Thanks for tuning into this week's episode! If you enjoyed it TAP the LIKE button and SUBSCRIBE to the channel! *CORRECTION* at 42:33 - Oye said "non-priority" he meant to say "priority"
I forget how brilliant this podcast is as a whole and I hope it continues to HELP many of the PEOPLE and not the corporations!!! But I hope also tht we take responsibility and accountability and not abuse the knowledge
One of the most helpful episodes. This channel is diary of a ceo before it became gimmicky as guests perform on there now to sell their book/product vs this platform guests over give value to grow the audience knowledge 1st. This is a game changer
This was EXTREMELY informative and actually makes me feel like at some point I’m gonna be in control of my dept, with this advice I won’t be so scared to contact dept collectors! Thank you 🙏🏽
I’m glad that this helped you! That’s what we wanted to get across, that debt doesn’t need to run your life and there’s a way to manage it and eventually get out of
Let me tell you now!!!!!!!!your guest, watching his videos and analysed and studied it. Was in thousandsssssssssss of pounds of debt and reduced it to nothing even getting some of them got removed from my credit file now my credit file is 999 because of that man sitting there, I just wish you would continue with his TH-cam channel because that was so inspirational❤
Yeah I watched some of his videos years ago about debts collectors buying every pound for pennies and how to negotiate with debt collectors etc. shame he stopped posting on his TH-cam channel
That is amazing! Well done! So glad Oye managed to help you out! He’s still about and always willing to help and you never know he may be back on TH-cam soon. Thanks for tuning into the episode
Lenders are not your enemy. It’s a service. At the end of the day the only debt you should have (unless you have an emergency) is your Student loan Your mortgage Car payments
With correct budgeting you shouldn’t have any, especially the car payment. They are more extortionate than some credit cards. Buy what car you can afford, save and then get an improvement, and repeat the process. People are driving more car than they can afford.
This is why I’m so grateful for Islam which does not allow interest in any shape or form. Because eventually you’ll be paying the bank money that was never there to begin with! This has forced me to only live on what I have earned- no mortgage, no financed car and definitely no credit cards! As a result, this is has created community loan systems for Muslims where you form groups and borrow each other money. I.e you pay £1000 into the community pot for 15 months and on the 16th month you collect back that money you’ve been paying into the pot. Or you collect let’s say 20k the first month and pay it back slowly over the next 2 years. Just an example, of course this depends on group size, length of the loan system and how much you’re willing to pay in. No interest, no banks involved. This is how communities come together and the bank never get any of your money. Anyways, great podcast. I have learned so much about money so thank you for educating me!
You will see companies like Cabot Moor croft and Lowell write off debt, customer support team because they have paid less for it. Always check for deed of assignment as well, debt companies do not often comply with this when they should
Omg Oye looks different and older now. I’m subscribed to his channel.. shame his not been posting for years. My credit card was Almost 20k early this year. Not cleared yet but I’m just £8k left. Gods willing I’ll pay off by mid next year. Much love from Scotland 🏴
Only central banks can create money. Commercial banks have to abide by capital requirements which requires the bank to hold a certain amount of capital (shareholder funds) in order to lend.
Lending is used by savings accounts of the banks, not created by thin air. A person should not get a CCJ, as it can harm renting a home in the future, if they fail credit check they pay 7 months or 13 months or rent upfront
Money represents the scarcity value of a persons or persons ancestors skills to society & the assets that society has a whole agrees they can own as a result of that. If there is tribe of 30 people and only one of them is a doctor that tribe will cumulatively agree to reward that person by allowing them to own more assets.
Personally I don't think you need to pay off your credit card as soon as you use it. I just set up a direct debit for a specific day in the month and always make sure I don't go above the amount in my direct debit. Also I stay below 30% of my credit limit
@ some parts of the uk credit system is actually worse than America, such as the amount we’re given, rewards and benefits lol. But overall, we’re all going to be learning new things about the financial system due to Starmer and this new government… some of us the hard way.
There maybe no interest charged in Islamic banks, but it only gets shifted to bank fees. You didn't mention the bank fees? You didn't know about the bank fees?
This is why those of us who have been in cryptocurrency for many years accumulate based on 'Satoshi' rather than 'Fiat' £ and $,€,¥,¢. Banks have everyone working from something that comes from nothing. It certainly is not gold from the promissory note!
Please take this advice with a large dose of salt... "only a default" can stay on your credit score for years and most certainly will have an impact on your ability to borrow in the future, especially for mortgages etc.
Aka Fractional Reserve Banking, i self taught myself about how money is made using youtube videos, i try to advice my not so learned friends but its too late, they are drowning up to their eyeballs in debt, my debt is £100 overdraft, i own nothing in uk, invested back home in Africa instead, if i cant take it with me then i dont need it, invested by educating my 7 siblings, family land, family house and worked full time doing night shift security work to self study, No student debt, I.T. specialist (16 Certs), A.I. engineering and Computer electronics, all free tutorials online, i hate debt, debt is false wealth and a trap, i feel sorry for my semi literate mates who have stepped on a debt landmine, poor owned sod's.
I haven't listened to the full podcast yet, but Oye was the one who convinced me to stop paying into my pension. Big mistake. I pay 5% into my pension and my employer pays 10%. Portfolio is up 24% in just over 2 years. Yes I pay tax when I withdraw it but due to the tax relief and the employer contribution (which means it will grow bigger than a stocks and shares ISA even after paying tax on the way out), I get a pretty good return on investment. I've gone back to look at those old videos and couldn't find Oye's pension video - he's also deleted a lot of his other videos. I wonder if he's gone back on his word.
Sorry bruv, but I have to defend Oye, I was in 40k debt and now I'm not fully out of it but im in a much better place. I watched that video your talking about and downloaded it, he actually said that you may not live long enough to benefit from the moeny, whereas you should be able to access it now and have it working for you now and benefit from the money now. the government don't want us to be a burden when we cant work. why don't you ask the guy what happened to his other videos instead of spreading conspiracies. You made me have to join TH-cam today just to say this.
@@JakeLong-q2s I agree, you should have money working for you now and be able to benefit from it now, but it doesn't have to be one or the other. You can invest for retirement too. You may not live long enough to benefit from the money but you may do and you want to give yourself a comfortable retirement. Plus he said you'll get the pension from the government. There's no guarantee that that will still be there in the future so you have to rely on your own assets and see the government pension as a bonus if you get it. Why say pensions are bad when they're clearly not?
@@trakamtv5398 I feel you on doing both but the way you're talking is like the guy told you personally to not do a pension which he didn't. Oye's videos got me out of a dark place, you need to be careful how you say stuff man. there are people to act like that too but Oye isn't one of them hes genuine. Defennding him is the least i can. do, he gave his opinion on pensions, he didn't say they were bad, he. said why shouldn't do it. Don't paint him out to be some wasteman.
What this guys is explaining is called: Fractional reserve banking - is a banking system where banks keep a small portion of customer deposits in reserve, and lend out the rest. The amount of money a bank must keep in reserve is called the reserve requirement, and is set by the central bank. The amount varies by country, but in the UK and other Anglosphere countries, there is no reserve requirement. Here's how fractional reserve banking works: Banks accept deposits: Customers deposit money into the bank. Banks lend out money: Banks use the majority of the deposits to make loans to other customers. Banks keep a reserve: Banks keep a small portion of the deposits in reserve, usually as cash or in a bank account with the central bank. Banks make money: Banks keep most of the interest made on loans, and give a small amount back to customers as savings rate interest. Fractional reserve banking allows banks to create money and expand the economy by lending out money. However, banks with low reserves are vulnerable to bank runs if customers withdraw more money than the bank has on hand. Banks don't just "erase" the money like explained in the video..😅
Bro what?? I googled what this bredda is talking about it litterally says what he said on the bank of england website, I've follwed him for years: Money is more than banknotes and coins. If you have a bank account, you can use what’s in it to buy things, typically with a debit card. Because you can buy things with your bank account, we think of this as money even though it’s not cash. Therefore, if you borrow £100 from the bank, and it credits your account with the amount, ‘new money’ has been created. It didn’t exist until it was credited to your account. This also means as you pay off the loan, the electronic money your bank created is ‘deleted’ - it no longer exists. You haven’t got richer or poorer. You might have less money in your bank account but your debts have gone down too. So essentially, banks create money, not wealth.
@@wserious the following is literally on the bank of england website - Money is more than banknotes and coins. If you have a bank account, you can use what’s in it to buy things, typically with a debit card. Because you can buy things with your bank account, we think of this as money even though it’s not cash. Therefore, if you borrow £100 from the bank, and it credits your account with the amount, ‘new money’ has been created. It didn’t exist until it was credited to your account. This also means as you pay off the loan, the electronic money your bank created is ‘deleted’ - it no longer exists. You haven’t got richer or poorer. You might have less money in your bank account but your debts have gone down too. So essentially, banks create money, not wealth. Banks create around 80% of money in the economy as electronic deposits in this way. In comparison, banknotes and coins only make up 3%. Finally, most banks have accounts with us at the Bank of England, allowing them to transfer money back and forth. This is called electronic central bank money, or reserves.
Thanks for tuning into this week's episode! If you enjoyed it TAP the LIKE button and SUBSCRIBE to the channel!
*CORRECTION* at 42:33 - Oye said "non-priority" he meant to say "priority"
Savvy Wallet straight FIRRRE show great work keep it up bro
This discussion has been overdue! Very informative 🙏
This is sooo refreshing.. talking about subjects that actually matter.. FINANCIAL EDUCATION
This is the way forward..
Big up yourself 👏🏾👏🏾🎖️✨
I think this is one of your most important podcasts! I'll have to watch this again. 👍🏾
This just blows my mind. And answers the question why so many banks want to put people in debt!
Great podcast! I’ve been following Oye for years on his channel. The insight he gives people on debt is priceless. 👏🏾👏🏾👏🏾👏🏾
I forget how brilliant this podcast is as a whole and I hope it continues to HELP many of the PEOPLE and not the corporations!!! But I hope also tht we take responsibility and accountability and not abuse the knowledge
One of the most helpful episodes. This channel is diary of a ceo before it became gimmicky as guests perform on there now to sell their book/product vs this platform guests over give value to grow the audience knowledge 1st.
This is a game changer
Oye is amazing. Wish to hear him more!
From the thumbnail, I just knew this was going to be good.
This was EXTREMELY informative and actually makes me feel like at some point I’m gonna be in control of my dept, with this advice I won’t be so scared to contact dept collectors! Thank you 🙏🏽
I’m glad that this helped you! That’s what we wanted to get across, that debt doesn’t need to run your life and there’s a way to manage it and eventually get out of
Let me tell you now!!!!!!!!your guest, watching his videos and analysed and studied it. Was in thousandsssssssssss of pounds of debt and reduced it to nothing even getting some of them got removed from my credit file now my credit file is 999 because of that man sitting there, I just wish you would continue with his TH-cam channel because that was so inspirational❤
Yeah I watched some of his videos years ago about debts collectors buying every pound for pennies and how to negotiate with debt collectors etc. shame he stopped posting on his TH-cam channel
That is amazing! Well done! So glad Oye managed to help you out! He’s still about and always willing to help and you never know he may be back on TH-cam soon. Thanks for tuning into the episode
Thank you for talking about this important topic and your teaching. Very interesting and informative
Oye, thank you so much.
Amazing information
Lenders are not your enemy.
It’s a service.
At the end of the day the only debt you should have (unless you have an emergency) is your
Student loan
Your mortgage
Car payments
With correct budgeting you shouldn’t have any, especially the car payment. They are more extortionate than some credit cards. Buy what car you can afford, save and then get an improvement, and repeat the process. People are driving more car than they can afford.
This is why I’m so grateful for Islam which does not allow interest in any shape or form. Because eventually you’ll be paying the bank money that was never there to begin with! This has forced me to only live on what I have earned- no mortgage, no financed car and definitely no credit cards! As a result, this is has created community loan systems for Muslims where you form groups and borrow each other money. I.e you pay £1000 into the community pot for 15 months and on the 16th month you collect back that money you’ve been paying into the pot. Or you collect let’s say 20k the first month and pay it back slowly over the next 2 years. Just an example, of course this depends on group size, length of the loan system and how much you’re willing to pay in. No interest, no banks involved. This is how communities come together and the bank never get any of your money.
Anyways, great podcast. I have learned so much about money so thank you for educating me!
And what happens when someone borrows 20k and for whatever reason, can not repay? Everyone investing into that system, loses
@craftystudios5417 that's possible, but I've personally not heard of that.
What a brilliant interview! 🙌🏻
Thank you! Glad you enjoyed it
Great podcast
You will see companies like Cabot Moor croft and Lowell write off debt, customer support team because they have paid less for it.
Always check for deed of assignment as well, debt companies do not often comply with this when they should
Amazing stuff Real Eye onpenr ❤
Omg Oye looks different and older now. I’m subscribed to his channel.. shame his not been posting for years. My credit card was Almost 20k early this year. Not cleared yet but I’m just £8k left. Gods willing I’ll pay off by mid next year. Much love from Scotland 🏴
That’s amazing! Well done on your progress and all the best for the future. Thanks for tuning in
great advise
You borrow believing thaat you can repay, but your circumstances can change. 😊
This was a valuable watch, unfortunately people like Starmer is looking into every nook and cranny of the financial system 🥀.
Talk on HMRC Companies House LTD debt.
Bssic rule of life dont borrow if you cant afford to pay it back.
Only central banks can create money. Commercial banks have to abide by capital requirements which requires the bank to hold a certain amount of capital (shareholder funds) in order to lend.
Exactly🤝 . The speakers word choice is misleading
Exactly what I was thinking!
Yes this is what confused me, having worked for a Credit Lender before, the funds we lended was capital held we raised from shareholders.
Lending is used by savings accounts of the banks, not created by thin air.
A person should not get a CCJ, as it can harm renting a home in the future, if they fail credit check they pay 7 months or 13 months or rent upfront
Money represents the scarcity value of a persons or persons ancestors skills to society & the assets that society has a whole agrees they can own as a result of that.
If there is tribe of 30 people and only one of them is a doctor that tribe will cumulatively agree to reward that person by allowing them to own more assets.
Personally I don't think you need to pay off your credit card as soon as you use it. I just set up a direct debit for a specific day in the month and always make sure I don't go above the amount in my direct debit. Also I stay below 30% of my credit limit
I stay below 25%, some credit bureaus don’t like you using over 25%
@@esco.letsgoYh that's true! Some people even say credit utilisation isn't a thing in the uk but personally I don't want to risk it lol.
@ some parts of the uk credit system is actually worse than America, such as the amount we’re given, rewards and benefits lol. But overall, we’re all going to be learning new things about the financial system due to Starmer and this new government… some of us the hard way.
@@esco.letsgoI read the best number is below 10%
Is debt also not leverage in a positive light? To start a business, invest in your future self etc.
No self accountability. Just like in law. Your ignorance doesn't make you immune.
There maybe no interest charged in Islamic banks, but it only gets shifted to bank fees. You didn't mention the bank fees? You didn't know about the bank fees?
This is why those of us who have been in cryptocurrency for many years accumulate based on 'Satoshi' rather than 'Fiat' £ and $,€,¥,¢. Banks have everyone working from something that comes from nothing. It certainly is not gold from the promissory note!
Please take this advice with a large dose of salt... "only a default" can stay on your credit score for years and most certainly will have an impact on your ability to borrow in the future, especially for mortgages etc.
Aka Fractional Reserve Banking, i self taught myself about how money is made using youtube videos, i try to advice my not so learned friends but its too late, they are drowning up to their eyeballs in debt, my debt is £100 overdraft, i own nothing in uk, invested back home in Africa instead, if i cant take it with me then i dont need it, invested by educating my 7 siblings, family land, family house and worked full time doing night shift security work to self study, No student debt, I.T. specialist (16 Certs), A.I. engineering and Computer electronics, all free tutorials online, i hate debt, debt is false wealth and a trap, i feel sorry for my semi literate mates who have stepped on a debt landmine, poor owned sod's.
I haven't listened to the full podcast yet, but Oye was the one who convinced me to stop paying into my pension. Big mistake. I pay 5% into my pension and my employer pays 10%. Portfolio is up 24% in just over 2 years. Yes I pay tax when I withdraw it but due to the tax relief and the employer contribution (which means it will grow bigger than a stocks and shares ISA even after paying tax on the way out), I get a pretty good return on investment. I've gone back to look at those old videos and couldn't find Oye's pension video - he's also deleted a lot of his other videos. I wonder if he's gone back on his word.
Sorry bruv, but I have to defend Oye, I was in 40k debt and now I'm not fully out of it but im in a much better place. I watched that video your talking about and downloaded it, he actually said that you may not live long enough to benefit from the moeny, whereas you should be able to access it now and have it working for you now and benefit from the money now. the government don't want us to be a burden when we cant work. why don't you ask the guy what happened to his other videos instead of spreading conspiracies. You made me have to join TH-cam today just to say this.
@@JakeLong-q2s😅
@@JakeLong-q2s I agree, you should have money working for you now and be able to benefit from it now, but it doesn't have to be one or the other. You can invest for retirement too. You may not live long enough to benefit from the money but you may do and you want to give yourself a comfortable retirement. Plus he said you'll get the pension from the government. There's no guarantee that that will still be there in the future so you have to rely on your own assets and see the government pension as a bonus if you get it. Why say pensions are bad when they're clearly not?
@@trakamtv5398 I feel you on doing both but the way you're talking is like the guy told you personally to not do a pension which he didn't. Oye's videos got me out of a dark place, you need to be careful how you say stuff man. there are people to act like that too but Oye isn't one of them hes genuine. Defennding him is the least i can. do, he gave his opinion on pensions, he didn't say they were bad, he. said why shouldn't do it. Don't paint him out to be some wasteman.
@@JakeLong-q2syour throwing some 💎 and 💣 in the comments section my man. Stay up 📈
What this guys is explaining is called: Fractional reserve banking - is a banking system where banks keep a small portion of customer deposits in reserve, and lend out the rest. The amount of money a bank must keep in reserve is called the reserve requirement, and is set by the central bank. The amount varies by country, but in the UK and other Anglosphere countries, there is no reserve requirement.
Here's how fractional reserve banking works:
Banks accept deposits: Customers deposit money into the bank.
Banks lend out money: Banks use the majority of the deposits to make loans to other customers.
Banks keep a reserve: Banks keep a small portion of the deposits in reserve, usually as cash or in a bank account with the central bank.
Banks make money: Banks keep most of the interest made on loans, and give a small amount back to customers as savings rate interest.
Fractional reserve banking allows banks to create money and expand the economy by lending out money. However, banks with low reserves are vulnerable to bank runs if customers withdraw more money than the bank has on hand.
Banks don't just "erase" the money like explained in the video..😅
Bro what?? I googled what this bredda is talking about it litterally says what he said on the bank of england website, I've follwed him for years:
Money is more than banknotes and coins. If you have a bank account, you can use what’s in it to buy things, typically with a debit card. Because you can buy things with your bank account, we think of this as money even though it’s not cash.
Therefore, if you borrow £100 from the bank, and it credits your account with the amount, ‘new money’ has been created. It didn’t exist until it was credited to your account.
This also means as you pay off the loan, the electronic money your bank created is ‘deleted’ - it no longer exists. You haven’t got richer or poorer. You might have less money in your bank account but your debts have gone down too. So essentially, banks create money, not wealth.
I don't know why my reply keeps getting removed, I went on the bank of england website and they say what Oye has said, not what you've said. 🤷♂
This is the proper explanation 🤝 speakers word choice is misleading
@@wserious the following is literally on the bank of england website - Money is more than banknotes and coins. If you have a bank account, you can use what’s in it to buy things, typically with a debit card. Because you can buy things with your bank account, we think of this as money even though it’s not cash.
Therefore, if you borrow £100 from the bank, and it credits your account with the amount, ‘new money’ has been created. It didn’t exist until it was credited to your account.
This also means as you pay off the loan, the electronic money your bank created is ‘deleted’ - it no longer exists. You haven’t got richer or poorer. You might have less money in your bank account but your debts have gone down too. So essentially, banks create money, not wealth.
Banks create around 80% of money in the economy as electronic deposits in this way. In comparison, banknotes and coins only make up 3%. Finally, most banks have accounts with us at the Bank of England, allowing them to transfer money back and forth. This is called electronic central bank money, or reserves.
@@wserious go there yourself unless you know more than the Bank of England 🤔
Yes! I enjoy his work 🫡