Can your kid make change?

Today on the Jimmy Barrett Show:

• Financial literacy

Episode Transcript

Speaker 1 (00:03):
What we need is more common sense.

Speaker 2 (00:06):
Common breaking down the world's nonsense about.

Speaker 3 (00:12):
How American's common sense.

Speaker 2 (00:13):
Will see us through With the common sense of Houston,
I'm just pro common sense for Houston.

Speaker 3 (00:19):
From Houston.

Speaker 2 (00:24):
This is the Jimmy Barrett Show, brought to you by
viewind dot Com.

Speaker 3 (00:29):
Now here's Jimmy Barrett.

Speaker 4 (00:32):
I thought we'd start the show today with financial literacy
and other things that our parents never taught us. I
think my dad tried. No, hang on, no, he didn't.
He didn't. As good as my dad was, and my
dad was a teacher. As good as my dad was
about most things, he didn't really teach me about financial
literature or financial literacy, literature literacy. He did teach me

(00:54):
how to make change. So I guess that counts for something, right,
because I got that it's another lost art and teaches
the kids how to make change. Could your kid make change?
If your kid if your kid was handed a dollar
and you said, I'm buying the thing I'm buying is
seventy three cents, give me change for a dollar, would
your child be able to do it? Because it's a

(01:16):
basic math problem, right, Although it's when you're taught to
make change. It's a little different than just a basic
math problem. For example, let's let's use the one I
just gave a dollar for a seventy three cent item.
But my dollar, my dad would have taught me, would
be all right, seventy three. You take pennies, two pennies,

(01:37):
seventy four, seventy five. Then you take a nickel, give
them a nickel. Now it's at eighty, and now you
owe them twenty cents. So you could give them two dins,
and you may change. That kind of a thing, which
is a little different than doing adding and subtracting rights.
It's using the coins that we use or the dollars

(01:58):
that we use, and figuring out how to give it back.
You know, I don't know. Of course, if you're working
in a fast food restaurant then and you're over the
age of sixteen, then chances are that you're not exactly
you know, we're probably without a whiz at mathot school.
So I understand why they went to machines that make

(02:20):
the change for you. They tell you exactly how much
to give back to the person. But at the end
of the day, it's always funny to see because we've
all been there right where you've been into a fast
food join or whatever, and there was some sort of
a problem with the cash register and they wasn't taking
debit cards and it wasn't working, and they had to
do it the old fashioned way. And it's it's always

(02:40):
fun to watch because people who are used to using
the machine to tell them exactly what they have to
get back and change, it's kind of scary sometimes to
watch them try to figure it out for themselves. So
I guess that means this doesn't surprise me that I
see that a group called Finra Investors Education Foundation they

(03:01):
build themselves, is a financial education nonprofit. They give a
seven page quiz to twenty five five hundred adults testing
their knowledge of consumer finance. The results were that three
out of ten test takers missed a very simple question
about interest rates, two out of five flubbed a question
about inflation, and an item on the compound interest stump.

(03:25):
Seventy one percent of the people who tried to do
the quiz. Now I'll give you an example. Here is
an inflation Here's the inflation question that they asked. Remember, now,
two out of five couldn't get this right, all right,
So I'm gonna run the question to you, and I
will pause so you have a chance to answer for yourself, right,

(03:45):
and I'll even give it to you twice. He make
sure to understand. Are you ready for the question? All right?
Imagine that the interest rate on your savings account is
one percent per year and inflation is two percent per year.
After one year, how much would you be able to
buy with the money in this account? Now, it's a
multiple choice answer. The choices are more than today, exactly

(04:08):
the same, less than today, even did and I don't know,
so again, let me repeat the question and give you
the choices. Imagine that the interest rate on your savings
account was one percent per year and inflation was two
percent per year. After one year, how much would you
be able to buy with the money in this account?
More than today, exactly the same, less than today, or

(04:30):
you don't know.

Speaker 3 (04:32):
That?

Speaker 4 (04:33):
One's pretty easy, right, less less than today. If you're
earning one percent interest on your money and inflation raise
two percent, then your buying power went down by fifty
percent over the course that year, assuming you didn't put
any more money in that savings account. That's a real
simple question. Two out of five couldn't get that right,

(04:54):
and that probably tells you all you need to know
about why we have people in the financial condition in
all right, let's see, let's see that this eve you
can get another one. All right, here's another question from
the finer quiz. Suppose you owe one thousand dollars on
a loan and the interest rate you are charged is
twenty percent per year?

Speaker 3 (05:14):
Is that legal? I guess so credit card companies do
it all the time. I got. Let me start over.

Speaker 4 (05:19):
Suppose you owe one thousand dollars on a loan and
the interest rate you are charged is twenty percent per year,
compounded annually. If you didn't pay anything off at this
interest rate, how many years would it take for the
amount you owe to double? Less than two years? Two
to four years? Is that only two choices? There's probably

(05:42):
a couple more choices, but the guy cut off on
the paper, so we'll make it simple. If again, you know,
one thousand dollars on a loan, your charge twenty percent
interest is compounded annually. If you didn't pay anything off
at that interest rate, how many years would it take
for you or for the amount that you owed to
double less than two years or two to four years?
The correct answer is yes, two to four years at

(06:06):
twenty percent interest, a one thousand dollars debt becomes a
two thousand dollars debt in a year. Only three in
ten test takers three in ten got that right. Seventy
percent failed it. That is again some scary stuff of
how little we know, how little we're teaching our kids.

(06:29):
At the risk of repeating myself, because I say this
all the time, I'm going to go ahead and repeat
myself again on this one. It is something that we
are going to have to tackle in our schools. We
spend a lot of time teaching kids things that are
fairly useless. How much improvement could we make in the
life of a child who at least had a basic

(06:50):
understanding of financial literacy. How many people could we save from,
you know, being caught into despairs of credit card debt
that they can't get out of signing it for student
loans that they can't ever repay, you know, part of
the reason for the student loan problem. That's a twofold problem.

(07:11):
The universities more than happy to extend student loans to
people regardless of whether or not they're going to pay,
and the inability of some students to figure out exactly
what that money is going to cost them because they
don't have to start repaying it until after they graduate
or they quit, whichever comes first, So that there's what

(07:32):
the problems are with that he's in the university the
best interest, I think to keep a law of students
really stupid when it comes to, you know, things like
student loans. But that doesn't mean that your child needs
to be or can or has to be. If you
don't feel qualified to teach them about financial literacy, then
find somebody who is, because that's the biggest favor you'll

(07:53):
ever do your child in life, is to make them
financially literate so that they can at least answer some
basic questions like this. They understand that you know the
interest you're being charged, how it impacts your inability to
pay it back. In some cases, especially with credit cards.
They give it an example of just one thousand dollars
that you didn't pay back at twenty percent interest. Imagine

(08:15):
for the people who it's ten thousand dollars or fifteen
thousand dollars that they're making the minimum monthly payment, then
they can't figure out why they can't get ahead all right,
quick little break. We are back with more in a
moment Jimmy Bartt Show on this Easter money for some
of you have the day off today. I know my
wife does back with more in a moment here on News. No,
you already did News Radio seven forty Kary, We're here
on AM nine to fifty KPRC.

Speaker 3 (08:58):
All right, I think we'll be.

Speaker 4 (08:59):
Doing a couple of things here in our second segment
of the show today. One of them is just a
follow up on how how you can be I guess
your own worst enemy when it comes to dealing with
the press, or dealing with bad publicity, or or just

(09:22):
dealing with reality. This is another little segment here on
that story from North Texas where we had the two
teenagers involved in a fight over a seat at a
football game. The black team. His name is Carmelo, Anthony
Carmelo with a K. I can't recall the name of

(09:42):
the white team because I've only heard that a few times. Unfortunately,
shame that it is the victim gets lost in these things.
Here's what's happening at this point. Yeah, I think I
may have done an update for you this last week
that these people were accused of using maybe some of
the money they've got to you know, go fund me
page for legal bills. They're accused to maybe using some

(10:04):
of that money to buy a brand new house or
the very least, you know, they have a you know,
have a very expensive house, a eight hundred thousand dollars
home in a exclusive gated community. They just bought a
brand new car. So people are questioning, hey, you're not
using that, you know, money that was sent in for
legal funds for that kind of stuff, are you? And
I know that they've ever been able to give a

(10:25):
satisfactory answer. So thus the need or the perceived need
by this family, Anthony family, to get a family spokesperson. Now,
I'd be the first to tell you that, you know,
sometimes a spokesperson can come in handy. Certainly the president
has spokespersons who are available to talk about things that

(10:46):
he wants them to talk about. Not that our card
president has any problem articulating what's on his mind. Joe
Biden could have used a few more spokespersons, probably, although
he dealt almost exclusively, I guess through spokespersons he really
had anything to say about anything. He could barely communicate
with his wife let alone with the public, you know,

(11:07):
for half or more of his administration. But the Anthony
family is sensing that there's a lot of bad publicity
going on, not really knowing how to handle that and
how to handle the news media and the glare of
the public eye on their son. Evidently hired somebody. I

(11:29):
believe his name is Dominique. What is his last name, Dominique. Well,
it'll come to me in a second. Here, this spokesperson
for the family is his name is Dominique Alexander.

Speaker 3 (11:40):
That's what it is.

Speaker 4 (11:41):
And evidently he's a what I would call a professional
black spokesperson, and there are those in every community.

Speaker 3 (11:53):
For us, it's.

Speaker 4 (11:56):
You know, we have official, official, semi official black spokesperson,
quant l X. I mean, he he's somebody that families
who don't believe they can articulate will hire, especially if
it's somebody that you know, wants to make a case
based on race. That you'll see Quant l X sometimes
he just he just puts himself in the middle of

(12:18):
these stories. You know, he's a he's what I would
call professional spokesperson. I'm here to make trouble. I'm here.
I'm here to you know, to to. You know, I'm
here in the in the in the same vein as
as many other famous spokespeople who have come before him,
you know, the uh, you know, the professional spokespersons in

(12:39):
the in the black community. And again, I think virtually
every community has one. Anyway, the Anthony family has one now.
And so the first thing he does and they do,
is to hold a press conference, because this guy wants
to get out in front of these negative stories about
the family and proceeds to hep more negativity on the

(13:00):
family by holding a public press conference. Now, a person
attending the public press conference just happens to be the
father of the young man that Carmela Anthony stabbed in
the chest over the seat at a football game, stabbed
him in the chest. The father has already said, I
forgive him. He's not saying anything, he's not acting up,

(13:22):
he's not acting out, he's not doing anything. He's just
there to hear what the family has to say. And
this spokesperson decides that he doesn't want him there, so
they try to have him ejected, and they called the cops,
and the cops come and take him away. Yeah, the

(13:43):
cops come and lead the victim's father out he hasn't
done anything. They were talking about it on the podcast
making Kelly's podcast the other day. Here he is the
spokesperson doing what he was doing for the Anthony family.
Followed up by a legal podcaster who gives her opinion

(14:06):
on what happened. Her name is Mariene Callahan.

Speaker 5 (14:08):
What we've seen at the beginning of this press conference
of the father being at this press conference is a
disrespect to the dignity of his son. Is that was
disrespectful and just shows you all the character who is

(14:33):
not invited. He knows that it's inappropriate to be near
this family, but he did. And so I say to people,
actions speak louder than words.

Speaker 3 (14:48):
Okay.

Speaker 5 (14:50):
What he has failed into is the political operatives that
want to make this thing a political thing.

Speaker 3 (15:00):
Of hate yet victory and yet racism.

Speaker 5 (15:04):
We have conservative operatists that have been hosting non fuck.

Speaker 6 (15:10):
Nobody had more right to be at that press conference
than Austin's father. Okay, you're holding a press conference. First amendment,
anybody can be there, I think, tell me if I'm wrong. Secondly,
this guy is a lost leader for this family who
is doing themselves no favor talking on their own behalf,

(15:33):
he said in that presser, actions speak louder than words. Well, sir,
the guy you're defending stabbed a seventeen year old in
the heart to death at a football game over a seat.
So yeah, I guess actions do speak louder than words.
Keep talking, keep talking, And that this family doesn't have
the foresight to cut this guy loose after knowing what

(15:53):
we know about the serious near fatal injuries to a
small child.

Speaker 3 (15:58):
Are you kidding me?

Speaker 7 (15:59):
Yeah? This is like the poor Man's El Sharpton.

Speaker 3 (16:02):
Poor Man's El Sharpton, that's the name I was talking for.
It's this Monday. Sure feels like a Monday, man. My
brain is just not awake today. Yeah.

Speaker 4 (16:12):
You know, ever since the Reverend Al Sharpton, there's been
plenty of people at the local level who want to
take that mantle. I think there must be a pretty
good living to be made at doing that. I'm guessing
these people don't work for free, right, They charge something
for their services. So I guess this guy's making some money.
But a spokesperson is supposed to stop you. I mean,
if they're a good spokesperson, I would think that person

(16:33):
stops you from making those types of mistakes. But then again,
people just don't really seem to learn their lessons very much,
do they. I mean, take New York Attorney General Letitia James.
I mean, how crazy is that that she's being investigated
for the very same things that she claimed that Donald

(16:54):
Trump had done. Only in her case, it's pretty open
and shut as far as the evidence against her. The
Justice Department is still investigating this point, but I'm pretty
sure that there's gonna be some charges. They are gonna
be coming sooner versus lego versus later. Here's it. They

(17:18):
were talking about it on the Big Show, The Big
weekend Show over on Fox Business. You're gonna hear some
of the things that Letitia James has been saying, followed
by legal expert her name is Lydia Hugh over on
Fox Business.

Speaker 8 (17:34):
No one is above the law, no matter how rich, powerful,
or politically connected you are. Everyone must play by the
same rules. As I've said before, no one is above
the law. And I will not hesitate to uphold the
rule of law and protect New Yorkers.

Speaker 9 (17:57):
You know, I think you repoint you and she has
dug herself a hole here.

Speaker 7 (18:03):
It seems because this.

Speaker 9 (18:04):
Case that the Trump is being referred to the Trump
dooj seems very straightforward with these mortgage application documents. She
essentially represented that her father is her husband, that her
primary residence would be in Virginia at one of these
homes that she wanted to acquire, that her building in
Brooklyn had fewer apartments than what it actually does.

Speaker 7 (18:21):
All of this, the.

Speaker 9 (18:22):
Where criminal referral suggests is to obtain more favorable terms
on loans.

Speaker 7 (18:28):
The irony cannot be more.

Speaker 9 (18:30):
Rich in the case against when you compared against what
the case that she brought against foreign President Trump.

Speaker 7 (18:35):
And let's remind everyone what she did.

Speaker 9 (18:37):
She took an arcane old consumer protection statute twisted it
in a way that had never been used before to
prosecute him in a case where.

Speaker 7 (18:46):
There were no victims. No one came forward in that.

Speaker 9 (18:48):
Trial to testify, Hey, I actually lost money or was
defrauded in any way whatsoever. The trial was decided not
by a jury, but by one single judge. And then
when the President Trump wanted to file an appeal, he
had some issues getting a bond. He finally got a
bondsman from California to offer the money to secure him
the right to appeal. The Ltician James's office went after

(19:11):
that bond to try to prevent him the right and
opportunity to appeal. So, you know, it seems like she
went after him with every last bullet in her arsenal.
And I shouldn't say that was portraous choice of words, right,
they'll admit that. But she went after him with everything
that she got. But you know, this case that that
has been brought against her at this moment seems to

(19:33):
be a lot more straightforward.

Speaker 3 (19:34):
Yeah, it does.

Speaker 4 (19:36):
And she knew that she was guilty of doing all
this stuff while she was prosecuting Trump. You know, I
want to talk about hypocritical. That's about is hypocritical, like
I think? As it gets all right, quick, little brank
we are back with born a moment Jimmy Barrett show
here in Naham nine fifty kh PRC. All right, could

(20:11):
a wrap up a couple of stories here to wrap
up our day today? On this Monday after Easter? Did
you get the day off today? I thought, for some reason,
I thought today was a company holiday, not that I would
have taken the day off anyway. It's not a holiday
as far as I'm concerned it. Yesterday was the holiday,
and it falls on a Sunday, and it always falls
on a Sunday. That's why I guess some people get

(20:31):
Easter Monday because it's no longer good enough for a
holiday to fall on a weekend. The holiday is not
about the holiday as much as about getting the day off.

Speaker 3 (20:43):
I guess.

Speaker 4 (20:44):
So the Easter Monday is not a holiday for my company.
Interesting enough, Juneteenth is a holiday for my company, but
the Monday after Easter is not. But that's quite all
right anyway. I know that some of the schools didn't
have school today, and my wife's off.

Speaker 3 (21:00):
She works at a school.

Speaker 4 (21:01):
So you know, if you're enjoying the day off, hey,
more power to you, More power to you. Want to
share this story with you, though, before we wrap it
up and call to day today, did you see that
a Cambridge astronomer evidently has determined that they have found

(21:21):
a planet with life on it. It's not in this
solar system, it's in another solar system. The planet doesn't
have a name. We should really think of a name
for it. If if if the planet has life on it,
even its just microbes and stuff. Shouldn't you shouldn't that
plant have a name? If if the conditions there are
favorable for life, shouldn't it have a name? Shouldn't have

(21:42):
a number? Should have a name?

Speaker 3 (21:43):
Right?

Speaker 4 (21:45):
Then again, if if it turns out and they don't
know this because so far away, if it turns out
that it's, you know, some form of life that could
be at least close to human life, then then maybe
they've already I'm up with the name for it. But
at any rate, here's the Cambridge scientist making this announcement.
A reaction from Tom Shlou and Cyrus over on Fox.

Speaker 10 (22:09):
We have found signs of biosignature molecules, either dms or
dmds or both, both of which are produced uniquely by
life here on Earth.

Speaker 3 (22:21):
Tyrus, I'm so excited you are here today because you
can't believe this.

Speaker 11 (22:25):
I can believe a lot, and don't think I have
forgotten what you did to me on the five.

Speaker 3 (22:28):
I will have my revenge in this life or the next.

Speaker 11 (22:30):
Okay, listen, you don't need to go to out of
space to realize that there's life in the universe. We
have maps all over this. We see temples and pyramids.
The questions we need to be asking ourselves is why
do they leave us alone. Why don't they openly communicate
with us? That should be the question. I think I

(22:51):
think we're the problem. I think we were dumped here,
like we got to do something. People, Yeah, I got it.

Speaker 12 (22:57):
Tell me, well, they keep giving I'm skeptical about this.
They said, oh, well it's strong proof, but it's just, uh,
you know, we we're not sure yet. They keep dripping
out this information. I'm not really interested in life like
you know, one sell or you know, water life or whatever.
I'm talking about beings. Tell me when the spacemen are coming.
That's all I want to know. Also, this is K

(23:20):
two slash.

Speaker 3 (23:21):
One a B.

Speaker 4 (23:22):
Is the name of the planet. Give it a name,
K two one a B. That's that's that's what they're
calling it. Okay, and I I to a certain extent,
I agree. I mean I'm not really I'm not really
that interested if it's just like a little microbe or something,
you know, because that tells me that they're they're you know,
they're at the beginning of the evolutionary process. They're they're

(23:45):
billions of years away from having anything close to human being.
If they if they're just kind of they're kind of
like when Earth just formed kind of thing. It sounds
like now it could be something else, because again, you
don't know, it could be something more developed than than
that I'm microbe or a one cell creature or whatever,
in which case, yeah, I think we could all get
a little bit more interested in finding out more about that.

(24:07):
And then our final story of the day today is
it is amazing how much of a backlash there has
been against those women who went up for the little
space ride, you know, including Gail King and Katie Perry,
and I can't even remember the name of the other
ladies that went up there. That's that's how much of

(24:28):
an impression it made on me. I mean, it was
a nice ride, it's fun. I mean, if I had
a chance to do it, I think I would. I
seriously think I would, even if I had a doctor
who suggested me that it probably wasn't a good idea.
I think I was still be very interested in doing that.
That that just strikes me as a very cool thing
to do. But everybody's been pointing out that, listen, you're
not you guys, aren't You're making it out. It's making
you sound like you're astronauts or something.

Speaker 3 (24:49):
You're not.

Speaker 4 (24:50):
Astronauts. You went for a ride in a space capsule.
You didn't do anything. You didn't run any experiments, you
didn't push any buttons, you didn't fly them, as you know,
you just wrapped yourself in and took selfies. But Gail
King evidently resents that here she is.

Speaker 10 (25:08):
I don't like.

Speaker 3 (25:09):
That people are calling it a ride.

Speaker 2 (25:11):
A ride.

Speaker 1 (25:11):
You know, you never see a man, a male astronaut
who's going up in space.

Speaker 7 (25:16):
And they said, oh, we took a ride.

Speaker 1 (25:18):
We actually duplicated the route that Alan Shepherd did. No
one said he took that ride. It's always referred to
as a flight or a journey. So I feel that
that's a little disrespectful to what the mission was and
what the work that Blue Origin does.

Speaker 3 (25:32):
I thought that they got a lot of respect.

Speaker 7 (25:34):
I was a little surprised at this.

Speaker 13 (25:36):
It was a ride. You're not an astronaut, she said,
she was at the mission. You went up and you
came down. That's what it is. It was a ride.
It's a ride, and she's like mankind mission and astronauts.
You're not an astronaut. You didn't do anything.

Speaker 7 (25:52):
Astronaut like dad, They say, Mankind.

Speaker 14 (25:54):
Alan Shepherd did this sixty four years ago. Ten years ago,
we were using blackberries. Yeah, all right, I mean things change. Also,
have you ever done those rides? I went to Disney
World and they have the Mission of Mars.

Speaker 12 (26:05):
I think it might be harder than what they did
because they simulate the g force of going to Mars
by spinning you around really really fast.

Speaker 3 (26:13):
You don't have to.

Speaker 7 (26:14):
Spin around and there you just go straight up. I
think my ride was harder.

Speaker 3 (26:18):
I didn't mind. I wouldn't mind.

Speaker 4 (26:19):
The straight up part is the straight down part because
they're they're hauling. They're hauling ass coming back, you know,
and you've got I mean, there's some stress involved there.
I'll give credit where credits to. There's some stress involved
there because those parachutes have to open. If something happens
with those parachutes, guess what, it's not gonna it's not
gonna end. Well, so you are taking some chances, but

(26:41):
you know, come on. Sixty four years ago, Alan Shepard
was an astronauts the beginning of the space program. We've
we've done a lot of things in sixty four years.
Real astronauts conduct experiments. Real astronauts are at least one of
the real astronauts on board is capable of flying the ship. No,
none of those young none of those ladies were capable
of flying the ship. None of them were doing any experiments.

(27:04):
As I said, none of them were flying it. None
of them were. They were just strapped in taking selfies
going up and coming right back down. That does not
an astronaut make that. The only mission was to go up,
touch outer space and come right back down again. That's

(27:25):
a pretty basic mission. We haven't done, you know, that
basic a mission in seventy years. All right, listen, enough
of that, y'all have a great day. Thank you for listening.
I will see you tomorrow morning, I hope, bright and early,
starting at five am over on news Radio seven forty KRH.
We are back here at four on AM nine fifty KPRC.