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LIVES OF HOMELESS CATS, VISIT
MYMASSAPPEAL.COM.
GETTING OUT OF DEBT IS NOT
EASY, BUT WITH THE RIGHT HELP
AND INFORMATION, IT'S NOT AS
OVERWHELMING AS YOU THINK.
TODD FRIEDHABER IS HERE TO GIVE
US HELP.
DO YOU BELIEVE FINANCES NEED TO
BE FUN AND YOU'VE MADE TURTLE
DOVES FOR US.
THESE ARE DELICIOUS.
YOU GIVE FINANCIAL HELP.
YOU GO TO PRISONS AND TALK ABOUT
FINANCE.
WHAT WAS YOUR IMPETUS.
ACTUALLY AT WORK, THEY TOLD
ME I WAS GOING TO.
THAT WAS MY MOTIVATION.
WHEN IT COMES TO GETTING OUT OF
DEBT, IT'S NO DIFFERENCE, I
TEACH IN THE CORRECTIONAL
FACILITIES, ONE IS LUDLOW
CORRECTIONAL FACILITY, THE
PRERELEASE AND WOMEN GETTING OUT
OF JAIL IN THE MINIMUM B.
SECTION.
THEIR CLASS IS A LOT EASIER THAN
WHAT WE'RE GOING TO DO TODAY.
TODAY WE'RE GOING TO DO A QUICK
FINANCIAL FIVE HIP FIRST AID TO
GETTING OUT OF DEBT.
YOU'RE EXACTLY RIGHT WHEN IT
COMES TO IT CAN BE FUN.
MORE IMPORTANT, YOU NEED A
STRATEGY YOU.
NEED TO ATTACK THIS ISSUE WITH
GOING TO DO.
WHEN I TEACH THE CLASS IN THE
CORRECTION FACILITIES, I BREAK
PROCESS.
IF I DO THIS, THIS AND THIS, THE
END RESULT IS MY CREDIT IS GOING
TO GET BETTER.
WHEN I APPLY FOR THINGS AND THIS
IS WHAT I TELL THE RESIDENTS ALL
THE TIME, IT'S NICE TO GET A
GOOD RATE.
ADVANTAGE OF.
I DON'T WANT TO PAY YOU BACK
1,000 IF I'M BORROWING $100.
IF YOU DON'T KNOW HOW THIS
WORKS, I DON'T KNOW WHAT A GOOD
CREDIT SCORE IS, THERE ARE
PEOPLE WHO WILL TAKE ADVANTAGE
OF YOU.
THAT'S WHY I CAME UP WITH A FIVE
STEP PROCESS.
NO MATTER IF YOU'RE IN JAIL
OR LIVE IN A MANSION, YOU HAVE A
CREATE A BUDGET.
EXACTLY.
KNOW YOUR MONEY.
THAT'S WHAT I TELL EVERYBODY.
IT'S CASH FLOW.
I HAVE THIS MONEY COMING IN.
HOW DO I TAKE THIS MONEY AND PAY
THESE BILLS AND STILL HAVE MONEY
NORTH CAROLINA PACKET TO DO THE
THINGS I LIKE TO DO.
THAT MEANS HAVING A FINANCIAL
PLAN, A BUDGET.
A LOT OF PEOPLE I SPEAK TO DON'T
HAVE A BUDGET.
WHEN I TEACH IN LUDLOW, EVERY
WEEK, THERE'S 30 NEW GUYS THAT
ARE GOING TO BE RELEASED SOON
AND I'LL ASK THEM WHO IN HERE
HAS A BUDGET.
NOBODY DOES.
MOST PEOPLE DON'T.
I'LL SAY WHO HERE HAS EVER HAD A
BUDGET?
ONE OR TWO HANDS WILL COME UP.
THAT'S KEY.
THE FIRST STEP IF YOU'VE NEVER
HAD A BUDGET BEFORE IS TO
ESTIMATE YOUR INCOME AND
EXPENSES.
PEOPLE SAY THAT ALL THE TIME.
BUDGET.
IF I HAVE NO MONEY, LIMITED
INCOME, THAT'S WHERE I NEED TO
KNOW ALL MY DOLLARS ARE GOING
THAT MUCH MORE.
IT, TOO.
IT'S ABOUT THE PROPER BUDGET.
YOUR FIRST EXPENSE, BIGGEST
EXPENSE IS HOME, 85% OF THAT.
YOUR BUDGET CAN BE BROKEN
DOWN TO FIVE CATEGORIES, HOME,
TRAVEL, DEBT AND OTHER.
HOME IS THE FIRST CATEGORY.
THERE'S GOING TO BE A PERCENTAGE
WITH THAT HOME.
I SHOULD BE SPENDING 30% OF MY
SECTION.
THERE'S ACTUALLY A FORMULA.
MINUTES.
WE COULD DO THIS FOR DAYS.
EXACTLY.
THE CLASS IS A MONTH LONG FOR
HIM, FOR HERE, WE'RE GETTING A
FIVE MINUTE FIRST AID CRASH
DEBT.
HOME IS THE FIRST SECTION,
ESTIMATE MY INCOME AND EXPENSES.
ONCE I'VE DONE THAT, THE NEXT
THING I NEED TO DO IS I NEED TO
JOURNALIZE MY EXPENSES.
WE HAVE FIVE CATEGORIES, HOME,
TRAVEL, DEBT, SAVINGS AND OTHER.
EACH CATEGORY HAS A SPECIFIC
PERCENTAGE THAT WE SHOULD TRY TO
BE AT FOR EACH CATEGORY.
THE THREE SECTIONS OF THE CREDIT
REPORT IS ESTIMATE MY INCOME AND
EXPENSES, THE SECOND IS TO
JOURNALIZE, KEEP TRACK OF MY
EXPENSES.
THAT'S SO IMPORTANT.
EVEN THE LITTLE THINGS, BECAUSE
THOSE ADD UP.
EXACTLY.
REALLY, I HAVE TO KEEP TRACK OF
IT, IT'S ONLY A DOLLAR CUP OF
COFFEE.
YOU GET ONE EVERY DAY, IT'S
$365 A DAY.
IF I STOP OFF AND GET A
COFFEE AND DOUGHNUT, THAT'S $3.
A CUP OF COFFEE AND DOUGHNUT CAN
BE EXPENSIVE.
THIS IS THE BIGGEST AREA WHERE
MOST PEOPLE LOSE IT.
EVERYTHING DOWN.
IT'S A NECESSARY PAIN.
ABSOLUTELY.
IF I REALLY WANT TO KNOW
WHERE MY MONEY IS GOING, YOU
NEED TO IDENTIFY WHERE YOUR
MONEY IS GOING.
YOU DON'T HAVE TO MAKE CHANGES,
BUT JUST KEEP TRACK OF IT.
UNFORTUNATELY, WE ARE OUT OF
TIME.