Monty Loree: Still, even at that point - when somebody gets to my age, you've seen the movie over and over again. What I mean by that is, at my age you've gone through a few cycles of income. You've had money go up, money go down; you paid off your mortgage, you've paid off debt, you've taken on more debt or whatever it is. When you started off, you're 18 or 20 years old, you're just starting. You never really had a loan before. You've never had a solid income perhaps. So you're saying that kids are getting more educated even with that?
Nick Farina: Yes, I absolutely think so. This is where Money In English comes in, I think in what I'm trying to do, is now there's this fear because people are afraid of what's going to happen if they don't have a job and their parents can no longer support them maybe. There's still an ignorance. There's no one out there that's really trying to teach young kids about finance. Even though those in the college age and above, and I think that's a really important thing to do. There are really simple things that these people need to know. It's the basics of credit – what's a checking account, what's a savings account, what's the difference? That really confuses a lot of young people still. That's a big problem, I think.
Monty Loree: You mentioned before that some of the issues that young people are having right now is they don't have a rating, like a credit rating. They don't know how to ask for better rates. They don't know how to dispute charges. They don't know how to do a lot of things. How do you know about that? How do you start into that?
Nick Farina: That's really an interesting thing because they just, and usually it's the same, but in the United States for example, it's just getting hard to give kids credit. That's really a double-edged sword. I actually read an article about that where in the past, you can get a credit card in college, no problem. A lot of times they were great, they would run the card up and that would be a problem. But in college, it's easy to get a credit card. Then as soon as you graduate from college, and this is still true, it's a lot harder to get credit because instead of being a college student,
See previous part with Nick Farina - Part 2
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