How This Couple Is Paying Off Their Mortgage Early. (2022)

i literally felt like i was going to work for chase bank of america the credit union yeah every day that's what i felt like i was going to do that's what i was going to work for not for my family not for our retirement say that again so what they when they say that the borrower is a slave to the lender it literally felt like that every day so a recent study came out and revealed that nearly 48 of the people who look like me black people minority people will make on average about 38 thousand dollars a year now the average person in america will make anywhere between like 45 to 55 000 a year and to be honest i don't like that you and i both deserve more than that we deserve the six figures if we're willing to put into work and i'm super excited because i have just recently partnered with the organization that can help you get there within nine months and that organization is called bethel tech my friend ryan here today is with me ryan what are you all doing over there at bethel tech that is changing people's lives in the next nine months yeah we are the first online christian coding boot camp in the world we equip individuals with the most in-demand tech skills like software development data science ui ux design we just launched cyber security so that individuals can go into the marketplace and get high paying high growth careers in the texas mike how much well average starting pay for a developer is 65 000 it's not uncommon to be making six figures within a year honestly that's just where the demand is and and that's the the the rocket ship growth in the space so listen we're about to get into today's show but i want you to make i want to make sure that you check out the link in the show description listen betheltech is changing your life in the next nine months if you can commit to nine months i promise you the next nine years of your life has changed let's get to today's show what's happening now yo what's going up amazing boy anthony o'neil welcome back to the table you guys already know we are in the beautiful city of atlanta man we're just rocking out this month in this beautiful city and i'm so grateful because man we have been able to have some great conversations so make sure y'all go back and check some of the other episodes but today i'm really excited because we're gonna keep it real and keep it relatable we're gonna keep it relevant especially around the subject of wealth building within the black community i got a dope black couple here that is killing the game but before we get to them make sure you hit that subscribe button okay make sure that you're rocking out with your family every single monday and you guys already know we're about to go to two shows a week and i don't want to tell you what's coming because i got some dope coming to the table that's gonna really help us reach our goals become our authentic selves and really hit that wealth journey that we want to go to now wealth is going to be a little different from me to you okay well to me it's not just about finances it's also about the freedom the options the opportunity and your mindset what are you doing in life and how do you want to do it and who you want to do you know and so we're going to be having those conversations but today we're really gonna be breaking this up down um and to set up today's show you guys know me i always bring my ipad from at the actual table um i have my laptop up and i do some research to set up every single show so to set up today's show listen in 2020 okay in 2020 the total u.s consumer debt balance grew by 800 billion dollars this is according to experian a credit reporting agency okay uh that was an increase of six percent from the year of 2019. okay are you a part of this debt did you go out there and rack up some more debt did you use a credit card so you can go buy this and get some credit card reward points uh-oh yeah i asked that question the highest annual growth jump in over a decade this is ridiculous 2020 let's be real was a hard year for a lot of people but it proved that we need to get out of debt stack up our emergency funds get a plan for a money aka a vision for our money so we can avoid going deeper into debt last year i had an opportunity to meet several people who actually didn't lose a job they actually started businesses and they paid off a lot of debt and one of those couples i'm excited because they're here today today i am joined by an incredible couple it's a power couple don't get it twisted you're going to see him but next to him is the is it's everything it's his right hand it's his arm and his leg i mean she said it don't get it twisted there would be no rachel if there was no nirvana did i say it right i did there would be no versailles if there was no black queen named nirvana all right they are from texas man uh they are on their way to to completely check this out get closer right here mean you completely becoming debt free they have no more consumer debt they are about to pay off their mortgage if my friend and mentor dave ramsey was here they are about to become some weird people some weird black people in the building i'm gonna be real i haven't paid off my mortgage you know what i'm saying i still have it i'm about five years out so uh you know they they we on the same journey you know i'm about to become even weirder and trust me when i do pay off my mortgage it's a wrap i'ma come in here with no shirt on that yo i just paid off it's going to be amazing but y'all today's show is going to be good can y'all help me welcome to the table for the first time and definitely not the last time the wealth building educators because he's the educator she's the educator he wouldn't be the educator without the educator uh welcome to the table man what's going on bro what's going on man appreciate you yo so let's let's let's get straight into it man because um i don't like a whole bunch of fluff on my table you know all that good stuff is great stuff but my people come here to learn all right and so let's let's dive into this um on why you all went so aggressive paying off your debt uh number one how much that did y'all pay off how long did it take out to pay it off and then i want to know what was the breaking point what made you all say you know what we need to attack this debt and also how many kids do y'all have well okay we have three kids three kids 15 year old son two-year-old daughter and a nine-year-old son oh they close so it's not too bad yeah okay all right y'all was working early on [Laughter] all right so how much that did y'all pay off well officially when we did financial peace university we started out with eighty-five thousand dollars okay we paid that off in about two years two years yes sir 85 grand in two years just served now how much money were y'all making around those two years i would say probably maybe 115 as a as a family yeah as a family okay okay what were you doing at the time teaching i was an assistant principal assistant principal what were you doing and i was a teacher he was a teacher i knew one of y'all's a teacher okay cool great so making 115 as a couple paid off eighty five thousand dollars in two years who i mean y'all was y'all was grinding for two years grinding not even really eating a lot for those two years these were beans and rice you know when i was with dave my thing was uh tomatoes hot dogs and rice that's what i grew up on when we didn't have food my mom get some rice put some tomatoes in there cut up the hot dogs and we'll just eat that that sounds like one of the meals i had growing up hey man listen it's the truth in the black culture i'm gonna tell you that right now absolutely we we did that what was the breaking point what made y'all say you know what um as a young black couple we need to get out of debt the stress you know she would be able to go to sleep at night but i would struggle with it mm-hmm so as the head of the household i you know i took all the weight on my shoulders and i i i figured i'm the one who got us in this hole i need to dig us out but she wouldn't necessarily feel the brunt of it she would just hear me complaining about it gotcha and i knew that the longer we sat there in debt the less comfortable i would be yeah and the less comfortable that we'll be i don't know what do you think it wasn't as noticeable to me i knew we had debt but rashad is more of a numbers guy okay so it weighed on him more you know yeah now the weight as the man of the house right um you will go to work and feel that way you will come home see the kids feel that way you'll walk around feeling that way um for the people who are watching us right now break that down a little bit more like how did that process for you emotionally uh mentally spiritually so let's suppose your kids come home with a fundraiser or they have something where you could you pay an extra five dollars and they get to be out of dress code for a week yeah and you're making fifteen hundred twenty thousand dollars but you can't afford it because you have all these debt payments going out right so i literally felt like i was going to work for chase bank of america the credit union yeah every day that's what i felt like i was going to do that's what i was going to work for not for my family not for our retirement say that again so what they when they say that the borrower is a slave to the lender it literally felt like that every day it's it's it's it's wow you're waking up monday 6 a.m tuesday wednesday thursday friday 6 a.m to get the paycheck not so you can get back to your wife not so you can get back to your kids so they can enjoy life so you can go pay all these other i want to say the name so i'm with them no i'm saying citibank you know bank of america you know all these other all these other people but nothing for your family no do you think your kids like your 15 year old do you think your 15 year old understands what y'all were going through that y'all were making good money but you didn't really have the money so we tried to shield them as much as possible we had those conversations like hey we can't do this for this particular reason yeah and we were pretty transparent with them but you know you know for a nine or ten year old you at the time you don't necessarily think they really understand how this debt is impacting what we can do with them and you know they had for the most part they had their needs yeah yeah but the once was what they weren't able to really get right so where do y'all live right now fort worth texas fort worth texas okay so check this out all right all right so 115 in fort worth texas that's good money for a family isn't it okay okay because here's my tribe whenever i say like hey you know you're making a hundred fifteen thousand dollars but it depends on where you are could be broke 115 000 in california it's not a lot of money well it depends on where you are in california but i think if you're making a hundred thousand dollars anywhere as long as you're on a budget you may not live a luxury lifestyle lifestyle like you could in texas like you could in north carolina like you couldn't even in the georgia area but yeah if you're in new york or if you're in california if you're in the dmv area that caused the living room a little bit a little bit higher but what i'm hearing you say is for a season you and your family was a typical family who was getting a paycheck living paycheck to paycheck mm-hmm making 15 000 yeah so at the time we were making 115 and you know we make more than that now but it as that's a little brag look we paid off all of our debt and we made more money say what i'm saying so so we have gotten significant raises since then but in addition paying off that debt gives you a major raise yes it does yeah because now that money you can you know reallocate towards your family and towards retirement and paying off your house early and things like that during those two years i'm curious what was probably the hardest no the hardest thing uh the hardest struggle of going through this journey i'ma defer that to the queen i can't remember the hardest no but the struggle is just like the kids need a new jacket you know just the little things and it's like you gotta find the money to pay for the little things and if you and if you so this is a poll you're paying off the top you're paying is dead off the top and something comes up to where you need a jacket or something or you need to contribute to a fundraiser but you have already reallocated this money to debt and you're not using credit cards you got to wait like how else are you going to pay for this so those that was definitely a struggle in the black community as a black couple i'm curious the one of the things i am always faced with is well these people say use their money to make us wealthy anthony you say no pay their money back and use my money i'm curious why did you all not go that way why did you all choose you know what let's stop this game let's stop playing this this path and let's join this path of financial freedom well we did go that way that's what got us into the trouble we ran i ain't going to say that i didn't want to say that's that's the truth though i mean borrowing other people's money because it's just easy you know it is from the time you're in college that yeah you give this 500 limit they give you a pizza t-shirt and from that moment on you you're in debt you're a slave to the lender so man so all right let's talk about this so people watch this right now how did y'all do it how did you do it as a couple what was the strategic plan to get out of this this this debt trap that you all were in so one thing is money is in our in a black community money is so taboo man having those discussions having that dialogue about money is taboo and it's even taboo within within your your household a lot of time like you have you know it's usually a nerd and a free spirit within a marriage and sometimes the nerd doesn't necessarily want to talk to the free spirit or the free spirit which is my wife she feels like any time i'm questioning her i'm challenging her or i'm trying to have a strong hold on her or bully her yeah so until we were able to get on the same page and comfortably have those conversations we weren't going to go anywhere so the first step was to to have that dialogue to just you know let her know hey this is where we stand okay and these are the steps we need to take to to to get out of this hole so how did you feel about that first conversation was it hard so initially i think when you have somebody who is more the free spirit the free spirit you know spend that money um you know i like to call myself uh nails i see the hair y'all said you see me she ain't no she ain't half snapping y'all is he definitely okay i'm sorry go ahead now um it's the approach so if you're just like for a person who is a little more you know yeah reserved about it you need to come with a better approach than just she said come at me correct yeah yes so i think you know after a while i could see the wear and tear i could see the stress yeah um he came with a better approach and we were able to meet in the middle did he come with the right approach in the beginning i think it was more hard that's her way of saying no but i'm gonna respect my husband on this show ah not really so when you say hard line like what what did you say it was like yo no we're done i think it was more like so you know when dave talks about his name being a cuss were in you know households i think that's what it is so you watch a video of dave ramsey or whatever and then you go immediately to your wife and regurgitate whatever he said oh that's rough yeah that's right that's rough that's really rough and you know he's out here because david is my god but if my wife ever came but dave randy said dave ramsey ain't paying the bills in it you know i'm saying that's my god you know uh but uh nah cause they've been going to his house where anthony said what yep you know so i got you so it was more so of the approach so i think like versus just you know dave said or this person said it's about this is what we could have if we did this this is what we could do if we did it this way and for those of y'all watching well who is this dave god everyone's talking about dave ramsey is my friend and mentor i used to be with him for like six seven years still a very close friend of mine he has taught me pretty much everything i know about money uh dave we love you um you know i love you but my wife can't bring your name up in my eyes um uh so um okay so the approach had to be better right so now that you know that tell the men how should they approach their spouses about money about changing their journey i think any man that or any woman right so if it's the nerd the nerd needs to approach the free spirit kind of in a manner that they need to explain the why instead of the what yeah so the other if the receiving party does not understand the expected outcomes and why that's going to be beneficial in the future to the family yeah then they're going to just keep kind of blowing it off you know and that's what i've like she she just didn't know she didn't know you know so when i started having those initial conversations with her it did come come across a little more hardcore yeah but when we we started having those conversations i said hey we need to go through fpu yeah yeah you know but and i told her why we need to go through it because we're gonna have more peace at the end of the day so now she's like okay so she's thinking okay if the expected outcome is that we have more financial peace it will be worth it more than going through this same thing over and over again and him fussing at me and me fussing at him so yeah i i love it it's almost like what's the why where are you going i absolutely do you know um i take financial peace university every year you know and i live and teach this and it's because i want to constantly remind myself of the why i'm going the way i want to go you know my mom and dad didn't have a honeymoon they didn't have a wedding we lived in a very small 400 square foot apartment like loft with me my mom and my dad right and when i think about my why this is why some ladies don't like me never because i i you know i i date on the budget and i date on a budget not because i'm trying to be anal and and cheap with my money it's because i want to make sure that when i get to my wife i have the financial freedom i want to make sure when i get to my kids i have the means to provide because just like you y'all saying hey we got to figure out how can we get them a jacket i remember my parents telling me hey i know you have a hole in the bottom of your shoe we can't buy any shoes here's some black duct tape and i got to put duct tape on the bottom of my shoes that when my socks won't come out and water won't get in there and i remember walking around water still getting in and i'm having to squeeze out my socks put them back on take off my shoes in the middle of class and i'm embarrassed i'm doing up underneath my desk i remember that stuff and i don't i don't want to do that so i hear you it's like explain the why when you explain that why the other person won't feel attacked won't feel like you're coming at me hard it's like okay he's right i want to go on vacations with my family he's right i want to buy this car one day he's right i want to be able to do what we want to do what we want to do but we can't do it if we don't change this absolutely absolutely and i think that is so so so important um and so this is what i'm gonna do you guys um financial peace university which is inside of ramsey plus is gonna be inside of the show descriptions and so if you're just like this couple um if you're like me and you want to change your life and get out of debt the best course out there in the world is financial peace university and the reason why i love it is because you know dave promotes financial peace but i also want to add this it promotes financial freedom and i think especially for people who look like us minorities not only do we need peace but before we have peace we need freedom okay and freedom gives us options freedom opens up opportunities for our families it opens up opportunities for your kids so when you do get that financial freedom you're no longer in this beautiful bondage of debt now you have the peace now you have the joy now you have the opportunity to do what you want to do when you want to do it with your family now you can say hey kids you going to grandmama's house and me and uh you know your spouse we're going to go make another kid like you we'll be back you know it just creates so much opportunity so check out the show description i'm telling you right now it will be absolutely amazing so now that you all are out of debt and you all went through financial peace university you all had the conversation this is what we got to do what are you doing now to make sure that you all do not go back into that that's a great great question right now we are just you know practicing you know being uh what resilient and we we continue to budget yeah yeah because i think one thing that a lot of people do once that budget you know my child don't like the world hey i don't know why people have a problem with budgeting i don't know neither why do you think they have a problem with budgeting i think people want to still be able to do what they want to do without accountability but if you think about this right so if my wife if i continued to take us down the dark path and we weren't budgeted and i wasn't i didn't have my hand on everything and then i led us to a bankruptcy or something like that yeah would she have more respect for me then or would she have more respect for me if i was leading us responsibly financially you know so that's how i kind of look at it yeah so what you know to this day we still talk about money we're a little looser on the budget now because we can afford to do that yeah and you know we eat out some time we just took the kids to a brazilian steakhouse a few weeks ago that cost quite a bit of money yeah yeah but we can we can do that yeah brazilian state house it's a black cup with three kids there you go family of five oh that was an easy three four hundred dollar bill easy three four hundred i know it bro i know the math in my head two people is going to be at least 175 to 250. especially if you get well if you're getting liquor we didn't get liquor you didn't you didn't we did it need some but doesn't it feel good to know that you can yes take your family there and when you get home you're not paying for that see this this this book this i might have pissed somebody off it bothers me when people put i'm about to pull out my credit card get some reward points on this state what like that would turn me off or something are you like reward points you know i was going to pay for it but i mean because everyone everyone says i paid off every month but that's the case if everyone was paying it off every month we wouldn't have credit cards because they wouldn't be making any money right yeah i understand so i was so i've always been in that camp right so when we went through fpu we did all the cutting up credit cards and everything and then we went i lost some money in an envelope one time i was like that's never happened again so i went back to credit cards okay and but we we were in the camp that paid it off every month got you but i will agree that when you use the credit cards you do overspend even if you can afford it yeah you overspend because now you know like you know if we're in a restaurant or something and you see something you know you might spend a little extra on it yeah or if there's a if i log into my my email and i see carnival has a sale going on and this money wasn't budgeted i can go put a 200 down payment on my card and just pay it off in a few weeks so yeah you i do you're going to spend more you're going to spend more i mean it's not it's made to do that absolutely uh i am not upset with their business philosophy uh i think i get upset with people saying well i can just pay it off every single month here's the truth study show it only three percent of the people who actually have a credit card actually can't do that every single month that's incredible i mean 97 97 of people who actually have a credit card carry a balance yeah they carry a balance and they're paying interest and interest going away interest that you're paying to me is a penalty and it's robbing from your wealth building opportunities now listen can three percent of people uh honestly do that yeah i do you know i have a mentor who does it right now and on the 12th of every single month before the bill hits someone 15 he pays it off religiously yeah you know and i'm like okay cool great that's cool if i had a credit card i can do that now but i'm like no i don't need it i'm gonna show the people you don't have to have one you know but people who do do it again i don't have 25 years of expertise in the game like dave so i can't call him stupid and i won't that's not my motto um but i i i'm rocking with the no credit cards and i think there's also you can look at i guess it's a moral aspect right so there are some sophisticated people my wife and i in the past have racked up thousands of dollars in rewards yeah and sign up bonuses yeah but they they're giving you that money from somewhere and it's they're probably paying you from those people who can't afford to you know who pay who are paying a thousand dollars in interest it's coming from somewhere so you know we've we fought that moral dilemma as well in the past coming from somewhere yeah it ain't free money right it's not free money it's not i mean the banks are smart you know okay we're gonna give everyone free money and then what we're gonna do is not only loan the money we're gonna give the money on top of it that's the business model that's it is that does not make any sense yeah and i think for me it's i don't want to eat off of your hard work i understand i don't want to go out here and go to hawaii because you don't know how to pay your bills on time i want to educate you i want to be wise and just say you know what hey let's all win let's all go to hawaii but let's do it on our diet or let's go out here and build a business put in hard work and let them come pay for our services that eventually pays for us to go to hawaii you know but i mean this is so good this is so good this is so good um so okay y'all got any legend cards no what's your dream car to be honest i don't have one one that runs um i'm very practical i'm a free spirit but i'm a practical free spirit what does that mean the practice to me like i don't luxury name brands aren't impressive to me they're not they're not so you're a woman you don't have a little baton purse i don't you don't have a gucci purse i don't and y'all got money yeah but you don't have no name brand purses i have one what was his name to be honest i can't even remember but i'm not that one i got you from my house he got it for me i could take my mom to the coach outlet i took my mom to the mall i said mom okay i'm talking about i've specifically parked in front of louis in front of gucci and i said mom you can go and buy any purse any purse my mom walked past the gucci store past the louis vuitton store past michael kors she looked into michael kors went straight to coach you would have thought my mama was buying chanel thank you and my my ex-fiance was with me at the time and she was looking at me like i'm saying i was like mom you shouldn't wanna check out louie louie louisville todd what giving them two thousand dollars for one person that's what we can get three uh-uh i'm getting me three of these so you gotta run coach purse but coach growing up in our generation like that wasn't true i didn't really i never heard of louis vuitton when i was growing up me neither right i did it was coach um dooney and burks you know i know about dooney and burks i would never buy another dooney books bruce i only bought several of them for girls i don't even know who their last name today lord jesus you know i didn't really start learning about louie and gucci until social media became more relevant and and and i could say this respectfully the reason being is because louie and gucci don't advertise to people who look like us that's true yeah coaching duty and birth still yeah well so anytime you make that kind of decision on any purchase now i guess it's a it's a blessing and a curse to be so woke when it comes to finances because i know now if we're gonna spend a thousand dollars on something the opportunity cost that thousand dollars might be fifteen thousand dollars in in ten years when you talk about compound interest so any financial decision we make now sometimes in the back of my head i'm like how is this going to impact us 15 or 20 years from now absolutely but to go back to what you said about the dream car thing growing up i was in situations where we we we had cars that broke down on the side of road we had a a gallon water bottle that had water in it for when the radiator over here so that's what i was used to so to me a dream car was always a car that i knew would get me from a to b right without having to call a tow truck or anything and that's i drive a 16 camera she has a 16 odyssey right now we know when we start the car up we'll get to our destination you know so that's a dream car to me yeah yeah yeah absolutely now so y'all still operate with that mindset absolutely and that's what i love man cause that mindset reminds me of the millionaire next door best book one of the best books ever it's like yo it's not about what do we have to flash it is about like hey do we have the opportunities in the bank to just do whatever we want to do it's not that we don't have the money to go buy the car right is that we just choose not to yeah you know and we choose to put our money in other places y'all have three kids if i have three kids some of the things that i spend money on today as a single person i probably wouldn't right because i would want to spend that on my kids one of my friends is a um [Music] a place for plays in the nfl right and he convicted me one day black man uh makes way more money than me wait and he makes more money off of the field than he does on this right because he's into like investing and crypto into you know uh the tech uh finding fintech stuff and uh came up to the house my house it was amazing it's nice it's nice i said cool yeah thanks bro i'm proud of myself you know nfl players and it's a nice house bro i'm like who he gets in my car man this is nice hey y'all i was like thanks man thanks man she's like hey man how about you come out um to uh to my city me and you and my other good friend pastor steven um out of dmv let's play golf i was like okay cool i think he stayed with me at my house i'm like back i'm like yo let's go i'm on top of my boy he's gonna pull up in the rolls royce you know what i'm saying at least twenty thousand square feet we get off the plane my man pulls up in a 1997 suburban and i'm sitting here like what the we pulling a neighborhood my house is bigger than his house and i'm like what i got got a nice little pool in the backyard and i'm like okay and we sitting down for dinner and um she was like man what's your thing man i say yeah doc yeah is that what a key thing is that's paid for a suburb the house pay for cash no loan and i was like so where do you spend your money bruh i mean you in it nfl you are famous he was like i spend it on experiences absolutely i was like what do you break that down for me it was like i'm a black father with a black wife with black kids and i didn't have experiences growing up so we're going to go on vacation you know uh next month i'll probably spend a hundred thousand dollars on vacation mm-hmm i was like oh he said yeah i want my kids to grow up with memories with experiences that that i didn't have growing up it's not an experience to drive in the may bike and the rolls-royce as a 15-year-old kid they don't know the difference between that as long as they have a car that gets them to school that gives them the soccer games uh as long as they have a home that's big enough for them to enjoy and a nice little pool to jump in the backyard too with their friends that's what they really need and man and and and i'm not ashamed of how i spend my money but it definitely taught me something that everyone's everyone values something different and for me financial freedom going through financial peace university paying off your debt the all of our different all of our reasons will be different yes you know y'all did it for your family me i just want to do it for my future family and so i can enjoy my life today but once you get that freedom if you want to buy a luxury car buy a luxury car if you want to go out here and take your kids on the fifty thousand dollar vacation go take a kill in the 50 000 vacation if you want to pay off your mom's house or go buy your parents a car a house you do that because you work hard so you can have freedom to make the choices that you want to make and have the impact that you want to have the impacts on and so just hearing you say that man it just just convicted me man it's all about experiences i mean we took our kids to disney and 16 2016 i i've never been because i couldn't afford it right right and we took him on a cruise in 2019 we're going on another one 2022 for real yep yep so it's just these are experiences as parents that y'all can do that and you don't have to sit there and worry about what happens when you come home i mean it's gotten to we know we're traveling more often and we have these experiences our our children pick in the cities they want to go to like our youngest is like can we go to miami next you know like they got different places that they want to see so being able to do that for them is awesome and that's wealth right that's what wealth is not just the i have the money but the wealth is i'm i have the opportunity to give my kids opportunities right ask my kids where do y'all want to go hawaii okay let's go here you go right i'm like you i've never been to disney world uh because we just couldn't afford it growing up and so i told myself i'm never gonna go to disney world until i take my kids there yep that's gonna be an incredible experience for you i can't wait because i'm gonna be like a little kid at this as well playing with them i'm gonna take them on a disney cruise i'll pray for me i'm probably gonna hire like two nannies with my wife for that because i mean i hear you just don't stop on that cruise no but the fact is that i can do that and not worry about how we're going to pay the light bill when we get home how we're going to pay the mortgage when we get home and for me that means a lot and you're not you're not doing it for the gram you're not vacationing you know doing these things on credit but you can't really afford it you actually can afford it so my mom told me something really important years ago she said when you're older before you die all you have are memories so that kind of transformed my thinking like you can't take all this stuff to the grave you know you have to build these lasting memories when i'm when i'm 90 years old when my kids are 70 years old they will always remember the crews they've been on disney trip no matter how long ago was and nobody's gonna remember how much it cost us yeah they'll just remember that we actually did it one of the things i pray about for myself is that um i want to take my kids to israel you know when they are old enough to understand and comprehend the word of god i want to turn their bible into a 3d you know experience i want to take you know my kids to dubai i want to take them somewhere out of the country once a year specifically my daughters so this way when some young buck like myself come around and like marry me and i'm gonna take you all over the place their response is gonna be well where are you taking me because my dad is taking me everywhere there you go you know what i'm saying it's like and the fact that i can do that um i get excited about that yeah the fact that me and my wife can get away and i told myself it's a goal i posted on instagram um a few weeks ago i said yo dear future wife i'm gonna we're gonna have uh what did i say like four honeymoons i think i saw that one it's like we're gonna have like i don't know i feel like ten honeymoons to my dad but what it is is like the first year is going to be honeymoon season we're not having any kids uh every quarter we're going to go somewhere out of the country every month one weekend three day weekend we're gonna go somewhere in the state and just get away get to work because i think sometimes in that first year we we from what i understand from couples is that first year it can either be a good year or a bad year the first year of marriage and my thing is i really want us to get away and really learn more of each other before we bring kids into that experience and we didn't do that before we we got married then we found out we were pregnant three months later so the first year really is focused on you know getting ready for this baby then the second year literally is all focused on a baby absolutely so yeah we didn't do what you were talking about and you know not to say we have any regrets but if i were to give any advice to a young couple i would tell them hey go ahead and get married get to know each other spend that time together yeah then work on having kids so good so good do you then like want people to love you the way that all the whole girls love you because they're the whole girls [Music] welcome welcome to the singles mansion first edition first season because i think that's gonna stick with them that's crazy just because you're talking about [Music] [Laughter] [Music] yo we just now tuning to the show welcome back to the table sport anthony o'neill man we're in the beautiful city of atlanta and we took the table here to this beautiful city uh it's a little little table it's not the table but it's a little table but we're having a great conversation the content hasn't changed we're keeping it real we're keeping it relevant and we are keeping it relatable two quick things before we get back to today's show uh number one don't forget to park your emergency fund at prize pool that's where i park my phone so i forget three to six months of your uh average expenses all right so this is your hair ladies this will be you know your haircut brothers you know your mortgage payment your insurance i want you to set aside at least three to six months to make sure that you do not go back into debt or if you're getting out of debt and you have a thousand dollars in the emergency fund okay you're going to be parking that inside a prize pool now why prize pool let me tell you real quick number one is because they if they are fdic insured number two they're going to give you thirty percent interest rate on return when the average bank is like point zero zero five or something like that it's ridiculous and then what i really love let's say you got a thousand dollars in there where every single week they give away cash prizes every single month they give away cash prizes like right around 15 to 20 thousand dollars why not have your money sitting in this account getting the interest rate and on top of that you get that's right some grand prize opportunities from prize pool it's an app it's easy it's simple check it out they're in the show description number two the average person in america is gonna make about 42 to about 55 000 a year if you look like me 48 of us make about 35 to 38 000 a year and to be quite frank with you i'm sick and tired of that okay it is time for us to really start making more money and one of the highest rising uh career fields is the tech field i have partnered with bethel tech it is completely affordable i'm telling you right now if you're looking to get into a career field to where you can go from making 35 40 000 a year to six figures a hundred thousand dollars a year you want to check out my friends over there at bethlehem tech you're gonna get a 1500 scholarship and you guys know i don't do debt so they're gonna break down their payment plans for you and it is very affordable think about it if you can commit to nine months with this program you can change the next nine years of your life for just giving yourself nine months inside of this program and start making six figures and just like our couples are saying today you heard them they were making six figures paid off eighty thousand dollars in about what two years and now they're really balling and doing some things that could be you so check out prize pool in the show description below and also check out my family over there at bethlehem and tell betheltech that anthony sent you so you can get that 1500 scholarship and go tell one of your friends but let's get back to today's show so i got a question for y'all um now that you all have three kids you're out of debt you all are building wealth you all are teaching wealth building stuff on youtube how are you having that conversation with your kids oh so they we've been doing we've been having these conversations with our kids for a while so for instance my our oldest just got a job like i said earlier he's 15 and he is working on the ice cream parlor and he's working on ice cream yeah well it's called brahms ice cream burgers yeah and he makes about 950 an hour okay man ballin over here i wasn't doing that at 15 but i was making four dollars and fifty cents an hour with taco bell i was making four dollars an hour at publix first job then i got to upgrade 425 at kroger 425 i was 450 at uh taco bell in california there you go there you go well he he's balling so we told we always tell him you have to save or invest 50 of anything you make so when he got his first two checks yeah uh open him a roth ira for a minor come on half of it has gone into there so and then my daughter one thing about her which you know she's taking on my personality now where she has a hard time spending money she might get 200 and she wants to save 185 and invest it and then she only keeps 15 so then later on she'll come to me and say daddy i need some money yeah yeah yeah so we're trying to teach them balance because you have we have one that just wants to invest too much yeah i mean is there such thing as too much but yeah it could be right like if they can't you know freely spend it and have fun with it then you have you know we had the oldest one who didn't want to save anything at first but now he's doing it then we have the baby who's kind of in between so we we have had those conversations with him certainly um i think our oldest now that he's making his own money we have these conversations and we watch all these different financial uh shows and platforms he knows that he can be a millionaire by 30. he knows that it's easy to do 50 percent of his check already yeah yeah so knowing that it's easy for him to to do those things he don't have six figures just from the power of compound interest before he graduate high school he keep that up right depending on how much he works how much he puts inside of it but what i just you know i think back when i was 15 year old 15 years old and i was working and i just can't imagine had i put 10 or 15 of every check into an index fund or a mutual fund what it would look like now so we don't want to make the same mistake with our kids listen man how do you do that how do you how do you like that's the question that i ask young people listen if you make 5 000 throughout this year right listen just put two thousand dollars in a roth ira mm-hmm you do that just for six years so that didn't sit there for 30 years you never like what in the world you sitting on seven figures when your friends can be sitting on negative money you know there's a study that came out that said that by 2053 people who look like us we're going to be negative in our net worth we're not going to have you know a whole bunch of money we're going to be so in debt that we are negative in our net worth see and and those these are studies that are predicting these things but why can't we collectively stop that in reverse course but how do we do it like what in your opinion what do we have to do as a people to stop that first of all we have to have these conversations like that is a start and just continuing to educate people like we talked about rich and regular julian and kirsten and they have the money on the table episodes and things like that and they're they're having these you know uh blunt conversations with people and not making it trying to take off the edge of having those money discussions yeah and not making it so taboo you know one of the things i agree with you on is uh i i mean i agree with you on that part and it's like we got to be on we have to understand to have this conversation we may make we may not all agree on particulars yeah but we do agree on financial freedom and that there's there's gonna be different routes you know uh i had an opportunity to be on earn your leisure and some other platforms and not everyone agrees with my method but i like the fact that we can all still have a conversation yeah and i think that's important for the culture what else do you think what because i'm i'm so curious about this especially for us how do we change that future let me also say this i i so we bought our house in 2015. periodically we start looking to upgrade our house you know we start looking going houses taking our kids to houses and always looking for better but i had a friend who one day said google the hedonic treadmill hedonic adaptation so i looked it up and basically it says no matter where you are you have everybody has a baseline of happiness yeah and if you have a loved one who dies you'll you'll you'll fall for a little bit you'll be depressed but then you'll gradually work your way up to that baseline if you go buy a new house a new car you will be high for a few weeks then you'll work your way back now so basically what that says is that no matter what you do the highs or lows it won't make you a happier person and once i learned about that now if we go look at a house or car it's like it will the with the payoff be worth you know how much we have to pay for and we always come back and say no like the extra mortgage payment the you know increasing debt mortgage debt will it make us any happier than we are now maybe for a couple weeks but ultimately it won't yeah so if we look if we kind of co compare that to what we see on social media where people always are trying to seek happiness and they're always trying to outdo their friends out do even themselves and ultimately at the end of the day they're no happier than they were yeah i think you were telling me that you all were thinking about buying a house and you look at it now we're just going to stay right here so your y'all's philosophy is let's go ahead and just pay it off and then whenever we get you know to retirement age we'll look at it yep all right we've already gotten out of debt and i don't want to put my whole paycheck again on a mortgage payment see i think he just made some people upset well if you got the money how come you can't enjoy it and that's that's what they're saying i enjoy having freedom and options better thank you and again your freedom and options may look different from my freedom and option right and i think there's nothing wrong with that but i mean i think we as a people have to really look at we are creative we are smart but we're drowning in that they said that the average black person would die leaving their kids with bills and with benefits and the benefits are only enough to take care of the bills not to set them up for legacy not to set them up on how to build wealth it's it's hey i'm gonna leave you enough and if it's to bury me i'm gonna leave you enough benefits to take care of some of the bills um and i'm sorry i don't i don't want that for us well i i agree 100 so what would a 65 year old anthony think about the decisions that the 37 year old anthony made that's how you have to look at that absolutely and we right now the trajectory we have we feel like we'll be proud of the decisions we made but i'm not proud of the decisions 20 year old shot made i mean either yeah no so i'm not even proud of all the decisions that i've made at 37 37 now absolutely absolutely so we just always have to ha we have to have those conversations within you know our our household absolutely more importantly with ourselves yes well i mean i know i've made multiple mistakes and i've pulled her into some of those and she's been forgiving and but at the same time she holds herself accountable because i i can say hey let's go get this car and she signs off on it she can't necessarily just say oh he bullied me into that she ha she also takes ownership as well because i it's never been a dictatorship it's been 50 50 but sometimes she might she might feel like a little pressure you know but ultimately if she says no then it you know we're not going to do it so uh-oh i don't know what you got to add to that oh so y'all y'all believe in like you know cause you know you know i'm in that that generation of uh they don't really like that term 50 50. if you bring that up to a 25 year old 50 50. it's gonna be 100 him and i do what i want to do so so i'm guessing you're speaking about like the financial part right now absolutely we just so i probably make almost 75 percent uh 70 of the household income right but it's our money so we just throw everything in one account and then she gets her blow money i get my blow money i don't question her about her blow money she doesn't question me about mine so let me get it straight because i i want to make sure i understand what you're saying make sure it's like what i what i teach is you have the primary checking all the money goes into that y'all budgeted i have a savings account then y'all have two different checking accounts and if you all agree all right you get 500 you get a thousand whatever if i come back home with a louie bag that cost me 700 bucks i'm it's okay that was your blow money yeah because in the past let's say we just have that one checking account and my birthday's coming up and she wants to do something for me well if i see a 200 purchase from you whatever yeah i know like it's it's for me so right is your hair money coming out of the primary as in a budgeted account or is it coming out of your spending account so like for me because as a woman women sometimes need other things yeah i get a little more blow money than he does so it's really yeah yeah yeah yeah so no nobody know that that's going to be 50 50. [Laughter] so i'll and i'll be transparent so i give myself we give up we give me 250 a month we give her 500. if i have five i need a little bit you double them out i mean i just if i can't it's a good husband right now but i mean a 20 haircut versus uh yeah but that's once a month depends on the style i'm gonna be real like i can't imagine what i would do with 500 a month i ain't trying to get no trouble so i give myself 250 give her 500. we good 500 a month yeah that's good so now so now so that's the that's the why right so you know we for so long we were constricted and we had those shackles yeah so once i explained to her okay once we're debt-free we don't have to worry about paying all these other people we will have more freedom and financial peace and that's what she has now she gets all of this extra money so if she said i'm getting 500 it cost me 250 to do my hair i'm stacked it's 250 for like four months that's a thousand dollars she comes home with a little bit time first for a thousand dollars emotionally are you saying what did you just do or are you like okay i'm like i don't care because it didn't come out of the household but the house yeah yeah and like for an example what's all in a household budget well you know you have your your gift you have your retirement roth ira 403 b the mortgage kids yeah food gas all of that stuff is in there that's exactly what i teach and that's what i would have i'll i will have checking account primary where all the money goes into then i would have a emergency fund where we never touch that account then i'll probably have another savings account for just if you're building for a house or we both said we want to go on a trip then we'll have two checking accounts yep and then as i have kids they will have their own checking account that i would give to them to i want to monitor my kids i will be micromanaging my kids oh absolutely absolutely they don't know any better right you know because even with our son's money you know we we make him save the 50 and he has his own checking account yeah and he still asks hey hey dad can i buy this or can i buy that and we tell him hey do what you want but we still let him know is the opportunity cost so if you buy this 80 pair of shoes don't come to me when you need 80 for you know a trip or something for school yeah lunch money no you better eat your shoes and he also needs to know those 80 pair of shoes right 30 years from now it could be a 1600 parachute just because of the the missed opportunity so we don't want them to think about that with everything like every meal you have that could have been compound interest you know but we do want them to have to understand man i love it one last thing before we go um what is one piece of advice you'll give people why right now single people single people who are a desiring marriage how do how what is one piece of advice you'll give them to set them up to win financially when they get inside him of a marriage to to be completely honest with you man the number one thing you need to do is get out of debt asap get out of debt and stay out of debt that's it you have any disagreement not at all and don't be afraid of the word budget it's not a bad thing thank you it's not a bad thing thank you yo so where can my people find you man wealth building educator on youtube okay email is the wealthyeducator gmail.com if you have any questions i'm always available we're doing coaching sessions and things like that so yo it's the table right here in atlanta see you next week [Music] you

Channel: The Table With AO

Views: 60,854

Keywords: Dave Ramsey, EYL, african American, anthony oneal, anthony oneal debt free degree, anthony oneal student loans, black, black financial literacy, budget, culture, debt, debt free, debt free journey, earn your leisure, finances in a relationship, hiphop, how to budget, how to get out of debt, how to make money, how to save money, marriage and money, millennial, money, paying off mortgage early, personal finance, student

Id: NZHbRvj6Yqw

Length: 57min 0sec (3420 seconds)

Published: Mon Jan 10 2022