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Good day subscribers thank you so much for joining me today i am jeremy this is the financial education channel and today we are talking about how to create mass amounts of jobs in some of the toughest neighborhoods in america for full disclosure i grew up in a very tough area and tell us about 12 or 13 years old and then we moved to a nice middle-class area around
That time but growing up i always got to see both sides of it i get to see some of the challenges that come from you know tough areas and why they are tough areas and those kinds of things and i got to see oh the middle class lifestyle and how people succeed that way and whatnot so i can see both points of view and that’s a thing that a lot of people lack on this
Issue so they only see it once i did i see it both sided and i want to share this opinion today on something the government could do in my opinion well the people and the government could do that i think would drastically bring down crime in in tough areas i think would drastically bring down the amount of food stamps needed everything i think it would greatly raise
Incomes so first off why why is a hood hood why is it tough area tough area well um if you grow up with people that don’t have any money right you then are not financially educated on a lot of things so you’re likely to make a lot of bad moves financially early on in life which is going to set you behind the ball then you don’t have people to give you money or send
You to college in those kinds of things so the mentality becomes and a lot of people a lot of people who come from tough areas they have a mentality of you know i’m either gonna become a sports star a musician or um you know my life is gonna be stuck at work in mcdonald’s or something because that’s the only way out or they get caught up into some bad things like
Selling drugs and those kinds of things because somehow they think that’s going to be a glamorous lifestyle and then it doesn’t work out and end up in jail or they end up dead or types of things like that unfortunately so how do we fix this how do we fix this well in my opinion one of the things that’s lacking is some of the urban areas some of the toughest areas
In america is entrepreneurship people starting business because you know what to start a business you don’t need a college degree you don’t need someone telling you oh you know what no you got to do this and do that no to be an entrepreneur you’re your own boss you can do it your way and you don’t have anybody saying you know oh you don’t have this master’s degree
So you can’t get this job type thing no most of the biggest companies in the whole entire world and mostly america we’re all started by high school people you know high school graduates people that maybe went to college for just a bit but never even graduated i could go through list my list of just company after company that were started by high school graduates
And that’s it so you don’t need a college degree to start a business so in some of those tough areas you say okay well you know they can get alone and whatnot start their business or why don’t they just you know started off their money well one it’s really really hard to start a business if you don’t have any money behind you and how are you gonna have money behind
You if you can’t get a good job and you’re just working minimum wage users trying to pay your bills how are you going to save up money see even think about starting a business i know even my business which is probably not an expensive business start cost me about six seven thousand dollars you tell that to somebody who’s making eight fifty nine dollars an hour oh
Save up you know five six seven thousand dollars to start a business that’s not very realistic so option number two they go down to the bank well the chances are they’ve already got bad credit because they didn’t have people financially educating them like i do on this channel so they make some bad decisions here and there and they mess up their credit when they’re
Very young or they family members talk them into hey sign this loan for me and it gets defaulted and their their credit just right off the bat so and then you say okay well just haven’t time or have a family member cosine what happens when all your family members don’t have great credit either and none of them have very much money to show for themselves then what
Then you stuck in a real bad position so here’s my plan the federal government taxes everybody correct well my plan would be if you are someone who makes over a million dollars a year you could give up to ten percent of your income to this program and the program would hopefully not be run by the government because the government screws up a lot of things but let’s
Not even get into that so hopefully ten percent of the income you can put toward this fun what this fund is for its for loaning money strictly strictly to people from urban areas who make under certain income and those kinds of things but the maximum alone you’d want to put on that as maybe 25,000 that’s a maximum amount of money you can loan to somebody that money
Is to be paid back but it is not charged interest that’s another thing that a lot of people get screwed if they start a business and they have bad credit and somehow a bank or somebody does loan to them they charge an insane interest rate and the business fails because they can’t keep up that interest rate so with this program you do have to pay back the loan over
Time but but you do not have to pay back interest so and and with this program you would have a mentor with you who kind of helps you along with the process and that mentor is also there for distributing the money to make sure the money goes to actual things so people aren’t doing fraud and just saying oh yeah give me twenty five thousand start this business and
They get a check and they just don’t even start the business no that’s not what this programs for i’ve talked to us about friends and they’re like oh yeah that could be a problem and i’m like no this is there’s a mentor given to each person starts a business and that money is directly cut from the mentor to whatever shop to buy supplies and those kinds of things in
The whole business process that person tells the mentor that has to even be approved so if somebody got walks in there and they have no clue what they’re talking about for starting a business if they have no clue and the mentors like this isn’t going to work out then that person doesn’t get the loan the money because then you’re just wasting money if they have
No clue but i’m guaranteeing they’re gonna be a lot a lot a lot of people that have brilliant ideas who just cannot start a business because they can’t find a way to save up enough money or they just didn’t think starting a business was realistic or bank won’t loan to them those kinds of things this program is a program that could save so many people and guess
What somebody creates a job and then the business starts to succeed what do they do they start hiring people and they start hiring people from those areas so now you have more jobs being created what happens when more jobs are being created and demand for workers starts going down a bit wages begin to go higher and those people that were making 850 ad mcdonald’s
Or walmart or wherever now they go get a job at this local business that their friends started a family member who ever and they’re hiring them for twelve dollars an hour and then the set of business wants to hire them for thirteen dollars an hour and so on and so forth and next thing you know people that were making twenty thousand dollars twenty-five thousand
Dollars now they make it fifty thousand dollars how does this help the government well now the government can now tax those people and actually make money off them and now people are that we’re on food stamps welfare government health care and whatnot they can actually afford to pay for everything themselves because they’re making a good enough living now to be
Able to be self-sufficient and live a great lifestyle that they want to live and take their business to whatever heights it can go and that’s what the american dreams about the american dream is you know being able to at least live a middle-class lifestyle and be able to take your life to wherever you want to take it so that is a beautiful thing and i think this
Program could be so so so successful i think you would see crime drop down a lot because if you have a great chance of getting a great job why are you gonna go out and sell drugs why are you gonna do this or get getting mixed up in that why you wouldn’t if the great jobs there and you know it’s right down the street you’re going to go take that most people there’s
Always going to be some bad apple to screw up and whatnot but selling drugs and those kinds of things aren’t going to be you know realistic at that point so and then you’re going to have obviously government dependency drop which is going to lower the government’s need to pay out money to people and those kinds of things which is going to help with the national
Debt and help with the deficit all those kinds of things and then the next thing you know these urban areas that are like hoods and ghettos that people don’t want to go into or invest him next thing you know they’re thriving thriving places where people have good jobs where the crimes way way way down from where it was and this would take i would say at least two
Decades to really roll out and see huge results from it because i doubt something like this is going to be it works overnight and it’s magical no it’s gonna take a couple decades but guess what once once we get that built up and once we get america where america’s you know there’s no such thing as hoods and ghettos everything is very thriving then we can even take
This program to other countries later on down the road and do it city by city the same way i’m talking about doing it in america so that’s my plan to you know i guess you could say revitalize a lot of the cities in this country that have been devastated over time by factory jobs leaving throughout the 60s 70s 80s and bring them back to thriving places where great
Jobs are created where you don’t necessarily need a college education to get a good job and those kinds of things leave me a comment if you guys think this is a good idea or leave me a comment if you have a question about the idea that maybe i didn’t explain fully ernest or if you see something being a problem because i think it’s a good idea and i want to kind
Of like make this idea more popular in something so anyways thank you so much for watching guys if you haven’t subscribed you may want to talk a ton about personal finance talk a lot about the stock market making successful investments i talk a lot about entrepreneurship and being young entrepreneur and some of those kinds of things and then every once in a while
I just do a fun video that’s kind of related to all subjects and it’s a fun day at sunday so you know what guys have great day
Transcribed from video
How to Raise wages! – How to bring down crime in poor areas! Creating jobs! By Financial Education
