I wouldn't count on that income staying long term. As we get older, your income might decline precipitacly especially if the economy turns south. I would plan a budget on whatever regular salary is possible or expected. $25/hr job would probably be safe for long term budget. Once shes iver 50, budget $15/hr job to be safe because there is ageism for sure and shes not a nurse or engineer. And get a couple roommates to share rent and pay off the debt quick, within10 yrs max.
She basically needs to live in poverty until the credit card AND the 14% student loan debt is paid off. It'll probably take her 5+ years. Otherwise she's severely diminishing her future. Especially if her freelance income doesn't continue to increase.
When are we going to talk about the fact that people don't seek financial aid guidance from counselors WHILE in school b/c when you're not able to earn significant money yet, those conversations are abysmally depressing & feel like the sky is falling.
I personally think you should be cash flowing school and if you can't, don't bother going. I have a bachelor's degree and I can count on one hand how many times I've actually needed it in my professional career. Just my 2c.
My counselors were barely capable of helping me plan my schedule out for the semester, let alone the year. No way in hell they were gonna be able to teach me finance.
@@kathlbryanthat might work if the cost of tuition, rent, and other expenses wasn't so high. In your world only people who are already wealthy should be doctors, dentists, and lawyers.
Counselors are generally useless, at least that was my perspective from high school and any time I went for guidance in college it was equally as useless. I'm sure they'd also be useless as financial advisors. It's also a waste of time to budget if you essentially have to take debt every month due to no income.
Here is a simple video highlighting the problem that many experienced during the whole COVID situation. I am confident that Anna will find a way to get out of this struggle ! Are you too ?
She’s making great money from gig work but the money she’s paying in interest is negating the income 😔 Nice work Romain telling her to be at 28% for rent. I think ppl laugh a lot on this show as a way to cope bc of nervousness being on camera. I’d be interested in a follow up episode for an update.
"I didnt know anything about student loans and nobody talked me through it" Sums it up perfectly. She's 25. So at 18, that was 7 years ago. Last I checked Google existed in 2017. Also, basic math skills? "If I borrow money, I have to pay it back, and pay more in interest" should not require you be coached by someone. That's just basic knowledge. And for a POLITICAL SCIENCE DEGREE! LMFAO talk about totally useless. This learned ignorance is something people really need to get over, because holy hell, use your brain!
That is a lot of money in interest...I'd be curious how much money that would be if that was invested into a 401K over 40 years, since she is still in her mid 20s! She carries herself well for her age though, I think she will get out of this quick.
Hey Indigo, great to see you 🎉let’s look at an example together. Anna is 25 so she has 35 more years till 60. If today she was to invest every month the total amount of interest ($633) she currently pays into a regular 401K (excluding tax for capital gain at distribution) she would end up with $2.4M on the account 💵 insane !
@@itsRomainFaure This is why I appreciate you taking the time to make these videos. When you put that into perspective, the younger generation is literally hurting (or sacrificing!) their retirement
@@IndigoVikingTV of course, while planning for the future is a crucial element, I don’t want to lose the importance of people also enjoying the present no matter their situation!
I feel like I would suggest moving into a private room within a house or apartment or a studio apartment rather than living in a 1 bedroom apartment. It’s typically much less than $1,800 a month. Even in an expensive market like Seattle. I live in a relatively princely part of California and a basic single room where I live is around $900-1,200 a month. I bet Seattle is similar. And that extra savings could help a lot.
As a South African, it's always weird when Roman asks the guests how they're doing and they don't ask him back
I wouldn't count on that income staying long term. As we get older, your income might decline precipitacly especially if the economy turns south. I would plan a budget on whatever regular salary is possible or expected. $25/hr job would probably be safe for long term budget. Once shes iver 50, budget $15/hr job to be safe because there is ageism for sure and shes not a nurse or engineer. And get a couple roommates to share rent and pay off the debt quick, within10 yrs max.
She basically needs to live in poverty until the credit card AND the 14% student loan debt is paid off. It'll probably take her 5+ years. Otherwise she's severely diminishing her future. Especially if her freelance income doesn't continue to increase.
When are we going to talk about the fact that people don't seek financial aid guidance from counselors WHILE in school b/c when you're not able to earn significant money yet, those conversations are abysmally depressing & feel like the sky is falling.
I personally think you should be cash flowing school and if you can't, don't bother going. I have a bachelor's degree and I can count on one hand how many times I've actually needed it in my professional career. Just my 2c.
My counselors were barely capable of helping me plan my schedule out for the semester, let alone the year. No way in hell they were gonna be able to teach me finance.
@@kathlbryanthat might work if the cost of tuition, rent, and other expenses wasn't so high. In your world only people who are already wealthy should be doctors, dentists, and lawyers.
Very much not true it just takes a lot of sacrifice and discipline.
Counselors are generally useless, at least that was my perspective from high school and any time I went for guidance in college it was equally as useless. I'm sure they'd also be useless as financial advisors.
It's also a waste of time to budget if you essentially have to take debt every month due to no income.
Here is a simple video highlighting the problem that many experienced during the whole COVID situation. I am confident that Anna will find a way to get out of this struggle ! Are you too ?
Yes, she appears to be a genuinely receptive person. She'll find her way out of this for sure.
@@Luncheon23 I agree with you, I see great potential too !
@@markandrewkoval8920 incredible !
I cringed when I heard 30% interest on $1300 😮
That was insane !
She’s making great money from gig work but the money she’s paying in interest is negating the income 😔
Nice work Romain telling her to be at 28% for rent. I think ppl laugh a lot on this show as a way to cope bc of nervousness being on camera. I’d be interested in a follow up episode for an update.
Good point! and yes often I find people having nervous laughs when coming in
A 1 bedroom apartment is $1800 in Seattle? Aie Aie Aie! No wonder no one is selling their forever homes.
Yep it’s crazy expensive … that’s also why I left !
I liked the briefcase for showing interest spent per month. People often don't conceptualize interest lost until they see it and well..I see it :D
I like her, she is kind and smart.
"I didnt know anything about student loans and nobody talked me through it" Sums it up perfectly. She's 25. So at 18, that was 7 years ago. Last I checked Google existed in 2017. Also, basic math skills? "If I borrow money, I have to pay it back, and pay more in interest" should not require you be coached by someone. That's just basic knowledge. And for a POLITICAL SCIENCE DEGREE! LMFAO talk about totally useless. This learned ignorance is something people really need to get over, because holy hell, use your brain!
Indeed😮
That is a lot of money in interest...I'd be curious how much money that would be if that was invested into a 401K over 40 years, since she is still in her mid 20s! She carries herself well for her age though, I think she will get out of this quick.
Hey Indigo, great to see you 🎉let’s look at an example together. Anna is 25 so she has 35 more years till 60. If today she was to invest every month the total amount of interest ($633) she currently pays into a regular 401K (excluding tax for capital gain at distribution) she would end up with $2.4M on the account 💵 insane !
@@itsRomainFaure This is why I appreciate you taking the time to make these videos. When you put that into perspective, the younger generation is literally hurting (or sacrificing!) their retirement
@@IndigoVikingTV of course, while planning for the future is a crucial element, I don’t want to lose the importance of people also enjoying the present no matter their situation!
I feel like I would suggest moving into a private room within a house or apartment or a studio apartment rather than living in a 1 bedroom apartment. It’s typically much less than $1,800 a month. Even in an expensive market like Seattle. I live in a relatively princely part of California and a basic single room where I live is around $900-1,200 a month. I bet Seattle is similar. And that extra savings could help a lot.
Very valid - a good recommendation as well - in fact there are options available in Seattle at a similar price range as you mentioned 👍
Anna should be making that interest money rain
😂 maybe I should change the money case for people to actually make the money rain haha
That’s a wholeeeee lottaaaa interest 👀👀👀
When you combine this with Federal Student Loan interest reverting back on September 1st, it will be costly !
👍 Time to see the follow up!
Different original one though :)
She's got this. You go girl!