Our marketing team has asked us to unwrap a white elephant gift and to explain some financial concepts along the way. Let’s see how it goes!
Joy: Okay, there’s no getting out of it so here I go. Yes, I do know what this is. There’s quite a lot of them. This is a trap. This is a Chinese finger trap. Have you guys ever seen this? You stick your fingers in and you can’t, you can’t get out of it. Actually, that’s a very good life lesson. Hard to get out of it.
David: This looks like Finding Nemo. I don’t even know what these are. They’re fishy feet. So what kind of financial advice would I give for this? These remind me of maybe a credit score. Why not go with a credit score? So what is a credit score? Credit score is…not everyone has a credit score, neither does everyone have a pair of socks like this. In fact, I don’t know of anyone that has a pair of socks like this. There’s a lot of things, a lot of financial decisions we make that seem really like a great idea. Like when you, like I’m going to teach my kids how when you go to college and they’re trying to give you free gifts and get you to sign up for a credit card, that’s not a good idea. It’s a trap. Don’t fall for it. One way this is a lot different than a credit score is that credit scores can be improved on so you can make your payments on time, you can take out multiple types of credit and make sure that you’re always paying those when they’re due and you can improve your score that way. There’s really no way to improve these socks. So my advice kids is just say no to extra stupid debt that you don’t need.
Joy: David, finding a great advisor is easier than Finding Nemo.
David: Oh, that was easy.