The Breakfast Club - STACEY TISDALE CREDIT CHRONICLEs

Episode Date: March 5, 2020

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Had enough of this country? Ever dreamt about starting your own? I planted the flag. This is mine. I own this. It's surprisingly easy. 55 gallons of water, 500 pounds of concrete. Or maybe not. No country willingly gives up their territory. Oh my God.

What is that? Bullets. Listen to Escape from Zakistan. We need help! That's Escape from Z-A-Q-istan on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. Hey guys, I'm Kate Max. You might know me from my popular online series, The Running Interview Show, where I run with celebrities, athletes, entrepreneurs, and more. After those runs, the conversations keep going. That's what my podcast

Post Run High is all about. It's a chance to sit down with my guests and dive even deeper into their stories, their journeys, and the thoughts that arise once we've hit the pavement together. Listen to Post Run High on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. Hey, y'all. Niminy here. I'm the host of a brand new history podcast for kids and families called Historical Records. Executive produced by Questlove, The Story Pirates, and John Glickman, Historical Records brings history to life through hip-hop. Flash, slam, another one gone. Bash, bam, another one gone. The crack of the bat and another one gone.

The tip of the cap, there's another one gone. Each episode is about a different inspiring figure from history. Like this one about Claudette Colvin, a 15-year-old girl in Alabama who refused to give up her seat on the city bus nine whole months before Rosa Parks did

the same thing. Check it. Get the kids in your life excited about history by tuning in to Historical Records because in order to make history, you have to make some noise. Listen to Historical Records on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. Hey, everyone. This is Courtney Thorne-Smith, Laura Layton, and Daphne Zuniga. On July 8th, 1992, apartment buildings with pools were never quite the same as Melrose Place was introduced to the world. We are going to be reliving every hookup, every scandal, and every single wig removal together. So listen to Still the Place on the iHeartRadio app,

Apple Podcasts, or wherever you listen to podcasts. Welcome to Gracias Come Again, a podcast by Honey German, Apple Podcasts, or wherever you listen to podcasts. world and some fun and impactful interviews with your favorite Latin artists, comedians, actors, and influencers. Each week, we get deep and raw life stories, combos on the issues that matter to us, and it's all packed with gems, fun, straight up comedia, and that's a song that only nuestra gente can sprinkle. Listen to Gracias Come Again on the iHeartRadio app, Apple Podcasts, or wherever you get your podcast. It's DJ Envy, Angela Yee, Charlamagne Tha God. We are The Breakfast Club.

We have a special guest in the building. We have some guests, I should say. Stacey Tisdale is here. And you brought some people with you today, Stacey? I did bring some people with me today. We are very happy to have Marcus and Tina, who are a couple that we're going to be taking through an eight-week process to help them get their finances in order, to help them get their debt under control.

And everybody's going to be able to learn about their story from a series Angela and I are doing with Wealth Wednesdays called Credit Chronicles, which we're doing with an app called Self that I know a lot of people really wanted to learn more about, which helps you save money and build credit. And we also are very honored to be joined by Stacey P. So we got Stacey T and Stacey P. And Stacey P is a financial well-being coach with Operation Hope. And Operation Hope is, I think, the biggest financial empowerment organization in the world.

They have curriculum for students and they have their Hope Centers all over the country where people can get free credit and financial counseling. So that's why we wanted to bring that to your attention. So between Self and Operation Hope, we got y'all covered. All right. So let's go over the couple here that we have, Marcus and Tina. So clearly you guys are working with Operation Hope and with Self to Rebuild Your Credit. So there must be some financial issues that you have. Because I always hear that financial reasons are one of the main reasons that couples actually end up getting divorced. We do have financial issues.

We have student loans and we have some credit cards. So how did you get so hurt with credit? Was it when you went to college they gave you those free credit cards and. So how did you get so hurt with credit? Was it when you went to college, they gave you those free credit cards and you rocked them out and then you realized that the interest rates were like 23%? Actually, that was a little bit different than that.

Okay, what happened? What it needs are the student loans is more the biggest thing there. We didn't go crazy with the credit, but it's still there where we need to work on it. But it's not that way. So how much in debt are you guys? The student loan is over $100,000.

Student loans are about $100,000. The credit cards are about $10,000, $12,000? Yes. And when couples get married, you guys have each other's debt, right? Yes. Is that correct? Even if one of you has good credit and the other one? It doesn't matter.

You receive their debt. I remember when I graduated out of college and I paid my school loan off and I was getting a refund check and I was so excited and I just got married. And they took it. And I couldn't understand why they took it, but I got married and my wife had student loans

and credit problems and they took all my money. And I was mad, but that's what happens when you get married. That's interesting. That happened to us last year. Yeah. But that's what happens when you get married. That's interesting. That happened to us last year. Yeah, did you guys discuss that before you get married? Like what financial situation you were in? Yes, I know that he had a student loan. But I didn't know, as he said, that they take your tax.

They take it, yeah. They take the refund. You're looking for it. I was looking for it. We talk about that. I was honest with that part. Before we got married, I was like, I got talk about that. I was honest with her with that part. Before we got married, I was like, I got to let you know something. You know, this is my student, my situation with the student loans and credit. So I was honest with her.

She still decided to marry me, even after all that. That's so important because so many couples aren't honest with each other before they get married or even in their marriages I think we were talking about it got 13 million Americans committing something called financial infidelity where they're like you know half the millennial population doesn't even know how much their spouse makes they don't tell each other about different accounts they don't tell each other about their debt or if you get a bonus or if you get a bonus with all that stuff and I remember when I was little, my mom and I would go shopping

and we'd hide those bags. My mom sure did that. But these two were really honest with each other. And that's, a lot of people will ask me, you know, should I even date or marry somebody if they have a bad credit score? And the real truth is, and they're such a great example,

anybody can get into financial difficulties. But if someone's honest with you and if they're willing to take a plan it's even a journey you can go on together that's what's really important is that something now though stacy do people look at like when i was dating my wife we didn't look at each other's credit or anything like that that wasn't an option we were just in love i don't know charlamagne did you when you and your wife were dating did y'all look at each other's credit no No. I didn't have no credit with me and my wife

when I started dating. But isn't that a conversation? In fact, she actually was one of the people that told me to get a secure debit card to build credit.

Yeah, it wasn't a conversation. Is that a conversation you're suggesting people should have now? Hell yeah. I know my boyfriend's credit score and everything.

The stats are saying that half a millennial saying that's important to half of millennials. I think one of our most popular Wealth Wednesdays was when you and Gia came on. And you talked about how you kind of were always just a team from the get-go. When it came to your finances, you had each other's backs. You did different things. Every person is different. What's going to work for you, what's going to work for Charlemagne works for them. Some people, it just might be their personality. They want to know everything. But the most important thing is

that you want to find someone who's going to be honest with you. But one thing that I will say, and I can speak to this from personal relationships I've had too, I could say every personal relationship I've had that didn't work out, and not that I've had very many, but I could tell we had such a hard time talking about money that it was really a sign that there were going to be bigger communication problems. Right. And that's what it really comes all about. If you can have unprotected sex, you should be able to talk about your credit.

Right. But if you have a hard time talking to somebody about money, it's a good indication that you're going to have a hard time talking to them about a lot of things. It doesn't matter your debt level. You guys, like Charlamagne and me, you had a good thing going with your spouses. It doesn't matter all those things, but it's just an indication. And, you know, there's rules of engagement. Now, so with the debt that you guys have, is it something that y'all think about a lot? Is it stressful? Is it causing any issues at all?

Yeah, we think about it a lot. You know, it's always right there in our face every month, the bill. But like you were talking about before, me and my wife were very honest with each other. That's one of the biggest things for her. She said, you know, before we got into anything, she was letting me know about honesty with her. So as far as, you know, it does create a little bit of stress, you know, when, you know, you just have to think like,

man, I just got paid. I got to put this much towards this and you barely have anything left over. But it does create not issues between us but it it's just because you know it's there you know it's it bothers us but so you guys are taking charge now to try to figure out how can you get things together financially so let's talk about how stacy and operation hope is helping in the self app also so operation hope we do a holistic approach when we're counseling individuals because being truthful in your marriage people need to be truthful with

themselves first and a lot of people are in denial about their financial situations so operation hope and helping people develop business not business, individual spending plans, also known as a budget, but also a savings plan. So we give people the tools to rebuild their financial selves and creating a legacy. Operation Hope is one of the premises is to create a financial legacy. And in communities with minorities, the conversation is just different. And so what we do is we give people access to information and to resources. And one of the greatest resources that we're finding are through these apps. And one app that is beneficial is Self. And Self has a dual benefit in that it helps you to save, but it also helps you to rebuild or build your credit. So that's really important.

So I just encourage people to utilize if you have the ability. Operation Hope, of course, we're free. All of our services, long term, short term, our services are free. Our we're free. All of our services, long-term, short-term, our services are free. Our workshops are free. But to utilize whatever is out there, whatever resource is out there that makes you comfortable, as well as the apps. And I encourage people to journal and that kind of thing. And again, using an app like Self that helps you track. And Self is good in that it's confined savings

in that you are committing to a certain amount of money every month. And it's done. They would prefer that it's automated so that it's done monthly automatically. Right, because if you miss one payment. Yeah. But they report it to the most popular loan is that like they'll give you $500 and they'll put it in a CD and you agree to pay $25 back a month. That forces people to save money because a lot of us use our savings accounts like checking accounts. So it gives you that support.

But it's also reporting those payments to the credit bureaus. So you're getting, you know, those are that's positively reflected on your credit profile and your overall eventually your credit score we had someone here who started with that app and they had a credit score remember Sherita she was homeless mm-hmm 362 and I got to the 800 level but everything we're talking about here it's we're talking about money but you know there's a lot more to money than money and one of the biggest problems couples have is we're not really talking about money when they're having fights about money the way we saw

things handled growing up have a big impression on our financial beliefs so when you're you have to really lose the notion of right and wrong when you're talking to your spouse and about money because if you're saying something like you're a terrible spender or you do this you do that you're essentially saying your mama because that's where they you know got that coming back that's why money conversations get so heated these two are also a good example our culture plays a lot in our financial behavior system take for example I know an African-American woman who's married to a Caribbean man, and he came to the United States as an immigrant. So he came to the United States wanting to get an education.

He came to the United States to build wealth and was able to do that. African-Americans have a history of systemic racism, discrimination that's prevented them from building wealth. So a lot of times, you know, you'll see that play out in the relationship. You have to examine, OK, what are those different attitudes? What are those different habits and how do we get past them? The most important things for couples to remember, you're not talking about money when you're talking about money. It's a wonderful opportunity to open up and take your relationship to a deeper level. You got to talk about, you know, what are those things you saw about spending and

investing growing up? Here's what I think. Here's what's different. Stacey, I mean, Tina and Marcus are parents. One thing I tell all parents to get on the same page, ask yourself, what are the five most important things that we want to teach our kid about money? And what do we have to do to change our own behavior to walk the walk and be that example? And those things help you get on track. So money can really help you deepen your relationship on every level.

Or again, it can show you where things might not work out because if you can't talk to somebody about that and if they're not being honest to you about that, then you might have some bigger issues down the line. while you talk about cultural differences according to statistics they also say that black immigrants end up being economically better than black african-americans here in the united states absolutely charlamagne and i talked about that a lot when we had roger ferguson here a couple um weeks ago black immigrants you know a lot of what's interesting is the black immigrant communities in the United States, they keep their money in their communities like they're creating business.

They're very entrepreneurial and they do business with each other. African-Americans, we've just had this history of having things stolen from us. You know, financial services industry ripping us off, things like redlining, all these different things. And it's left a psychological toll where it's affected our belief about ourselves. It's affected, you know, our trust in the financial services industry. So if I'm not mistaken, when you two got married, you had that, she didn't. Correct. Right. Correct. It's those different attitudes. A lot of immigrants, you had debt, she didn't. Correct. Right.

Right. Correct. It's those different attitudes. A lot of immigrants, you know, they have different attitudes about, you know, debt and savings and investing and all that plays out in our financial experience. But again, what our message here is always to African-Americans to remember about themselves that the wealth that we've created in face of all of this stuff just shows what we're really made of and what our resilience and if we take these deeper dives into money where we

so appreciate you all giving us the opportunity to do you can learn what you're really made of and that self-worth has got nothing to do with network so can anybody sign up like how we got how we're doing credit chronicles right can any couple sign up to get this counseling and get their finances back on track? Right. So if they go to Operation Hope's website, and we have coaches, again, throughout the country. And it's free. And Puerto Rico, right. And it's free.

And so you can go on and you can find a coach in your area um and the individual's commitment the couple's commitment is the coach's commitment and again and it's free um and it's based on the drive of the client i call my clients my client family because it is like stacy t said it is more there's you're talking about more than just their finances. So you're talking about what's going on in the home, what's driving it. You're talking about how the family, how they grew up and that kind of thing. So it's really a holistic approach to being financially well. All right.

So Tina, let's say you go out and you want to make a big purchase. Maybe you want to buy yourself, let's say, purse just right now I'm just asking the question I'll speak it for him we can't handle that right now let's just say you like okay I want to purchase something it's $2,000 what do you check with Marcus before you make a purchase I normally don't make big purchases Because I try to coupon everything She ain't a coupon person You said a whole two thousand I probably

But normally I talk to you If it's something that major Yes Marcus and what's your response If she wants to do something Are you ever like No that's not a good idea Or do you guys splurge sometimes

And say okay get it Baby you bugged me You deserve it Man it's Valentine's valentine's day you want to get yourself something she's like she definitely communicates with me everything like i'll be at work she'll call me three four or five times in a row to let me know hey i'm catching this sale i'm catching this coupon and it's like like she said nothing really too crazy and most of the time i kind of understand like she's what she tries to get is things that we

really need like hey i'm getting food for the baby. I'm getting this you know So she did call anything she's been and she kind of lets me know though that's that's What if she told you want to spend $2,000 on the first? How would you react? Now do you guys have a so do you have a joint bank account and you guys make all your payments for everything out of that account? And do you also have separate accounts? How does that work? We have a joint bank account and we do have separate, but we know about it. Right now, I'm working, so I kind of just pay what the bills are. I just try to, as soon as the check comes in, hey, this is rent, this is car payment, whatever we have to do.

I kind of just send it out there, try to get it done immediately. So there's not much left after that. So what are the goals for you guys? I know part of it is to get out of debt, but what are the other goals that you have financially? For sure, one is just to get more knowledge and education. I feel like the more you know, then the better you'll be able to take care of yourself. So that's what I tend to grasp from it or I want to get from it and you know honestly to also take a vacation and not worry financially that

would be nice you know have a family vacation and help take care of our families you know that would be nice and learn things that our parents doesn't know so we could impart it on our kids and our siblings and things like that so that's something that I would definitely like. Man I wish this was the kind of show where we gave away prizes like vacations and stuff but it's

not. For all of you out there we wish that too. I do. You guys are very good communication and all that other stuff, but it was really the student loans. I know you were telling me you were the first generation in your family to go to college and you didn't understand private student loans. Yeah, I'm the eldest of my family. I'm the first from my parents and both of them, you know, not from America.

So they didn't get like you know this type of education so I'm the first person to go to school and originally I wasn't even gonna go to school I wanted to do the military and then I spoke with people and they were encouraging me no you know you should go to school you know and I'm like how am I gonna take care of it and they're like yeah you could get loans you get and I didn't know anything about that stuff and they encouraged me to do it and I you know I got a NJ class loan I think it was which was a private loan and I didn't know what's the difference between a private loan and like the the federal one and that's a whole nother story in itself but yeah so that put me in a little situation there but Tina was there any hesitation

on your part being that you didn't have any debt at all was there any hesitation were where you're like, well, maybe we should clear this up before we get married? Like, what were your thoughts beforehand? Um, definitely. I'm sorry. I'm sorry. Um, definitely there was, because I'm not used to debt. Um, I'm from the Caribbean. I'm Jamaican.

So I'm used to just, you know, work in pain, work in pain. And so I'm not used to when he told me how much it was, I had to think about it. Right. But, you know, I love him. So I figured it's something that we would be able to tackle together. And when you guys plan for your wedding, then how does that happen when you're like, okay, I know we're taking on this debt, but we are getting married. How did the wedding happen?

Because I know some people are hesitant, knowing that they have financial responsibilities, to spend money on something like a wedding. I had a good saving. Okay. I had a good saving, and he helped. I'm not saying I have a good saving and he didn't help, but I had a good saving. We dip in.

That's a good woman right there, man. Yeah. When you guys got married We helped each other out For you Envy Because you got married A lot younger Financially Were you guys in a good space

When you had to plan your wedding Yeah no I was in a good space I was DJing So I had mixtape money And everything was good I You know

The hardest for me Was just paying off the loans I just really didn't Care about those loans At the time I didn't I just graduated from college I didn't care about loans I didn't care about loans. I didn't care about credit cards. I didn't care about anything. I just thought they'd go away when you graduate. And then when you try to buy something

finally, you'd be like, well, your credit scores are 280. And you'd be like, why? And they'd be like, you have all this debt and then you got to go back and fix it. But that's why I'm really focused and pushing my kids to do things now that they don't have those problems. That's why my daughter, she owns her own property at this age. So that property can pay for her school loans and do things like that. Like she said that I didn't know about, you know, my parents never taught me because they didn't know. So the fact that I have, you know, the knowledge I'm trying to teach them early so they know. And I really, you know, don't want her to go to the college that she wants to go to.

I want her to go to another college where they want to give her a free ride, but she wants to go to this other college. But, sorry, that's just personal. But you just try to teach your kids early so they know and they get the knowledge that we give. All right. Well, when you know better, you do better. There you go.

Well, good luck, guys. Yeah, we'll be watching it. Where can we watch these Credit Chronicles again? Credit Chronicles are going to be on Every Wealth Wednesday. You can watch them on the Breakfast Club YouTube channel. And we're going to be following them for eight weeks, and we want everybody to be part of this process. And go to Power105.

1fm.com. Yep, website, and look for Self. And one winner out there is going to get $5,000 towards their own debt load, which they're going to use that money towards their debt load. So we want to build a family. We want to build a community over the next eight weeks. And as they get better, we're going to get better. And we're also going to give one of you in the audience $5,000 to help you get better.

Yeah, that's great. And I'm sure everybody can use the lessons that you guys will be learning along the way for themselves too. So that would be really helpful to people as we're all trying to get better economically, financially savvy and get out of debt and get those credit scores up.

Give yourself some credit. Yes, for sure. Absolutely. All right. Well, thank you guys for joining us. We appreciate it. Thank you. Thank you so much for having us.

It's The Breakfast Club. Good morning. Had enough of this country? Ever dreamt about starting your own? I planted the flag. This is mine. I own this. It's surprisingly easy.

There are 55 gallons of water, 500 pounds of concrete. Or maybe not. No country willingly gives up their territory. Oh, my God. What is that? Bullets. Listen to Escape from Zaka Stan. That's Escape from Z-A-Q-A-Stan

on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. Hey guys, I'm Kate Max. You might know me from my popular online series, The Running Interview Show, where I run with celebrities, athletes, entrepreneurs, and more. After those runs, the conversations keep going. That's what my podcast, Post Run High,

is all about. It's a chance to sit down with my guests and dive even deeper into their stories, their journeys, and the thoughts that arise once we've hit the pavement together. Listen to Post Run High on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. Hey, y'all. Niminy here. I'm the host of a brand-new history podcast for kids and families called Historical Records. Executive produced by Questlove, The Story Pirates, and John Glickman, Historical Records brings history to life through hip-hop. Each episode is about a different inspiring figure from history,

like this one about Claudette Colvin, a 15-year-old girl in Alabama who refused to give up her seat on the city bus nine whole months before Rosa Parks did the same thing. Check it. Get the kids in your life excited about history by tuning in to Historical Records. Because in order to make history, you have to make some noise. Listen to Historical Records on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. Welcome to Gracias Come Again, a podcast by Honey German, where we get real and dive straight into todo lo actual y viral. We're talking música, los premios, el chisme, and all things trending in my cultura. I'm bringing you all the latest happening in our entertainment world

and some fun and impactful interviews with your favorite Latin artists, comedians, actors, and influencers. Each week, we get deep and raw life stories, combos on the issues that matter to us, and it's all packed with gems, fun, straight-up comedia, and that's a song that only nuestra gente can sprinkle. Listen to Gracias Come Again on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. Hey, everyone. This is Courtney Thorne-Smith, Laura Layton,

and Daphne Zuniga. On July 8, 1992, apartment buildings with pools were never quite the same as Melrose Place was introduced to the world. We are going to be reliving every hookup, every scandal, and every single wig removal together. So listen to Still the Place on the iHeartRadio app, Apple Podcasts, or wherever you listen to podcasts.