Ever been blindsided by a credit check? I've been there—coming face-to-face with my financial reality kicked off a transformative journey toward fiscal awareness. In our latest podcast, I peel back the layers of personal finance, sharing the gritty truths of credit scores and their profound influence on our lives. From a tough-love wake-up call to the therapeutic ways we can manage stress and mental health, we cover it all. And for a dose of humor, I recount the charming tribulations of parenting—navigating the whims of children's palates, shaped by none other than their great-grandmother's culinary influence.
Join us as we trace the footsteps of Big Charles, whose migration from Mississippi to California is nothing short of cinematic. His relentless spirit, which carried him through Hurricane Katrina, underpins a financial odyssey from his first gold bracelet financing to mastering the art of secured credit cards. Charles's ascent is a masterclass in patience and financial savvy; it's a tale woven with hard-earned lessons on credit building that could pave the way for your own business dreams.
We cap off this series by arming you with strategies for creating financial wealth and independence. This isn't just about the nitty-gritty of employment and saving—it's about side hustles, wise investments, and demystifying tax season with actionable insights. We share stories of financial comebacks and triumphs, aiming to inspire listeners to carve out paths toward stability and success. So join us as we not only share these lessons but also invite you to become part of the conversation, as we all strive for greater peace and prosperity.
Ever been blindsided by a credit check? I've been there—coming face-to-face with my financial reality kicked off a transformative journey toward fiscal awareness. In our latest podcast, I peel back the layers of personal finance, sharing the gritty truths of credit scores and their profound influence on our lives. From a tough-love wake-up call to the therapeutic ways we can manage stress and mental health, we cover it all. And for a dose of humor, I recount the charming tribulations of parenting—navigating the whims of children's palates, shaped by none other than their great-grandmother's culinary influence.
Join us as we trace the footsteps of Big Charles, whose migration from Mississippi to California is nothing short of cinematic. His relentless spirit, which carried him through Hurricane Katrina, underpins a financial odyssey from his first gold bracelet financing to mastering the art of secured credit cards. Charles's ascent is a masterclass in patience and financial savvy; it's a tale woven with hard-earned lessons on credit building that could pave the way for your own business dreams.
We cap off this series by arming you with strategies for creating financial wealth and independence. This isn't just about the nitty-gritty of employment and saving—it's about side hustles, wise investments, and demystifying tax season with actionable insights. We share stories of financial comebacks and triumphs, aiming to inspire listeners to carve out paths toward stability and success. So join us as we not only share these lessons but also invite you to become part of the conversation, as we all strive for greater peace and prosperity.
So those questions made me get defensive, like, oh, he's trying to judge me, right, he's trying to judge me, trying to get all in my business, all in my pockets. Um, and this is gonna be a deal breaker, you know, to see if he wants to be with me or not nonetheless, for the long term, for the long term can he build life with this? Girl yeah right, so long story short. We run my credit report because I hadn't ran it in a long time.
Speaker 1:Right, we run my credit report because I hadn't ran it in a long time. Right, we run my credit report and, baby, I don't even want to say what the number was. Lately I had this change. Just know that it was bad, it was bad.
Speaker 2:It was bad, horrible.
Speaker 1:I'm talking about. Nobody should have been giving me anything.
Speaker 2:And they weren't.
Speaker 1:And they weren't. I couldn't even get certain apartments because they wanted to charge me so much deposit based off of what they ran and saw my credit report.
Speaker 2:Your history, my history was terrible.
Speaker 1:The track record. It looked bad on paper y'all.
Speaker 2:It looked bad on paper. It looked bad on paper.
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Speaker 2:Welcome back to another episode of the Big Dog Talk podcast. What are you smiling for?
Speaker 1:Let's go Come on.
Speaker 2:It's me, the one and only Big Charles. I'm not in the mood for him.
Speaker 1:What's up y'all? It's your girl, big Shea, and I'm definitely back in the building with my wonderful headache.
Speaker 2:You see the people smiling at us. Oh, they happy to see us again. They happy to see us again. This feels good. This feels good. Man, I don't take y'all for granted, I don't take y'all for Meanwhile. Ain't nobody in the studio, ain't nobody looking at us? Ain't nobody looking at us, y'all looking at us, but the sticky boards.
Speaker 1:That was good. That was good. It's a beautiful day today.
Speaker 2:It is.
Speaker 1:It's a beautiful day, spring has sprung.
Speaker 2:Spring is springing.
Speaker 1:It's definitely doing what it's supposed to do.
Speaker 2:And I don't want to be in here.
Speaker 1:Well, you know, I got my feet out for the first time, got my sandals on. I'm ready to go.
Speaker 2:Scooch a chair, just a little for me sweetie, we're ready to go play.
Speaker 1:We're ready to go play.
Speaker 2:You look nice, you're urging.
Speaker 1:Urging, not orange. You're urging, you're urging.
Speaker 2:I thought you were saying hair almost.
Speaker 1:Yep, look nice. Thank you, right Appreciate you.
Speaker 2:Question for you, right quick.
Speaker 1:Oh boy.
Speaker 2:No, not even a question. I want to. So your kids?
Speaker 1:Yeah.
Speaker 2:I want to bring this up real fast. I'm gonna ask the listeners what's up. So they've been having a. You know we don't let them eat McDonald's. Yes, we don't they haven't eaten McDonald's in years.
Speaker 1:I'm talking about a decade. They haven't eaten McDonald's in years.
Speaker 2:I'm talking about a decade, but because they have a great grandmother.
Speaker 1:Yeah.
Speaker 2:Who spends time with them from time to time? Yeah, she sneaks them to McDonald's.
Speaker 1:Yes, you do and Burger King.
Speaker 2:And Burger King.
Speaker 1:All the places we don't let them eat at.
Speaker 2:Sometimes Wendy's.
Speaker 1:Wendy's too. Oh, have mercy.
Speaker 2:Your youngest son came to me the other day and he said Dad, do you think it's okay, since I make good grades, that it's possible that you let us eat McDonald's from time to time? Mommy already told me to come to you and ask you, so I want to hear your perspective and I told them I don't really agree with with it, but they had some good points though.
Speaker 1:No, they did. They came to me first early in the morning asking the same exact question mom, do you think it's okay if we, you know we can get mcdonald's? I said what's this new fascination with y'all at mcdonald's? I said see, what happened is y'all had something Right. Y'all had the dang old McDonald's and now your body is craving it.
Speaker 2:We gonna get to the topic y'all, but y'all know y'all are family, so this is some stuff that we dealing with at home, some issues. This is some home issues.
Speaker 1:Yeah, so I told them I was not comfortable with having buying McDonald's for them to eat.
Speaker 2:But your younger son said from time to time, when we go on vacation, mom eats Popeye's.
Speaker 1:Mom eats Popeye's C4 said but you guys let me eat pizza on Friday, so they have some points. But like I told you, I think it was yesterday, it's just something about that. Dank on McDonald's.
Speaker 2:After you saw the commercial on social media about the fries man.
Speaker 1:I mean that. But then we haven't eaten McDonald's since almost 13 years, because when I was pregnant with Chase I was eating it, and so it's been like 12 years since we've had it. Yeah, and we stopped for like-. They got a good point, though. They got a good point. If you're going to eat Popeye's, they can eat.
Speaker 2:McDonald, for, like, they got a good point, though they got a good point. If you're gonna eat papas, they can eat mcdonald's. They got a good point. In court you lose that one so what you're saying? You about to fold so no, I'm saying either you stop eating papas I barely eat papas, though, in all fairness or not, like I bet so but here's, they're not asking barely, they are not asking to eat.
Speaker 1:McDonald's every week. So you think in their brain if they're going to have it one time and not ask for it again.
Speaker 2:Well, here you are, the food controller. You are the food police in the house, monday through Friday. You checking the cabinets every day. Yeah, because I got to replenish that who ate? What? Who drunk what juice?
Speaker 1:I'm so sick of it. You're the food cop. I who ate what? Who drunk what juice? I'm so sick of it, you're the food cop. I'm definitely the food cop because that's my rolling house. I got to replenish it. Keep it full so y'all can go there and see.
Speaker 2:You barely eat Popeye's. They're saying that they barely will eat McDonald's. I'm not going to make the decision because I can go without all of it, so we need to. What do y'all think should the kids, should our kids, be able to eat mcdonald's?
Speaker 1:I want to know oh, we got them living under a rock because they don't eat mcdonald's what's fair, what's fair, what's not fair.
Speaker 2:You know, listen, I don't want to pass down no generational curses to my kids. I'm eating unhealthy, you know. And monday through friday, my kids eat well money. Monday through thursday yeah, monday through thursday my kids eat Well Monday through Thursday. Yeah, monday through Thursday, my kids, our children eat pretty healthy my home-cooked meals. Mom makes sure it's portioned Breakfast, lunch and dinner Fruits, vegetables, proteins.
Speaker 1:Yep.
Speaker 2:Monday through Thursday. My children are begging.
Speaker 1:Pleading For some McDonald's. I'm ready to have them write a paper on it, since they so interested in it. Do some research, write a paper. I'm ready to put them to work like a teacher.
Speaker 2:And for some reason, when it's hard conversations or hard topics that mom don't want to answer, she sends them to me.
Speaker 1:No, because I said straight up no and they said, well, we're going to talk to dad because we feel like dad would be a little more flexible and understanding on the topic. I just said no.
Speaker 2:Well, I just think it's unfair for you to say no, and they made a great case. That's all I'm saying. They made a great case that when we go on vacation, mommy eat Popeye's.
Speaker 1:They saw me do that one time.
Speaker 2:It doesn't matter, that's right that's all it takes for your kids to see you do one wrong thing and it becomes an addiction. This is how we pass down generational habits to our children. So it's either you help them monitor and manage the junk food or you say I'm going, you know what? No, no McDonald's, and there's no more Popeyes.
Speaker 1:Simple as that. Anywho bringing McDonald's in the house just feels like oh my gosh.
Speaker 2:It does. It feels like death.
Speaker 1:It feels like oh my gosh, that's just how I feel about it.
Speaker 2:I don't want them to eat it, but the kids made a great case.
Speaker 1:No, they did, they did.
Speaker 2:And I'm going to stay out of it. I just wanted to see what you guys thought about it, because that's between my wife and her kids, anyway.
Speaker 1:Yeah, you know it's not going down like that, but anyway is right. We're about to wrap up this series, our four-week series. We've been talking about find ways to create financial freedom, freedom, freedom, freedom, right and change the dynamic of your legacy. Do something different, something new to set your kids up. Their kids, their kids, their kids. That will pass through generation and generation, even when we're not here anymore. We've been putting y'all on free game. This is how we do it.
Speaker 2:Your opportunity to take control of your life period. We don't want to keep blaming anyone for holding us back. We don't want to keep pointing the finger. We don't want to keep pointing the finger. We don't want to keep focusing on the problem. We want to start focusing on solution-based ideas. Yep. So these were these series. Was it four or five? It was four. Four series, four-part series, four-part series. It was all about just, and it is basic, but you have to have a foundation to build off of. So this is your opportunity to say you know what. I'm taking control of my finances. I'm taking control of my life. I'm getting myself together. Although I know these things, it's time for me to apply what I already know. You know, 95% of people are going to hear these things and say I know this already, but 99% of the people are going to ignore it. And that's just the truth. That's just the reality of things.
Speaker 1:Because I was thinking that too. I'm like a lot of the things that we talked about. People may say, oh, I already knew that, I already heard that. However, this is bringing it back to the front of your face so that there can be some application.
Speaker 2:Back to the basics. This is a call to action. Call to action. It's easy to always learn new topics, new subjects, new information, but it is it is tougher to apply what you learn, and this is what we lack, we. We lack application. Yep, so everything that you're learning, yes, this is basic and there are levels to this, but you have to start applying what you already know, and today we're going to talk about building credit from scratch, from zero, and why it's important to build credit from scratch from zero from zero.
Speaker 1:Yep, I mean, I did it, you helped me do it, so and everything that you know the beauty of this, too. Everything that we've been talking about in this four part series around financial freedom and changing your financial legacy, they are real life things that we've done in our, in our, in our family, in our relationship, things that we are doing with our children, things that we are still doing and getting to the next level, from simplicity to now. It's a little bit more complex, based off of where we are in our lives.
Speaker 2:All we want to do is add value to you guys' life, this information, this knowledge that you're getting, once you apply it and you become this, this becomes your lifestyle. Now you can be an example for your children. Now you also, you can be an example for your children. Now you also, not only can you be an example, but you can teach and break down to them, step by step. This is how we, this is how we add generational blessings to our legacy. This is how it only takes one person to say you know what? I'm stopping this, this pattern. I don't want to suffer. I don't want to live in survival. No more, I don't want to suffer. I don't want to live in survival. No more, I don't want to work paycheck to paycheck anymore. Matter of fact, I'm going to start off with my story.
Speaker 2:So y'all already know Big Charles. I come from Mississippi, which is the poorest state in the world. Hardly any opportunity for people like me. I already knew that, and this is because I'm grateful for where I'm from, but I knew that I was bigger than my environment. Um, when I was coming up, what influenced? What influenced me besides my father, were the drug dealers. Those were our level of. Those were our level of success. Because you don't see that many opportunity, you don't see that many people that look like me or us, that are in position, that are inspiring enough to say, hey, oh, I want that position, I want that Right. You know what I mean.
Speaker 2:So when Hurricane Katrina hit, we lost everything, moved to California. I started working in the bank. Now here I am. I'm still I'm little kid working in the bank, 21, 22 years old. I'm a little kid working in the bank, 21, 22 years old, making $12, $13 an hour. I was making $24,000 a year. I didn't even know anything about building up credit and why it was important, but because I got into a different environment, I was able to see the importance of it. Now my perspective and my influence is going from drug dealers to entrepreneurs and investors. My perspective is starting to change. So I got to ask questions to the people that I were engaging with entrepreneurs.
Speaker 2:So I wanted to build my credit. I had zero credit. This is at 21, 22. I went to a few stores. I even applied for a credit card at my job and they turned me down because I didn't have any credit, right, not because I had bad credit. I had no credit. That's another point. And no credit is bad credit. That part you know. So I for with my job. They didn't give me a, um, a credit card. So what I did was I went to a jewelry store, I went to macy's, and I bought a gold bracelet, but I financed it. They gave me a, uh, a, they. They allowed me to finance it, but at a, at a high interest rate. I already had the money to pay for it, right, but I needed to establish some credit. Y'all better listen to these doggy treats.
Speaker 1:Right.
Speaker 2:You know. So I went to a. I went to a jewelry store, financed the bracelet and for six months I made the payment Right. I did this two or three times. Then I went back to the same bank my job and applied for a credit card. Now they turned me down from a regular credit card, but I was able to get a secured credit card.
Speaker 1:Okay, so secured credit card. Okay, so secured credit card.
Speaker 2:It's like when they a secured credit card is, when they put a certain amount of money on the card. You have a limit let's just say a $500 limit Okay, and you cannot spend past $500, but you have to be able to show and create a history of on-time payments Right For a certain amount of time, until you're able to get a basic credit card. So are you following me? This is a 22-year-old, 21-year-old with no education behind how to establish credit.
Speaker 1:Right right right.
Speaker 2:So I did the first process. I went to the jewelry store, got past that step right and y'all, y'all, follow me with this. Y'all follow me, y'all, follow me. I'm building up and I'm giving you doggy treats along the way. So I went to the jewelry store, created that. What word am I looking for? I did, I.
Speaker 1:I like a payment history.
Speaker 2:Yeah, I created that payment history, so now I'm at the secure credit card phase, right.
Speaker 1:Right, because now you've established some credit at Macy's Some history. Some history you show you can buy things and pay things off.
Speaker 2:They can trust me a little bit. You know what?
Speaker 1:You just got a little something something, something.
Speaker 2:I'm going to trust you with a secure credit card because I don't trust you quite enough. I don't trust you. Trust you. You see what?
Speaker 1:I'm saying you got a little something going on, but you got.
Speaker 2:You know what. You a youngster you trying. Yeah, I see you making your payments on time. You're not late. Right, I'm going to give you $500. Right, and if you can make this, make these payments on time, you know what? Come back to me later and we'll go from there. Got a secure credit card, $500 limit Is my story boring? Because I want a $500 limit. I did that for a few months. It took time. It took me to be patient because I wanted a regular credit card. I was like everybody else, these big entrepreneurs coming up here with regular credit cards. I want what they have. So time went by. Around six months to a year established that, okay, you can trust me. Now I've graduated.
Speaker 1:Letter in the mail of Mr Hawkins.
Speaker 2:Yes, yes, I'm going to give you a regular credit card and and have a limit of $2,000 on it. I'm still 22 at the time, making $24,000 a year. Right yeah, $24,000 a year. Now I have a regular credit card. I have some money saved up in the bank, probably about five $10,000. I've been working on saving Every six months. What I would do is every three to four months I would call and ask for a credit increase. So it went from $2,000 to $5,000. Six months go by. Okay, can you guys increase my credit score again from $5,000 to $7,500 to $10,000 to $25,000. It just started increasing. I was building a relationship. I was never late for my payment.
Speaker 2:Right, right.
Speaker 1:Right.
Speaker 2:I was never late.
Speaker 1:Good balance history.
Speaker 2:Good balance history. I kept a credit card. I never maxed my credit card out. I managed it really well. I was establishing something and I was building trust with the banks. Now here goes the sweet spot, though. Here goes the sweet spot At the age of 24, I got a raise from the job from $24,000 to $36,000. Listen Bowling, listen Bowling. $36,000. Listen, $36,000 I was making. Yeah, you know.
Speaker 1:I was there for that $36,000. I was there for this part.
Speaker 2:I got good credit, I saved up some money and guess what happened? The economy hit. It dropped. Guess who was in position to buy a home at 24 years old, making 36 000 a year?
Speaker 1:this guy, this guy, the little.
Speaker 2:The guy from the hood. This guy, the guy from the hood that come from nothing, yeah, yeah Right, that's.
Speaker 1:True, true story.
Speaker 2:The market dropped. I'm 24 years old. I got a little money saved up, guess what. It's time for me to try to buy a house. Yeah, I didn't even think it was possible. Within 30 days, by the age of 24, making 36 000 a year, I was able to purchase our first home in california. Yeah, that was crazy, crazy, crazy. Yeah, true story, crazy, crazy, true story or not, true freaking story. But anyway, true story. So here we are Right, bought the first house at 24.
Speaker 1:That's a true story. True story, true story, true story, big true story. Yeah, and so see, your story is different from my story.
Speaker 2:Yes, as it relates to credit.
Speaker 1:So that's why we wanted to spend some time to give you guys a couple scenarios. Because you got no credit and you got bad credit okay, we don't Horrible credit. You got no credit and you got bad credit. They don't want to give me anything.
Speaker 1:And if you guys have been listening to this series, then you understand that when I went to college at 17, I was exposed to applying for my first credit card, really ignorant to credit cards and how it worked and what I needed to do. So I got the credit card, maxed the credit card out with absolutely no money to even try to pay the credit card off as a freshman in college. So that was, that was the first mistake with establishing bad credit for me. And so then it just continues to go on. You know, in college I had to take out a lot of loans to put myself through college, got a couple of apartments and bills started to, you know, accrue with apartments, paying things late. So I'm also showing that I pay my bills late. That also was a negative impact on my credit. So when we get together, knowing what you guys know about Big Charles, one of his first questions was how much money do you make?
Speaker 2:Yeah.
Speaker 1:How much money do you have saved up? Yeah and when is the last time you ran your credit report?
Speaker 2:yes lord.
Speaker 1:I looked at him like so, first of all, I don't know who you think you are, but in all the dating that I have dated, no one's ever asked me those questions. So I thought that because those were a couple of things that I, you know, I was proud of how much money I made. Right, wasn't really in a position to save too much money, but I had a little, a little bit of money saved and I knew that my credit was bad. So those questions made me get defensive, like, oh, he trying to judge me, right, he trying to judge me trying to get all in. This is going to be a deal breaker, you know, to see if he wants to be with me or not.
Speaker 2:Nonetheless, For the long term. For the long term.
Speaker 1:Can he build life with this girl, right? So long story short. We run my credit report because I hadn't ran it in a long time, right, we run my credit report and baby. I don't even want to say what the number was.
Speaker 2:Lately, I had this dream Just know that it was bad.
Speaker 1:It was bad. It was bad, horrible I'm talking about. Nobody should have been giving me anything.
Speaker 2:And they weren't.
Speaker 1:And they weren't. I couldn't even get certain apartments because they wanted to charge me so much deposit based off of what they ran and saw my credit report.
Speaker 2:Your history? My history was terrible. Your track record I was.
Speaker 1:It looked bad on paper y'all it looked bad on paper bad on paper.
Speaker 1:so once he had, he already had already gone through the process of establishing really good credit because he's fair, right. So I ran my credit, he ran his credit, a plus credit. I'm talking about one of the highest numbers I've ever seen in my life. So what he said was okay, that's cool's cool, let's look on here, let's see which places we can call, which things we can plan to pay off, which things we can get removed. But the biggest power move that we're going to make is I'm going to make you an authorized user on his current credit card and I'm ignorant to credit. So I'm like okay, cool, but what's that going to do? You know what's? What's the benefit of that?
Speaker 2:I connected her name to my name because my name was good. I connected big Shay's name to my name because my my credit history name reputation was good and what that done it automatically brought her brought her credit score from what it was to a little bit higher.
Speaker 1:It gave her the opportunity.
Speaker 2:Now she's on my credit history and I didn't even need a card and I wasn't giving her a card.
Speaker 1:I didn't even have a card. I just became an authorized user on that particular credit card.
Speaker 2:So we're going fast. So one if you have no credit but you don't have bad credit the Big Charles scenario the Big Charles scenario. Secured credit card is the way Open a secure credit card.
Speaker 1:Two if you have horrible credit, bad credit like Big Shea had Big Shea scenario you need to get someone that trusts you and believes in you and become an authorized user on their credit card and they don't have to give you the card and they don't have to give you the card so what that did was and when I say like sort of like expeditiously- expeditiously, months to a year yeah, my credit score started to increase and increase and increase and increase, so much so that two years later Go ahead, talk about it we get to purchase our second home in California under Now my name is good Yay.
Speaker 2:And here's the thing, though. My name is good. Now look, though, remember, yeah, because I don't want to act like we were just some super rich ballers. Big charles was making 36 000 when he bought his first home, had enough savings account, good credit. Here you listen, we are just like you. We are just like you Even when you go to even decide your mate, your partner. Ask the hard questions If you see yourself having the possibility of being with this person for the rest of your life. Ask the questions which one of you have the good credit? Which one of you have the savings account? Which one of you makes the good credit? Which one of you have the savings account? Which one of you makes the good money? Which one of you managed the money?
Speaker 1:Yeah.
Speaker 2:But listen, yeah, let's take control. We own our future, we own our destiny. Right, right.
Speaker 1:We own it.
Speaker 2:Right. Big Shea just said within two years she was able to buy a house under her name at 27 years young.
Speaker 1:Yeah, yeah, right yeah. This is like our first time, kind of like talking about it in this kind of way.
Speaker 2:Yeah.
Speaker 1:With the process, you know, and we even leaving stuff out on how we, you know, sacrifice even in between, that, those two years get to, yeah, the second home only only reason we leaving stuff out is because we're talking about building credit that's what we're talking about. Yeah, we're trying to keep it simple and to the point and give you, guys, you know, applicable, practical steps to do what we did, what we did, so I become, you know, authorized user.
Speaker 1:Like I said, two years later we're able to purchase our second home yes um and through that, through that journey um, I become an entrepreneur, right and through becoming an entrepreneur.
Speaker 2:It was really important that I had already been working on my credit, because now I get to also have a business credit card and and now we're going into, we're transitioning from building credit to understanding why it's important to build credit for yourself and for your future.
Speaker 1:Yes, and the doors that opens up for you when you have good credit established yes, so just to circle back number one building credit from scratch. Number one is open a secure credit established yes, you know. So just to circle back number one building credit from scratch. Number one is open a secure credit card Right. Number two if you are like I was and you do not have good credit, get partner with someone. If it's someone you're in a relationship or family member, partner with someone that can trust you and realize that you're trying to, you know, turn your financial situation around and become an authorized user on that person's credit card because they have good credit and simultaneously, it will help build your credit history and your credit score when you need your credit ran to do things for your future.
Speaker 2:Make your pay your bills on time. Number three, and the reason you want to pay your bills on time because when you do not pay your bills, on time where do they send you to?
Speaker 2:collections collections those are big dings what do they have to? What do they do? When you go to buy not even buy when you go to rent out an apartment, they're going to run your credit history. They're going to see that you are in collections. What are they going to do when you go to the bank to get a loan and you need a business loan? They're going to run your credit history and they're going to see that you either managed your credit well or you did not, can they trust you or no?
Speaker 1:we can't trust you, or we can trust you with these stipulations Higher interest rate, doubling down on the deposit for that spot that you want. It's going to cost you more.
Speaker 2:You have to understand the reason. It's important to have good credit First of all, if you want to want to build wealth. One of the fastest and best ways is being able to buy a home at the right time. Yes, that will create a great foundation for you to build generational wealth by buying some type of land. I know you know this already.
Speaker 1:I know, you know this, and this is probably some goals of some people. You know that we're listening to. It's a goal.
Speaker 2:But we want to help either condition, recondition and set you up for your future and change it for the rest of your life. You can give this information to your children, because once you have this information and once you apply it, it becomes yours Right? Why is it important to build credit? One of the major reasons it helps you be able to be in position to buy a home.
Speaker 1:Yep, yep.
Speaker 2:The second reason like Big Shea said, it helped position her to establish a business line of credit. One of the richest, one of the best things that I see entrepreneurs do is they use the bank money to make money. Somebody tell me where I'm wrong. They leave their cash in the bank money to make money. Yep, somebody tell me where I'm wrong? Somebody, they don't even. They leave their cash in the bank. What they do is they go to the bank and they get a loan from the bank and they take that money and they use it to go create money for themselves.
Speaker 1:Yep, yep.
Speaker 2:Yep. So this is why it's important to create, to build and establish credit. This is why we decided to do a four-part series on creating wealth for yourself, because you could be like Big Shay and was making money but had bad credit. Big Charles was making minimum money, no money, but had great credit. It's still a solution there, guys. It's what I'm telling you. It's still a solution there, because making money and managing money and building and establishing credit all works hand in hand to benefit you. Yep, it makes life hand to benefit you. Yep, it makes life much easier for you. Come on, man, we can do this.
Speaker 1:And then number four is something that I wasn't doing, so that when it came time to run my credit history and get my credit report, I was really surprised at a lot of things on there and I was like I didn't even know this was on my credit report, like what is this? This is from this, this is from that. So number four is simply monitor your credit report. When you you know in that phase of life, when you are focused on building credit, establishing credit or cleaning up your credit, make sure that you monitor your credit report so that you know what's on there, so that you can address that as well. Big Charles even shared with me that anybody is entitled to an annual free credit report.
Speaker 2:Right right.
Speaker 1:What are the companies?
Speaker 2:Oh is it.
Speaker 1:Equifax Experian.
Speaker 2:Is it EquiNext? I forgot the name. I forgot the third one. I have it right here in my notes.
Speaker 1:When you run it, you're going to get all three of those back anyway. All three of those are going to get sent back when you get your credit report ran. So you, in essence, you want to know where you stand.
Speaker 2:Yes, Because sometimes right. Life be lifin' no, not even that they do make mistakes. Oh yeah, they could possibly send you to collections on an error.
Speaker 1:Yeah, that's true too, honestly, since you took collections on an error.
Speaker 2:Yeah, that's true too, because I honestly so.
Speaker 1:Medical bills are good for that.
Speaker 2:Yes, and also student loans.
Speaker 1:Student loans are good for that as well.
Speaker 2:Are good for that as well. So you want to check your credit history at least once a year because they could possibly have some errors on there and they you dispute those yes. Because we were going too fast. You didn't give me time to look at my notes. I forgot the other. Oh, it's Equifax, experian and TransUnion.
Speaker 2:TransUnion is the one I always forget, Okay yeah, so you are entitled to a free credit report annually from each of the major three credit bureaus Equifax, Experian and TransUnion. Transunion right, they make mistakes as well. Take control of your life.
Speaker 1:Take control of your life. I mean, and just in full transparency, we're sharing our story from beginning up until where we are now.
Speaker 2:But in full transparency.
Speaker 1:I'm still learning a lot about the benefits and why it's important to build credit personal credit and business credit so much so you know, two days ago I had an aha moment on why it's been so important to, because once you still have to maintain it.
Speaker 2:Yeah.
Speaker 1:Right, that's where it comes with paying your bills on time. If you have credit cards, pay those things off. Don't spend the money on the credit card if you don't have the money to pay the bill.
Speaker 2:That's called a lie. When you buy, you don't have that money. That's called lying to yourself.
Speaker 1:That's what I used to do.
Speaker 2:That's called lying to yourself. You don't have. You want to put it on the credit card. Now, I understand you got it for emergency reasons. Yes, yes, that's a plan, a strategy to knock out the bill, you know. But if you're just an undisciplined person that's buying things for no reason, you're lying to yourself.
Speaker 1:And true story. When I first got my business credit card, I was like this all they giving me, remember? I was like wait a minute, I've been a business owner for 14 years, this is all they're giving me, but I hadn't established business credit. And then the next thing, you know, six months later, I look up and they had like quadrupled on their own, quadrupled the limit that I now have on my business credit.
Speaker 2:That's because here's the thing whether you like it or not, everyday decisions you're going to, you're accounted for it. Every choice that you make is either going to help you in the next five years or hurt you in the next five years. Simple as that. And I know you guys are saying well, this information that you guys already know, but are you applying it? Are you applying it? Because, just like Big Shea just told you about the, about business credit, we have tons of information on how to we we gonna listen we going somewhere, we're going somewhere.
Speaker 2:We're going somewhere, but you gotta want this more than we want it for you. For you guys, you gotta want it more than we want it for you. You have to be there. I was that one person that said you know what? I'm done, living off of survival. I'm done. I'm done struggling. I'm going to get me a partner that's willing to grind it out with me, that has what it takes to get somewhere, to live a life that's more meaningful than the both of us together. We're going to work together as a team. That's why you can't get all caught up in social media while I can't mess with you unless you make it over $100,000. Listen, you're a fool. You're an ignorant fool If you feel like you can't get with someone and you come up with a strategy and a game plan for the both of you that's going to help take you to the next level. That's ignorant. Ignorant on every area. That's ignorant to think you can't come from nothing. It's limiting, exactly.
Speaker 1:It's very limiting, very limiting.
Speaker 2:Do we need to give them any more information?
Speaker 1:We've done.
Speaker 1:Listen, I'm going to tell you guys like this I've thoroughly enjoyed being able to share this knowledge with you guys during this four-part series.
Speaker 1:I was so excited when Big Charles came up with it, because we always want to ensure one that we keep it fresh and that we switch it up for y'all, but also we always want to make sure that we are adding value to your lives in so many different areas, and finances is one of the things that we are really big on, and we've been through so much in trial and error and have a lot of experience in this area. So it was only fitting that, with our BDT community, that we share some, like Charles said, some very basic level starting points in all four of the episodes. Just to bring it back to your top of your mind, you know, make you focus on it a little bit more so that you can change the legacy of your family and change the dynamic of your financial situation, because it's never too late. That's first of all, you know, and it's nothing but benefit on top of benefit, on top of benefit on top of benefit from focusing on the areas that we talked about in our four-point theory.
Speaker 2:And did you get the e-book? Did you get the e-guide? Yet Did you get the e-guide on how we navigated our daughter to a full-ride academic scholarship? Did you get the e-guide? Because that right, there is a Guys $14.97. Did you get the e-guide?
Speaker 1:We need y'all to get the e-guide.
Speaker 2:I need you to invest in your niece, your nephew, your cousins, your friend $14.97. Did you get the e-guide to help you walk you through step by step on how to change the trajectory of your financial future, for not only you, but your children? Yes, my daughter graduated college with money in a bank because they paid her to go to school. It put her in a great position to be in when she got out of school. Guess, she didn't have to stress out instantly. She has a cushion. She has the opportunity to look for different jobs. Although she's working for mommy and the family business. This is the same thing that you can do for your family. We're not flexing on anyone. We're not trying to flex. We want you guys to see we are people just like you. We're not one of those people on TV acting like we just got trillions and billions of dollars, but we want to add value and it's time for you to get out of survival mode and live a better quality of life.
Speaker 1:And you don't have to do it like us, but just do it. Do it like you. We already talked about that in some of the other parts. You don't have to do it like us. You don't want to be an entrepreneur? Fine, go back to the first part of the series and figure out ways how to save money and make extra income on the money that you already have.
Speaker 2:Go get your job. Save your, make x, make side money, put money in stocks, get some real estate it's tax season big dog talk podcastcom. Go get the e-guide we getting up out of here. I hope you guys enjoyed this four-part series on how to create financial wealth for yourself, how to take control of your own life. Y'all give us some feedback on what y'all think. Man, we love y'all. Until next time.
Speaker 1:Peace.