE YOU GOT LIVE HERE, NUMBER ONE YOU GOT LIVE
BELOW YOUR MEANS. BELOW YOUR MEANS.
YOU CAN’T LIVE AT OR ABOVE YOUR YOU CAN’T LIVE AT OR ABOVE YOUR
MEANS. MEANS.
YOU’RE NEVER GOING TO BUILD YOU’RE NEVER GOING TO BUILD
WEALTH. WEALTH.
YOU’VE GOT TO NOT ONLY SAVE YOUR YOU’VE GOT TO NOT ONLY SAVE YOUR
MONEY BUT INVEST IT. MONEY BUT INVEST IT.
A LOT OF PEOPLE PEOPLE JUST DO A A LOT OF PEOPLE PEOPLE JUST DO A
CHECKING AND SAVINGSES ACCOUNT CHECKING AND SAVINGSES ACCOUNT
AND YOU’RE NOT GETTING YOUR AND YOU’RE NOT GETTING YOUR
MONEY WORKING FOR YOU AND THE MONEY WORKING FOR YOU AND THE
THIRD ONE IS TIME AND DO IT AS THIRD ONE IS TIME AND DO IT AS
SOON AS POSSIBLE. SOON AS POSSIBLE.
HAVING THAT PLAN AND DOING THOSE HAVING THAT PLAN AND DOING THOSE
THREE THINGS WILL SET YOU ON THE THREE THINGS WILL SET YOU ON THE
COURSE TO ACHIEVE YOUR FINANCIAL COURSE TO ACHIEVE YOUR FINANCIAL
GOAL. GOAL.
>>Derrick: THE EARLIER THE>>Derrick: THE EARLIER THE
BETTER. BETTER.
THANK YOU SO MUCH. THANK YOU SO MUCH.
>>Courtney: FOR MORE OR TO>>Courtney: FOR MORE OR TO
SCHEDULE A COMPLIMENTARY INITIAL SCHEDULE A COMPLIMENTARY INITIAL
WITH TREVOR AND THE SHAKIBA

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