77% of Americans live paycheck to paycheck. Two speakers explain why real estate and owning a bank build wealth better than stocks, and why using credit cards right before bankruptcy can backfire legally.
people— I saw a stat, 77% of families are living paycheck to paycheck. That means if anything happens, if you get sick for a couple weeks, you're done. Behind on your rent. Yeah, you're done. What are you, what are you gonna do? It's, it's a scary time. It is a scary financial time. And I know that everybody looks at the stock market, but guess what? A lot of people don't have money in the stock market. It's not really helping them.
I always see— and listen, my, my colleagues call me crazy. You're crazy not to invest in the stock market. I'm like, it's gambling to me. I would just rather hold my assets and call me— because I see the branding out here that real estate is not a way to build wealth. And every single person that I see that's building wealth, it's either in real estate or technology, or you just own a bank or a couple.
So I'm like, if you could own a bank, that's the way to go. Basically, you take in money and then you give it out at a 30% interest rate and you you pay, you know, 1 to 2% interest on it. I mean, it's a fantastic spread.
I know.
Um, but obviously that's an insider's game. So you need to be an insider. So you need to be wealthy going into it and have the connections. Uh, so whenever you start the bank, I'll be one of the investors.
Uh, okay. I appreciate that. I think you knew where I was going with that. Like, I appreciate that. Now let me ask you something because I think people need to know this because, you know, um, using credit cards now before Christmas, and then they call you to come file bankruptcy. How do credit card companies take that? Will they be able to get that discharged or?
Yes. So if you file within a short period after using your credit card, there is a presumption of bad faith that you use that and you knew you weren't going to pay it back. Obviously, depending on the amount, and depending on what you purchased, that, that's what's going to determine whether that creditor is really going to come after it and to try to make it non-dischargeable or not.
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