Become a Global Ambassador for Self-Worth. Text us your feedback!
Alrighty folks, welcome back to Season 4, Episode 1 of Transacting Value Podcast!
Porter’s guest today is Kyle Horsley, who has worked in the finance industry for 10 years. Listeners will get a primer on student loans, debt, interest rates, and compounding interest. Unfortunately, this is not a topic that is taught in middle and high schools, and too many students take out student loans for higher education without knowing what they are getting into.
And, unfortunately, the banking system isn’t what it used to be. There was a time when a person could apply for a loan based on their grades, character, references, business plan, and reputation. Those days are gone. Today a bank is more likely to loan an 18-year-old $100,000 in student loans for a degree in general psychology than to loan that same 18-year-old $10,000 to start a business. The banking industry, with all its regulations and bad actors, is just a different beast today.
Gone are the days of character-based loans and handshake deals. There is simply too much litigation and regulation, Horsley says. There is precious little room for creativity or outside-the-box thinking.
That said, the banking industry is still a place where Kyle can practice integrity. Debt makes banks money, and lenders are often too eager to issue credit when it wouldn’t be in the best interest of the client. Kyle reminds listeners that taking out a loan is borrowing from your future self. Sometimes this can make sense, but certainly not always. He speaks up when he can’t recommend a loan, even though, as a lender, it would benefit him.
Finally, Kyle reminds listeners that time is the most precious commodity. No one can create more of it. We’ve got to spend what time we have wisely.
Quotes from today’s episode
“The most valuable commodity on the planet is time because it’s the only thing they can’t make more of.”
“Once time is spent, it is gone.”
“When I take out a student loan…I’m borrowing that money from my future self.”
Sponsors and Resources mentioned in today’s episode:
(3:45) Developing Character segment
(7:15) Keystone Farmers Market
(16:07) Buzzsprout affiliate link
(26:06) Hoof and Clucker Farm
Support the show
Looking for more perspective, empowerment, and self-worth?
- Website - Facebook - LinkedIn - YouTube
For a chance to hear your question answered on the air, remember to Subscribe and Leave a Voice Message at TransactingValuePodcast.com!
We'll meet you there.
