7.24.20- The Ash Cash Show

All right, all right, all right. So welcome to another awesome episode of the Ash Cash Show, every 8— uh, every Monday through Friday, 8 AM to 9 AM Eastern Standard Time. Tell a friend to tell a friend. Uh, make sure you, uh, subscribe to our podcast on theashcashshow.com. Uh, follow us or subscribe to our— I'm losing words today— subscribe to our YouTube channel at ashcashtv.com. Uh, it is Friday. Excited about today being Friday. And so we are gonna get the show started. So thank you so much. Uh, I'm hyped. So, so for those watching live, you see I got my, my 1804, you know what I'm saying? I'm feeling like, I'm feeling like a, like a, like a soldier, you know what I'm saying? I feel like a warrior today, you know what I'm saying? So I got my 1804, uh, which is the year that Haiti, uh, the first Black Republic got its, got its independence. And you know, I got my bandana on, and it's just a reminder to me every so often, you know, what we built off of, you know what I'm saying? You know, when you can't unhear history. And so when you know that no matter how persecuted a people are, you know, if you stick together, if you band together, there's liberation. Fast shot to Denmark Vesey. Like, there's just so much opportunity, you know, there's been a lot of uprisings, you know what I'm saying? And I just promise you that no matter what, you know, if folks stick together, there's nothing nobody could do, you know what I'm saying? That's just a reminder. And it's that collective energy that's important. And I want y'all to understand that the collective energy is important. Yeah, I'm doing like an unboxing though too, because I Because fashion, fashion, you know. So I'm from the— I'm from— I'm from the, uh, both H's. I'm from— I'm from Harlem. Uh, I'm from Haiti and I'm from Harlem, you know what I'm saying? So I got the, uh— I'm about to do an unboxing. I just got a pair of my, uh, uh, uh, of the Sham Gods, the, the Shams. This is— this is— this is actually a big deal, uh, because Uh, you know what I'm saying? Like, like, Sham is like a, a, a street legend out in these streets, you know what I'm saying? And I mean, basketball— let me just say that he's a basketball legend. Uh, and so I'm, I'm about— I might have to, uh, hit up my guy to see if I get— I can get him to autograph these, you know what I'm saying? Nah, I'm good. But, uh, but yeah, yeah, yeah. So I'm, I'm hyped about these. Uh, unboxing those, you know what I'm saying? My Harlem, my Harlem representative. You know what I'm saying? Got my Sham Gods, so I'm hyped about that. All right, let's talk about— let's talk about, man, we're going to talk about a couple of things, right. So, let's talk about the daily inspirational word of the day, right. And so, the daily inspirational word of the day is just really off the heels of our mastermind, right. And so, if you are Part of Mailbox Money Academy, uh, then you were part of a fun— yo, when I tell you this man brought heat. We had, uh, Neal Meyer Davis, uh, who was an award-winning author, entrepreneur, um, world traveler, been, been to around 55 countries, uh, and this guy, uh, was like, he's passionate about what he does. Um, you know, he is like literally like his, uh, what do you call it, his, um, you know, his, um, uh, he has an affirmation for his family that says poverty ends with me and wealth begins with me, right? So like he's like serious. Uh, and so I had him, I had the honor of having him come speak to our, uh, to our group. Uh, at mailboxmoneyacademy.com. Um, and you know, I mean, I honestly— so it's, it's, you know, it's a secret society, so it's only the people who are part of the program. But if you applied for the program, um, and, and was on the fence or didn't know if you wanted to join or whatever, I said, you know what, let me send an invite to you as well just so you could kind of get a feel of what, um, you know, what, what that session looks like. So Just so y'all know, uh, we go through a lot. Like, so every Monday at 9, uh, we actually do our mastermind together. So we have our own mastermind together, um, and then, uh, every Thursday I try to bring in some— a guest that's gonna help, you know, you know, uh, empower you and give you some tips and tools on your journey, uh, and, and Neo, you know what I'm saying, Neo just killed it. Um, and one of the things, uh, we would, you know, you know, obviously, right, the name of our academy is Mailbox Money Academy. Um, and a lot of the stuff he talked about, um, it— I won't say it's advanced, right? Because, uh, you know, we talked yesterday about not having to do everything yourself. You could hire somebody to do the stuff that he's saying. Uh, and then I got contacts for you as well because I don't know all this stuff myself. Um, and so I hire out a lot of, a lot of the things that he was saying. But, um, when you put that machine together like this, oh man, like digital money is different, right? Uh, and so, uh, we, we joked, uh, on the, on the live or on the call yesterday and we was like, yo man, you know, it's different now. I use my social media different now, you know what I'm saying? So now that I use my social media different, like when I wake up in the morning, I'm not, I'm not checking for likes. I'm not trying to see how many new followers I got. I'm not trying to see how many, how many, how many likes I got, right? I'm like, yo, I'm trying to see, you know, my, my PayPal and Stripe notifications, you know what I'm saying? So I was like, yo, yo, they checking for likes, I'm checking for PayPal and Stripes, you know what I'm saying? And Stripe is a, is a pay— uh, is a payment, um, processor, uh, for those who don't know. If you know, you know. Um, and so yeah, so I, so, so I, you know, I posted that this morning, um, and I, you know Just think, I'm, you know, I'm just, I'm just asking everybody to think about this logically. Um, I'm not, um, I'm not in no way, um, yeah, I just want you to think about it logically, right? Uh, if we're in a space right now, and this is pre-COVID though, right? This is pre-COVID-19. Pre-COVID-19, um, you— the, the reason why there were a lot of people making a lot of money was because, uh, with the internet, um, social media. So I would say about 2008, the game changed for everybody, right? Like 2008, you know, those who were early on social media and figured, figured it out, you know, they kind of kept building, kept building, kept building. I was, you know, sort of late to the party, like realizing how powerful social media was. Um, but you know, those who, you know, it's, it's a phenomenon, right? But when you think about the whole sales process, uh, when you think about, uh, what it takes to make money, what it takes to, to gain a client, what it takes to get them to spend more money, all of that stuff, um, it's a science. Like, it's something that, that has been created already. There's nothing, you know, there's no, uh, you know, you know, you got to figure out, like, it's just the way it is, right? And so, you know, um, now think about you know, COVID-19 happens and majority of live events are either cut or scaled down, then now where are the majority of people living, right? Majority of people are living online. Uh, and so, you know, you got, you gotta, you gotta, you gotta pivot. And, uh, you know, Neil talked about this last night on our mastermind call, but I don't care what business you in. You know what I'm saying? Like, I don't care what business you're in, um, you can actually use social media, use digital products, um, to make a lot of money, period. You know what I'm saying? So, uh, fast shout out to Elegant Eleanor in the building. Uh, you know, she, you know, she has a hair company, uh, and that was one of her questions. She's like, yo, I have a hair company, like, what, what can I give away for free? What can I sell? Like, you know, and, and thinking about her business It's like, yo, if you got a hair company, uh, it's gonna be expensive to send out hair samples and things of that nature. But the people, your clients, right? Like your clients that buy hair, are there ancillary products and services? So first of all, here's the thing. I didn't say this yesterday. And we, and, and, and Elegant, we could talk about this, um, you know, we could talk about this, um, on Monday's, uh, mastermind. Um, but I have, but I had this idea, right? I said, But isn't there— so now you have— you're selling, you know, you have this hair business, and isn't there other products that you could sell around it, right? Like, is there type— is there oils that, you know, people who wear extensions, like, is there oils that they could put in their hair to make it stronger so that when they take the extensions out, it doesn't, you know, mess up their hair? Is there, like, health-related things their hair? Is there things that they can eat, right? Like, are there things that they can eat that can make their hair stronger? Like, there's a lot, um, that's within that hair care business. Even myself, right? So I was telling y'all, you know, when I, when I started growing my beard, you know, the first lady kind of created like a, um, uh, you know, this concoction of, you know, of nat— some natural things that helped my, my beard grow, you know what I'm saying? I never was like— my whole life I never was able to grow a beard, you know what I'm saying? Like, y'all can still see, for whatever reasons this middle patch right here is not— it's just like, yo, you good, we're gonna stop right here. They'd be like, yo, Bloods and Crips. It's like, nope, we good, B, you stay right there. So like, they don't— they don't want to— they don't want to get together for some reason. I got to get them to get together, you know what I'm saying? Um, but yeah, I, you know, I've been putting the concoction or whatever, um, and so I'm, you know, I'm wondering like if there's those products, if there's hair extensions, if there's— right? And then now before you sell, you sell those products, you now create a guide that teaches people how to take care of their hair, how to take, how to, you know, put on extensions, like all these things. And then these, this is how you either give it away for free, give it away low, low, low cost, uh, and start to, um, you know, make money that way, right? And then, you know, uh, those people now become your, your potential clients because you can now upsell them Once they know you, you could upsell them some of your products and services. And so it's stuff like that that I don't care what, you know, my homie Cheyenne is in the building. I don't care if you coach basketball, I promise you there's ways that you could digitize a business out of coaching basketball in order to make digital money, right? I think anybody who is serious about financial freedom, anybody who's serious about growing their business, anybody who's serious about, you know, getting to that next level of freedom, you know what I'm saying, in life, you need to, you know, switch your priorities, you know what I'm saying? Like, let's stop checking for comments and likes and start checking for PayPal and Stripes and start, you know, using sort of like the knowledge that is available to us and execution, right? 'Cause that's what's most important. I don't care, you like, there's tons of videos on YouTube, there's tons of gurus, there's some people that have this knowledge, but only the people who execute, only the people who are, who, you know, take it to that next level are gonna be the ones that, you know, that are able to flourish. So, all right, y'all, so that's my inspirational word of the day. I'm going to, again, mailboxmoneyacademy.com. Uh, let's talk about the news and then we'll open it up for any questions. Um, all right, so in today's markets, uh, the NASDAQ was down 2.29%, uh, S&P 500 was down 1.23%, uh, Dow Jones Industrial Average was down 1.31%, gold was up 1.01%, uh, 10-year Treasury was down 2.10%, uh, oil is down 1.77%. Uh, so yeah, so it was a bad, uh, you know, the markets were bad yesterday. Um, the S&P 500 had its worst day in nearly a month, um, as earnings, uh, season rolls on. Um, Dow futures set to extend losses after Thursday's sharp sell-off. COVID-19 update. The US crossed 4 million coronavirus cases yesterday. That means at least 1 in 82 people in the United States have been affected, right? So at least 80— that means 1 in 82 people. So they're saying it's 4 million coronavirus cases. So they're saying 1 in 82 people in the United States has been affected with the coronavirus. President Trump, he canceled part of the Republican National Convention that was gonna be taking place in Jacksonville, Florida because of the virus. So now, you know, it's definitely a harder look at it. E-Trade experiences record trading in second quarter as the retail trading boom continues. So E-Trade's trading activity and new account urge uh, you know, surge in the second quarter amid a boom in retail investing, uh, that started during the coronavirus market turmoil. Uh, the broker slated, uh, to be acquired by Morgan Stanley in the second half of 20— uh, 2020, uh, reported Thursday a record 1.01 million daily active revenue trades in the second quarter, which is a 6— is a 267 increase from his daily trades last year. This is up from 657,000 daily trades, uh, in the first quarter. Uh, the major online broker Charles Schwab, TD Ameritrade, E-Trade, and Robinhood, uh, have seen, uh, new accounts and trading activity surge this year during the coronavirus recession. So, uh, pretty much what is, you know, what is just saying, um, is that because of coronavirus, a lot of people are, you know, not wanting to miss the boat. And so there's a lot of retail investors who are investing in the markets to make some money. And so, you know, keep, you know, again, just do your due diligence because I think that in order, you know, in order to, you know, with all investments there's risk, but you wanna, you know what I'm saying, you wanna be able to Um, you know, uh, assess your risk wisely. Uh, and speaking of the stock exchanges, um, there is the first Black-owned stock exchange in U.S. history, uh, is about to open very, very soon. Um, and so, uh, the Dream Exchange— the Dream Exchange is what it's called, um, founded by, uh, Joe Cecella. In partnership with Cadiz Capital Holdings LLC, a Black and minority-owned private equity firm led by William H. Ellison, who holds majority ownership of the exchange, created a platform to provide a space to match small and emerging businesses at the early stage with investors to generate more wealth creation for underserved communities. Cecilia credits his legal career for learning more about investing and driving him on a path to create his company. Early in my legal career, I learned how the stock exchanges hunt for liquidity because I was the lawyer for the founders of Acapulco— I forget the name, I don't know how to say that. One of the first and biggest electronic stock exchanges in the world. Uh, Archipelago grew into what the world has known today as the New York Stock Exchange. Because of my experience in understanding the formation of the world's, uh, great electronic stock exchange, I learned how a stock exchange creates, controls liquidity in the markets Cecilia said in an interview with Black Enterprise. So definitely check that out. That's, that's huge, right? That's a huge, huge, huge thing. You know, if we're looking to, you know, close the wealth gap, this is definitely a good way, a good way to start. So the first Black-owned stock exchange in US history is definitely about to open soon. So stay tuned for that. Stay tuned. Medical experts are urging the US to shut down again And start over as the coronavirus surpasses 4 million. So as the US hits a sobering 4 million cases of COVID-19, and the rising daily rate of confirmed cases and hospitalizations suggests that the virus is far from under control, medical experts are urging political leaders to shut down the country and start over to contain the pandemic. Demic. Um, Representative John Lewis, uh, will be laid to rest at the state, uh, at the U.S. Capitol, uh, with an outdoor public viewing. Uh, the body of the civil rights icon and longtime Congressman John Lewis, uh, will lie in the state of the U.S. Capitol next week, uh, with a public viewing, uh, that will, uh, take place outdoors because of the corona virus pandemic. House Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell made the announcement in a joint press release on Thursday. And lastly, let's go champ! Lastly, Mike Tyson— this is big news— Mike Tyson is returning to boxing to face Roy Jones Jr. in an 8-round exhibition. I'm excited because like, yo, Mike Tyson is goals, right? Like his— like he was looking flabby and sick, yo. Got in the gym, got disciplined, and yo, that, that man for 50, that man looking right. So I'm, you know what I'm saying, so I'm, I'm, I'm looking forward to like, you know what I'm saying, like doing my push-ups, doing my, my jump ropes, you know what I'm saying, like, you know what I'm saying. So I'm looking forward to that, uh, but fast shout out to, to Mike. He's about to get in the, get in the ring with, uh, with Roy Jones. I, you know, I mean, I'm biased because I think my guy Mike is— I mean, Roy's a problem, don't get me wrong, but hey, like, when I was, I was seeing that, that man train, I said ain't no way nobody in their 40s, in their 30s even, not maybe that 30, but I, I don't see nobody in their 40s messing with that man. So, uh, salute to that. Um, all right, y'all, um, we are going to open it up for any questions. I'm missing a lot of the Mon-Rite Moguls in the building, so I see y'all A lot of a lot of them were up with me last night, so I'm you know I'm wondering they probably sleep because because the comments are dry, but it's all good. But yeah, I'm gonna open it up if you guys have any questions. Please, please, please. Good morning, Carmia Hill. I'm on on YouTube. I'm not sure what what happened with um with with Facebook. Because Facebook is doing me dirty, uh, because like the whole week I wasn't able to, to jump on. Um, yeah, so if you guys have any questions, uh, if you're watching on YouTube and, uh, Facebook, Instagram, Twitter, Twitch, Periscope, please put your questions in the question box. Uh, if you're watching on Instagram, uh, please put your questions in the question, uh, box so we could go from there. Let me see, because I know my girl she asked me this question a long time ago. Best way things okay. So I want to know what is the best thing to do as I have some account. Okay, so I'm gonna I'm gonna answer a question that I got in a DM. I won't I won't us I'm I'm gonna answer DM questions if somebody you know if if nobody has any questions here, I'll just answer DM questions because I get a lot of them and I don't get a chance to. answer all of them. And so number 1 says, I wanna know what is the best thing to do as I have some accounts, I have some accounts that fell into delinquency and I'm being told to not pay it off and myself, not pay it off and myself is saying file bankruptcy. I need to get this in order as the time is now and present and I want to take the correct steps in doing so. I have a credit report pulled. I know my student loans is what's a great issue pertaining to my utilization. I was in the 700s, and because of what happened before the business and working 9 to 5, I'm here. All right, so a couple of things. Let me unpack this question, right. So, number one, student loans don't have anything to do with your utilization ratio. And so, Anybody who knows about the 5 categories that focuses on your credit, right? You got 5 categories, your payment history, utilization ratio, length of credit history, your credit mix, and any new credit, right? 35, 30, 15, 10, 10. 35, 30, 15, 10, 10. And so those are the 5 categories. Utilization ratio, which is 30% of your score, uh, only is accounted for any credit cards or revolving lines of credit, which means that any, uh, credit that you have that you can use once, um, and then after you pay it back, uh, it's available to you again, is revolving, right? It's a revolving line of credit. It's like a credit card. If they give you a credit card that has $1,000, And you use $300, once you pay that, you know, once you use $300, you have $700 left. And you could, you could, and once you pay off that $300, you'll have $1,000 available again, right? So it keeps revolving. Number one, just for clarity, if you have a revolving line of credit, you never wanna use more than 30% of that. Because that will negatively impact your score. That's number 1. Number 2, you do want to get to a space— oh, number 2, your student loans doesn't affect your utilization because it's an installment loan. You took out the loan and then now you pay it back and there's no revolving. So that's— so I just want to clear that up. So that's number 1. Number 2, if you have delinquencies in your accounts. Um, so a couple of things, right? So delinquencies mean that you have an active account, um, that is— that has fall behind. That is going to kill you a lot, right? Because that's 35% of your score is based on your payment history. And so if you have delinquencies in a space where, uh, you just can't afford to pay it, uh, yeah, your credit is going to take a hit. Because it's different than if these things were in collections already, right? Because in collections, um, they don't necessarily affect— it does affect your credit score, but not as much as an active account, you know what I'm saying? Uh, and so if you could, uh, get back up to date with the active accounts, I would say to do that. If you can't for whatever reasons, uh, then I would look into potentially just— I mean, all you could do is all you could do, potentially allowing those delinquent accounts to fall into collections and then try to negotiate a smaller bill once they're in collections. If you choose that route, while you're waiting for it to go into collections, I would then open up a secured loan or secured credit card just to start building my credit you know, while I know that the accounts that I have already are going to close, just so that I know I'm going to have like, you know, accounts that are building, right? If you can't do that option, then I would say the last step would be considering bankruptcy. Bankruptcy is really about your, you know, what you could afford, you know, so I would definitely just look at that part of it, uh, to look at your, um, you know, just look at, look at what you can afford, right? Look at, look at what you can afford. Uh, with bankruptcy now, uh, you're going, you're going to have to, uh, prove, you know, there's, there's something that's called a means test, a means test, M-E-A-N-S. So you're gonna have to, uh, prove that you don't have the means, um, you know, to pay off the debt. And that's, you know, when they'll potentially approve you for, you know, for your— what do you call the thing— bankruptcy. But you would need like a bankruptcy lawyer or, you know, somebody legally to take a look for you. All right, appreciate the question. Let's see. I think I got something in the question box. I got a few questions in the question box. Uh, Feb Creator like, yo, when will you update— when will you upload last night's session? I'm gonna do it as soon as I, um, get off here. As soon as I get off here, I have to upload it to, uh, YouTube as an unlisted video and then post it to our group. Um, it's a secret society. Only, only people part of the society get access to the, um, to the replay. You know what I'm saying? So I mean, if I gave you opportunity to go in free, and then you, you know, you was able to, you know, jump in, you was able to jump in. If you didn't, then only the people that are that are down with the secret society mailbox, the MMA crew, only the MMA crew can see the replay of it, and I'mma upload it as soon as I as soon as I finish. Can you type in the comment section the black stock bill? Business name and info. Okay, so it is called the Dream. Let me give one second. It's called the Dream Exchange. Let me see if they have a website so I could post it on here. So dreamx.com. So I'm gonna type it in here. So www.dreamx.com. So that's that's the black the black exchange dreamx.com. Let's see, Star Jewel says how many credit cards are good? You have to build your credit. The the amount doesn't matter. Contrary to popular belief, the amount of credit cards you have. Don't really, um, you know, don't really matter as much, right? Because, uh, percentages are percentages, right? So let's say, let's say, for instance, if you, um, you know, if, if, if your credit report says, hey, I want to know how much, um, you know, can this person manage credit? And no matter what their limit is, can they, um, can they manage 30% of whatever limit I give them? So if you have $1,000 worth of credit and you use $300, then you're good. If you have $10,000 worth of credit and you use $3,000, then you're good. If you got $100,000 worth of credit and you use, you know, uh, $30,000, then you're good, right? So no matter how many cards you have, nobody looks at the cards, um, for your credit score, right? For your credit score, they're not looking for the cards, uh, they're looking for the usage ratio. Uh, what you will— what, what people do look at cards for is, you know, how, how long you had credit, uh, you know, what's your credit limit, right? So obviously if you, um, you know, just started out with credit and you got 30, you know, you got a, a, a, a $1,000 limit, you know, somebody who's trying to give you additional credit might look— be like, yo, this person just started, so I don't know if they can handle a big amount. Um, and so it would, it would be a good idea to, you know, continue to build your credit so you get bigger credit limits. Uh, but as far as the amount of credit cards, I don't think that that matters. Uh, let's see, let's see, let's see. The article is also a Black Enterprise. Type in Black-owned stock exchange. Yeah, facts of that. Uh, Iris Palmer Dream Exchange article is in the Black Enterprise. Uh, yeah, so she love money, yet the usage is what matters. That's a big fact. It's the usage that matters. It's not really the amount of credit cards. Is it best to put a higher deposit down on a secured credit card? Not really. I wouldn't, I wouldn't put a big deposit down on a secured credit card. Only if, I mean, I don't know. I mean, like I would say if somebody's just starting out on building their credit, you know, I would do between $100 and $500. That's it. Use it responsibly. Only use 30% of it, and that's it. 30% paid off, 30% paid off, 30% paid off. In fact, if you want to get in the high 700s, I would do you know 10 to 15% paid off, 10 to 15% paid off, and then eventually as you do that, other credit card companies are going to start offering you a secure unsecured credit card. Um, and based on your history, they'll give you that amount. They'll give you a bigger amount. So I don't, I don't think a large amount in a secured credit card is, um, is important. What's a secured card? So secured card is like the, the best-kept secret to building credit. Uh, and so what happens is that, um, you know, let's say for instance, uh, you know, you can't get regular credit for whatever reasons. So what a secured card does, it says, hey, I have $100, I'm gonna give it to this bank. The bank is gonna take my $100 and put it in a CD and hold it. I no longer have access to this. And then now that I don't have access to this money, or yeah, this $100, they're gonna give me a credit for $100. And so the great thing about that is that now I have a credit card that has $100 on it. It's being reported to the credit bureaus, so I know that it's being reported to the credit bureaus. And the bank has no risk because the bank knows that if I don't pay that $100, they'll just take the $100 that I have in the CD. I don't have a risk because that $100 that I put in the CD, I'm earning interest off of. And it's a best-kept secret. Yeah, you might pay interest or whatever, but that's just the cost of doing a business. Um, yeah, and then so now, so now it's secured. Um, it gets, it gets reported. So make sure when you do apply for a secured card, uh, that it, that is getting, um, you know, um, reported to all 3 credit bureaus, not just 1 or 2, uh, which is Equifax, Experian, and, uh, TransUnion. Um, uh, should you keep trying to increase your credit limit? Uh, nah, I think, I think I think if there's a way to increase your limit without a hard pull. So a lot of your credit card companies that you have already, like if you have a credit card already, a lot of them are potentially going to, when they, you know, they do soft pulls and when it's available, they will, you know, they will give you a credit increase. I remember that happened with my Amex when I started with my Amex. They gave me a certain amount. Then, you know, every time I kept doing good, they just say, hey, we increased it. So I didn't really have to ask them. And I just think, I just think eventually what you need to do is, you know, if you have existing credit cards, as long as they're doing a soft pull, then that's fine. You can do it as many times as you want. If they're asking for a hard pull, I would wait till you know your credit is, you know, A1 before you start applying. Uh, good question, Travy Trev. Uh, like, uh, over time, should you continue to increase your limit? Yeah, I think you should. Uh, Joyce says, uh, I need to start working on business credit card. Where do I start? Uh, go to my website mindrightmoney.com. Um, under resources, there is a tab that says, uh, business credit. Uh, there is a webinar that I did with Steven from Credit Suites. And we literally break down everything you need to know in order to create business credit. Number 1 is make sure your LLC is created the right way. Number 2 is make sure that you have a Dun& Bradstreet number. If you don't know what Dun& Bradstreet is, then you don't have business credit. And so I would start with those 2 things, but honestly, I would just start with the webinar. I think it's about an hour long. really straight to the point, gives you everything that you need to know. Um, and then you, you, you'll, you know, you can start from there. Uh, for college student, what's the best secured credit card to start out with? I don't really think, uh, the secured credit card matters. The only thing that I think that matters is, uh, if you are, uh, if your credit card is being, um, reported to all 3 credit bureaus. Um, so I have a secured credit card that I offer. So if you go to mindrightmoney.com, under resources, uh, there's a tab that says secured credit card. You can apply for my card, um, and you know, that, that works pretty well. Um, the second one, or that, or actually the first one I would say is Capital One. And the reason why I like Capital One, uh, is because if you apply for the, uh, a Capital One credit card, you don't have to, uh, take the secured card if you're already approved for the unsecured. I mean, the secu— yeah, the unsecured, right? So, so I'll give you an example. Like, let's say uh, you apply for, um, a regular credit card with Capital One and they don't approve you, then you could just go and, and, and take the secured card without having to run your credit again. Um, and so that's why I'm a fan of Capital One, because, um, it gives you that option. They offer an unsecured and a secured, um, and then you don't have to keep getting hits. Uh, I have a DUNS number. All right, bet. So yeah, that's good that you have a DUNS number. And then just, uh, yeah, just check out the workshop. So, you'll see how else to set it up, all right. If you're already paying collections— if you're already paying collections for a school loan, is there any way out of it to get back into paying the school directly again? So, the thing about school loans is that That's the only debt that will never get sold. So, uh, it's not even like you owe, uh, you're just probably paying a servicer, um, because the, the school loan, unless it's a bank, unless it's like a private loan, um, but most of— but even private loans, they don't go anywhere. Uh, and so, um, Right, because that's weird that you are paying a collections agency because I don't know why school loan would, um, I don't know why school loan would send it to collections. Um, send me, send me a DM, uh, give me more information because, um, a school— like, I've never seen school loans use collection agencies. They don't have to because they know that, they, they know that it's not— they There's nothing, you know, there's nothing, there's nothing, uh, it's not going nowhere, you know what I'm saying? Like, it stays on your credit report forever, for life. Um, some CUNY schools sent— okay, so y'all have to look into that because, yeah, I never, I've never seen, um, schools, you know, putting, um, school loans into collections, you know. Um, but yeah, I'll look into that. I'll look into it. Uh, let's see, let's see, let's see. See, Bella 6, if I am selected for the Mailbox Money Academy, I have access to the videos. Uh, if I'm selected for the Mailbox Money Academy, would I have access to the videos that already happened? Yeah. So, uh, what we're building is just a library of, you know, information that'll help you, uh, along your journey. Um, and so with Mailbox Money Academy, so far we had Maria Moore, uh, who was able to, uh, you know, pay off $283,000 in debt while still working a full-time job off of her side hustle. We had Nehemiah Davis who just gave us a multimillion-dollar worth of game last night. Next week, yo, if y'all— next week it's going to be fire, fire. I already got my guest confirmed there. And I'm going to stop letting— I think we just going to rock. We just rocking with who's rocking. You know what I'm saying? But yeah, but but but yeah, you'll have access to those videos. You have access to the previous masterminds if you want to watch them. You'll have access to you know the the steps that we go through within the program. So yeah, you know you'll have access to all of it. Yes, for sure. Let's see, let's see, let's see. That's our. I'm late to the party, but Sakpa say what up, what up, what up? Sakpa say not boule mompreneur ATL. Um, schools don't service the loans. Yeah, yeah, I know. Yeah, that's what I'm saying. Like, I know schools don't service the loans. It's usually the servicers. So it's usually like Nelnet or all these people. So I don't— they wouldn't— like, I don't— why would they send it to a collection agency? Because that's what Nelnet and Navient and all these people are, you know what I'm saying? So, uh, is it maybe a non-federal? Yeah, that's what I'm saying. That's why I told her to hit me because it might be a non-federal loan. I don't know. Uh, if the loan is in default, it can be transferred to a collection agency. Uh, speaking of Maria Moore, I DM'd her about her vendors and never got a response. Style Lewis in the building. All right, I'll hit her. Um, I'll make sure that she, uh, you know, I'll, uh, I'll hit her. You got it. She probably has a lot of, um, you know, she probably has a lot of DMs. Um, so I'll, I'll text her directly. Um, and then I'll, um, then I'll post it in the group. Um, so you guys can have— everybody can have access to it. Um, your thoughts on REITs? I think REITs are dope. Uh, real estate, uh, interest trusts or investment trusts. I think REITs are dope. Uh, I think REITs are a way to, um, allow you to invest in the market, in, in the real estate market. Um, you know, uh, even when we saw in 2008 when, uh, the real estate bubble happened or the crash happened people were still making money off of REITs because a lot of these big companies were waiting to gobble up all these single-family homes and then using that, you know, within their REITs to make money. So yeah, I love REITs. Comes up on my— thanks. My Nelnet comes up on my credit report. Yeah, yeah, Nelnet, Navient, you know, I forget what the others are because they shift a lot. A lot of them just change their names. Sallie Mae, Fannie Mae, they just change their names just so Sally may know you mad at her, so she changed her name to Navient. I forget who she changed her name to, but she changed her name. What else we got? What else we got? Oh yes, I answered that, Trevi Trav. Says, when do we pay off our credit card every month while fixing credit in regards to due date and statement date? There's no science to that. So the question is, when do we pay off our credit card every month, right, while fixing our credit in regards to due date and statement date? So there's no science to that because what happens is that the credit bureaus, each of them, right, all 3 of them don't have a specific date in which they all report, right? They take a snapshot whenever they feel like it, honestly, you know. And so Um, that's why I tell people it's dangerous. It's a dangerous game to ever use, um, more than 30% of your, your limit, uh, because if you go over 30% of your limit, then if they take a snapshot— let's say, for instance, uh, you know, you used 90% and you're like, yo, I'm gonna pay this before the due date, or I'm gonna pay this before the statement date— but the credit bureau doesn't care about the due date or the statement date, and they take a snapshot of your balance at whatever time they want. And then at the time they take they take the snapshot, you you not you eighty percent of your you know your your usage. Then that's going to tank your score. And so that's why I say you know just make sure that you are you know you're you're staying at that thirty percent. And so the only two options they'll have whenever they take the snapshot is either you're going to be thirty percent, which is good, or you'll be at zero percent when you pay it off. You know what I'm saying? So no signs of that. MJ the Soul suck my sit. I got my, I got my warrior spirit on today, you know what I mean? Uh, let's see. So, uh, Budding Gross says, uh, Facebook stopped sending me reminders since last week for this, uh, morning show. Uh, please look into that, uh, if possible. Um, my Facebook name is— I don't see. Yeah, I don't see, I don't see. Oh, oh, oh, not did. Yeah, yeah, not did Sterling. Okay, copy that. Yeah, I'm gonna look into it. I'm not sure why they put me— I don't know, did they put me on punishment? Like, did they suspend me? I don't know what's happening, but all right, cool. Let's see, Elegant Eleanor says, is it best to split your mortgage payments? So pay half on the 1st and the 16th. Would that avoid paying all the monthly interest? Nope, nope. So the thing about mortgages, and that's a great question. The thing about mortgages is mortgages are amortized, right? Amortization. So amortization is different from— it's a type of way that they charge interest, right? So amortization means that they Take like, let's say you got a 30-year mortgage, right? They'll say for 30 years, this is how much you'll owe on this mortgage. Banks were smart. So this only benefits the bank. It doesn't benefit you at all, right? So let's say the bank says, yo, you're gonna have this mortgage for 30 years, right? And so now that you have this mortgage for 30 years, this is the amount of interest you would pay for 30 years. But what's been happening, uh, in the mortgage industry, that they was— they were noticing that people wouldn't, you know, like they wouldn't keep the mortgage for that long, right? So like they would, you know, keep it for 5 years or keep it for a few years or whatever. Um, and so because of that, the banks were like, yo, we not making a lot of money, you know what I'm saying? And so what they did was they created this thing called amortization in which they, they charge you a lot of interest the beginning. So, for the first 5 years, everything you're paying in your mortgage is mostly interest. It's not even principal, right. And the principal goes nowhere. And then usually about the midway point, that's when it flips, right. And so, let's say for instance, your mortgage payment is $2,000. And normally, right, like if you did an equal balance, you know, $1,200 would go to your principal, $800 will go to interest, right. Well, the mortgage company says, nah, we want all this money up front. So, that first payment you pay of $2,000, yo, $1,900 is going to interest and $100 is going to principal. And that happens for like the first 10 to 15 years. So, that way if you refi, they don't care because they got the bulk of what they would have gotten for 30 years. And your principal pretty much stays the same. But if you decide to stay with them, then that's when it flips. So that's why it's important if you're going to pay extra payments, don't pay your regular payment. You go to your bank and say, I want to apply this extra payment to principal, right? And that's only how it's going to work, you know what I'm saying? And so, yeah, so that's how How it works, so it doesn't matter if you split it up or not. Most of it is going to principal anyway. Let's see, let's see, let's see. I think they're gonna kick me out soon. Let's see. I thought if you pay before the due date, more points or something like that. Nah, it just if you pay your credit card before the due date, it just depends on what when they capture it. You know what I'm saying? Just depends on if it. you know, what your usage ratio is at the time, uh, whether you— yeah, so whether you pay on time or whether you could actually pay late and it still doesn't affect your credit card, your, your, your, uh, payment history. The only thing that pay— that affects your payment history, uh, is being more than 30 days late. And that's a secret. I'm not telling y'all to do this, right? But if you have a credit card and you pay the credit card early, or if you pay it late up to 29 days, it gets reported the same. There's no magic that says, oh, she paid this early, oh, she paid this on time, oh, she paid this right before the cutoff. No, the only barometer that the algorithm is saying is, did she pay her bills or was she always on time? And on time means no more than 30 days late. That's it. So no, it doesn't affect it if you pay— if you— if you— it doesn't affect your points at all. Ask, have you ever heard about SPACs or blank check companies? Uh, nah, I don't think I have. Snapback Entrepreneur, yeah, I don't think I have. What are SPACs? stand for, because maybe, maybe I know it better. Uh, Penny Pondus says, sorry I missed the invite last night, I was called into work. Nah, it's all good, it's all good, you know what I'm saying? Mailboxmoneyacademy.com, replays are going up there. Uh, same with car loans. Yup, Fresh Out the Hutch. Uh, uh, why— uh, that's why you have to apply. Yeah, that's why you have to apply the principles. That's the option. online payment. Do you know about government contracting DBE certification? I don't. I have a friend that does. DM me and I could connect you with her. I learned that yesterday when I called the credit union about my secure payment yesterday. Yep, that's a big fact. That's a great point, Ash. Is it best when you pay off all your credit cards To not use them, but no activity. Let me see, no activity, the card issuer will close your account. It's better to do it that way just to keep 2 credit cards. No, I— so I— this is what I believe. I think that you should keep your credit cards active because you don't want them— like you said, you don't want them to close them. And so what I would do is I wouldn't spend money on Um, on BS. But I, I would, I would— so here's what I would do. If you have a credit card, let's say you have a credit card, right? Like, like, for instance, I got an Amex, right? And I want to keep my Amex active because I don't want them to close it because I have a pretty, pretty large balance. Um, you know, have good history with them. Um, and so what I'll do is every time I go grocery shopping, uh, instead of using the cash that I was going to use for grocery shopping, I'll just charge everything on my Amex, charge everything on my Amex, you know, up until, up until that 30% mark. Um, and then I just pay it off. You know what I'm saying? I pay every— you know, I charge everything on my Amex, charge everything on my Amex, and then pay it off. So that way I'm keeping it active. I'm not creating a new bill either though, right? I'm not using it for something that, you know, I wasn't going to use money for anyway. But you know what I'm saying? So that's what I would do. I would pay your bills, um, with your card, um, and then pay it off with the cash that you have reserved for it. So if you got a car note there and your, and your, your, your finance department takes credit cards, then pay your car note with your credit card and take the money that you're going to pay your car note with. and pay, pay that off, you know what I'm saying? Like, uh, let's see, let's see, let's see. Uh, special purpose acquisition companies, it's an alternative to a traditional IPO. Yeah, yeah, I'm not, I'm not familiar with that, fam. I'mma— I'll look at— look into it, but I'm not familiar with it. Uh, thanks so, so much for the mastermind guest, you rock, Ash. Yeah, yo, nah, Iris, thank you for, for, for, uh, for joining us, you know what I'm saying? Definitely. Uh, yo, it was, it was, it was powerful. You know, it was powerful. Um, all right, y'all, so that's it. They kicking me out. Um, I love y'all. Thank y'all so much for rocking with me Monday through Friday, the Ash Cash Show. Um, tell a friend to tell a friend. Please make sure y'all subscribe to the channel. Uh, make sure you go to ashcashtv.com. Let me just look at these quick questions before they kick me out. Uh, do you like 529 plans or prefer a different way to save for kids' education? I like 529 plans, but I also like Index universal life insurance plans for your kids. We could talk about that at a different time because too much to go over. But yeah, I like that better. Is it best to split your more? Oh, you asked that already. All right, cool. All right, y'all. So thank y'all. Thank y'all. Thank y'all. Thank y'all. Thank y'all. I love y'all. Thank y'all for for rocking with me. Enjoy y'all weekend again. You know, share this. Tell a friend to tell a friend. Um, yeah, just continue to rock out. Have a great weekend. I'll see y'all. Peace.