I Don't Know About That - Credit

Episode Date: April 20, 2021

In this episode, the team discusses credit with America's favorite personal financial educator and author of "Get Good with Money", Tiffany Aliche ( @The Budgetnista  ). Follow Tiffany on Instagram, Twitter, and Facebook at @thebudgetnista. Go to thebudgetnista.com to keep up to date with Tiffany and go to getgoodwithmoney.com to purchase her book.See omnystudio.com/listener for privacy information.

New Zealand, Indonesia, Pakistan. Which one has the most birds? You might find out, and I don't know about that, with Jim Jefferies. That was like a... Normally I know the answer to those questions. I really don't know which one has the most birds. I'm going to say Indonesia, but I don't know. I don't know.

I don't know. Because New Zealand has a lot of flightless birds, and they have a lot of birds. I've been to India. I haven't been to Pakistan, but I don't remember a lot of birds flying around. I don't remember a lot of birds in India. You said Indonesia.

I said Indonesia, Pakistan, and New Zealand. Yeah, yeah. You just said India now. Okay. No, but I'm saying Pakistan's next to... Indonesia is a massive country made of many different islands. Yeah, a lot of birds. Probably Indonesia.

Probably Indonesia. Probably Indonesia. So I hope you enjoyed the podcast. We'll see if we figured it out. I think Pakistan doesn't have a lot of birds, but we'll see. All right. Jack, what do you got first? I have a game show.

Called You Don't Know Jack. We got slides. You Don't Know Jack we got slides You Don't Know Jack welcome to You Don't Know Jack starring Jack Hackett thank you so I'm going to ask everyone in a Jeopardy style way some questions about myself

oh god we have we have bored if you're listening sorry it's more of a visual game but uh you'll still hear the questions wow you put a lot of effort in this I was up to like 2am it's more of a visual game but you'll still hear the questions wow you put a lot

of effort in this I was up to like 2am it's just a picture of Jack's dick up on the screen right now I had a quick thing with Jack and I was like

yeah we need to do some new segments and whatever and I was like you know it was a little pep talk I didn't know you were going to do all this

you really we have like it's like a Jeopardy board it has three categories drink events so we still do have to buzz in for everything we still have to buzz in

so the buzz won't be like... Are you going to make buzzers? I take it back. You're not going to let it happen to this level. Think about it. Capulets and Montagues film industry. We're going to figure it out. Jim, I'm going to let you have the board first.

I will do drink events for 400. Drink events, 400. In 2018, what bar did Jack and his single friends close out on Valentine's Day? This is a $200 question? This is a $400 question. But I mean... Oh, God, I don't even want to buzz in for this one.

So these are all questions about you. Yes. Jim, what is Davey Wines? No, you just lost $400. Fuck, fuck. Are you keeping track of the money? Everyone needs to try to remember your own score. Efforts going downhill there. Kelly. What is the track of the money? Everyone needs to try to remember your own score. Effort's going downhill there.

Kelly. What is the silver fox? What? No. Minus 400. I'm not answering. You don't have to answer. Margaritaville.

Oh, John. That makes sense. Of course. What is Margaritaville? You lose $400. I didn't know I could do that. Wait, so does the 400 disappear? I didn't know how to program that. Minus, does the 400 disappear? I didn't know how to program that.

Minus, minus. I haven't memorized what one of you does. I still have the board. You still have the board. Jim still has the board. I got a drink event for 200. I want to get some money back here, Mr. Hackett. Okay, where can you go to get a free beverage on Jack's birthday?

What gives you a free drink? Forrest. Margaritaville? What is Margaritaville? No. Minus 200. I'm not going toitaville. What is Margaritaville? No. Minus 200. I'm not going to buzz in then. Do I have to?

Is it? What is 7-Eleven? Ding, ding, ding. 7-Eleven. My birthday is 7-Eleven. Minus 200. His birthday is 7-Eleven. Okay, Kelly.

If your birthday is 7-Eleven, you go to 7-Eleven. Do we have to answer these in the form of a question? No, I don't care. Yeah, no, you do. You do. Okay, so I have negative 200. Let's go drink events for 600. Drink events, 600.

Okay. In what restaurant did Jack have his first Long Island iced tea? Oh, I think I was there. I think I was there. Well, why don't you ring in? I remember him carrying on about it. Is that you tapping in? No, no, no.

I'm still thinking. Why do I think the answer for everything is margarita? It's not. It was only one answer. Okay. They're not all margarita. I just want to tell you do I think the answer for everything is margarita? It's not. It was only one answer. They're not all margarita. I just want to tell you that I don't know, Jack. Out of time. What's the out of time?

It was the Cheesecake Factory. Now, bonus 100 if you can say who gave it to me. I've never been to the Cheesecake Factory. Mr. Cheesecake. Who is my brother, Scott? Yes, ding, ding, ding. Well, that's not even fair. You were like looking at Kelly, like clearly she had the answer.

I was looking at all of you. Now you're like this, you're like, oh. I always find it funny, the Jeopardy thing, like you say the question and then they're the answers. So someone asked the question, who is my brother, Scott? The person who gave Jack Hackett his first long-hauled-dose team? Ah, yes. He has no more facets to his life.

There is nothing more interesting about the guy. That's what he's known for. Wait, so what are you at? That's actually really funny. I'm at negative 100. Okay, I will do... Capulets and Montagues and film industry have not been touched. Film industry for 200, please.

Film industry for 200. At what age did Jack sneak onto a set by pretending to be an employee? I'm going to say 16. What is 16? Can I buzz in again? I'll try. I'll try. 13.

You're losing. $200 down. I was 18. It hasn't happened yet. I'm expecting to do it soon. One day they're going to contact me. What's that they just need on? It was called Bean Mary Jane.

And I put on a headset and a tool belt and I hopped in the crew van. And I was with another guy who was late. And they're like, dude, you're really late to work. It's like, yeah, but the 400 is backed up. And I lived across the street. So I was just going, yeah, traffic was terrible. That's so Jack. This is when he was still in Atlanta.

I was like, the 400. Jack's idea of doing a prank is going to work and not getting paid for it. I ended up getting kicked off because they caught me. He lifted boxes all day. He's like, got you. I just wanted to watch the things move. They heard his back. They're like, good thing we got insurance.

Not me. I'm not covering the workman's comp at all i'm a volunteer all right why is the child star got a tool belt on all right i'm still at negative 100 yeah uh 400 in the film film industry 400 okay what blockbuster did jack work on as a senior in high school um the blockbuster video Minus 400 Of course It wasn't a Jerry Bruckheimer movie? Maybe

Transformers No Dang It wasn't Jerry Bruckheimer right? No Okay You're in the right ballpark of Blockbuster I'm already negative

Teenage Mutant Ninja Turtles Nope wrong Another 400 gone I'm not Meep meep meep It was Fast and Furious 7. These questions should be answerable. I've talked about it.

I've mentioned all these before. No, I've never heard of that. Yeah, to us. You've mentioned it before. Does everyone remember when I had my first long-haired, nice pig? And does everyone remember who bought it for me? I've talked about it all the time. Well, now you're

learning something. It was just like that time on Valentine's Day I was at Margaritaville. Am I right? I have two tweets about it.

What are you talking about? I have two tweets about it. I have two tweets. Get out of here. Negative 600. No one follows you. That's apparent now,

isn't it? I muted you. I muted you. You run my social media. Thank you for liking all of my tweets. I'm going to go Capulets and Montagues for $200. Capulets and Montagues for $200. Okay.

For what brand's commercial did Jack get cast in but had to turn down? What's this got to do with Romeo and Juliet? What does it have to do with Shakespeare? It's a clever title. Lil Romeo's Happy Snacks? I'm buzzing in. Shakespeare Fishing Rods.

Montague Ice Tea. No, I have lost track of everyone's points. It was a Pepsi commercial. How does it have to do with Romeo and Juliet? I remember that. I'm from a Coke family, so I can't do anything Pepsi related. Wow.

I was with Jack last night. We were going to a gig, and Jack turns to me and goes, oh, yeah, my dad's retiring from Coca-Cola tomorrow. And I went, oh, that's nice. He's going to retire. And Jack goes, it's good because now I can try that Peeps-flavored Pepsi. Oh, yeah, he was excited about that. For my food review.

Yeah. All right. Calculates of Montague is 400. 400. Oh yeah, he was excited about that. For my food review. Yeah. All right. Calculates of Montague's 400. 400. Oh, the Daily Dollars. I thought you said this wasn't like Jeopardy. It's just like Jeopardy. It's just like Jeopardy.

It's just like Jeopardy, but none of the questions are answerable. At what age did Jack... Oh no, she's got a bet. How much money are you going to bet? Oh. All of it. Wait, wait.

Aren't you negative? I'm negative. That means you can bet $2,000 on Jeopardy. Okay, I'll bet $2, bit. How much money are you going to bet? Oh. All of it. Wait, wait. Aren't you negative? I'm negative. Can I bet? That means you can bet $2,000 on Jeopardy. Okay, I'll bet $2,000. At what age did Jack drink his first Pepsi? It's a sip. Oh, it's been recent.

It's a recent thing. I know. It was like two years ago. I don't even know how old Jack is now, honestly. I'm 25 now for reference. If I knew his age, it'd be easy. I want to say you were 23 or 24. You got to answer one of them.

It's $2,000. What is 23? Ding, ding, ding, ding, ding. She's in the closet. $1,900. All right. Last question. Capulets and monogues for $600.

There's two more. There's a film industry one still. Film industry, $600. Oh, you're right. Okay, well, we're doing that one, I guess. When will the hex be lifted so Jack can drink whatever he wants? When his dad retires. When his dad retires.

Forrest? This year. Be more specific. When your dad retires. What is when your dad retires this year? What is this week? What is today? Congratulations.

Everyone gets 200 points. Why not? He actually said to me, he goes, my dad's giving up Coke today. Yeah, I'm only giving up 200 because they got it all wrong. He did. He to me My dad's giving up coke today He said my dad's quitting coke At that age he should have given it up a bit earlier But it's never too late is it Alright last question What union job did Jack land

Right before going to college What is the Jim Jefferies show? No, I was still in college. Wrong. What is union lighting? Yeah. Set lighting technician. That's correct.

You can do a podcast with Kelly. I know. That's why I try not to do real personal ones because it would cheat. Kelly is the winner. Now we're moving on to the last, the final Jack off. Ding, ding, ding, ding, ding. And this is when you can bet however much money you want. Jack, Jack, Jack.

You just have to name something Jack doesn't know about himself. It's the honor system. Oh, okay. Okay, all right. So, ding, ding, ding, ding, ding, ding, ding, ding, ding, ding, ding, ding, ding, ding, ding, Oh, I got it. I got it. I got it.

All right, it's over. All right, Jim, we'll start with you. You were born a boy. Oh, wow. I didn't know that. There's been several shifts back and forth. I'm cis man. Okay.

Good to know. Forrest? This whole time you've had a little Dorito chip right here. Really? No. Oh. When you're ever going to get a girlfriend? Oh, yeah.

He doesn't know that. Fuck. I didn't even think about that being an answer. Kelly's crushing this. I don't know if this podcast will go long enough for us to do this, but we should have a poll on that. Oh, that's a good idea. Yeah.

All right. So I reckon Jack Levick. I reckon he's close. I think so, too. I reckon it's going to be this, but we should have a poll on that. Oh, that's a good idea. Yeah, all right. So I reckon Jack Lovick. I reckon he's close. I think so too. I reckon it's going to be this decade. So before 2030. Yeah, before 2030. We just started the new decade.

I think before 2030, I reckon he's going to get a girlfriend. I think he's going to get laid in 2022. Not this year. Not this year. Yeah, no, no, no. But in 2022, he's going to get laid. And I think in 2023, he's going to get laid and I think in 2023 he's going to have a full-time girlfriend.

Okay. Yeah, nothing wrong with that. I think by December of 2022 he might have somebody he's dating. Yeah, but not a girlfriend. I think it's going to be moving in that direction. What does a girlfriend mean? How long do they have to be together? They have to both announce their boyfriend and girlfriend.

She has to acknowledge it and know his name. I think he's going to make it official in December because he's not going to run away from the relationship like regular guys when they don't want to buy Christmas gifts. End of this year. I'm going to say end of this year. Wow. All right.

He's not going to be rich by the end of this year. It's called tough love. All right. What do you reckon, Jack? You can put a bid in yourself. September, I hope. This year? Luis, what do you think?

Summer's going to be good. It'll be at a 9-11 memorial. It'll be coffee time. You too love New York. Luis, when is he going to get a girlfriend? I'm going to go ahead and say today. Whoa. He drinks Pepsi, gets a girlfriend all in the same day.

Good day. That would be a big day. What's the rest of your... Hey, well, you're going out to a stand-up gig with me tonight. Let's get you a girlfriend.

Yeah, let's do that. All right. Yeah, all right. We're not out of dates. Yeah, okay, let's do it. There's no easy way to get a girlfriend than when you're watching a show

and you're not with the people and you're not performing. And you're not supposed to talk the whole time. I work for him. I do his lawn care. I can get you a girlfriend today. You might not like her, but I can organize one.

Yeah, there's always that. Yeah, you've got to lower your standards a little bit. There's a homeless lady near the underpass near my house who she's up for something. Not a commitment, though. Oh, if you give her a warm bed. He's getting a new house. he's getting a new house. He's getting a new house.

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your first month of stiffies. $15 off stiffies. That's pretty good. It's really time to take care of your ED. And remember, get started today and you'll save $15 off your first order of ED treatment. Spring is around the corner. What song is that? That was from my song, my band, which was called Steely Jack Highway. All right. Spring is around the corner. I thought we were in spring.

When does spring start? I think it started now. It gets started. It's April today. Spring's here. And that means it's time to get your lawn on track. I know, I know. The last thing anyone needs is another complicated or toxic lawn plan. I've been through too many of them. Bloody hell. I had one of them that was so toxic. It was always insulting me whenever I was in the yard. I was like, stop being so toxic, lawn. I hope that

product doesn't watch this podcast. Sunday isn't just another lawn care product. It's a customised lawn plan that works with nature. They take all the guesswork and unwanted chemicals out so you can grow a more beautiful lawn that's better for people, pets and the planet. Sunday explains exactly what you get and why and everything is waiting at your door when you need it. All Jack had to do, right?

This is all you did, right? Jack did this for my lawn, right? All he had to do was attach the ready-to-use pouch to the garden hose. I made him get a garden hose. Yeah. Before that, I was just turning on a tap and putting my hand up against it. Just making it spray. I've got a lot of hoses if you need one.

I've got a good one. I've got like six hoses in my house. We've got a nice hose.oses I've got a good one we've got a nice hose it's like green that mesh colour it's the Mercedes of hoses mine's a Rolls Royce of hoses mine's a Honda Civic of hoses yeah

lawn care used to take up the whole day I remember like what am I going to do today lawn care that's the day gone. Now it takes less than 15 minutes, which is about the most effort I put in every day. I can only do 15 minutes at a time. But I still say it takes an hour, so I have a full day of work.

Best of all, the stuff really works, and my grass looks better than ever. Let Sunday take out the guesswork and grow greener, more beautiful lawn this spring. Just visit getsunday.com slash IDK to get $20 off your custom law plan at checkout. Your law plan. Yeah. In case anyone.

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That's Sunday. Better lawn for better people. Okay, everybody. Now it's time to introduce our guest. Please lawn for better people. Okay, everybody. Now it's time to introduce our guest. Please welcome to the show, Tiffany Aliche. G'day, Tiffany. Hey, hey, hey. How are you?

How are you doing? Good, thank you. I did a genuine g'day there. They're quite rare. I might throw out a crikey lady. You never know. But now it's time for... Yes, no.

Yes, no. Yes, no. Yes, no. Judging a book by its cover. All right. Let's see if you can do it. Okay, so I can see that Tiffany is sitting in, I'm going to assume like some type of office in her house.

There's a poster of herself behind her, and I know that because I only put posters of myself in my office. They're not in the rest of the house, but like my office is like a shrine to everything I've ever done. And in the poster she's got her arms folded like, I'm going to tell you how it is. I'm going to think it's some type of self. Are you involved in self-help?

In a manner of speaking, yes. Right, right, right. Do you give lectures? Sometimes. Okay. Are your lectures entertainment-based? Like are they meant for entertainment or are they meant for learning? It's meant for learning, but others would say I'm pretty entertaining.

They can be both. This podcast is meant to be entertaining and for learning. We've never hit the mark on both levels at any given time. It's never both at the same time. We do either or either. Okay. So, okay. Are you a doctor?

I am not, unfortunately, for my parents. Oh. Yeah, my parents were always like that why couldn't he be being a doctor he was so close only four years of med school he would have made it what do you want a hint I do okay um what Tiffany is going to talk about uh something that you have. Oh, God. But I don't know, like, how good this thing is that you have. Best hemorrhoids you've ever seen.

You got it. That's what the poster is. Okay. Is it a possession that I have? Not really. It's not a physical possession, but it's something that you have. It's something that I have. Oh, oh, I think one of my management said I sparkle.

Good aura. I would assume you have a good one of these, but I actually don't know what yours is. I have one good patch of hair on me, and the rest of it is bad. It's not the one on the head. Think money. Oh, money. Oh, retirement plan. No. You have this. There's not the one on the head. Think money. Oh, money. Retirement plan. No.

You have this. There's a number associated with it. Oh, social security number. No. What are we going to do? Social security number episode? No. It's associated with that though. I would like to know about them because I still don't know what the fucking point is. They go, never give your social security number out. And every person I speak to, they're like, can we have your social security number?

I go, okay, then there you go. Then strangely, they go, how did they get it? I gave it to everyone who ever asked for it. This is exactly related to that. Oh, identity fraud. No. You give it out when you need something. Use it to buy things.

Credit. Credit. Credit. Oh, I got all right credit. Yeah, I don't know what your credit is well I didn't have credit forever

and I didn't I didn't have a credit card and I was like and then I went to buy a house and the bank was like you don't have any good or bad credit

you've just come to this country and I go but I don't have any debt and they go you need debt to have good credit which seems fucking

mental to me so I had to open a credit card and spend money on the credit card so they could go, he's good at making the payments. And now I think that I have money, I always forget to pay my credit card. I've probably got terrible credit now.

But I just don't need it anymore. Well, we'll find out. You might need it eventually. Let me give Tiffany a proper introduction. Tiffany Aliche, also known as the budgetnista, that's like up there. It's not barista. The Budgetnista. Yeah, is America's favorite personal

financial educator and author of Get Good With Money. Through her Live Richer movement, she's helped over 1 million women save, manage, and pay off millions of dollars. A former teacher for 10 years with a master's degree in education, Tiffany was instrumental in getting the Budgetnista Law A1414

passed in January 2019, making financial education mandatory for middle school students in New Jersey. Ooh, that's awesome. And if there's anything else you can tell us, you know, feel free. Have a section here to tell us how you got to this point in your life.

Yeah, no, my father was a CFO and an accountant and he taught my four sisters and I and along with my mom about money. We talked about it all the time. I didn't know other kids didn't talk about it. I'm like, you guys don't have money classes tonight? What do you guys do? So I grew up just like learning about it

and it wasn't until college. And we had, my college roommate had debt collectors calling the dorm room, which I thought was hilarious. It's a perfect time to like try out your different voices. And so we would pass the phone around. And then when I was retelling the story to my father, he was like, that's not good. This is what you should tell her to do. And that was kind of like the first time I started taking information and sharing it with other people. And so kind of like the budget needs to was born. So a million women later women later here we are i'm a big fan of this like teaching kids at a very young age how to do my i try to do it with my son but my son has a swear jar so he's cashed up

he doesn't need he goes no i don't even need a job my dad just swears so much it's true he really is milking you yeah yeah he walks around i'll be upstairs trying to put a shoe on or something ah this fucking thing buddy like that and then i'll hear downstairs but then what happens is i gave all the swear words different monetary values right so so like oh like like shit is like 20 cents and then fuck's like a buck, right? Can't I have to give him a house? So I tried to say that one. He's got five houses now.

I am terrible with money. I wish that someone taught it to me when I was a kid. It really is crazy that like high schools don't have a mandatory class where they learn money management and about credit and all of that stuff. There's apps now that you can do with the kids you put on, like, I mean, mowing the lawn gives you five bucks, taking out the bins, 50 cents or whatever like that. I haven't started doing that, but I'm thinking what age is a good age to start teaching kids about money? My son's eight and I'm trying to do it. Honestly, even as early as three and four, because this is what happens, right? So like my niece, she just turned four and she said, auntie, can you buy me? Oh, buy me. So you do know I spend

money. So what happens is at that age, like preschool age, kids start to understand and say things like buy. So as soon as that happens, you can start teaching what I call age appropriate financial education. So one of the things I used to do because I used to teach preschool for 10 years is that every little preschooler has a little job around the classroom. So I would pay them in monopoly money. Right. So they understood like, hey, if I put away the cot, that's a dollar. You know, if I help set the table, that's two dollars. And then they would make savings boxes out of shoe boxes and that would be their bank account. So then I would teach them the words. That's what it looks like in preschool. You earned money, deposit it in your bank account. And then every other week I would buy little tchotchkes from like the dollar store and then they could withdraw their money and purchase things at the school store. So eight years old is a perfect time to start. So when I came into

my husband's life, my stepdaughter was around seven or eight. And so I gave her the word budget. Every time we would go somewhere, she would just expect for her father to buy something. But I started to tell her, look in your piggy bank and it'll tell you what your budget is. And so she started to look and if she got birthday money or whatever, she knew, well, my budget is $5 or sometimes it would be 50 cents. And I would say, well, do you still want to go with me to the store?

And she's like, well, I don't have much of a budget. I'm like, well, there you go. I do that with my son. I take him and I go like, you've saved up $15. You can buy a Lego or something like that. All he wants to buy is V-Bucks on the Fortnite, which is very, they love that. He seems to get a lot of enjoyment out of it, but I'm like, if you want a new skin, you have to save the money.

But it's like what I do is with my son is I act like I'm poor in front of him because I don't want him to spend money frivolously, right? So he's one week with his mother, one week with me. When he's with me, I'm like eating baked beans and like, ah, the world, like it's a tough place. And then like he leaves the house and I order like a Rolex. There's a great app. I think it's called like chore monster.

So that's because then your son can actually log in on his side of the kid's side. You log in on the adult side and you can kind of ping him. Like you take out the garbage is worth $5. If you do this, it's worth this. And so it kind of teaches kids how to do chores outside of like normal, like cleaning up their room and things. And so they can start to earn money that way.

I'm the same way with food with him as well. It's like, you got to eat healthy. You got to eat healthy. So I'm like, I eat like vegetables and salads for one week. I'm like, this is what you got to do.

And as soon as he goes to beds, I'm postmating Shake Shack. It wakes up the next morning to all the rappers. You'm like, this is what you got to do. And as soon as he goes to bed, I'm postmating Shake Shack. I'm sitting down there. He wakes up the next morning to all the rappers. You're like, I don't know. Somebody broke in. I am the parent. Do as I say, not as I do, parent. I'm the bloody worst.

Anyway, so what do you want to know, Farah? Okay, so here's what we're going to do. I'm going to ask Jim what he thinks he knows about credit. I have some questions for him. I don't really order Rolexes all the time to all my fans who don't think I'm down to earth. I really don't. It's very once a month tops. I'm going to ask him some questions.

We're going to go over those. That's going to take about five to 10 minutes. And while we're doing that, we're going to take some notes down as answer to stuff. And then we'll come back and we'll, you know, answer things correctly or tell him he was correct or whatever. But when he's done, I'd like you to grade him.

Usually we do 0 through 10 on accuracy, the guest rates, and then Kelly does 0 through 10 on confidence, and I do 10 on et cetera, and then we get a score. But today we're going to do 1 through 250, and that way we can give him a credit score. And then Kelly's going to do 1 through 250. I'm going to do 1 through, I guess I have to do like 450 for et cetera. We'll see what your credit score is. All right. I know how to do this. All right. All right, Jim. What is credit?

Credit is, it's a magical number. Your credit score is a number that is given to you by how many times you make payments on things and whether your payments are on time. And if you have debt, if you keep on top of it, et cetera, et cetera, right? So to have good credit means that you can get a loan on a house or a loan on a car or something like that. And sometimes your credit can even affect things like going for a job application. You need to have good credit to be able to do that. How the magical number is made, I'm sure the banks are involved. I'm sure the government's slightly involved as well, and they all come to this sort of – it's a mathematical equation. Just a couple of people doing it?

It's a machine that would just sort of go computer says no, computer says yes. When was it first introduced? Credit. Credit. Ooh. I reckon – okay, so credit cards, and that has a lot to do with your credit is um they sort of came into their own in the 80s when we still had the clunk clunk machines

where they just rolled it along and then we just we did they rang someone and then for the best yeah and then they just went okay we trust you and then you walked away like i don't know what the fuck that was there was a bit of but uh um so credit sort of came in credit cards came in in the early 80s in you know i'm sure they were invented in the late 70s but in into modern people it was the 80s what sparked the modern consumer credit boom in the early 1900s um 1900s is thats? Is that right? Okay. Yeah, there would have been some. Whoever invented interest and all that type of stuff.

But then in the early 1900s, you're talking like 18-something. I don't know. I don't know anything about credit. I'm terrible at money. I'm going to learn today. It would have been the invention of the mortgage or something like that around then when the mortgage would have started. Okay. What is the Diners Club? Diners club is a card that i don't know but it's in every 80s sitcom where they go do you take diners or something like that and it's like it it feels

like the it's it's like it's it's like the lowest of all the credit cards it's basically if you wanted to rank all the terrorist groups right you got all your al-Qaeda and stuff like that right but then you have this is a good jump yeah yeah but what's the one that they used to have uh in Ireland what's it called the IRA IRA that can be another one the diners club is the IRA of things they used to be big now they're not so big so do you know when that was 80s 80s, you said? Yeah, the 80s, yeah. Okay. What was the process for early credit reporters to track consumer credit? Now they have computers.

Before computers, they would have had to ring around like a job interview. Just ring around all the people that you put references on a sheet to see that you're making your payments in time. I think it would have just been by phone and all been by phone. It used to blow my mind that when I was a kid, I went to the bank and a lady used to just write how much money I had in my bank account and then put a stamp on top of it. And that was the official thing. It was a fucking someone with a pen who was deciding like, just add a zero, I'll give you five bucks. All right, millionaire. You know what I mean? It seemed like such a flimsy system. What are the three major credit bureaus?

Oh, Visa, MasterCard, American Express. I don't know. Wait, those are the bureaus? I don't know. I didn't know there was bureaus. What is a FICO score? I remember when we were doing uh the Jim Jeffries show and we were trying to like talk about like the governments and all this type of stuff

and I wrote a joke or whatever about like I said well you know when CTU the countess terrorist unit gets involved we're talking about terrorism right and then we all looked at each other went is CTU real or is it just something on 24 and we google it not real not a real we were gonna put it in the show like a fact well we have to report the ctu so um your your fico your fico score what did you say fico f-i-c-o i don't know that's such an american sounding thing oh my fico's out. I got to organize my FICO. Okay, I'm not even going to ask you how to determine that. In Australia, we have boomerang bucks. And you just got to check how they are.

And your kangaroo score. Okay. Your credit worthiness, quote unquote, is based upon a number of factors. Name three of them. Your income. Yeah. Your debt and your repayments.

Uh-huh. And your age. Okay. What is an APR? These are all things that you've had to do. APR. You own houses. Yeah, I know, but I buy them in cash.

So relatable. I'm down to earth,, but I buy them in cash. So relatable. Down to earth, people. Down to earth. APR is, is that the one where the old people get their house taken away for a bit of money? That's the reverse mortgage. Oh, the reverse mortgage, yeah. Tom Selleck advertises those.

He's always like, they're not trying to take your house away from you. They're trying to take it away from your kids after you die. Credit scores range from blank to blank number. Okay. I would say they go as low as 300 and go all the way up to, they probably go from 200 to a thousand, but a shitty credit score is anywhere between 300 to 550. A good credit score is from like 600 to 800 okay um

let me see here that uh what's a cash advance it's where you get your cash uh before like if you get a check and it's going to take a few days to clear or whatever you can go to a place and get a cash advance and they'll clear your check for you what's the negative of that uh because they'll charge they'll they'll charge you interest and stuff for the couple of days or there'll be a penalty fee for taking it out early. No one does anything for free in this world. Does applying for a credit card negatively affect your credit score? No, it positively reflects your credit score unless you start getting like 10 or 12 of the fucking things. But if you just have one or two, I used to have one from the Bank of America when I first got here,

where I had to prepay $2,000 to get that $2,000 worth of credit so they could see if I use the card properly. Right. And now they just, every, every month the bank brings me up and goes, do you want another one? They love me now.

They just try to load them on me. All right. A couple more questions. Yeah. When does an account go into collections? When, okay, so it'll go from

the person trying to ask for payments and payments like the company, whether it be the bank or the car. How many days? Let's just say that.

Oh, it takes a couple of months. So like 60 days. Yeah, 60 days or something. And then when it goes to the debt collectors, because I've had something go to days or something. And then when it goes to the debt collectors, because I've had something go to the debt collectors

that wasn't meant to go to the debt collectors, and I rang them up and I was just like, hey, why is this here? No one ever sent me a thing. And I go, is this affecting my credit score? And they're like, we don't know. Yeah, they never know. We just want your couch.

Last question. What are some ways to improve your credit score? Well, always make your payments on time. Get manageable debt that you can actually manage and show that you're good with the debt. Take out things like a lease on a car where you're paying it off on the regular so people know that you're a reliable person.

Always pay all bills on time. And try to stay out of prison. Yeah. All right. Well, I think if you're in there, you wouldn't be spending as much money. Ah, yeah, but you wouldn't be getting the mail. You wouldn't know what's about to happen.

All right. Tiffany, 1 to 250. 250 is the best. How did Jim do on his knowledge of credit? It went so fast. He got about a 100 out of 250. Okay. That's good.

That's a four. Yeah, but we got to add three of these up. You're not looking good for your credit score so far. What about confidence, Kev? I'll give him a 97 on confidence. Total 197. I'm going to give you like 300, et cetera, just so you have decent credit.

I would like to mention, Faris, many times you have complimented me on how good I am with money. Yeah, I think you are. You're way better than me. I don't know. I am terrible with money. So anyone that even has the least bit of skill at it, I'm always like, oh, good job. I've got a diverse portfolio

me. I've got me gold. I've got some property. My skittles. I have a big jar of Skittles. What about the Beanie Babies? Oh, yeah, the Beanie Babies, their assets. There you go. And my Shirley Temple collection, which I think is going to peak in 20 years.

Yeah, that's going to be good. All right, let's go back and see some of these questions. All right, Tiffany. So Jim said credit is a magical number based on you paying your bills and credit affords you to make takeout. How about you just what is credit? Like what is it used for? Yeah. Well, credit is it is. Well, your credit score is kind of this magical number to see how well you pay your creditors back. I mean, it it really is just a report of how well you're doing with your money. Think about it like your financial credit card. And what your credit score really gauges is how close or how far you are from bankruptcy. So

there are many types of credit scores, but the FICO score is the most used. So if 300 is the lowest, that means you likely are bankrupt. 850 is the highest. That means you're highly unlikely to go bankrupt. And people who want to lend money to you like to look at it to say, should I lend money? Oh, they're 850. Very unlikely. They're 300. No way.

So yeah, credit is just your report to show you how have you managed your money as it relates to your creditors and people you owe. I have a question about bankruptcy, right? But when you say I'm bankrupt and you go through it legally, does that mean all your debt is just wiped away? Just all wiped away? Or they take everything off you as well? No, they also take back in the day,

like probably like the 80s or whatever. That's why it was like a big thing that people love to file bankruptcy because it was like, woohoo, clean slate. You could run everything up. But now bankruptcy is not as easy that they have to look.

They'll look at everything from, do you have first? Do you have jewelry? Do you have what? How much money do you have in your in your bank account? Like they'll take all of that, leave you with something to support yourself. But they're not going to let you keep a million dollars in the bank and you owe two million to your creditors. They're going to take some of that from you, most of it in order to pay your creditors. And so it's not as you know, bankruptcy is not like the cure all like before. And it doesn't, it doesn't wipe away everything. If you have federal student loan debt,

you still have federal student loan debt. Now, if you, if I've seen this in movies, if they come to take everything, they can't take anything off you that you're wearing. Is that correct? So like I come in, I'm wearing a fur coat and seven watches and I'm like wearing, I'm just like a giant guy. I've just got a diaper full of cash. Like they can't.

Not that diaper. Honestly, I don't know about that rule, but I'm assuming that within reason, they're not going to make you take off like your sneakers and things like that. But ultimately, they're not wanting you to game the system by saying, by maintaining wealth, by not paying back people that you owe. That's why I always around the house wear a tiara, just in case. Then the boys come knocking at the door. And they're like, is that a Lamborghini on your back?

That's my backpack. It's very heavy. Make it leave. I make my house into a suit. So when was credit first introduced? I guess in the most modern S kind of format, like about the 1920s. I mean, they go back even further. If you look at like, you know, how people kind of used to barter and say and say well i'll give you this now and then i'll come back later but really the the way we think of kind of like

modern credit um was introduced in the 1920s i think it was like some tailors that were trying to figure out like people would get clothes and things made so they would kind of make them for you knowing that they would pay you you would pay them back and they started to write it down and keep like a little ledger and then they would compare with other people in the the credit system they would compare what they had written with other people in um i think it was new york in um in that borough to say you know jim's borrowed money from me he hasn't paid back for the suit let me see what's going on at the butchers right let me see what's going on so that your name would kind of carry with you. But credit cards were really introduced in the 1950s with Diners Club. Oh, yeah.

So in the 1920s, if someone tried to bankrupt you, you'd go, you can't bankrupt me. I invented the Charleston, God damn it. Well, I was also reading because the question, what sparked the modern consumer credit boom in the early 1900s? I read something about GM because when they first came out with cars, because these were like bigger expenses, obviously,

so people couldn't pay cash for them. So that was kind of like. I think it was a model T car. And I believe it was for that. Like, yes, that you could put down a hundred dollars and then, or I don't know if the car was a hundred dollars,

but yes, it was the first time ever that there were things that were really big ticket items that people just really couldn't afford. Just kind of like with what they were making. Was that like the invention of lay by basically, or you got the car right away, right? You didn't put down a hundred dollars and then go back. I think it's kind of like now you get a car and you make, I don't know,

you made payments. I don't know what they did back then. That's how it was. You got the car up front and then made the payments. So you mentioned diners club. That's the first credit card. And that was from the fifties. And I said, it was the IRA of credit cards. Yes.

It was like, it was like, I, it was somebody in the U S he had gone to like, he started here and then realized that they didn't have credit over there. And I remember I saw like his wife was part of some like documentary and she was like super uber rich because her husband had created Diners Club. And it was like the first time that people could could buy, buy now, pay later. And,

you know, because before credit initially was for big ticket items that you can't afford because reasonably so. It would take months and months of your salary. But then all of a sudden with Diners Club, it was like, hey, you can purchase things that really weren't super expensive. You just didn't want to pay for them now, which started a whole bad habit of us swiping our credit cards at our favorite fast food place. I always used to think that like I'm swiping my card at Wendy's. I'm literally taking out a loan for this chicken sandwich. That's what you do.

When you swipe your credit card, you're taking out a loan. They do a good chicken sandwich, Wendy's. Isn't it true that like with credit cards, with Visa and all that type of stuff, I always thought this was amazing that the shop actually pays the 1% or 1 point something percent. And so when they first invented Visa and MasterCard, they were like, and you'll pay us for people to come in and shop with this thing.

And why would we want this? Oh, trust us, you'll want this. Because more people will shop in your shop. So is that true that the stores actually pay them the money? Yes. Have you ever gone to like, say you go into like a little like mom and pop restaurant and like a hole in the wall and they'll say, if you want to use your card,

it's an extra 50 cents. Yeah. Sometimes, you know, like, so because what they're doing is that they're like, we can't afford the fee that we're going to be charged by Visa when you swipe. So if you want to use your card instead of like paying cash, we're going to charge that fee to you. Yeah. So because they know everyone's not going to carry cash. And so these banks, these visas, these MasterCards, these American Express, that they all charge the company that you are purchasing from for that convenience. Because they know you are more likely to make a sale if someone can buy in different ways.

Like they can use cash. They can use credit card. They can use debit card. So, yeah, they charge you for that convenience. And sometimes they pass that convenience charge off to you. The only shops left in the world that I say only cash. What are they? All the taco shops in LA.

All the weed stores. Oh, the weed stores. The weed stores will have an ATM that will charge you like $3 to remove the cash. And they're like cash only. It's like, you're not drug dealers anymore. Dude,

I just, I just went to a new dispensary. You have actual. Dude, I just went to a new dispensary. You have actual shops. I went to a new dispensary in Studio City recently, and they take Venmo. And I'm like, oh, this is amazing. No, the dispensaries as well. They go, is this your first time here?

You get a 25% discount. And it's always the same price. It's like they're still trying to be shady. You've got a shop. It's a shop. Just say what it is, and I'll buy it. And they go, here's our ATM. There's a security guy. I'm not going to rip you off. I'm here for weed. I used to wait tables in an Italian restaurant in Miami and I made really good

money there. And about five months in, I realized when we were cashing out at the end of the night, I'm like, hey, I didn't get all my tips on the credit card. And then one of the other servers was like, yeah, they take the credit card fee that they charge out of your tips if it's a credit card charge which is illegal and i said well we got to say something and i remember that it was this woman that worked when she goes yeah i wouldn't say anything to him and i go nah fuck that i'm gonna go say something i'm still lost lost money and i went to go tell the guy it was this this couple, this couple that owned it. And he took a gun out, waved it at me, and then fired me.

They didn't fire his gun. Fire's not the right term. Yeah, I was like, okay. I was like, fuck, that was a good job. I can see why no one said anything. You know, these days you can report that, right? I know, but I was like i was like 17 then i was like i didn't i was like just i didn't it wasn't like high on my thing like i'm now i'm

old i like write i would write a letter or something i'm gonna get to the body you know back then i was like fuck that i'm out of there i'm gonna go get high uh is there something interfering with your happiness or preventing you from achieving your goals? Yes. Jack. I thought you were throwing the question to Jack. Oh, yes. What's interfering with your happiness

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Worldwide. Probably not North Korea. You probably. Maybe. Maybe it is. You clients worldwide. Worldwide. Probably not North Korea. You probably. Maybe. Maybe it is. You can log into your account. People need therapy there, definitely. You can log into your account anytime and send a message to your counselor.

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There you go. Well, super, super early. They used to literally just keep it on paper. Like literally, like I said, like you would go to the tailor and they kept the ledger. And, you know, it was very localized. It was like, this is who owes me what? And they started just to compare and contrast notes. It was written in that little flat chalk they use.

You know, to see like, oh, you have a history, you haven't paid because that's the point of it. Literally the point of your credit score and your credit report is so basically everybody can tell on you. So other people can decide whether or not they want to lend to you based upon your behavior, prior behavior. So that's how it looked. It was like, oh, okay, here's my ledger. Let's see. Well, Jim's been behind two months here. Is he on time with you? Oh, he is on time. Okay. Maybe there's just something wrong here or just across the city. He's been late. So we just know we all can collectively say we don't lend to Jim anymore because he has not paid any of us.

Yeah, but I could beat that back in the day. Just move. Just change your name. He moved to another city. Like Kelly said. Yeah, back then, everything is within your community. So everybody knows everyone. You're not traveling internationally.

There's no Amazon for you to order offline. So it's just everything's word of mouth. And one of the things about credit is like, there's always peer pressure. Like when I've gotten calls from collections for people that I like knew sort of, like this girl I used to play rec volleyball with, I got a call one time about her credit.

And I was like, I don't even know her, but now I'm like, that's an embarrassing thing for them to be calling people that you kind of know. Like she doesn't pay her bills. Apparently I was like, wait, what? You're calling about calling about her i was like i don't even know her though she didn't pay her bills and i was like that's embarrassing yeah honestly it's terrible they do that i remember because i during the last recession i've lost everything and my sister was um she's a scientist and she was working for some big company they were working on a cancer drug so she was not allowed to get phone calls at work

because they were so scared that they would give away outside secrets and somebody would beat them to the drug, right? So I was losing my house because I lost my job as a teacher because my school was closing because they lost their funding. And so I couldn't afford my mortgage.

So they called my parents' house. They know that that's not your house. They're hoping to shame you. Then they somehow got my sister's phone number at work and was calling her every day. And she called me like screaming at me, like, if I get fired from this job, I'm going to break your neck. And I was like, you know, but what you do if that happens is quickly. I found just online free a cease and desist letter. People don't realize that you actually they don't actually have to call you. You can literally just Google cease and desist letter, put the phone numbers that you want them

not to contact you at, but say, Hey, you can contact me via email or mail. So you creditors don't have to call your phone. You are allowed to tell them, no, you know, by law, at least in the U S I don't know, you know, any place else, but yeah. So if anybody's getting that, like, you don't have to be afraid to pick up your phone anymore. Like, and then go to Staples or wherever and fax it. It sounds super old school, but it's faster. And with the fax, you get the instant, like, you know, you get like the fax paper that says, so you fax it. And then literally the next day, you know, she got to keep her job and I got to keep my neck and they stopped calling. Oh, I've, I've had some money problems in me day. When I was living in Britain, I had a thousand pound limit on a credit card and I got to keep my neck and they stopped calling. Oh, I've had some money problems in me day. When I was living in Britain, I had a thousand pound limit

on a credit card and I just thought I couldn't pay it off. And it was like 50 pounds but the interest was 50 pounds every month and I just couldn't find a way out of this hole. This thousand pounds was just hanging over me for fucking years. But the big one I remember when I was in college and at that stage I was living in a shed behind a guy's house for $80 a month. Like I had a roller door and all that type of stuff and no toilet and I had to go into there. It was no good.

Anyway, I must have rented Beavis and Butthead Take America or whatever. Oh, yeah. It's a great movie. Yeah, yeah. I rented that film and I didn't return it. I didn't know where the fuck it was, right? I didn't know. Anyway, Blockbuster were on me, right?

And I hadn't returned it. So I assumed that I had to pay for the whole video, which back in those days was like $100 or something like that. I'd have to pay for the whole video. But I'd run up late fees of like $500 on Beavis and Buddy and Take on America. You better fucking love this movie, Silva. You know how I got out of it?

I was a bit of a bastard, really. But what happened was they had a lawyer call me up and she kept on ringing, ringing, ringing. And then in the end, I just lost my shit. And I said, your parents must be so proud of you. You've become a big lawyer and now they put you on the videos, have they? The Beavis and Butter case. I kept on going on and on about, yeah, what are you ringing up next, eh?

What are you on next? Anyway, she hung up the phone. I never heard from her again. I shamed her into not – I don't know how I did it. She paid your debt. Yeah, I never – I think she just went back and went, you're not getting it out of this bloke. And they thought we were going to court.

Yeah, the case of Jim Jeffries versus Blockbuster. That's the thing about credit that like, there are definitely like ways around because they make mistakes all the time. Like when everyone was losing their house in 2008, a friend of mine who was an attorney, she knew that they did this thing called robo-signing. So robo-signing is like, when you don't pay, like, let's just say you don't pay your mortgage. Typically the person that you owe will sell it to another company. So let's just say you owe $200,000. They'll sell it to

another company for $50,000, you know? So at least they get 50 and the other company can stand to make 150 off you. Cause if they can get you to pay the 200, you know, they sold it for 50, stand to make $150 off you because if they can get you to pay the $200, they sold it for $50. But she knew that they were doing this robo-signing where they weren't doing individual sales like Tiffany's house, sold it to Jim. Such and such house, sold it to Karen. Instead, they were doing bulk and literally just robo-signing it and robotically signing them in bulk so they couldn't find a lot of people's paperwork, but she knew. So when it came to her house and they were like, hey, we're taking you to foreclosure court and we're taking your house. She's like, no, no, no. I want to go to court. So she went to court and she's like, I'd like to see the paperwork that says that my house has been sold to now this new person that you say I owe.

And they were like, because she was all lumped in with millions of other people. And so the judge was like, all right, well, the next time you come back to court, just bring the paperwork to show. Because by law, there's something called debt verification. The person you owe must verify by law. If you ask that I owe you, you know, like if I owe Sprint, I know I owe Sprint. We have a contract, but if Sprint sells it to the debt collection agency, I by law can ask, prove it to me that Sprint sold it to you because I don't know you. And so they came back to court the second time. They didn't bring it. This time, though, they brought like a like it was like an intern that came the first time.

This time they brought like a partner. The next time they brought like the owner because they didn't have it. And the judge was like, basically said, the next time you come back here without the paperwork proof that you own her house the house is hers free and clear oh so she was like yeah i know nobody know you know because you don't know these things and so for like five years she was like living like a teenager like that's amazing yeah so then finally they begged her they're like what do you need to give us our house they worked out a deal but um but yeah so i just say all that to say that like knowing the rules and

the laws when it comes to credit can really be your friend because oftentimes they're being broken but if you don't say anything then they're not going to say anything either i thought robo signing was the weakest of all the robo cop films though i will sign away your house you have debt i always hear these adverts that people like have you got a lot of debt we'll put all your debt into one bundle and we'll get rid of 80 of it is that all bullshit or is that a real thing that people should consider some most of it is bullshit like the ones that they're doing ads are but there are non-profits for, there's one called NFCC,

the National Foundation of Credit Counseling, that org. It's a real nonprofit and they will help you to consolidate your debt. And what happens is, let's just say, you know, you owe $100,000. They might help you to consolidate. Not that you won't owe the $100,000, but they'll help you to consolidate in a way that the interest is lowered greatly. They will help to negotiate on your behalf as a nonprofit. I always tell people, if they're looking to consolidate and they're drowning, to go to the NFCC.org and not the companies that you hear advertising. Because sometimes what they'll do is those companies will take your debt, and then you'll be making them them payments and they won't have made the payments for you. So now you steal all those people

and you're out of money. So yeah, I don't trust, you know, it's the actual practice of it is legal, but most people are just not doing it legally. Yeah, I did one of those. I got a quick question. Okay, so I used to date a girl for a few years and I was considering maybe I'll marry her or something.

I was in my twenties, you know, stupid. And she had really bad credit. If you marry someone with bad credit, do you also get bad credit or does their credit improve? Because I remember thinking this is a real sticking point in the relationship. Her credit was abysmal where I would never be able to, you know, she had so much debt. She had 50 grand's worth of debt on different credit cards and she kept running it up. And I saw that as a deal breaker in the relationship should have i been worried about that or it had nothing to do with me yes not because of her credit score it doesn't rub off on you like you know like oh like her makeup right it doesn't rub off but it's not herpes right but what it does mean is that this is behavior that you should be concerned about

meaning that like that debt that she incurred that's hers right but when you get together if you guys have um joint debt together like you have a credit card together she likely is to continue that bad behavior like when i met my husband his credit score wasn't the greatest but what it wasn't because of bad habits he He just got bad advice. He had one credit card. Someone told him, like, you know, ring it up and then just pay a little bit every month to show that you can make payments. But that was bad advice. So to me, if someone has bad credit, as long as it's not due to continued bad behavior, like, oh, this happened in my 20s, but I'm better now in my 30s, but I'm digging my way out. Fine.

But if it's like you're still running it up and you're still being reckless, and that is a red flag, they're going to drag you down with you. Like money is a critical component to relationships. And if you can't get on the same page, it's going to be hard to keep moving. I've always found the people who don't agree with prenups are always poor people. I've never met a rich person that goes, oh, prenup's stupid. I'm marrying for love. No, poor people are always like, what, you don't trust me?

My husband and I have a prenup, and at first he thought prenups were what you saw on television. They're the best, aren't they? I've got a great one. They're the best. I sometimes look at it and cry. I love it. I was like, we should get a prenup.

He was like, ooh, ooh. So in mine, I want you to put, we have to have sex at least three times a week. Come on. That's not a whole prenup story. I'm like, what TV shows are you watching? And I'm like, it's about our assets, not our asses.

So yes. But no, yeah. No, I think prenups, I mean, it depends. I mean, if you're both 21 years old and broke, I mean, maybe not so much unless you're like some superstar that it's on the, you know, on the horizon. But for me, I already, I got married three years ago. I'm 41 now. And so I already had assets and so did he. And so we sat down with an attorney and, you know, we knocked it out and, you know, I mean, hopefully you hope to be married forever and ever,

but if not, at least I know that there's something in place that like the things that I built and things that he built, you know, won't be broken because we've broken up. Yeah. I always think that like, I always like when you see like a prenup, like I've seen a few of these people in Hollywood where it's like, one of the people was really successful when they got married and they went, we better need a prenup. And then when they get married, the other person becomes way more successful.

That happens a lot, I feel like. Oh, I want my wife to be the biggest movie star in the world because I just want to sit on my fucking ass. I would love to be on a red carpet like, and that's her husband, he used to be a comedian. I'll be back there holding the dog. What are the three major credit bureaus? Jim didn't know there was credit bureaus.

He said Visa, MasterCard, American Express. Yeah, I didn't know. Credit bureaus, Experian, Equifax, TransUnion. Think about those of like your teacher. You always think of your credit report as your transcript in high school. Think of your credit score as your GPA. Think of the credit bureaus as your teachers. They give you the grades. So the credit bureaus give you your grades. Wait, Experian, TransUnion, and what's the other one? And Equifax.

Equifax. Here's one for you. They're always trying to make me check your credit score. Why don't you come in here for a free credit score? It's never free. It's like they try to sign you up to something where you're going to get emails for the rest of your fucking life or whatever. I've heard that if you check your credit score, it affects your credit score badly just by having a look at it. Is that a true thing? If you, Jim, can check your credit score a million times a day, nothing's going to happen. If you let someone else look at your credit score, meaning that you give them permission by giving them your social security number, that usually is what activates it.

Because think about it this way. I tell people, think about your credit score, like literally borrowing money from a person. If you're like, if I come and you're like, I like, Jim, I want to borrow money. And you're just like, okay. But then you ask around to all of my friends and you found out that I was inquiring with my credit score to see how much I could borrow. You're like, oh, Tiffany looks like she's in trouble. She's letting a lot of people check to see if she can borrow. So that means she must be looking to get into a lot of debt. That's why someone else looking at your credit score brings down your score because it looks like you're looking to borrow, but you can't borrow

from yourself. So you can look at it all day long. I tell you what, when you first get a bit of money or success or whatever like that, there's people in your life that come out of the fucking woodwork and they're just like this, I need a thousand dollars or I won't be able. Oprah Winfrey said it best, right? She said that when you're poor, everyone needs 50 bucks, right? Everyone you meet needs 50 bucks when you're poor, right? When you're rich, everyone needs 50 bucks, right? Everyone you meet needs 50 bucks when you're poor, right? When you're rich, everyone needs 50 grand or they're going to die, right? And I always, when people ask that, it'd be like someone like, well, one of them was like an ex-girlfriend of a friend of mine that I wasn't even friends with this guy anymore. And I got along with her fine. She rang me up like, I need $2,000. And I was just like,

but you have family and actual friends. We talk about once every two years. Why would I be? How many people have you fucked over that you're calling me? My brother in 2015 won a million dollars. He won the Doritos Super Bowl commercial competition. What? And the amount of people that called me to ask, I'm like, I'm fucking poor still.

Like my brother has money, but I don't have money. Yeah, but he had all that Dorito money. I did give him free Doritos, but that's it. I'm like, I haven't talked to you in five years, and you would call me in the moment when the commercial is airing. Why would I answer your phone call, first of all? It was just very bizarre. Also, I know this might sound, but a million dollars is a lot of money.

After taxes. After taxes, once you put the deposit on a house in LA, you haven't got any money left. No, yeah, yeah. You're a little bit ahead of the game in life. But I was on a, like, whenever you watch a game show, right, and there's like someone's going to win $200,000 or whatever like that or $100,000, right?

They go, you could win $100,000. And the game show host always does this. What are you going to do with the money? And they always say this. They go, well, I'd like to help out with my kid's education. I'll put a deposit on a house and I'd like to give back and help out my family because they've helped me so much. It's like, I don't think you know what $100,000 could do. It's not a magical amount that's going to last forever. I'm going to help out my family.

Buy a nice barbecue and invite them over. Feed them when they come to the house yeah maybe go on a holiday or something like that but you can't help anyone out as you know jack tommy and i were being like trying to be cast on this game show and it's a ten thousand dollar prize like then they're making us jump through all these hoops and i was like for ten thousand dollars after taxes we're gonna split five thousand dollars between the three of us it's not worth our time like no yeah but what Yeah, but what are you going to do with the money? They said we had to do something

extravagant and nothing that, like, we can't use it for rent or vacation. We need to come up with something crazy. So we said, we're going to start a band. Yeah. I have debt collectors coming to my house. I know what I'm going to do with the money. I'm going to Cancun, baby. This month. Family feuds,

the one always gets me, and they're like, you won whatever, it's five people, and then they've won 20 times. I always think that. I'm going to Cancun, baby. I got to eat this month. Family feuds, the one always gets me. And they're like, you won, whatever. It's five people. And then they've won 20 times. I always think that. I'm like, what? This is garbage. Why are you jumping around? Oh, yeah, yeah, yeah.

People don't realize how long those days are. So even if you're winning $1,000 at the end of the day, you're like, I've been here for 17 hours. They probably collectively spent that on the outfits they were in. Yeah, 100%. Because everyone's got like a new suit on and everything like that. I'm going to be on the telly. Yeah, yeah, yeah.

So, and then the bureaus, how did those get started? We haven't had that quite. Like, how come it's Experian, TranUnion, and Equifax? How did they get, can I start a bureau? There are many, many bureaus, but it's like with anything, it's just competition. Like, you know, so that you know what I mean? So they just became the ones that the people started to go to. You know that there are certain like, for example, like mortgage companies might prefer Equifax, but car companies might prefer TransUnion.

So oftentimes you will see that like different people that you would normally borrow from like, like scores from particular companies, you know? And then your FICO, is that like a conglomeration of the three of them? Yeah. No, FICO is a type of credit score. For example, there's something called a bandage score. That's another score, but not many people use bandage scores. So it's like a scoring model. It's almost like you go to like a Montessori school where they're like, Oh, we don't give grades. It's just about how we feel, you know? But then you're like, you go to a regular school. They're like, you get A, B, C, D, and then you go to like a Montessori school where they're like, oh, we don't give grades. It's just about how we feel. But then you're like, you go to a regular school,

they're like, you get A, B, C, D. And then you go to another school and they're like, we give you a one, two, three, four. So FICO is just a type of grade that you get, but it's the type of grade that most people say we agree. This is the grade that we're going to use. In Australia, we don't use the A, B, C, D thing. It's the lengths of a didgeridoo. You're either didgeridoo or you didgeridon't and that's uh that's a

you need to be a motivational speaker the fico ranges from 300 to 850 you know and but the thing is it's really like a range so 740 to 850 it's considered an a so people brag like i range. So 740 to 850, it's considered an A. So people brag like, I got a 7, I got an 850. Nobody cares. Honestly, it's my 740, your 850. We're getting the same interest rate. Yeah, Louis.

That's what I tell people. Just continue 740. What age does your credit score kick in? Do you have one from birth or does it say 18 it starts? When does it start? It starts as soon as you have something to put on it well because you can have one like 13 like your parents could like open up a card in your name which we don't suggest you know um but as soon as you've borrowed money from someone that reports you have

a credit score this is why jim when you went they were like they call it a thin file when you don't have any credit you know and they no credit credit is considered bad credit because it's like saying like a new driver. I haven't been to any accidents. Yeah, but you're a new driver. So you're a bad driver because you haven't, you haven't practiced yet with driving. And so, but it can, it can start as soon as your, your teens. I mean, I've seen people, you know, they don't let you do this anymore, but they put, you know, like the cable and the baby's name. Robbie, you might have a phone bill as a teenager. That could be a thing. No, it's possible. So yeah, at 13, you can start to build credit. A lot of parents will do this.

And my dad did this. He put me on as an authorized user on his credit card. That's when you're like, he has the card. He pays it off in full. He puts me on as an authorized user. It's also called piggybacking. And technically, I'm authorized to use the card if he gave it to me. But he's like, we're not doing that. Instead, when he pays off the card, it looks like we pay off the card.

So I was getting like all those like kind of runoff points for my credit score before I even knew what a credit score was. So that's one of the ways you could raise your score. I'll tell you why I think I'm all right with money is because my parents were mean. They were mean. I had to get a job at 10, at 10. No, but I had a job when I was young and I'm terrible. I had to pay for everything at 14. My parents didn't buy me a single item of clothing from the age of 14 onwards.

I had to pay for everything that I had from that thing on. And then when I went to college, my parents were like, sucks to be you. Like I said, I had like a job. And my parents were more concerned with me having an after-school job than my education. I don't think that was what their plan was to begin with, but after they saw my smarts, they went, he has to be a worker.

This one. So I was working at McDonald's and I worked in a meatpacking factory and all that type of stuff. The meatpacking job was the best job I ever had. That's what taught me to become a standup comedian. I used to be in a cold room putting sausages on a, on a styrofoam tray, just with these degenerate butchers who were just these horrible people who were off to Thailand every weekend. And I learned how to tell a dirty joke pretty quick. I tell you. So your credit worthiness is based upon a number of factors.

Jim said, we asked him to name some income, debt repayments, and your age. Well, there's five factors. It's your payment history. Do you pay them people? Do you pay what they ask when they ask? It's amounts owed.

How much debt do you actually have? It's also length of credit history. How long have you been borrowing and paying back? New credit, have you let somebody run your credit? Like ask to borrow money and then last but not least type of credit. They like to see a mix. Do you have like some installment loans?

That's like a mortgage or a car note, student loan and also a revolving debt like credit cards. You said in earlier, Jim, that you're right. right it sucks that like why do i have to get in debt just to show you i'm worthy to pay you back like so unfortunately at least the american system it really encourages you to dig the whole deep and then dig your way out just to prove like it's almost like what is that um that movie um like mockingbird like oh what is that movie like, that movie, um, like mockingbird, like, Oh, what is that movie? Like with, um, Oh, what is her name? The, uh, justice league. No, like, no, I mean, it was called like, one of the books is called mockingbird.

Oh, the hundred games. Yes. It is the hunger games. Like you're like, I win. Do I have a seven 40? I'm allowed to now what? Borrow money to buy more stuff? Yeah. It's a really terrible system. Would you agree with me that the baby boomers, our parents, are the worst generation that ever lived? And I have a lot of arguments on this.

They never really had to fight in a war. Like there was Vietnam, but not in Australia. You've said a few times. They all bought houses for fucking, my father literally bought a house for $15,000 in 1970 that the block of land is now worth a million dollars, right? Wow. Get the fuck out of here. You want to tell me how to spend my money?

Oh, you got to invest in property. Like you were around when the population of the world was 100. It's true. Poor millennials have it so bad. They're like, another recession? Yeah, yeah. They have seen, because you're right. Like, you know, when my parents bought our first,

I don't remember what our first house was when we were like kids, but like compared to what you were making, it was possible for mom to stay at home and dad worked and it was enough to go on vacation and buy a car and all those things how how now one of my mentees is an attorney and she graduated from law school and had to move back home with her mother because she could not afford in new jersey to live on her own yeah like you have to make so much money just to live normal. Like making $100,000 a year used to be like, ooh, you're big time.

Now it's like, what? I might still have a roommate. Yeah, yeah. No, no. The population's growing, so property gets more expensive. I don't feel like the wages have gone up with the same rate of our expenses have gone up. I always look at like footage of the Great Depression and I think,

you know what? I would have done all right there. I just feel like they weren't trying enough. I feel like my entire life has been a Great Depression, so I don't. I started working when I was four and at this rate I'm going to have to go until I'm 115 to retire. They're always in soup lines, but they're all wearing fedoras and fucking ties.

I'm like, you're doing all right. You've got to get dressed up. You've got to be dressed up for this soup. Also, I know what I'd do. Me and Forrest would start our routine in Vaudeville. Oh, yeah. We have a double act called Clean and Jerk. Clean and Jerk.

Yeah, Clean and Jerk. I say swear words and he's always like, stop being a jerk. And he's only clean on the stage. That's our double act that we'd do in Vaudeville. We'd do a great act then. It'd be the Grouch brothers, the Grouch brothers. The Marx brothers. No, the Marx brothers, yeah.

The Marx brothers, Laurel and Hardy, and Clean and Jerk. That's why financial education, honestly, is just so important. Because, like, if you don't know better, how can you do better? You know? Yeah. Yeah. And not having any information in high school about credit. It's like they prey on 18 on 18 year olds at college campuses.

They they park there with their table going. I got my first credit card. You know, that's illegal. I remember what I used to sell my soul for a large Snickers bar or Frisbee. I had when I graduated college and for the first time I checked my credit score. It said I had 32 open credit cards. I'm like, no, I don't. I was like, oh, those Frisbees. I do have 32 Frisbees. So Jim doesn't know, but he didn't go to college in the United States

or in Australia. In the United States, in the Student Union Center, you'd walk in and they were illegally, now they're not allowed, is what Tiffany's saying, but they were legally allowed to set up like Visa, MasterCard and they'd be like, hey, you want this tote, MasterCard and they'd be like hey you want this tote bag whatever

and I'm like I don't like it at the airport yeah but no no in your college campus on college campus but like how they do

at the airport yeah just like that yeah yeah but I'd be like I don't think I'm gonna qualify I'm like yeah just fill out this application

and then you get a credit card and they're like I have $400 credit and you're like alright pizza we used to learn in school that the banks all used to fight for the children's bank accounts, which was quite a big thing. So like Commonwealth Bank had the Dolomite accounts

where they'd give your kids like a little book to write in and have cartoon characters. And then the other banks, St. George used to give you this dragon money box because they were trying to get the accounts for the kids because these kids would grow up and they'd stay with the same bank and they'd have the same thing. But they used to give us these money boxes that they were plastic and they were very solid and all that type of stuff,

and you'd put your coins in there. But once the coin went in, you couldn't get the bastard back out. You had to take it to the bank and they had a special cutting tool to get into the thing so you put all that money into your bank account. My mum was always like, put it inside your dragon. That's a good idea. Put it inside your dragon. What is an APR you thought was a reverse mortgage?

I know that's not true. Those reverse mortgages are good. It lets people stay in their homes. I always love the the reverse mortgage adverts where they got the kids going, it's mom and dad's money anyway. What do I care for? An APR is an annual percentage rate. Basically, it's just like the rate that you pay to borrow money. But it's not just the interest. Sometimes there's fees involved. So like, how much did it cost you to borrow this money? That's what the APR is.

So I just thought that was just like the interest rate. When you get a bank, you go, I got a mortgage. You go, I got a good interest rate or I got a bad interest rate. Yeah, I didn't realize that. So what other things does it include? I guess also like sometimes there's a fee. There's other fees. So there's not just interest.

Like there might be some sort of like, I don't know, like origination fee. You might have a fee where they're charging you. Like if you if you pay early, sometimes, you know, you can actually have a fee for paying early any fees. So that's why there's a difference between like APR and just your regular interest rate. Regular interest is just interest. But you see how tricky banks are. They call it APR. No, it's your interest with all. They might have some hidden fees in there. It's just this is the cost to borrow money from us.

It includes your interest, but they might have some other fees kind of like snuck in there. A lot of financial experts tell you to get a mortgage because the mortgage rates are so low that you're better to put that money into a high-interest account and still have the mortgage at the same time. I don't agree with that because I feel like there's nothing better than just owning your house. But is that a good technique? No, I mean, like I, when I bought my house,

we bought it cash, you know, we were, it was a foreclosure and, you know, so it was half, half the price. And my husband and I had saved by then. No, I mean, here's the thing. Banks will tell you like, oh yeah, yeah, yeah. Just. Just just just like, you know, get a mortgage. If you I mean, if you if you don't have to get a mortgage, it's ideal because why should I borrow money and pay a fee to borrow money if I have the money? Yeah. Sometimes I'll tell you not to do that because they don't want you to tie up all your money, maybe like in your house. But yeah, no, I ideally like owning a home, even if it's like even if it's real estate that you are investing in, you know, the more ownership you can have, the more you're going to be more recession proof. Because even when the recession hit, you know, last year, I wasn't worried about someone saying your house is going to be foreclosed upon because how can they? You know, I just have to pay the taxes here. That's it. I don't have to worry about paying a mortgage.

they. I just have to pay the taxes here. That's it. I don't have to worry about paying a mortgage. So yeah. And also too, buying a house is not what it used to be. 20, 30 years ago, guaranteed, it's a great place to park your money, a guaranteed investment. It's going to go up. But we've seen that my first property that I bought when I was 25, it was a condo. I was so excited. I bought it for $220,000. And then during the recession, it went down to be worth 150. I was like, where's the investment? And do you know, every year I punish myself to see if my, if that condo, which I've since lost the foreclosure, if that condo has ever gotten back up to 220, do you know, it never has right now it's worth 180. So it was, you know what I mean? Like, so buying a house is not, or buying property is not the, it's not the get out of

jail free financial card that it used to be. So I say, buy a house, you know, if you're doing so do so with the knowledge that this is supposed to be an investment. Is this house likely to go up? You know, um, is, am I likely to, can I potentially rent this out? Like there's nothing worse. My mortgage was a 1660 for a two bedroom, one bath and rent in that area for a similar condo was 1200. Knowing what I know now, I would have gotten my mortgage in the rental space because when I couldn't afford it, I could have said, that's okay. I can rent it out because it's 1200. I can rent it out for 1200, but I couldn't. I did rent it out for 1200, but I still was on the hook for $400,200. I could rent it out for $1,200, but I couldn't. I did rent it out for $1,200, but I still was on the hook for $400 every month until I lost the place. Okay. You seem to know a lot about money,

which is good because you're the expert on this. Do you have any friends that are fucking morons with money? Most of them. Does it affect your friendship where you're just like, oh God, Cheryl, you bought what? Honestly bought what honestly handbags are an investment i buy lots of different handbags and i can always sell them on i've heard this one buying a chanel handbag is gonna go up in value and all this bullshit one of my friends are always like you should see when they come see me they feel it's like guilt on their face like a little kid you know like when your kid is crying they come and they got chocolate all over their face i didn't do anything that's how my friends are with new stuff they'll come and they got chocolate all over their face. I didn't do anything. That's how my friends are with new stuff. They'll come and they're like, just so you know, Tiffany, I had this already.

I didn't ask. And so honestly, most of my friends are pretty terrible with money. I used to sit down and help them, but it would really piss me off a week later. Oh, I sat down with you for two hours. You pissed away all my good advice. So now when they ask me, I'm like, no, refer to the notes. Do you have a indulgent that is a waste of money that you go, Oh God, I shouldn't do this, but I love it. Um, well, I love to travel. I don't think that's a waste, but for me, like I am not, I was like, I'm not a great cook and I don't like to cook. So I'm an Uber almost every day. I feel like we Uber Eats and yeah, but I don't like, I don't like to cook. So I'm an Uber almost every day. I feel like we Uber Eats. Yeah.

Yeah. But I don't care. Like, honestly, at first I used to feel so guilty. And I'm like, Tiffany, you're freaking the economy right now. That's the one thing because I still have poor child syndrome or whatever. I grew up poor and then I was poor right up until I was about 34. I had no money and it was week to week. The only indulgence that I gave myself where I feel guilt-free is whenever I'm in a restaurant, I don't even look at the price.

I order the food that I fucking want. I don't give a fuck. I order the food that I want. And I've been doing that for 10 years. Ah, it's been good. No, that's awesome. The first time I realized that I wasn't broke anymore, same thing. I was struggling up until my mid-30s. I'm 41 now. It's the first time I realized that I wasn't broke anymore, same thing, I was struggling up until my mid-30s.

I'm 41 now. It's the first time I went to Whole Foods. I used to be someone, but before I went to- Whole Foods still drives me mad. I'm only in restaurants. If I go to fucking Whole Foods, I go, I don't know what carrots cost, but they don't cost this. You know what I mean?

When I come over and make myself a hamburger with ingredients from Whole Foods, I go, that's a $27 burger? What the fuck just happened like but the first time i went to whole foods and i was like i because usually like i will add up in my head how much it's going to be i'm like okay this is going to be the first time i went to whole foods and i got to the cash register and i was like oh you didn't do your math tiffany and i was, it doesn't matter. I got it. And it felt so good. It was way more than I expected. She's still in debt right now.

Tried to make a fucking Caesar salad croutons with $15. That's why she wrote this book to get out of her whole food stash. It drives me mad. Groceries in America are hugely overpriced. Restaurants are cheaper here than anywhere in the world. Fast food is extraordinarily cheap. Restaurants are cheap. Britain, restaurants are very expensive. Fast food's very expensive. Groceries, dirt cheap. Australia, groceries very cheap. And also Australia, because of

different laws and that, it doesn't feel like if you go to Ralph's, you're killing yourself. If you get a Whole Foods, you're going to be okay. They all feel sort of like there's not as much chemicals and shit on the food, so you can sort of shop anywhere. But I find American grocery stores do my head in. I go, how the fuck did that cost that much money? I'll tell you what's cheap in our society, which my parents made me think were very expensive. Toys, except for Lego, is expensive for no reason.

Lego is like way overpriced. But you buy a Nerf gun, it's like 15 bucks. I remember like wanting things. My parents were like, well, it will be broken. I'd hold this like plastic toy. Like this is very valuable. This He-Man doll costs a lot of money and like being really. But it was a lot of money to them.

But I lied to my son as well. Oh, we can't afford this Nerf gun. We didn't grow up with money. And so everything that we had to do, it was like, this is a big gun. We didn't grow up with money, and so everything that we had to do, it was like, this is a big deal. You didn't grow up with money. You were in the White House every week. My parents did not have money at all.

Why don't you just nick something from the White House? Take a fabric jacket or something with you. That's why I took all the pictures. I have blackmail. Yeah, yeah, yeah. If you ever go over there. I'm one of five kids. I don't even know how my parents did five kids. Now that I'm grown, I'm like, are you insane?

I asked my mother, five kids? Five mouths to feed, five clothes, five back to school. And I remember I asked her, I'm like, how did you do five kids? She said, I wouldn't recommend it. Which one of us wouldn't you recommend? I find kids very expensive, but doing private school,

there is a cheap way to do kids and an expensive way to do kids, and I don't know if either one is that much more beneficial. You know what I mean? But I never wore a new item of clothing. It was all stuff hand down from my siblings. Yeah. And I had two sisters, so it was very awkward. I think for most of us, our biggest splurge in childhood was like our sports

or like activities, but all three of my parents' kids got full scholarships to college. Really? And we all started working really young too because we were all kid models and actors. So we've been working for a very long time. Okay. I'll tell you.

So they have Coogan accounts here, which is named after the child from the movie The Kid with Charlie Chaplin, which is where your money goes in so the parents don't rip off child stars on TV and stuff like that. Anyway, it turns out that did not exist in Australia because I fucking, I did like a Fisher Price commercial as a baby. I did a Family Circle magazine. I would have, in today's money, earned at least 25 grand in today's money.

And then when I was a bit older, I just thought about it one day because my parents had all the pictures of these adverts and stuff. Like where's the money from then? And I said, Mum, where'd I happen to get all that money? We spent it on your education. I went to a fucking public school. What the fuck are you talking about? Clothes and whatnot. My mum was fucking, I wonder What the fuck are you talking about? Clothes and whatnot.

My mum was fucking, I wonder where the VCR came from. Yeah, she was making it seem like she was buying you toys. This is my money. We were poor, but my mother used to, if there was a new gadget, right up until she died, she had to have the new gadget, right? So she had an iPad. My father to this day doesn't know what things cost, right? He has no fucking idea about cost because he lives off an oily rag and he only buys cheap things.

He doesn't like technology. And so my mother was on the pension like this, had a brand new iPad in Australian money, $700. And she goes, oh, they had a special sale where they were a quarter of the price. And my dad was like, didn't your mom get a good deal? And I'm like, iPads don't go. There's never a sale. Apple don't go on sale. Mum's just lying, right? So my mother taught me to lie from a very young age. My mum would be like, tell your father it was originally this

and now it's this. I'm like. My mother had a shopping thing and she would go out and she'd buy dresses. She was quite a large lady, these big fucking muumus every day. I can't sugarcoat it for you, Tiffany. So she'd buy these dresses, right? She'd come home with a few dresses, right?

And then she'd go like this, don't tell your father what it costs, right? All these dresses were like $5, $10, allegedly, you know what I mean? And then my mum would go, I bought this. It was only $5 and it was on sale. Then I'd have to lie to my dad and go, yeah, I saw mum buy it. It was like $5, right? So still to this day, I'm a great liar. All right, there's a few questions we haven't answered.

Credit scores range, Jim said, from 200 to 1,000. It's a little off, right? It was 300 to 850 300 now that doesn't seem like a good system why that seems like tennis it's 15 points 30 points 40 points you know what i mean like tennis all my life and i never understood i'm like why are these numbers these 40 45 you're like i don't get it yeah it's also it's also boxing right so a guy wins around he gets 10 points. The guy who loses the point gets nine points.

Just have a one and two system. Or maybe three because there's a knockout. Have a one to three system. It'll work exactly the same. So why doesn't the credit score go from 100 to 500 or something like that? Why does it start from two to eight? They've made it.

There's no rhyme or reason, honestly. This is what they've chosen, that 300 is the lowest and 850 is the highest, at least as FICO. And these are the people that we're entrusting with our finances. I know. We have a score system, 300 to 800. Like, piss off, you idiot. I think they just make it confusing so that we don't ask questions.

Yeah. That's a good point, Jack. You got it. I asked Jim if applying for a credit card, does it negatively affect your credit score? He said, no, it positively reflects it. No, it's the opposite. It definitely negatively affects your credit score because anytime you look

to borrow, it pulls down your credit score. Even if they deny you, like if you go to Target, like would you like to save 5%? What they're really saying is, would you like to lose anywhere from eight to 30 points? So any, yes. Anytime you apply, even if you're to Target, like, would you like to save 5%? What they're really saying is, would you like to lose anywhere from eight to 30 points? So any, yes. Anytime you apply, even if you're applying for something legitimate, like you're applying for a mortgage or a car.

So that's why you want to save those kinds of credit applications for when you really, really need it because you're losing points either way. Who has those store cards? They were so weird. My mother had one for David Jones and grace brothers was the two big department stores in australia and and she would have these store cards where you could just shop in that one shop and it was a credit card and i think the interest was like 18 percent or something

like that worse i always say the store cards are the devil because one it's not like you can use any place else and two the interest is so astronomical But the problem was that back in the day, like when I was in college, store cards are the only cards that they would give college students. So that's the only place when you could kind of like start to get your credit rolling.

But it was really bad habits. Now you can get something called a secured card. That's what it sounds like, Jim, you had before you. They take your $500,000, they put it up for you. And then they give you a limit with the same amount of money that you put up on your card. And so if you don't pay that card back, they just take your money.

And I think after a year, if you've been good, they give you a thousand bucks. Yep. They give you your money back. Yep. So I still have a Macy's card. I don't ever use it and there's no balance on it. But I'm afraid because if you close a card, it's bad, too. Right. Like if you not necessarily it really is about. So the amounts old part is this is where the trickiness comes in. Ideally, you don't want to owe more than 30% of what you could owe. This is when it comes to credit cards. So if you have a $100 credit card limit, you really don't want to owe more than $30 on that 100 credit card limit.

But let's just say you have two cards. I've got a 100 credit card limit, hundred credit card limit. I owe 30 on this zero on this, but between the two of these now I'm at 15%, not 30%. You see, but then if you close this one, now you're at 30%. So closing can affect your utilize called utilization. But like, if let's just say you've got like five cards and none of them are being used, closing one is not going to affect your utilization because none of them had any balance on them anyway. So it's not always bad. It just depends on

is it going to affect what your utilization is? Is it going to bring you over 30% utilization? They really screw you down. Also, I know rich people who are like, I have a black Amex and all that type of stuff. They're just wankers, correct? You don't really need it. A black Amex just means that you spend a certain amount of money a year. That's just what that means. And so that's, that's honestly what I think. It's a million dollars a year, you know, that's what it is, but it just shows that you just spend a lot on your American express card.

But I will say this, if you are able to pay off your card every month, I like, I use, I have an American Express card for my business because we spend a lot of money on marketing. And so we run up all this money on the Amex card. We paid off every month. And then I use the points for me and my husband. He hasn't paid for a vacation and he doesn't know how long. He loves it because we redeem the points that way. So it makes sense for people who are able to pay off every month in full to get a card that has points attached. So you can use them for cash back, for gas, for travel, for things like that.

Yeah, I use it for cash back. American Express to me, they have the best customer service too. And then I found out if you purchase a bicycle at American Express, it's insured. Like if you get your bicycle stolen. They insure your rental cars as well. Yeah, American Express, it's insured. Like if you get your bicycle stolen, they insure your rental cars as well. Yeah, American Express. Also too, if you use American Express at hotels, I didn't know because I use American Express

point at some Equinox hotel in the city. It's super fancy, but we just used our points. When I came in, I thought I was like the freaking Queen of Sheba. Welcome, Tiffany. I'm like, are you the American Express holder, Tiffany? I'm like, I am. You get all the special treatment if you use your american express um card yeah so that's what i

like about i've never had one oh no they're good they're they're really good and then especially because you fly delta they have the problems but okay so we we mentioned debt management program we didn't even ask that question we mentioned that but then the last one was ways to improve your credit score and i guess this is a good last question because maybe you can answer how you can improve your credit score, but also tell people at home, like what they like something, you know, even if they don't have money, how they should be living or how, what's the best kind of way to build your credit up? So ways to improve your credit score.

One, honestly, pay your bills. One of the easiest ways to pay your bills is to have a separate checking account, but I like to call it a bills account, and just have it automatically pay your bills if you're able. I know not everybody makes enough to be able to automate their bills, but if you can automate your bills, that's going to help significantly because 35% of your score is payment history. That's one. Two, this is a hack. Ask someone with good credit, ideally a family member, because you do have to share your social security card. So security number. Ask them if you can be an authorized user on a card that they pay off in full.

Like I did this for my baby sister, Lisa. Her credit score was. But she knew I got good credit and it was a card that I paid off every month in full. I added her and it rose her, raised her score because she got to inherit my good behavior with that card. rose her, raised her score because she got to inherit my good behavior with that card. So you can become an authorized user. Three, you're wanting to keep your credit limits under 30%. You do that, you'll see a significant raise in your credit score. And four, and this is like one of my favorite tricks. Like when I lost my helm to foreclosure, my credit score went from an 800 down to a 547. And it was freaking embarrassing how I found out I was teaching a class and I was like, and let me show you how to look up your credit

score. I assumed mine was still rocking. 50 people on the big screen. I'm like logging in and it says 547, the teacher. I was like, that's my sister. That's like when you try to Google something and porn shows up.

I was so embarrassed. Like, so, cause it said, cause I'm Tiffany Alicia, my sister's Tracy Alicia. So I said, T Alicia. I was like, I love my sister's account. But needless to say, I'm back in the 800, but this is how I was able to raise my credit score back again. This is like the best trick ever. Oh, this is your dinner party fact, right?

Yeah. Yeah. Yes. So paying off a credit card every month in full is one of the best ways. And the amount doesn't matter. You can literally do $1 a month. So I tell people, find the cheapest bill you have,

Netflix, whatever, something under 25 bucks, put it on that credit card and then have your bank account pay that credit card in full every single month. Leave that card at home. Because when you pay off a debt in full, it could be you paid off your mortgage. I'm talking about in full, your $300,000 mortgage, your credit score is going to jump. You pay off your car, your $50,000 car, your credit score is going to jump. But you get to trick your credit score thinking that you paid off a full debt by just paying off a small little one on your credit card. So I tell people, you can do two cards. I know I did that. I put my gym membership and my Netflix,

and it was like $10 and $25. That's the only thing that was on those cards. And I had my bank account, my bills checking account, pay them off every single month. And my credit score really started to jump, jump, jump. There's something magical that credit bureaus love to see a debt paid in full. But really, with credit cards, it's the only way you're able to do so at such a low amount of money. If you do that, you will see your credit score jump. But be mindful because people hit me all the time. But it needs to like if I do this, what is my credit score going to be? I don't know. I don't freaking know you.

Yeah, that's like asking, like if I get an A in Spanish junior year, what is my GPA going to be? Well, what other grades do you have? Yeah. Remember, your credit is an average of your grades.

So just know this. The more A's you can get, the more you can offset any D's or F's you might have gotten. Just keep doing right and paying, paying, paying, paying, paying. And your credit score will eventually raise. Okay. Thank you, Tiffany Aliche. The book is Get Good With Money. So buy that book as well. And then do you have a, I didn't even do any social media handles. Do you have anything you'd like to promote as far as? Yes.

Well, I am at The Budget Nista, literally on Instagram, on Twitter. I'm on TikTok, but who TikToks as a grown person? Not me. I'm on Facebook, YouTube. And yes, Get Good With Money is really going to walk you through. There's a whole credit chapter, but it's going to walk you through all the components of your financial life, budgeting, savings, debt, credit, investing, insurance, estate planning, finding your financial team, net worth. Everyone needs a guide that doesn't sound like BS that speaks plainly that

just walks you through all that. And you can get that at get good with money at get good with money.com. All right. All right, Tiffany. That was great. That was a, we have a lot of stuff to take in there. Look, if you're ever at a party and someone comes up to you and goes, what drink have you got? You go, rum and Coke. And they go, could I pay for that later?

Go, I don't know about that. Good night, Australia.