Video Transcript CHAPTER 1, LESSON 3

Video Transcript

CHAPTER 1, LESSON 3

ANTHONY ONEAL: So, growing up I was blessed and privileged to have four loving parents—four loving parents. That’s right. I have two biological parents and two stepparents, and I do not like the term, “stepparent,” for me personally, because I am blessed to have four parents who truly love me. You know, they loved me so much that they taught me, growing up, two important things—here are your values as a young man, and here is how you conduct yourself out in public.

While I’m so grateful for those two things, they never taught me something else that is very important. I didn’t know the difference between a credit card or a debit card, a checking account or a savings account, or exactly what is debt. I thought, at that time, that I was a grown man.

I remember walking onto the college campus and heading to my first class for the day, and this guy jumps out and he says, “Hey, son, fill out this credit card application, and if you do, son, I’m gonna give you two free large pizzas and one free t-shirt.” Immediately, I was like,

“Yeah, if I’m gonna be a grown man, I need a credit card, because a credit card gets me a credit score.” So, I fill out the application and I head off to class.

About a month later, the credit card comes in the mail, and my mom, she looks at me and she says, “Son, you do not need that credit card.” I tell my mom, “No, I’m a grown man. I got this.” You see, I racked up $15,000 in credit card debt, $10,000 in furniture debt because I wanted to have the dopest apartment, and racked up another $10,000 in student loans when I didn’t even need them, because I had my father’s G.I. Bill, and also a partial scholarship—

but I wanted to impress my friends.

You see, within a matter of not even six months of me graduating high school, I had put myself into $35,000 worth of debt, and unfortunately it cost me my college experience. You see, when I had to drop out of college, I lost a job that was attached to college. See, when I lost that job, I lost the income that I was using to pay for my lifestyle. When I lost that income, I lost my apartment. When I lost that apartment, I thought I was going home.

Key word though was, “thought.” You see, my father said, “Since you think you’re a grown man, go be one, and you’ve got to live with your choices.”

With all the pride inside of me, I said, “I got this.” Called some friends to see if I can stay with

them, and not one of them accepted me into their house. So, at the age of 19, I am homeless,

sleeping in the back of my car. I’m thinking about committing suicide. I’m depressed. I’m like,

“No one loves me. My family doesn’t love me. My peers don’t love me.”

I’m blaming everyone else but myself, and I am the one who made the choices.

I remember the last night in my car. I was crying, and I said, “I’m tired of this. I don’t want to be here. I’m tired of taking baths at the YMCA. I’m tired of taking baths at the Boys and Girls Club.” And when those two were closed on Sundays, I had to wash myself in the back of my car, and I said, “I’m tired of this.”

I went home and apologized to my father and to my mother for the poor decisions I made, and I said, “I am ready. I am ready to become a grown man. Can you teach me, because I’m ready to learn?”

My dad said, “Son, two things. Number one, you’re gonna get a job. And number two, you’re gonna get on a budget.”

During the day I was a bill collector, and after that I was washing cars, and then after that, at nighttime, I was delivering newspapers. You know why? Because I was sick and tired of being sick and tired. I was tired of living paycheck to paycheck. I was tired of looking like I have money when I had no money. I was sick and tired of being an average person.

Once I paid off all of my debt, I started going into high schools. I started going into colleges.

I started spreading the message that the caliber of your future will be determined by the choices you make today, and the number one choice you can make when it comes to your finances is to stay away from debt, and cash is king.

And the message started clicking and people started getting excited. Young people started going to college without racking up any debt. They started paying cash for their car. People were just doing it, and here’s the thing—you can do it, too. If you really want to be successful, you’ve got to make the right decision today. So, I want you to stay focused and enjoy this class, because your future is brighter already.

(Anthony ONeal, continued)

ANTHONY: All right, all right, all right! You all good?

STUDENTS: YES!

ANTHONY: You all can breathe! Y’all are like ...

[laughter]

ANTHONY: You know, this is so funny. Thank you all so much for being a part of this conversation.

What have you been through in life that makes you think about money the way you think about it?

MALE STUDENT 1: Well, my parents have like, never like, given me money throughout my life, so like, I had to work for things that I want, so I decided to get a job and things like that.

ANTHONY: So, what kind of job did you end up getting?

MALE STUDENT 1: I work at Publix.

ANTHONY: Cashier?

MALE STUDENT 1: Bagger.

ANTHONY: You’re a bagger? Do they still give tips to baggers?

MALE STUDENT 1: I’m not allowed to take them.

ANTHONY: You’re not allowed to take them?’

MALE STUDENT 1: It’s my pleasure.

[laughter]

ANTHONY: Okay, all right. So, how does that make you feel, knowing that some kids’ parents give them money? But then, you—you have to earn it.

MALE STUDENT 1: It just makes me feel more, like independent to know that, like the money I make, I can do whatever I want with it.

ANTHONY: All y’all work here? You don’t work? Okay, you don’t work? You work.

FEMALE STUDENT 1: I don’t work.

ANTHONY: You don’t work?

FEMALE STUDENT 1: Mmm-mmm.

ANTHONY: You proud to not work?

FEMALE STUDENT 1: No, I hate that I can’t work.

ANTHONY: Why can’t you work?

FEMALE STUDENT 1: My job is soccer. That’s what my mom says, at least, and she doesn’t want me doing both.

ANTHONY: Your job is soccer?

FEMALE STUDENT 1: Yes.

ANTHONY: So, your job is education, pretty much what your mom is saying.

FEMALE STUDENT 1: In a way, yeah.

ANTHONY: And focusing on it.

FEMALE STUDENT 1: Mmm-hmm.

ANTHONY: If your mom said you could work, would you honestly work today?

FEMALE STUDENT 1: Yes, ‘cause I hate taking money from her. ‘Cause I know she works hard for it, so I feel like she should treat herself and not give it to me.

ANTHONY: You are so kind as a child. What about you, man? Do you make money?

MALE STUDENT 2: Yeah.

ANTHONY: How much money do you got in savings?

MALE STUDENT 2: In savings? $50, ‘cause I just opened it yesterday.

ANTHONY: Okay. All right, all right. What’s one thing you’re doing well with money?

MALE STUDENT 2: I try to like, limit myself on how much I spend ...

ANTHONY: Okay.

MALE STUDENT 2: ... on certain things.

ANTHONY: What’s one thing you’re doing not so good?

MALE STUDENT 2: I eat out too much.

ANTHONY: You eat out too much?

MALE STUDENT 2: Yeah.

ANTHONY: Maggie, so would you say that’s your problem, too, spending?

MAGGIE: Yeah, I just ... I don’t—yeah. I eat out too much. I spend money on stuff that I shouldn’t spend money on.

ANTHONY: All right, so what about good? What are you doing good with your money?

MAGGIE: I also have a savings account and I have a retirement fund.

ANTHONY: You ...

[laughter]

ANTHONY: Why are you making that kind of face?

MALE STUDENT 1: I don’t think that far ahead.

ANTHONY: You don’t think that far ahead?

MALE STUDENT 1: No.

ANTHONY: But, I mean, when you said retirement plan, his face was like ... he was like, “Yeah, yeah, yeah, retirement fund.”

[laughter]

ANTHONY: Why do young people not have goals that go that far in advance? Would you all say you all live day by day and you don’t really think four, or five, six, seven, ten, fifteen years down the road? Why? Help me understand this.

FEMALE STUDENT 2: If I’m being honest, I don’t know what I’m doing tomorrow, so I don’t, like plan ahead that far.

FEMALE STUDENT 1: I think it’s easier to approach in small bites, ‘cause it’s like, if you think too far ahead you get overwhelmed, and why be overwhelmed if you don’t even know what’s gonna happen the next day? That’s my opinion, at least.

ANTHONY: Why do you have a retirement fund at 17?

MAGGIE: So that by the time I’m ready to retire, which is hopefully earlier than most people, I’ll have enough money, especially with like, interest and everything.

ANTHONY: How long have you had the retirement fund?

MAGGIE: I think I opened it, like a year ago, and then I put, like $50 in it every month.

ANTHONY: Every month? Do you know what kind of retirement fund you have?

MAGGIE: It goes into like, mutual funds and that ...

ANTHONY: You’ve got a mutual fund?

MAGGIE: Yes.

ANTHONY: Anybody else got a mutual fund account?

MALE STUDENT 3: I have a retirement account as well.

ANTHONY: You have a retirement account?

MALE STUDENT 3: Yeah.

ANTHONY: What kind?

MALE STUDENT 3: A Roth IRA.

ANTHONY: So, you have a mutual fund. How long have you had yours?

MALE STUDENT 3: Like, a week.

ANTHONY: A week?

MALE STUDENT 3: Yeah, I just opened it.

ANTHONY: What made you open it?

MALE STUDENT 3: Me and my dad were talking about it and we thought it was a good idea.

ANTHONY: That’s a great idea.

[laughter]

ANTHONY: Well, are you all taking notes? What are you all gonna do this week?

FEMALE STUDENT 3: Open a retirement fund.

ANTHONY: She did it at 16. She’s putting $50 in. I’m gonna challenge you to up that to $100 a month. Talk to your parents. Why so? ‘Cause you say you want to retire early. $100, if you do the bare minimum of $100, let’s say over 40 years, how much money do you think you’ll have in the account if you just solely just kept it at $100 for that long?

MAGGIE: A million something.

ANTHONY: A million? Okay, you’re saying a million. How about you?

FEMALE STUDENT 3: Two million.

ANTHONY: You’re saying two million. Okay. What are you gonna say?

FEMALE STUDENT 4: I have no idea.

ANTHONY: I like your answer! Saying, “I don’t guess—I don’t know. I just don’t know the answer.”

You’re gonna have more than $2 million when you retire, at 57. All of you all, if you all jump on the bandwagon right now will retire before your parents, if you start now. That’s one thing all of you all could do right now, and it’ll be amazing.

ANTHONY: Listen, you all. We’re about to put the personal in personal finance. When it comes to your money, you are in charge. No one is going to take charge of your money for you—not your mom, not your dad, especially not your friends, or the government. It’s up to you.

I really wish that someone had told me this and encouraged me to take more personal responsibility for my money, and especially my actions, when I was in high school and college, because I’m gonna be real with you. I did some really dumb stuff with my money in college that got me into a lot of trouble. I had to hit rock bottom in order to finally take responsibility, turn my life around, and start making some wiser choices, but I don’t want you all to have to learn the hard way.

So, that’s why I’m here today to talk to you guys about starting out right. You see, when you’re young, you can win in the long term. Listen, if you can start making smart decisions with your money now, you’ll be able to stay away from the mistakes that so many people make—stuff like credit cards and loans that mess up people’s lives and cause them to struggle, even when they’re in their 30s and 40s with good paying jobs. You see, the sad reality is that only 2/3 of Americans would say that their financial situation is good, but you’re going to change that stat for the better. So, here are three key things I want you to remember when it comes to your money.

Number one is I want you to have a plan, and by a plan, I mean a budget. For every dollar that you make, you need to plan out on paper, or in a budgeting app, how you’re going to use it.

I want you to give every dollar a job. That way you’ll have control over your money and you’ll never be spending more money than you’re making, which brings me to my next point.

Number two, I want you to live on less than you make, all right? You see, when you start spending more money than what you’re earning, that’s when you get into trouble. Don’t buy stuff you can’t afford and keep your expenses as low as possible, so you can save and invest in the future.

And number three, I want you to stay away from debt. Y’all, listen—debt robs all of us from our future. Nobody wants to be making monthly payments long term when you can use that money to go after your dreams. So, remember this, please. You are the boss of your money.

You are, not the other way around.