WEBVTT 00:01.789 --> 00:05.250 This is a 15 75 A F N s 00:05.690 --> 00:08.760 special feature . Get out your notepads , 00:08.770 --> 00:11.090 fire up your smart devices and get 00:11.100 --> 00:14.270 ready to dive into a wealth of 00:14.279 --> 00:17.239 financial knowledge . It's time 00:18.219 --> 00:22.180 for money . Mondays , show 00:22.190 --> 00:24.134 me the money , show me the money , 00:26.180 --> 00:27.459 show me the money . 00:32.950 --> 00:35.930 We're here with the one and only Mr Nor 00:36.569 --> 00:38.791 welcome again . Thanks for joining us . 00:38.791 --> 00:40.902 Hey , thank you for having me . I'm , 00:40.902 --> 00:43.236 I'm always glad to come back on Mondays . 00:43.236 --> 00:45.347 It's cool . All right . Yeah , uh for 00:45.347 --> 00:47.680 sure , always a good time . Uh We were 00:47.689 --> 00:49.633 so folks , we were just talking uh 00:49.633 --> 00:52.520 about what we want to get into today 00:52.529 --> 00:55.389 and uh we were talking about some 00:55.400 --> 00:57.733 financial , you know , thinking we talk , 00:57.733 --> 00:59.844 we've been trying to tell you all the 00:59.844 --> 01:02.500 right things to do . Um And so I was 01:02.509 --> 01:04.787 trying to pick Mr Ota's brain here for . 01:04.787 --> 01:07.220 What's some of the things you shouldn't 01:07.230 --> 01:09.174 be doing financially ? What's some 01:09.174 --> 01:11.341 pitfalls we should be looking at ? All 01:11.341 --> 01:13.508 right . So pitfalls , wow . You know , 01:13.508 --> 01:15.730 so some of the things I see is are that 01:15.730 --> 01:18.489 um people don't check their credit 01:18.500 --> 01:20.556 enough , right ? So pitfalls is that 01:20.556 --> 01:22.667 they go to the wrong people like , so 01:22.667 --> 01:24.722 let's say car loans , for instance , 01:24.722 --> 01:26.778 right before you go to buy a car , a 01:26.778 --> 01:29.000 lot of people just think you just go in 01:29.000 --> 01:28.129 there , but they don't think about 01:28.139 --> 01:30.160 checking their credit reports and 01:30.169 --> 01:32.225 dealer finances is huge . The dealer 01:32.225 --> 01:34.391 makes most of the money , um , off the 01:34.391 --> 01:36.058 financing . A lot of folks to 01:36.058 --> 01:38.280 understand it . And that's why a lot of 01:38.280 --> 01:40.391 people before they go and buy a car , 01:40.391 --> 01:40.290 they should get preapproved loans . The 01:40.300 --> 01:42.244 other things I see is going to the 01:42.244 --> 01:44.300 wrong people . Like , no , we always 01:44.300 --> 01:46.411 talk about payday lenders but there's 01:46.411 --> 01:48.522 lenders out there who um kind of like 01:48.522 --> 01:50.467 skirt the law like the M L A , the 01:50.467 --> 01:52.633 military lending act says no more than 01:52.633 --> 01:54.800 36% . Well , I've seen people with 33% 01:54.800 --> 01:57.022 loans , right ? Um So the thing is , is 01:57.022 --> 01:59.244 there's a lot of resources on base that 01:59.244 --> 02:01.356 people don't use on Navy Marine Corps 02:01.356 --> 02:03.022 relief or even your financial 02:03.022 --> 02:05.189 institution folks like we were talking 02:05.189 --> 02:07.300 about sometimes it's good to sit down 02:07.300 --> 02:09.300 with the bank and say , what is the 02:09.300 --> 02:11.411 best account for how I um spend money 02:11.411 --> 02:13.467 or how I use money . Um and they can 02:13.467 --> 02:15.689 give you a plan that fits within your , 02:15.689 --> 02:18.839 your financial um um in your financial 02:18.850 --> 02:21.300 plan . Yeah , one thing um I was just 02:21.309 --> 02:23.253 thinking uh because you brought up 02:23.253 --> 02:25.710 about credit . Um aren't there some uh 02:25.979 --> 02:28.610 resources available for like 02:28.619 --> 02:30.841 particularly because we're military and 02:30.841 --> 02:32.940 uh outside like for checking credit 02:32.949 --> 02:35.060 like free credit because I know a lot 02:35.060 --> 02:37.393 of times you have to pay that whole lot . 02:37.393 --> 02:39.560 That's another pit for a lot of people 02:39.560 --> 02:41.782 pay for um , free credit monitoring . I 02:41.782 --> 02:41.029 mean , for credit monitoring , you 02:41.039 --> 02:42.983 don't need to pay for it if you're 02:42.983 --> 02:45.150 active duty . Um , if you go to , uh , 02:45.150 --> 02:47.372 if you go to Equifax experience , trans 02:47.372 --> 02:49.150 union and they have free credit 02:49.150 --> 02:51.095 monitoring for active duty service 02:51.095 --> 02:51.024 members free , you can sign up for it . 02:51.164 --> 02:53.220 The other thing is active duty fraud 02:53.220 --> 02:55.053 alerts . Like , so a fraud alert 02:55.053 --> 02:56.997 basically doesn't affect your past 02:56.997 --> 02:59.053 credit affects future credit . So if 02:59.053 --> 03:01.220 anybody tries to open up an account in 03:01.220 --> 03:03.275 your name , um the , the , the uh um 03:03.275 --> 03:05.386 the , the person who they're applying 03:05.386 --> 03:07.275 for credit with has to check your 03:07.275 --> 03:09.497 background , right ? Um before they can 03:09.497 --> 03:11.720 and have to contact you before they can 03:11.720 --> 03:13.997 establish credit with that person . Ok . 03:13.997 --> 03:16.220 And I was wondering , um because you've 03:16.220 --> 03:18.497 been , you've been here a little while , 03:18.497 --> 03:20.497 you've been doing what you do for a 03:20.497 --> 03:22.442 little while . Um You got a lot of 03:22.442 --> 03:24.553 insight on this area , are there ? So 03:24.553 --> 03:27.339 what are some things you've seen that 03:27.619 --> 03:30.750 pitfalls ? I guess mistakes people make 03:31.880 --> 03:34.360 being overseas and like being kind of 03:34.369 --> 03:36.536 this unique environment . I know for a 03:36.536 --> 03:38.591 lot of people , it's like first time 03:38.591 --> 03:41.190 overseas and uh especially if they're , 03:41.199 --> 03:43.532 you know , a lot of the younger sailors , 03:43.532 --> 03:45.588 they're really excited about all the 03:45.588 --> 03:45.559 kind of different culture things they 03:45.570 --> 03:47.626 get and so it's easy to just kind of 03:47.626 --> 03:49.903 like , burn through your paycheck . Um , 03:50.470 --> 03:52.359 yeah . Are there certain , like , 03:52.359 --> 03:54.414 biggest things I see if people don't 03:54.414 --> 03:56.414 have plans . Right . Um , um , so a 03:56.414 --> 03:58.748 good example of people get over . I try , 03:58.748 --> 04:00.970 I try to push that in , in , um , A O B 04:00.970 --> 04:03.026 class . People will come over here . 04:03.026 --> 04:05.580 You know , they'll either , um , lose a 04:05.589 --> 04:07.880 job . A good example . Spouses do dual 04:07.889 --> 04:09.945 income spouses . right ? And they'll 04:09.945 --> 04:12.111 lose one person . They get down to one 04:12.111 --> 04:14.278 income , but they try to live the same 04:14.278 --> 04:16.222 way . And then for the new service 04:16.222 --> 04:15.720 members , one of the things I see is 04:15.729 --> 04:17.840 they come here , maybe they have more 04:17.840 --> 04:20.250 money or first time having a credit and 04:20.260 --> 04:22.260 basically they go to the exchange , 04:22.260 --> 04:24.204 they go shopping online , shopping 04:24.204 --> 04:26.427 online . It's huge . Folks turn off the 04:26.427 --> 04:28.538 Amazon one click or put stuff in your 04:28.538 --> 04:30.649 batter , put stuff in your basket and 04:30.649 --> 04:32.871 wait 72 hours . If you wanna buy some , 04:32.871 --> 04:32.309 there's nothing wrong buying stuff . If 04:32.320 --> 04:34.209 you wanna buy something , you put 04:34.209 --> 04:36.209 something in your basket , you wait 04:36.209 --> 04:38.264 about 72 hours because a lot of it's 04:38.264 --> 04:40.487 behavioral driven . Right ? Um , if you 04:40.487 --> 04:42.487 still can afford it , um , after 72 04:42.487 --> 04:44.820 hours , go ahead and purchase this . Ok ? 04:44.820 --> 04:47.098 Or if you have a plan to pay it off or , 04:47.098 --> 04:46.850 uh , in a timely manner , go for it . 04:46.989 --> 04:49.211 But I think one of the things is , um , 04:49.211 --> 04:51.433 people in general , including myself in 04:51.433 --> 04:53.600 the past um , purchase things and they 04:53.600 --> 04:55.822 don't have , they don't have a plan for 04:55.822 --> 04:55.670 how they're gonna pay for it until 04:55.679 --> 04:57.679 afterwards . You should have a plan 04:57.679 --> 04:59.901 beforehand . So , we were talking about 04:59.901 --> 05:01.957 the pitfalls and one of the things I 05:01.957 --> 05:03.790 think one of the pitfalls , um , 05:03.790 --> 05:06.012 especially with married folks . Right , 05:06.012 --> 05:08.123 is all people in general . They don't 05:08.123 --> 05:10.769 have a plan before payday . So I , I'm 05:10.779 --> 05:12.779 a big believer , like I just ran my 05:12.779 --> 05:14.946 numbers . I'm getting paid this week . 05:14.946 --> 05:17.168 Right . And I sat down last night I ran 05:17.168 --> 05:19.001 the numbers . Right . I automate 05:19.001 --> 05:21.223 everything . I think that's , we talked 05:21.223 --> 05:23.446 about the behavioral parts of it . Um , 05:23.446 --> 05:23.089 the biggest way because , you know , a 05:23.100 --> 05:25.322 lot of people are nervous about money , 05:25.322 --> 05:27.489 even if they have it . Right . They're 05:27.489 --> 05:29.433 like , I'm gonna run out of it . I 05:29.433 --> 05:31.656 don't have enough whatever and get more 05:31.656 --> 05:31.470 nervous . Yeah . More , more nervous . 05:31.880 --> 05:33.769 And Jose was talking about like , 05:33.769 --> 05:35.880 emergency funds and people don't have 05:35.880 --> 05:35.750 enough emergency funds because in 05:35.760 --> 05:37.982 general we tell them you have to have 3 05:37.982 --> 05:40.038 to 6 months . I'm like , oh my God , 05:40.038 --> 05:42.204 it's overwhelming . It's $12,000 . You 05:42.204 --> 05:44.371 know . So the rule of thumb folks is 3 05:44.371 --> 05:46.482 to 6 months , but start with at least 05:46.482 --> 05:48.482 having $1000 in an emergency fund . 05:48.482 --> 05:50.538 Right . And then , you know , before 05:50.538 --> 05:52.593 you get paid you should sit down and 05:52.593 --> 05:54.538 look at your finances . I automate 05:54.538 --> 05:56.649 everything . So , before I get paid I 05:56.649 --> 05:58.871 know where every , every dollar is kind 05:58.871 --> 05:58.799 of going and then I ask myself , one of , 05:58.809 --> 06:00.920 one of the things we talked about , I 06:00.920 --> 06:03.142 think earlier , is there any money left 06:03.142 --> 06:04.920 over from last payday ? Usually 06:04.920 --> 06:07.031 transfer to my savings come out money 06:07.031 --> 06:08.976 market account or my CD . I try to 06:08.976 --> 06:10.976 start fresh brand new each payday . 06:10.976 --> 06:10.964 Right . But I think one of the things 06:10.975 --> 06:13.142 is , is that people I see , you know , 06:13.142 --> 06:15.308 people get paid on Friday and it broke 06:15.308 --> 06:17.197 by Monday and a lot of times , uh 06:17.197 --> 06:19.197 because they don't know where their 06:19.197 --> 06:21.364 money is going , you know , saying how 06:21.364 --> 06:23.475 it's uh especially for some of the uh 06:23.475 --> 06:25.531 young , you know , everybody's got a 06:25.531 --> 06:25.095 different perspective for the younger 06:25.105 --> 06:27.244 sailors who are , you know , 1920 you 06:27.255 --> 06:29.311 don't have like any kids or anything 06:29.311 --> 06:31.422 like that . It's uh it's easy to just 06:31.422 --> 06:33.644 say , uh you know , I'm just gonna have 06:33.644 --> 06:35.811 fun and eat uh PB and J S for the next 06:35.811 --> 06:37.922 three days or whatever it takes , but 06:37.922 --> 06:40.579 at least I had my fun . Um But no , uh 06:40.589 --> 06:43.859 always important to have a plan and , 06:43.869 --> 06:45.813 and the married folks is even more 06:45.813 --> 06:47.702 important to have a plan . So the 06:47.702 --> 06:49.425 pitfalls for married folks are 06:49.425 --> 06:51.480 especially on a ship is that they're 06:51.480 --> 06:53.591 both spending . So I make , I used to 06:53.591 --> 06:55.480 make a joke about it . Right . So 06:55.480 --> 06:55.089 because I , I was a sale , I was under 06:55.100 --> 06:57.100 way . So we have the same account , 06:57.100 --> 06:59.079 joint account , we go and we pull 06:59.173 --> 07:01.062 support . I get a hotel room , my 07:01.062 --> 07:03.340 spouse thinks it's $500 in the account . 07:03.340 --> 07:05.506 They go to the commissary and then the 07:05.506 --> 07:07.562 red light comes on and saying , no , 07:07.562 --> 07:09.784 you don't have any money , right . So , 07:09.784 --> 07:09.092 what I see is a lot of people , yeah , 07:09.102 --> 07:11.273 a lot of folks don't talk about their 07:11.282 --> 07:13.449 finances . It's like , uh , you know , 07:13.449 --> 07:15.449 it's one of those finances , one of 07:15.449 --> 07:15.433 those things that brings guilt , shame 07:15.442 --> 07:17.609 and other freedoms , uh , with us . So 07:17.609 --> 07:19.775 you have to sit down talk . What's our 07:19.775 --> 07:21.886 plan ? What is our goals ? What's our 07:21.886 --> 07:23.831 goals for the future ? So , people 07:23.831 --> 07:23.385 don't , you know , um , what do we want 07:23.395 --> 07:25.617 in 3 to 5 years ? How much are we gonna 07:25.617 --> 07:27.895 have saved or ? What is your plan ? So , 07:27.895 --> 07:30.006 a lot of times , um , uh , what I see 07:30.006 --> 07:32.173 is there's usually one spender and one 07:32.173 --> 07:34.395 saver in a relationship . It's terrible 07:34.395 --> 07:34.295 if you have two spenders because 07:34.305 --> 07:36.527 there's no checks and balances in there 07:36.527 --> 07:38.795 and then another pitfall is not going 07:38.805 --> 07:40.805 out and getting help . You can come 07:40.805 --> 07:42.749 talk to me , you can talk to other 07:42.749 --> 07:44.861 people if you don't want to . There's 07:44.861 --> 07:46.972 all kind of helps out there , folks . 07:46.972 --> 07:48.916 Um , so if you should , so you can 07:48.916 --> 07:51.027 learn about your finances , there's a 07:51.027 --> 07:50.850 lot of stuff out there for you . Yeah . 07:50.859 --> 07:52.970 And , uh , I think it's a great thing 07:52.970 --> 07:55.137 that Fly family has is , uh , I mean , 07:55.137 --> 07:57.059 not just finances but whatever 07:57.070 --> 07:59.348 different challenges . There are a lot , 07:59.348 --> 08:01.510 you know , there's many challenges in 08:01.519 --> 08:03.463 life . Uh , but you all have great 08:03.463 --> 08:05.630 resources . Premarital class . Right . 08:05.630 --> 08:07.797 I think that's given every , the third 08:07.797 --> 08:10.075 Wednesday . But , you know , we talked , 08:10.075 --> 08:09.859 the premarital class is cool . But I 08:09.869 --> 08:11.980 think it sets people up for success . 08:11.980 --> 08:14.147 Right . Because we talk about finances 08:14.147 --> 08:15.869 and there we talk about , um , 08:15.869 --> 08:18.036 relationships and stuff like that . So 08:18.036 --> 08:17.839 we use our services folks . There's a 08:17.850 --> 08:19.906 lot of stuff out there that we do to 08:19.906 --> 08:21.739 help you prepare , whether it be 08:21.739 --> 08:23.683 marriage , getting a job and other 08:23.683 --> 08:25.794 things for sure . And what's uh we're 08:25.794 --> 08:27.739 talking about ? Fleet and family . 08:27.739 --> 08:29.906 What's your best contact information ? 08:29.906 --> 08:32.072 So if you can call us , if you want to 08:32.072 --> 08:35.190 call us is 2523372 . If you want to 08:35.200 --> 08:39.039 email us is F F S C Sasi at F E 08:39.049 --> 08:41.539 dot Navy dot Mil . Awesome . Right . 08:41.549 --> 08:43.827 Always great to have you in the studio . 08:43.827 --> 08:46.049 Anything else you wanted to add to wrap 08:46.049 --> 08:48.559 up folks ? Um Money is about enjoying 08:48.570 --> 08:52.239 your , what they , what he says your 08:52.250 --> 08:54.417 rich life , enjoy your rich life . Use 08:54.417 --> 08:56.528 money as a tool to have the best life 08:56.528 --> 08:59.979 you can woken . Do it . 09:03.119 --> 09:03.250 Yeah .