Crawling Out Of the Financial Abyss (plus an intro to Quontic Bank)

The Stacking Benjamins Show

Joe Saul-Sehy and Josh ‘OG’ Bannerman, CFP

Personal Finance, Financial Planning, Education, Retirement, Investing, Cfp, Business, Money

4.4 • 2K Ratings

🗓️ 23 April 2021

⏱️ 69 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Where do you turn when being poor has you exhausted? When you feel like you just can't think about ways to make money any longer? On a bigger scale, what's the secret to breaking out of poverty and the cycle of always being in debt? While we won't promise to solve the world's longest-running crisis in one podcast, our contributors all share their experiences and thoughts about working to overcome poverty. They share how they endured their own individual situations, and how they (and you) can plan and work towards getting out of a dark hole yourself. There aren't any quick fixes, but we do offer solid financial strategies that'll move you past the paycheck to paycheck lifestyle.

How about some "free" Bitcoin? During our Friday Fintech segment we'll talk to Quontic Bank founder-CEO Steve Schnall. The digital bank, which offers a Bitcoin "cash-back" rewards card, also handles non-traditional mortgages to help under-served people who need it most. You'll especially want to listen to this one if you're in the hospitality business or any other industry with hard to document income.

We end the show with a question from Nick. He tells us he's got an offer for a 2% cash back card. Nick is excited about using the card, but worried about his credit utilization rate. He's heard that 30% credit utilization is as high as he can go before his credit is negatively affected. Nick also asks if his credit is hit right away, or only when his statement is sent out. Our contributors share a full round of their thoughts before calling it quits for the weekend.

Of course, Doug has some airtime for his trivia game-show.

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Transcript

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0:00.0	Hey, this is Lou Mangelo from WDW Radio, and when I'm not at Walt Disney World or sharing my passion for Disney World or eating, I am stacking Benjamin's.
0:14.1	Live from Joe's Mom's Basement, it's The Stacking Benjamin Show.
0:20.1	Oh! mom's basement. It's the stacking Benjamin show.
0:34.4	I'm Joe's mom's neighbor, Doug, and how do you climb out of an endless financial abyss?
0:37.4	Is there any wisdom that can help you turn the tide? Here to help us, from the
0:39.4	everyday courage podcast, we welcome Jillian John's Ruth. And from Len Penzo.com, it's Daddy Warbux.
0:48.9	Nah, only one person on this podcast is old enough to get that joke. So we just had to grab Len Penzo.
0:55.5	Last but not least, it's the one, the only, oh, Paula?
1:01.7	Oh, Paula! Awesome.
1:04.0	Plus, we'll welcome the head of a digital bank serving an underserved community.
1:08.9	And they have a unique way of paying high interest bonuses to savers.
1:13.2	We'll get the skinny on Quantic Bank from Steve Schnall during today's Friday FinTech segment.
1:19.8	Later, we'll magnify Nick's money and I'll culture you with some Shakespeare-themed trivia.
1:26.1	And speaking of Shakespeare, here comes a guy who's probably less Romeo and a little more
1:32.1	King Lear court jester, Joe Saul Seahy.
1:42.0	And I'll take that as a compliment.
1:43.8	He's usually the smart guy that tells the truth, right? And I'm sure Doug doesn't know that. Hey, everybody, welcome to Friday. Let me be the first to welcome you. I'm Joe Salsy. Hi, Average Joe Money on Twitter. And Mr. O.G is not here today. So we're going to start off in a, are we still calling it an undisclosed location,
2:01.8	Paula? Are you in an undisclosed location? Are you now in a disclosed location? I will be in
2:06.4	an undisclosed location. I will be in the ephemeral ethereal of in-between lands.
2:12.6	I just, I just don't know where we're at with this FBI witness protection thing that you got going on.
2:17.5	Don't know where we're at. this FBI witness protection thing that you got going on. Don't know where we're at.
2:18.7	That's exactly the point.
	...

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