ABOUT THAT WALLET

Today we're diving deep into the wild world of credit cards and how the banking system might just be pulling the wool over our eyes! Our guest, Tommy Kilpatrick, brings a fresh perspective on how we’ve been indoctrinated into thinking that credit card debt is something we have to bear without question. He shares his personal journey from being buried under $85,000 in credit card debt to discovering that the banks might not even have a legitimate claim on those debts. We discuss the idea that many of us have been misled about what credit really means and how to reclaim our financial power. Get ready for some eye-opening insights and maybe a few laughs as we explore what it means to truly understand and navigate our finances in today's world!

Takeaways:

• The banks often operate under a system that some view as fraudulent, where they manipulate money and debts without proper invoices or agreements, which can mislead consumers.
• Understanding credit cards is crucial; many people might not realize that they are often treated like gift cards, which leads to confusion about debt and financial responsibility.
• It's highlighted that consumer behavior, like applying for credit cards, can lead to a cycle of debt that benefits banks but leaves individuals financially vulnerable and confused.

Chapters:

• 00:00 - Understanding Criminal Behavior and Economic Trends
• 00:26 - Understanding Credit Card Debt and Fraud
• 11:43 - Understanding Loans and Banking Practices
• 23:17 - Understanding Bank Loans and Credit Cards
• 31:52 - The Consequences of Banking Practices
• 39:55 - The Journey of Wealth and Happiness

More about Tommy:

The episode of the *About that Water podcast* featured guest Rahkim Sabree, who discussed his new book, *Overcoming Financial Traumas*, defining financial trauma as any instance, observed or experienced, that negatively impacts how someone views, interacts with, or believes about money. Rahkim further detailed the six sources of financial trauma, such as generational, workplace, and institutional factors, and explored how advertising science exploits the nervous system to drive consumer spending.

More about Rahkim:

We’re diving deep into the world of math and financial literacy today, and trust me, you don’t want to miss it! We’re chatting with Akil Parker, who passionately explains how mastering math is the key to unlocking a treasure trove of opportunities, especially in STEM fields. He emphasizes that strong math skills aren’t just about solving equations; they’re the backbone of financial literacy, too! If we want our kids to be savvy with their money and not fall prey to financial traps, we’ve got to start teaching them math early and often. So grab a comfy seat, and get ready for some enlightening discussions on how we can empower the next generation to be financially confident and math-savvy!

Takeaways:

• Understanding mathematical literacy is crucial for achieving financial literacy, so let's bridge that gap!
• Parents should take charge of their children's math education, as schools may not provide it adequately.
• Math is the gatekeeper to many career opportunities; embracing it opens doors to finance and STEM fields.
• Engaging children in discussions about money and math at home creates valuable teachable moments.

Links referenced in this episode:

In this insightful deep dive episode, we unravel what some financial planners are dubbing the "retirement cheat code"—the reverse mortgage. Drawing from a compelling discussion with mortgage expert Ken Pitts, we demystify this financial tool that allows homeowners to access their equity without the burden of monthly payments. Discover how reverse mortgages can transform retirement planning, especially for those supporting aging parents or planning their own futures.

We break down the eligibility requirements, including age and property type, and explore three powerful strategies for utilizing reverse mortgages:

• Eliminating existing mortgage payments to boost cash flow.
• The delay bridge strategy to enhance Social Security benefits by borrowing against home equity.
• A reverse mortgage line of credit that grows over time, providing a safety net without the risk of being called in by the bank.

We also address common concerns, such as property value fluctuations and the protections in place for heirs. This episode emphasizes that reverse mortgages are not just for desperate situations; they are a flexible financial tool that can be a valuable addition to your retirement strategy.

Key Takeaway: Use the insights from this episode to ask informed questions to your financial planner about how a reverse mortgage could fit into your financial plan.

Chapters:

• 00:00 - Introduction to Reverse Mortgages
• 02:15 - Understanding Eligibility and Requirements
• 05:45 - Strategy 1: Eliminating Payments
• 09:30 - Strategy 2: The Delay Bridge
• 15:20 - Strategy 3: Supercharged Emergency Fund
• 20:00 - Addressing Concerns and Protections for Heirs

More about Kevin Pitts: