0:06 Welcome back to another episode of Careful Boys with financial expert Joseph Jitsukawa. >> [applause] >> You never know who's going to be. What is the worst financial advice you've ever received? Here's And it could be business advice or financial advice, either way. >> Here's a Here's one that a lot of people believe believe. You [laughter] used to get Leona Leona Lewis. Keep bleeding. Keep Keep bleeding. A lot of people believe that you build your credit by paying it off slowly. A lot of people paying it off slowly? >> like let's say you get a credit card. Yeah. Yeah. And then you make a massive purchase. Like let's say you have a $10,000 limit. So you you you you spend $9,000 of it, right? Mhm. And then you Every month you're like, "Oh, I'm going
0:57 to build good credit. So I'm going to pay the minimum every month." Okay. And a lot of people believe this. They go, "If you pay it off slowly, that's how you build it up." It's ████ so wrong. You couldn't be >> to pay for the whole thing every time? >> Exactly. Okay. You won't You don't want You don't The The real thing that I don't know why no one knows is that you want to have your debt to loan ratio, which is like if you if Like let's say you have your your credit card is a 10K limit, right? You want to keep your debt under 5K. Yeah. So then >> lower than that. Yeah, but that that doesn't make your credit go lower. It actually makes it lower when you're constantly spending 100% of your limit. And slowly the way that the credit company sees it is like, "Well, yeah, you have this big
1:48 balance over 50% for a long time." Versus if If you just pay off the whole thing every month, they're They're like, "Yeah, you can manage credit. You can pay You can pay it back every month." Or the whole thing. Yeah. And then your your your Like Yeah, they might go, "Oh, well, you could probably handle 20K now. You could probably handle 30K now." Yeah, and they give you more and more money to spend. Mhm. And you've heard that advice in the past. Someone has told you >> it like a month ago. >> [laughter] >> This guy was like, "I'm building back my credit up." And I'm like, "Oh, really?" And he goes, "Yeah, so I'm I'm paying it off slow." And I'm like, "Here we go again, man. Carrots don't ████ make your eyes better, either. You know, it's like it's like the same A lot of people believe You can't say that. That's not true. They don't. >> yeah. He's But it's one of those things that I don't know why, but a lot of people have heard this, and then they believe
2:38 that it's true. And I'm like, "It doesn't work like that." Just gets parroted. The worst one I was told was if you open the front door and you see the backyard, it's it's a bad bad investment. That's the worst financial advice I've ever gotten, I think. I don't get it. It's a style of house called like It's called shotgun houses, where you can look through the front door and see the back door. Isn't that good for airflow? It's supposed to be bad feng shui, and if you get a house like this, you lose all your money, apparently. >> all your good chi. Goes right out the door. Oh, it's feng shui. out the back. So my mom would get like would get pu- ████ pissed, and then she would like never would ever want me to rent a house like that or whatever. But then as when I got older, I was like, "Man, ████ you and your stupid ass rules. I'm just going to buy houses I like." And then those ones that you could see the backyard have been like the biggest come-ups I've ever
3:29 experienced. Really? Yeah. I'm like, "This is ████ bullshit." I don't think by coincidence. I just don't think that really plays out in real estate. >> in real estate how I real estate actually works. It just plays out in in what what spiritual belief? If you're in a really dominant Chinese market, then maybe not so >> It will, though. >> [laughter] >> In Arcadia, if you have a house like that, that probably will not sell. Yeah. Yeah, or San Marino or whatever. Probably will not sell. >> But to Americans, you're like, "Oh, we love that. We love shotgun homes." Or like every mid-century modern home is like a shotgun home, because they they like that open floor plan type ████ That's true. I like homes like that in Hawaii, cuz you open up everything, and the airflow's so nice. It doesn't feel like the house is stuffy. My mom would be like, "You feel the money just leaving? You feel it?" Well, what what kind of house Like what is she Is there a most optimal thing that's at the other
4:20 side of the front door in China's in Chinese belief? >> I don't I just don't know all the rules. Fu dog? >> So a fu dog right in front of it. One of the rules that I always heard my heard my mom say um >> [laughter] >> What is it? It's like uh Zuo bei chao nan, which Oh, it's zuo bei chao nan. Yeah, yeah. Yeah, yeah, yeah. >> [laughter] >> Which means the house You got me for a second, bro. I was like, "Oh, he do- ah." >> [laughter] >> The house sits on the north, but it faces the south. So apparently every single royal kingdom imperial palace, it all sits on the north of the area and then faces the south. I like that. So the back faces north? Yeah, the back faces north, and it's usually a mountain behind it, and it usually sits north of wherever it is, and it faces south. How does it sit north of wherever it is? Like if like if this is a city, they find the most northern part of the city,
5:10 and it sits there. Yeah, and then they face >> territory. Damn, dude. Everyone's got to have that? The Forbidden City [laughter] Forbidden City is built like that. Like all the palaces are built like that. I wouldn't be surprised if that Confucianism or whatever passed down to Japan and Korea, and all their palaces are built like that, too. I wouldn't be surprised. I remember my mom telling me never buy a corner house. Like not Never on a corner, ever. Was that a thing? I don't know where that came from. >> But they have the biggest lots, though. Corner lots are big lots. >> Their backyards are all stretched out. Yeah. I heard that was not good because they're vulnerable for attacks. Like burglars. Yeah, that's true. If there's But I guess if you're in a really good neighborhood, who ████ cares? >> [laughter] >> But no, that's true. Specifically. It's very exposed, and you don't have neighbors on each side. Oh. Pay any more property tax than anybody else? Like because of the two streets?
6:01 No, I think it's paid accordance to your the price you paid for the home. Sick. What's the What's the deal then, Mom? Huh. Feng shui uh Yeah, probably. >> book of feng shui. Oh, yeah, I think we talked about this, right? There's no real rules. They make it up. There is. No, there is a There's a book. There's one book. There's one book, and then everyone makes their own rules from the book. Yeah. Oh, like the Bible. >> [laughter] >> Cuz like in in the bed Like in your bedroom, can't you can't have your feet facing the door. So you There's that, too, yeah. >> Yeah, your bed can't be a certain way. I got to learn this stuff, cuz I'll be violating too many feng shuis. It can't face the actual door or the wall that the door is on? Um Is it like literal? >> Yeah, your feet can't be facing the doorway, cuz you the money's going to leave out the door. Well, it's always money,
6:51 yeah. Dude. >> But what about if I turn around and my my heel faces the doorway? Why would you Your heel? >> Like I'm sleeping on my side. >> feet are. Oh, it doesn't matter if I'm facing this way or facing backwards? Yes, the The foot of the bed. Yeah, the foot of the bed, you don't want it Okay, so what if I tilt it diagonally this way? That's a really weird setup for your room. Why would you do that? >> doesn't line up >> like, "I think that's better." >> [laughter] >> That's money leaves. It's weird, but it's better. What if you have two doors facing this way, and there's a door here? So no matter what you do, [laughter] there's a door. My My mom would go in a house like that and remodel the whole ████ room. Oh my god, dude. This Okay, we're going to ████ put a build a wall this way, face this that way, like face that the other way.
7:41 Let me think about [snorts] it. >> My mom will straight up remodel the kitchen You're not supposed to go in and see the kitchen sink, either. She'll straight up remodel the kitchen just so you don't see the ████ sink. None of it is motivated by like the love for design, but it's all for like wealth gain. >> Yeah, like money or like some kind of magic. Well, so there's a spirit one, too, where like if you I think if there's like a long hallway or something and there's a mirror on one side, you're supposed to put another mirror on the other side, cuz then this Yeah, the bouncing of the spirit, I don't know. How come nobody in China decided to go like "Who came up with this s███?" I think Chairman Mao said that. And he's like, "F███ this." >> [laughter] >> He was really into burning books. Shen Yun is out there preaching the gospel, yeah. Yeah, he's like, "Man, ████ this ████ dude. My I couldn't have my
8:31 room the way I wanted it." So modern like Chinese mainland people, they didn't continue it. They are They're just like, "Nah, it's stupid, bro." They like passing the tradition down. So there's I think that like Oh, so it wasn't like bomb banned banned? Like it wasn't like they were like, "If you practice this ████ man, we're you're going to get in trouble." That I don't know. But my dad doesn't give a ████ about feng shui. He's like, "Oh, ████ This house is 150 grand in Almony. I'm buying it. That's a good deal." >> [laughter] >> Did you ever have any anybody give you bad advice about money? For me, I think it's the lack of advice. >> [laughter] >> Nobody ever was like Nobody No one's ever been like, "Dude, don't talk about it. Don't deal with it." Like kind of brush it under the rug. So like for me, I just had to start learning this stuff from like, you know, YouTubers or other like financial
9:22 people. Um cuz I think for a while I was just kind of like, "Yeah, whatever. Forget it." >> like for for even for like me and you, anything that because if you're running something where you choose the price, you always know when another dude asks you, "How much you charge for your classes?" Whatever your answer is, they'll be like, "I would have done like triple that." And it's That's the dumbest advice I ever Everybody does that ████ >> Yeah, it's like, "Yeah, you can, but you know Yeah. >> of consequences with that Yep. Anything that like if you if you do a gig Yeah, if you take a gig or if I take a job, and I'm talking to another music guy, he's like, "How much they you for that s███?" I'm like, "I'm not even going to tell you cuz whatever it is, you're going to say double is better." Yeah, yeah, yeah. Which it is, but like if I if I lose the gig cuz I'm charging double, which is outrageous, yeah. You charge too cheap, man. Value yourself higher. >> a weird question.
10:14 >> already rude. So, it's like they just want to ask you to bait you into them saying like, "I My value's higher. I would have done that." >> Why don't you jump them I mean beat beat them to it? >> Jump them? Why don't you beat them to it by just if you already know they're going to say that? That's what I said. >> ████ and be like, "F██████ [snorts] 100 grand." They'll be like >> [laughter] >> And they'll have been like "I would charge half actually." Like, "I would You're charging too much, bro." [laughter] "That's criminal, dude." business, yeah. "You're a grifter. >> [laughter] >> 100 grand to work part-time at a grocery store? What the f███?" Yeah, I know. I think if I said a number that was drastically too high, they'd just go, "Yeah, right." >> [laughter] >> Yeah. It's just like an ego thing. But that like when you when you get financial advice based on someone who's in their ego, it's never going to be good. When I catch that in someone, I
11:04 love ████ with >> you to fail. They're not trying to give you advice. Yeah. "Nah, that's not going to work." What What do you mean? Like cuz it didn't work for you? >> [laughter] >> Yeah. Oh, man. Has anyone ever tried to tell you something about financial business advice? I don't think so. I think I'm the same with Nick. I I don't think I got enough You'd like You'd like some more advice. >> [laughter] >> Please teach teach me. Not really, yeah. That a lot of people just got to figure it out on their own. I thought a lot I thought Asians were pretty open about talking about money though compared to a lot of other cultures. They're like we are, but still not enough to survive in the world like uh successfully. But then if I hear my conver- or my family's conversations compared to Geo's, theirs is literally zero. Yeah. It's like they're they'll have people that are in their 50s or 60s
11:56 still trying to figure things out or whatever, you know? But then like I feel like I got the bare minimum. Like where my mom's already telling me about retirement when I'm like 18. Like you got to worry about retirement. I'm like, "B████, shut the ████ up, ████ I'm ████ That's so far away." Yeah. Shut the ████ up, ████ But then I think about it. I'm like, "Oh s███." I'm like, "Oh ████ you know what? That's right." >> going to retire. [laughter] Now, the other thing though too is like Dumb ass ████ >> [laughter] >> You're not even saying sentences right now. The other thing too I would get all the time is oh, just save just save just save. It's like, "Okay, yeah, for sure." But like there has to be more than just just to save, right? You know, like like what about investing or retirement? Like it was just like save save save save save. Don't spend money. Don't spend money. That's their default. >> Yeah, exactly. And like that was our basis, you know, like that was it. >> lot of Asians did pretty good just based off that. Just like just being crazy frugal and just just just save. I agree.
12:48 I'm trying to be a baller though, you know what I mean? There's also the bad advice of like this is this kind of leads into financial, but sometimes people really want to like assert themselves and let's say you got to do uh you got you got to get your roof fixed. Uh man, my roof is leaking. I got a little I can see where it's ████ up. And some dude will be like, "Man, just get the shingles and do it yourself." That's what And it's like not every job is smart to do that if it leads to way more expensive problems. It's like it's not like painting a wall, you know? >> the guys that aren't good at fixing things. Yeah. Or or the or you've never seen them do it, but they talk about it a lot. >> You just got to do it. That's easy. Yeah. They're like And then you ████ everything up. >> You just learn on YouTube. It's probably on there. Take you 20 minutes. Yeah. My favorite phrase to that >> [laughter] >> My favorite phrase to that that I learned in like the hobby scene is buy once, cry once. Mm. Cuz you know people
13:38 they always buy the thing like you just spend one time do it right versus the three time like you do one, oh it's ████ up, so you do a second, and then you buy like three times and then cry three times, and then ends up amounting to way more than just doing the right thing and banging it out the right the one time. Especially when it's things that are sensitive or anything that has a shelf life. Like if if or or anything that's leaking. >> [laughter] >> Like you're not going to magically become a plumber. Like maybe this one's not the one for that. Yeah, yeah.
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