>> Major funding for "Opportunity Knocks" is provided by the National Council for Financial Opportunities, a nonprofit dedicated to reducing poverty and creating economic mobility by breaking down systemic barriers, increasing equitable access to capital, and making opportunity accessible to all.

Its programmatic areas of focus include financial resiliency, financial accessibility, and income adequacy.

Additional funding provided by the Wells Fargo Foundation, which seeks to strengthen historically marginalized communities by investing in pathways to economic advancement and generational wealth.

Additional funding for "Opportunity Knocks" provided by Balance... and Callahan & Associates.

Previously on "Opportunity Knocks"...

Welcome to the stunning hills of Los Angeles, California.

>> When I met this guy, he was staying up because of drinking soft drinks excessively.

>> It ruined my teeth.

>> We were paying up to 29%.

>> The two payday loans we had were 699% apiece.

>> Wow!

>> Having to utilize seven credit cards.

>> I just want her to be proud of where we are now.

>> She is proud.

>> Gonna be proud of me.

I have a personal trainer now.

>> Oh!

>> Every day, millions of Americans must make the choice between paying rent... >> We're behind on rent.

>> We got to pay the mortgage.

>> ...or buying groceries.

>> I live paycheck to paycheck, and sometimes that doesn't even cut it.

>> So, we got spaghetti with no meat.

Are you serious?

>> "Opportunity Knocks" is back with our three esteemed coaches and six new underestimated families to create a personalized journey... >> Are you going to do what I ask you to do?

>> ...that everyone watching can benefit from?

>> I'm just hopeful that I won't always be struggling.

>> Through these families' experiences... >> This is an emergency.

>> ...you will see that a better life is possible with the tools that they are provided.

>> And we're gonna turn your life around.

Like, you have no idea.

>> Are the obstacles that these families are facing too much... >> Your mom is sick, too?

>> A loan that I obtained online -- interest rate's like 600-something.

>> What I'm seeing is, it's almost 700%.

>> You're looking at bankruptcy.

>> ...or will their coaches help them open the door when opportunity knocks?

>> That looks really good.

>> Yeah, that do look good.

>> Nice!

>> Oh, wow.

Thank you.

>> You're welcome.

[ Birds squawking ] >> To financial freedom!

[ All cheering ] >> Being single on this journey, it's been kind of lonely at times, but it's exciting to see everyone else who's also in this experience with me, because it's like they actually know what I'm going through.

>> I'm Erika from New Orleans.

Who had Miss Patrice?

>> We did.

>> We did.

My name is Wesley, and this is my wife, Bobbye.

We've been together for about eight years, married for a year and a half now.

>> How was the experience?

>> Empowering.

>> It was eye-opening.

>> Hi.

I'm Omar Winters, and this is my wife, Lynette.

>> And we're from Seattle, Washington.

Who else had Louis?

>> I did.

>> Ah!

>> Yeah.

>> Alright, tell us about your experience.

>> Yeah.

>> My name is Nicole.

I'm from El Paso, Texas.

He did make me cut up my credit cards, and I -- Whoo!

[ Laughter ] >> We had 14 credit cards, and the debt on those credit cards was over $110,000.

>> Hearing your guys' stories sounds so similar to where we were at.

We were two months behind on rent before Jean came.

>> You know, today is a very big day.

We have a lot ahead of us.

I cannot wait to see everyone's reaction to finding out what we're about to do with this Opportunity Fund.

So I know that we have some scenarios and situations with the families, and this money is going to be very helpful to them.

What are you all thinking about how we're going to use this fund?

>> These families have worked so hard, and I know that we want to make sure that the money goes as far as it possibly can.

So I think we have a tough job ahead of us, just kind of figuring out who -- not just who gets what, but what we're going to make sure they put it towards because we want to make sure they leave and they're on a good foot.

>> Absolutely.

And that's the tricky part, I think -- making sure that we either encourage them or Bigfoot them into doing the right thing.

For a lot of them, this is a really new position, right?

Being financially responsible for the first time in their lives.

I don't want to see them slip.

>> In this scenario, you have six very different situations.

>> Yes.

>> People's financial challenges look very different, and how we respond to it also should look different.

>> You know, I've always said that money is just a tool to live a better quality of life.

But what I've seen, like Nicole, my family, not having enough money has caused a lot of stress.

And so using the money to basically relieve that stress.

>> As a single mom, I feel like I compensated, like, trying to buy my kids things because they didn't have a dad.

So I was like, "Oh, well, I'll buy you this."

And I -- like, I shouldn't have been buying them, either.

But this experience has showed me, like, for me, I need to focus more on the memories we make and be more intentional rather than the materialistic stuff, because that stuff will break and come and go and -- But it's the memories and the intentions that I want them to remember.

>> She's got her bachelor's degree, but she doesn't have her teaching credentials.

She's got to go back to school.

So she hasn't been able to earn a good income.

And we know that that good income is going to come from her becoming a teacher.

You know, she doesn't have incredible debt, but, I mean, I think that we can get it down significantly enough to just remove that stress from her.

>> Donnell and Tanda do have incredible debt.

>> Credit card paid for everything.

"We'll pay it later."

But we were paying a lot more interest, and our credit card debt wasn't going away.

Jean pointed that out, and we were forced to look at it, and it was just -- it was not pretty.

>> They were carrying well over $100,000 in debt.

>> That's a lot.

>> But I do feel like they're on the right path.

And then, they were bragging about their credit scores and how much their credit scores are up.

They should be able to refi this debt.

>> In the beginning, I was, like, in big denial about my finances.

Like, I knew I was making the money, but because I never budget, I just was spending and spending.

>> I actually want to see Erika pay down her debt, as well.

She needs to find a home where she can house both herself and her mother.

I really want to see her quality of life improve.

>> Right before she came in, I had just lost my car just because I wasn't budgeting, like, and paying attention to my finances.

And then because I take care of two households, my household, my mom's household.

And then, prior to that, like, I had cancer, so I'm -- I'm cancer-free now.

>> Yes!

>> Omar and Lynette, kind of a similar goal.

They want to buy a house.

>> As far as loans go, yeah, we had some high interest rates with two of the loans that we had, too.

I mean, it was 699%.

>> 699%?

>> Yeah.

>> Is that legal?

[ Laughter ] >> It almost felt like Mafia style, to tell you the truth.

>> How did that happen?

>> Just from not wanting to borrow from friends and family.

It's how that happened.

Just household is always asking.

>> No, I get it.

>> So, Wes and Maegan.

They have come a really, really long way.

But one thing that stuck with me since the very first time I met them was Wes's belief that he just doesn't want his kids growing up in the poverty that he grew up in.

>> Jean really helped push us to better ourselves, not just financially but personally.

>> Looking back, I'm kind of ashamed at where we were, but I felt like a hunter trying to bring home food for the family of five, and it's a squirrel.

>> Well, let's eat, guys.

Come on!

[ Laughter ] [ Indistinct conversations ] >> I'm so proud of Bobbye and Wesley.

I cannot -- I just can't get over how different they look.

They really have had the mindset shift that we always talk about.

>> When we started with her, we had $30,000 in credit-card debt.

Both of the credit cards had at least a 26% interest.

>> Yeah.

>> And we were four days away from losing our house, and we absolutely had no idea.

>> I think now that they've gone from being in emergency situations to feeling that they can handle their finances with more ease and grace, I think having less debt is going to be the best thing for them.

>> Yes, I agree with you.

They have done a ton of work, but I kind of want some guardrails.

>> Yeah.

>> You know, when we had to spread out our finances and talk to her about the mistakes that we had made financially, she was -- you know, she didn't lay into us, but she was like, "You need to fix this."

>> Oh, she laid into us.

>> Right?

[ Laughter ] >> She ain't nice now.

>> I think you're doing a great job, Coaches, by the way.

Even coaching them through this part of the journey.

>> They realized that they needed, you know, kind of a little kick in the butt to get them going.

And the tough love that you guys are showing them, the tough love that I've shown them, I think they're asking for more help, and I think this is what's going to do it.

I think this is what's going to take them to really cementing them making better financial decisions in the future.

>> Look, if we're good coaches, then our explanation should hold up.

>> All right.

So, are we ready?

>> We're ready.

>> Let's do this.

>> I'm gonna go let them know that we're ready to start bringing them in.

>> All right, sounds good.

>> ...balance.

This is what you get each week.

What you do with that -- >> Hello, everybody.

>> Hello!

>> Sorry to interrupt all of the great conversation.

How's the food?

>> Good.

>> Great.

>> I cooked it myself.

>> Appreciate it.

>> Not -- Not really.

[ Laughter ] I'm assuming that we did well, though.

>> Yes, yes.

>> Good.

Well, we're just about ready to get started meeting with each of you one-on-one.

And so I will see each of you soon.

>> All right.

>> Thank you.

>> Bye.

>> Bye.

>> Y'all ready?

>> Come on.

[ Laughter ] >> Hello.

>> Hello.

>> Good to see you all again.

>> Look at you.

>> Beautiful.

>> Yes, she is.

>> Hello.

>> Yes, sit Miss Louisiana.

>> Yeah.

>> Welcome back to the hot seat.

>> Yes.

>> It feels hot.

[ Laughter ] >> It was a pretty intense day yesterday.

>> Yeah, it was.

>> I was so nervous, I woke up at 3:00.

Just... >> Feel good.

Feel rested.

>> Good.

We are excited for you to be here today.

>> And you've done a lot of work.

>> We are so proud of you guys.

I'm so glad you were able to share your stories with my fellow coaches and our host, Ronaldo.

>> Yeah, absolutely.

But we've got this fund of money.

>> We have something here called the Opportunity Fund.

>> And we can use that money to give to you to use to make your journey a lot easier.

But let me ask you a question first.

>> What would $10,000 do for you guys?

>> If we said to you there is $5,000.

>> $7,000.

>> That you could use in any way, what would you do with the money?

>> What do you think you'd use the money for?

>> What would you do with it?

>> What would you do with it?

>> What would you do with that money?

How would you use that?

>> I think the first thing we would do is divide it up, put a lot of it in our savings, put a big chunk of it towards the debt that we're still paying off.

>> Right now, for my car, my A.C. doesn't work, so I would definitely pay to get that fixed, because a car with no A.C. in the desert is hard, especially with the kids.

>> I would definitely put half down for a down payment for a house to add towards what I have, and five towards my business because I need both.

>> Donnell was asked from another veteran organization if they could come in to our location, and it would be after hours and they want to put on an event.

That means, you know, we have to pay the bills.

We have to have someone come in and be there.

So it requires us to charge people for these events, and we don't want to have to do that because we know the events are benefiting veterans, and that's our goal.

>> Have you ever heard the expression "Put on your own oxygen mask first"?

>> Oh, yes.

I used to be a flight attendant.

[ Laughter ] >> I want you to put on your own oxygen mask.

You've taken these incredible steps and really cleared the decks in a lot of ways, but you've got a lot of debt.

>> Yeah.

>> You've got a lot of debt.

And before you start thinking about "What can we do for other people," I know it's seemingly selfish, but I want you to think about your own financial house... >> Yeah.

>> ...for a little while.

>> Pay off the rest of this debt first.

Yeah, uh... >> Some toward housing.

>> Yeah.

Some of it -- some left to put in savings and... Yeah.

>> It would definitely help with trying to pay some of that debt down and being able to have the money for if, you know, something happens, like a job loss or just any kind of emergency comes up to being able to paying that.

Not having to go back to credit cards, for sure.

>> Yes.

And then being able to take care of our kids and, you know, show them there's a right and a wrong way on how to do finances.

>> Well, I know that $10,000 would be incredible, but what we've actually discussed is that we would love to give you $20,000 to do exactly what you said, Bobbye -- pay down that loan that you were able to take out from Pelican State Credit Union.

We want to see you reduce that from the $29,000 I know that's outstanding down to $9,000 because I believe so much in how you guys are working together as a team now, how you're coming up with a plan, how you're talking about this, that you will be out of that $9,000 in debt in no time.

You guys are doing so incredibly well, and if you just stay on the same path, that $9,000 knocked out in no time, right, guys?

>> Absolutely.

Especially because you're doing this now on two salaries.

Right?

>> Yeah.

>> You were doing this on one with no overtime.

>> That's great to hear.

Because we're not going to give you $7,000.

>> Okay.

>> We're going to give you $20,000, and we're going to use about $18,000 of that to pay down your debt.

We know that BECU credit union helped you out a lot to consolidate that debt, but you're going to be able to pay that off.

Because I think you owe about $14,600, somewhere around there.

Right?

Approximately.

We're gonna have you pay that off, use some of the other money to pay off the other debt.

We won't get it all paid off, but we're going to leave you with very little -- maybe $3,000 or $4,000 left of debt.

But we'd love for you to use that other $2,000 to add towards your savings or whatever you see, wish.

Congratulations.

>> Absolutely.

[ Stammers ] >> Wow.

>> How do you feel about that?

>> What do you think, Lynette?

>> [ Chuckles ] >> Gone.

>> Gone.

>> What?

>> I'm just absolutely shocked and speechless still.

I mean, my wife was sitting there tearing up because we literally were not expecting that.

>> What I've been thinking about is really the future of those children.

And so I agree with you.

I think you should pay down some of that debt, especially the debt that you took on to re-- stay in your apartment.

Right?

That's $2,000 in debt.

>> Yeah.

>> We're not going to give you $5,000.

We're going to give you $20,000.

And this is how we're going to give it to you.

We're going to give you $2,000 to repay that debt off the top.

And then we're going to take $18,000, and we're going to open 529 college savings accounts for your three children... >> Wow.

>> ...with College Advantage, which is the excellent Ohio 529 college savings program.

And that -- that amount of money for each of those kids is going to grow.

It's going to be invested, it's going to grow for their future.

They're going to be able to -- to do something with that, to go to school, to figure out a career, to start building a life when they get a little bit older.

How do you feel?

I feel really good about that decision.

>> I feel so relieved.

Like, I'm overwhelmed because that's just... an amazing gift for them, and it's just an amazing start for the kids that -- I mean, we're working on it, but I don't -- I didn't know, like, if that was going to be something that we would be able to just give them ourselves, and it's just amazing that they will have that.

>> So, what if we said, instead of $10,000, we've talked about it and thought that we should double that and make it $20,000?

>> I would definitely love that.

[ Laughter ] >> That would help a lot!

>> That's a lot better, right?

>> That sound a lot better?

>> That would help a lot.

>> So, here's the plan that we've come up with.

I know that you had to consolidate quite a few loans.

>> Yes.

The credit cards, the personal loan, all of those things with New Orleans Firemen's Federal Credit Union.

I want to see you take that $20,000 and pay down that debt, because it's going to do a few things.

I know you've already skyrocketed the credit, but imagine that credit going up even further, your debt-to-income ratio going down... >> Yes.

>> ...which means it's even easier -- right?

-- for you to apply for that loan.

And now you don't have the stress.

>> I know, because that's what I've been doing -- stressing a lot.

>> We're talking about going from $32,000 in debt down to $12,000.

And because of the habits that you have built, the way you've been utilizing the resources, the discipline that you've built, I believe that you'll knock out that $12,000, and that you and mom will be in that house.

>> What is that, Erika?

Is that relief?

>> It feel like financial freedom.

'Cause it feels like -- [ Cries ] Before this, like, I was stressed out.

Like, just wanted to make sure my mom's good.

And it's like, now, like, I have an opportunity to, like, get my life back and all that and help my mom.

>> Yeah.

>> Well, we're not going to give you $7,000.

We've decided that we think that $20,000 would be ideal for you, and we would love for you to use it at least about maybe $9,000 of it, I think, that what you have in debt to pay down your debt with Raiz.

>> Mm-hmm.

>> We'd love for you to use, also, a good chunk of that money to pay for your teaching credential, go back to school, so you don't come out of school with debt.

>> Yes.

>> And we'd like to give you -- you know, and use another couple thousand dollars to do what you need to do to fix your air-conditioning unit or use it for yourself for right now.

So it's, in total, it'll be $20,000.

And I think that we've decided that's probably the best for you.

And you're leaving here today debt-free.

>> We're actually going to give you $20,000.

>> Oh, my goodness.

>> But I -- I want that $20,000 to go right against that debt.

>> You guys are so deserving.

You've put in so much work.

>> Absolutely.

>> And we want to see you continue the journey that you're on and the lives that you're changing.

But we want to change your lives first.

>> Thank you.

>> I just want to say thank you for helping me teach them and give them something that I was unable to give them and didn't really know that they needed.

>> Your mom, she's already proud of you.

>> Yeah.

She's told me.

>> We owe everything to you, Miss Patrice.

And I owe more because just what you said to me really stuck with me.

>> I'm so glad.

>> Thank you.

>> I can't wait to go visit you at your new home.

Hopefully, I'll get an invite.

>> Done deal.

>> Done deal?

>> It's great to know that I can pay off those debts and start saving.

I mean, as a single mom, like... ♪♪ >> Take your time.

♪♪ >> I just never thought I would be in the position I am today as a single mom and, you know, living paycheck to paycheck, but now I can save.

And it just...

It makes me feel so much better.

>> We've got one other gift we want to give you.

I know you've used The Opportunity Finder to find resources to help you along this journey.

We want people to be able to find you.

So we're adding Veterans Growing America to The Opportunity Finder.

>> Wow!

[ Laughter ] >> Oh.

Whoa!

It's an honor to have Veterans Growing America a part of The Opportunity Finder.

For someone to be able to find what we're doing through The Opportunity Finder, and be able to get the support and help that we offer our community, it means so much.

>> It's been so great watching your journey thus far, and we know that you all are going to continue doing amazing things going forward.

>> It's been a blessing.

>> So thank you.

>> It's been beyond a blessing.

It's just, like, mind-blowing that we have the opportunity, thanks to Miss Patrice, to really change our lives entirely.

>> What an outcome.

[ Laughter ] >> I feel like we're definitely on the road, and the momentum is strong behind us to keep propelling forward.

>> I believe it's the beginning of a great new journey for you all, and thank you for allowing us to be a part of it.

>> It is a blessing to know that our children already have a future started for them because of Jean.

>> You're such an incredible light, and we are so glad that you allowed us to be a part of your story.

We can't wait to see where it grows from here.

So thank you so much!

>> I feel like I got really emotional because it's like, my life is really about to change because I feel free.

I can live and just do exactly what I was born to do -- get my mobile salon and slay across the world, and get my house for me and my mom.

>> I'm going to start crying because you're -- >> I'm sorry.

[ Laughs ] I'm crying because anytime I see Louis, I just feel the need to cry because he's just been there for me this whole time.

The relief I feel of knowing that I'm getting that money to help me with the debt that I have still, it's so much weight feels lifted off my shoulders.

>> That was a quick 120 grand.

>> It was.

You didn't waste any of it.

And that was the good thing.

>> No, I feel good about every dollar.

>> Absolutely.

>> Yes.

>> And I know they do, too.

They have to feel good knowing that, for many of them, "I'm leaving with less debt or no debt, and I'm even putting money towards the future, whether it's a down payment for a home or my children's education."

Wow.

>> It's going to change their entire family legacy, trajectories of where they will go.

It's pretty impactful.

You all did an amazing job.

>> But thank goodness for these resources because that's what's really making a difference.

>> Well, you are so right.

That was a good all-around day, and I think our work here is done.

>> It is done.

Let's go.

>> So, we're going to find six more families?

>> Yeah.

Now we got to find six more families.

♪♪ >> To find your own opportunities, please visit opportunityknocks.net.

♪♪ ♪♪ ♪♪ >> Major funding for "Opportunity Knocks" is provided by the National Council for Financial Opportunities, a nonprofit dedicated to reducing poverty and creating economic mobility by breaking down systemic barriers, increasing equitable access to capital, and making opportunity accessible to all.

Its programmatic areas of focus include financial resiliency, financial accessibility, and income adequacy.

Additional funding provided by the Wells Fargo Foundation, which seeks to strengthen historically marginalized communities by investing in pathways to economic advancement and generational wealth.

Additional funding for "Opportunity Knocks" provided by Balance... and Callahan & Associates.

♪♪