This is a pretty trending Tick Tock from Katie Porter basically telling Jamie Diamond the CEO of Chase JPMorgan and Chase that a woman who has a six-year-old a child can't survive while working at Chase and asks for his advice on what she should do while Jamie Diamond doesn't answer I have some suggestions. Let's get started and play this first. and 31 million dollars a year in salary and you can't figure out how to make up a 567 a month shortfall. This is a budget problem you cannot solve.

You're an expert on financial statements and you run a 2.6 trillion dollar bank. I Know you're good at numbers and you've shared lots of opinions recently about how the US should budget its resources, how families should budget their resources, and so I'd like to ask for your help on a problem. I Went to Monster.com and I found a job in my hometown of Irvine. At JPMorgan Chase it pays 16.50 an hour and so I wondered if I could.

Um, if you'd indulge me, um, would you do the math on this and you do the 1650 out at 40 hours a week for 52 weeks a year, it comes out to an income of thirty five thousand and seventy dollars. Now this bank teller her name is Patricia She has one child who's six years old. she claims the one dependent. After tax, she has twenty nine thousand, One hundred dollars.

We divide that by 12. she rents a one bedroom apartment she and her daughter sleep together in the same room in. Irvine California That average one-bedroom apartment is going to be sixteen hundred dollars. She spends 100 on utilities, take away the 1700 and she has net 725 dollars.

She's like me. She has a 2008 Minivan and has gas. 400 dollars for car expenses and gas net 325. the Department of Agriculture says a low-cost food budget that is ramen noodles.

A low food budget is 400. That leaves her 77. In the Red she has a Cricket cell phone the cheapest cell phone she can get for forty dollars. She's in the Red 117 a month.

She's after school child care because the bank is open during normal business hours. That's 450 a month. That takes her down to negative 567 dollars per month. My question for you Mr Diamond is how should she manage this budget shortfall while she's working full-time at your bank? I Don't know I have to think about that.

Would you recommend that she take out a JPMorgan Chase credit card and run a deficit I don't know I'd have to think about it. Would you recommend that she overdraft at your bank and be charged overdraft fees I don't know I have to think about it so I know you have a lot anyway. so she goes back and forth and asks multiple times. what about this? What about that he said basically says hey, you know I'd have to think about it but I did some thinking about it and I have some opinions on this first of all and it's always touchy.

Okay, I'm just blunt on the channel. it's always touchy. If you're a single mom, you're in a very difficult position. If you have not yet really figured out how to make more money than 16.50 uh, cents an hour by the time you have a child.

that's probably the first mistake here now. I Know that mistake is in the past I'm not going to spend most of the time on this, but let's make it very clear if you were a woman, the best case scenario is, before you have a child, make more money than 16.50 an hour. That's probably priority. Number one is make sure you're not reliant on anyone else.

whether that's a man, another woman. Mom Dad I Don't care who it is, make sure you're self-reliant yourself before you have a child. That is. Mission Critical Number one: Do not rely on anyone else, the government, or anyone that is number one.

Number two: If you're making sixteen dollars and fifty cents an hour at Chase in Irvine, you're probably not getting the most income that you could. You're probably able like this in the snap of a finger: able to go from 16.50 an hour to potentially 40 or 50 percent more pay working for Amazon making 22 to 24 dollars an hour with no necessary additional skill set than what you already have at. JP Morgan So in this scenario, you're really putting somebody in a very expensive area in Southern California who has a six-year-old child and they're already not getting potentially the best job available to them with no additional education or training. Now, the next thing that this individual should do is they have to realize if your paycheck to paycheck are potentially negative in this scenario, when they went through sort of a budget, the person's negative: 500 a month for a basic costs like, uh, you know, essentially housing, food, child care? Whatever.

Somebody like this in this situation who has gotten them in a place where they have a six-year-old child and they're only able to make 16 to maybe twenty four dollars an hour? they're going to have to work more than eight hours a day. And of course, this is not even including the fact that they have a child to take care of. But you're going to have to unfortunately burn the candle at both ends of the stick. Now that's a hard thing to say.

You could just pick up and try to move to a lower cost of living area, but that's not necessarily going to get you ahead. that might just sink you back into essentially just compressing yourself into more of an area of poverty. And when poverty concentrates, you end up getting worse schooling for your child. And that's not what you want to set your child up for.

You want to set yourself and your child up for the best odds of success. So one of the best things this individual could do is start looking into home education programs where they can maybe learn how to get a Nursing degree working before they go to work in the morning or when their child's asleep at night. That should be the priority. In fact, a lot of nursing school programs only require you go to school actually in person once to twice a week now because so much can be done at home at your own pace.

Now all of a sudden, you could potentially go from not just making 16.50 an hour or even 22 23, 24 an hour working at, let's say Amazon But you could actually go to making 50 dollars an hour when you actually get a professional certification like becoming a registered nurse. So when Katie Porter asks one of the richest people in the world, hey, how can a person making 16.50 at your bank actually get ahead, she's actually not asking the right question. It is Not Jamie Diamond's responsibility to offer a job that creates value of potentially even less than 16.50 for the bank to somebody that can cover all of their expenses when they set themselves up and put themselves unfortunately into a situation that is not not conducive with actually being able to survive in. America Whether it's the location they're in or the decisions they made prior to getting into that situation, but it is now incumbent upon that person themselves to get themselves out of that situation.

Now some people say hey, that's not fair and look, that is the capitalistic structure that America is based off of now. Fortunately, and this is the fortunate part. Fortunately, even though we are a country of capitalistic rules and ideals, we do have a social safety net, and this is the next thing that the individual should consider. Somebody on this sort of income would easily, especially in Southern California qualify for Section 8 subsidized housing.

which means they could potentially get almost all of their rent covered. Now they have more money to make sure they can educate themselves rather than paying sixteen hundred dollars a month in rent. Maybe they could pay a thousand dollars less a month in rent and only pay about 600 a month in rent. Now there are waiting lists for Section 8 so that is problematic.

and that's where you can also make sure that you're getting your food at chair. Banks There are in almost every single County I have been in. there are local christian or Jewish community centers that regularly give food away to anybody who wants it. This is healthy stuff that you could eat at home.

They also sell very inexpensive clothing. It's phenomenal. There are some really great ways you could buy clothing and food by making sure you're taking advantage of the resources your community and non-profits give. And the next thing to realize is some people are going to say oh, but wait.

Kevin Education is expensive. Well look, if you want to counter every single argument that I'm making, you're probably putting your head in the sand rather than realizing there are ways to solve every problem problems. create Solutions And guess what work problems can get solved with Solutions obviously and it's your job to create those Solutions And so if you stick your head in the sand, you're always going to be stuck with problems. But if you look at problems and say hey, the more problems I can solve, the more I get paid then you can get through this.

In fact, one of the common things that people will do is they will look at all right. Hey, what can I do to get my education subsidized by going to local community colleges or universities and seeing if they have any programs for people in my situation. And the odds are they do So almost every single objection that exists can be overcome by a solution in America. And we haven't even talked about the fact that you could also get Medicaid Uh, when your income is below a certain level within a region, especially in Irvine, you're certainly within a percentage of the level of poverty.

In fact, I would argue you're below the poverty line uh, for a two-person household. So there are so many important things to consider when it comes to America that I understand that when we take this one person, 16.50 income with a child. out of context, we realize there are a lot of things that happen. Or we have to realize there are a lot of problems that happen before and then there are now problems that are happening today in this sort of fictitious example.

But that fictitious example is probably real. and it does happen. It's not going to be easy to get out of that hole, but the good news is it's possible. So that's my take on Katie Porter's video.

Probably not going to be the most popular, but then again, I'm coming at it from the angle of uh, somebody in in the Uh in the finance space and thinking myself, well, if Jamie Diamond doesn't want to give answers because it would be unpopular to say, well leave Chase Uh, right, or he doesn't want to give any kind of unpopular answer I'm willing to make that argument because a look twenty percent of people might yell at me and go, man, you, you don't even know what it's like. Which is not true because I grew up on minimum wage, nearly going through bankruptcy and foreclosure with my parents, and I had to bootstrap myself. But beyond that, and look, everybody's got their privileges. Okay, everybody's got advantages and disadvantages, but the point is, we just have to have real talk to be able to get through hard situations.

And if somebody is in that kind of situation And they would rather talk about how what I described is not possible or how it's not fair that other people had advantages, well, then guess what? If that's the mindset somebody has, then they deserve the card they're dealt. If the mindset of somebody who is in a tough situation is ah, well. everybody else is just privileged. Yeah, I'm not smart enough to go to school.

Well, then that's your problem. And ultimately, when you point a finger, three point back at yourself. So it's important to keep that in mind when you look at this from a financial. remember: I'm a licensed financial advisor and this isn't personalized Financial Advice: Obviously because I don't know all of your situation or that person's situation or whatever.

that person doesn't even exist that Katie Porter talked about. But when we're actually real about financial guidance or advice, we could see there are real ways to solve problems. That is the point of America problem, find solution, then get paid. All righty.

then uh, somebody just donated. Uh 4.99 I'm a high school graduate with no degrees and I drive a truck for a living and make over 100 Grand a year. There are no excuses. Hot damn Look at that take.

Wow dude. Over a hundred grand. That's amazing. Congratulations.