TALKING
TALKING YOUR MONEY HERE THIS MORNING. HE WROTE THE BOOK ON HOW MONEY WORKS AND TODAY IT'S
HELPING US WITH FINANCIAL
ADVICE TO GET US THROUGH THIS
PANDEMIC. EXPERT ON MENTAL
TOUGHNESS AND FINANCIAL
FITNESS. STEVE SIEBOLD JOINS US
NOW. GOOD MORNING, STEVE. WE'RE
TALKING ABOUT YOUR BOOK HOW
MONEY WORKS. STOP BEING A
SUCKER. WHAT ARE PEOPLE DOING
TO FALL INTO THAT SUCKER
CATEGORY? NO ONE WANTS TO BE A
SUCKER, STEVE. WELL, WE'RE
REALLY NEVER TAUGHT HOW MONEY
WORKS IN SCHOOL AND REALLY EVEN
IN COLLEGE. WE'RE REALLY NOT
TAUGHT TAUGHT THE BASICS OF
PERSONAL FINANCE. AND AS A
RESULT WE'RE VICTIMS TO
THE FINANCIAL INDUSTRY WHICH
HAS BEEN RIPPING OFF
THE AMERICAN PUBLIC FOR 150
YEARS. NOW WE ARE KIND OF JUST
THROWN INTO IT. AND IT'S KIND
OF JUST LIVE AND LEARN AND ALL
THAT. SO WHAT DO YOU THINK SOME
OF THE BIGGEST FINANCIAL
CHALLENGES ARE FOR FAMILIES
RIGHT NOW? A LOT OF A LOT OF
FAMILIES AND INDIVIDUALS
STRUGGLING. WELL, I THINK
MORTGAGE PAYMENTS EVICTIONS
OBVIOUSLY ARE A BIG THING AND
THAT'S WHY WE RECOMMEND, YOU
KNOW, NEGOTIATE AND CALL UP
YOUR IF YOU'RE IN TROUBLE WITH
YOUR WITH YOUR RENT OR YOUR
MORTGAGE, CALL UP YOUR YOUR
CREDITORS, THE LENDERS, THE YOU
KNOW, THE LANDLORD, WHOEVER IT
IS AND TRY TO NEGOTIATE YOUR
WAY OUT OF BEING EVICTED
BECAUSE WE'RE GOING TO WE'RE
ABOUT TO SEE MASS EVICTIONS
MOST LIKELY LIKE WE'VE NEVER
SEEN BEFORE IN THIS COUNTRY
SINCE THE GREAT DEPRESSION. SO
YOU CAN NEGOTIATE YOUR WAY OUT
OF THESE THINGS MANY TIMES IF
YOU'LL MAKE THE PHONE CALL. AND
THAT'S THE THING. BE
THE SQUEAKY WHEEL, RIGHT. I
MEAN AND IT'S NOT JUST
THE MORTGAGE PAYMENT BUT I MEAN
ALL YOUR BILLS. RIGHT. GO
THROUGH ALL OF IF YOU'RE
STRUGGLING AND SEE IF THERE'S
ANYTHING THAT CAN BE DONE AND
THE CABLE BILL ANY OTHER
EXPENSES THAT YOU MIGHT HAVE.
NOW IS THE TIME TO MAKE THAT
CALL, RIGHT? ABSOLUTELY. CAR
PAYMENTS, ANYTHING. EVERYTHING
IS NEGOTIABLE ESPECIALLY WITH
CREDIT AND CREDITORS BECAUSE A
LOT OF PEOPLE DON'T KNOW THAT.
BUT IF THEY PICK UP THE PHONE
AND THEY KNOW TIMES, YOU KNOW,
ORGANIZATIONS WILL BE VERY
HELPFUL AND ESPECIALLY DURING A
SHUTDOWN DOING A PANDEMIC WHICH
NONE OF US HAVE EVER
EXPERIENCED BEFORE. SO IT'S
IT'S REALLY STRATEGIC MOVE, A
REALLY GOOD MOVE. SO EVERYONE'S
BEEN AFFECTED IN THIS BY SOME
IF NOT JOB LOSS, MAYBE LOSS IN
PAY OR WAITING FOR UNEMPLOYMENT
WHICH HAS BEEN A STRUGGLE IN OF
ITSELF. RIGHT. SO FOR PEOPLE
THAT HAVE BEEN LIVING WITH THIS
FOR MONTHS. WHAT ADVICE DO YOU
HAVE FOR PEOPLE THAT ARE
LITERALLY RUNNING OUT OF FUNDS?
MAYBE THEY'VE ALREADY MADE
THOSE CALLS BUT THEIR BANK
ACCOUNTS ARE REALLY DWINDLING.
HOW CAN YOU HELP THOSE FOLKS
WITH YOUR ADVICE? WELL, I'LL
SAY ONE THING YOU CAN DO IS
INVENTORY YOUR ASSETS, YOU
KNOW, TAKE INVENTORY OF THINGS
YOU OWN THAT YOU DON'T YOU NO
LONGER USE AND PUT THEM ON
EBAY, PUT THEM ON THE INTERNET
AND SELL THOSE THINGS OUT AND
HOARD YOUR CASH. MAKE SURE YOU
KEEP YOUR CASH SPEND ON CREDIT
,KEEP YOUR CASH BECAUSE
THE CASH IS KING. YOU'RE GOING
TO NEED CASH YOU NEED CASH TO
BUY FOOD. THIS PANDEMIC IS
NOWHERE NEAR OVER WHERE WE'RE A
LOT OF PEOPLE ARE LISTENING I
THINK TO POLITICIANS PLAY
GAMES. BUT THE SCIENCE SAYS
IT'S NOT OVER. IT MAY JUST BE
BEGINNING. SO WE DON'T KNOW HOW
LONG THIS IS GOING TO GO AND
YOU'RE GOING TO NEED CASH. YOU
YOU'RE TALKING ABOUT
POLITICIANS THAT LEADS RIGHT
INTO MY NEXT QUESTION. YOU SAY
WE SHOULD NOT BE RELYING ON
THE GOVERNMENT FOR HELP. DO NOT
BE RELYING ON THESE STIMULUS
PAYMENTS. I MEAN LOOK AT
THE SECOND ONE HERE. WE STILL
HAVEN'T FIGURED THAT ONE OUT,
RIGHT? EXACTLY. WE CAN'T COUNT
THE GOVERNMENT. THEY'RE THERE.
THEY'RE PLAYING POLITICS AS
THEY ALWAYS DO. BOTH SIDES OF
THE AISLE I THEY'RE BOTH
GUILTY. YOU KNOW, YOU SEE
WHAT'S GOING ON WITH THE NEW
STIMULUS. THIS MAY NEVER
HAPPEN. THERE ARE MORE WORRIED
ABOUT GETTING ELECTED THAN THEY
ARE ABOUT HELPING PEOPLE. I
THINK MANY TIMES WITH YOU KNOW,
WITH EVICTIONS AND PEOPLE
REALLY SUFFERING OUT IN THE YOU
KNOW, IN THE REAL WORLD. AND
THAT'S TOO SO YOU CAN'T RELY ON
THE GOVERNMENT. SO WHAT WHAT DO
WE DO FOR PLANNING NEXT HERE?
THERE'S TALK OF MAYBE A SECOND
ROUND OF CORONA VIRUS HERE. HOW
CAN WE PREPARE NOW IF THAT
SHOULD HAPPEN? I THINK BE VERY
CONSERVATIVE FINANCIALLY.
THAT'S WHY I WOULD HOARD CASH.
I WOULD KEEP CASH. I WOULD SELL
ASSETS. I WOULD I WOULD I WOULD
STAY AWAY FROM ANY LARGE
PURCHASES WHATSOEVER. STOCK UP
ON THINGS YOU NEED. BECAUSE
AGAIN, IF THIS HITS REALLY IN A
IN A BIGGER WAY THAN IT HAS HAS
IN THE PAST, IT COULD BE A LOT
OF PEOPLE IN A LOT OF TROUBLE.
YOU ASKED. WE HOPE THAT'S NOT
THE CASE. BUT YOU KNOW,
NONETHELESS WE'VE GOT TO
PREPARE FOR THE WORST HERE JUST
IN CASE STEVE. THANKS FOR YOUR
TIME THIS MORNING. WORKING
PEOPLE EARN MORE WORK. WE TAKE
A LOOK AT YOUR BOOK. YOU CAN
READ THE HOW MONEY WORKS