Absolutely! I've believed this since the age of 10. No point in wasting valuable time, money and energy in pursuing something which will give you nothing but debt. When it comes to choosing between false prestige and hunger, hunger wins.
There is a dearth of blue collar laborers. We need good workers and we need schools to stop telling every student they MUST go to college. There are a crap ton of trade jobs out there. Not easy but at the end of the day you accomplished something. I am a professional and worked on a 17-team job for 8 months for the owner to cancel it. The emptiness feeling was real. Sure I got paid but after 8 months I had nothing to show for it.
WOW!!! INSANE!!! We set up 529 college plans for our twins when they were babies. We started out with just $25 a month, increased it to $50 when they got into middle school, then $100 each when they got into high school. Well one twin decided not to go to college so we transferred his cash to his sister's account. We told our daughter up front to choose an "affordable" school... She did.... she is graduating this weekend with NO STUDENT LOAN DEBT (whew)!! It can be done folks!!!
@@reese85 the money can be used for trade schools as well. The money can be transferred to family members fairly easily for qualified education expenses. Also, if you save up money and your child gets a scholarship, you can cash out the scholarship equivalent from the 529 with no penalty or tax. The new cares act also permits you to invest unused dollars into your child’s Roth IRA. However, since you own the funds, it counts towards your Roth IRA annual limits…that’s the catch. But there are various options.
Yes. I use the analogy of a paper cut instead of an amputation. Wife and I each put in a $200 a month into a 529 when daughter was in kindergarten. She lived at home and got a BS at a state school satelite campus in our home town. Now going to Yale for a Master's. All paid for no debt. Have to be smart about it. I didn't miss 200 a month. If hadn't done that and she came up to me after High School and said Dad I need $150,000 probably would have said good luck with that. Wished parents would put just a litte away for their kids. Tax refunds, family members using points on credit card that goes into 529 or whatever.
@@reese85 Hey Reese! Bottom line is YOU still own the funds. I transferred the funds into my daughters account very easily. Keep in mind it can be used for tuition, and anything school related (books, laptops, etc). It only gets taxed if you use it for non school related things.
I live in MD not too far from Roanoke, VA. I have a bachelor's in accounting. $60k is the average pay for accounting positions in the DMV area. People keep telling me to go back to school for a master's in accounting. Put myself into about $80k in debt just to make 5-10k more than I am making now is the dumbest advise. I cringe when people keep pushing on me to go back to school. Mind your own business if you are not going to pay for my debt.
I have an Associates in Business and I make exactly the same as someone who currently has a masters degree in my department. Everyone in my department is telling me to go back to school…
This guy is what you call a forever student. Always going to school racking up education, while never using it to get ahead. Remember, it's not what you know but how you use it.
This person has no personal accountability. Blames degrees. Blames kids. Blames area they live in. Blames college institution. It's honestly just sad. 59 years old and still thinks like a child.
These stories are mind-blowing. For decades we have preached that the way out of poverty is a college degree, but all these people borrow money to go to college, then don't uses their degrees, and go right back into the low earning trap their parents were in. Insanity.
An education is the best way to get out of poverty. However, you have to 1) make sure that you don't go to a school where the cost of education is so high that you can't pay it off and 2) pick a field where you have good job prospects. Just getting "any degree" is not how you move up in life and it will cause you to end up like this woman.
I don't work in the field. I went to college for either but I picked up a second job to pay off all of my loans. I was 80 grand in debt. It took me almost 5 years to pay it off and I've still been working 2 jobs on my eighth year now. The corporate World is just a Terrible thing to have to deal with on a daily basis for some people. Some of the things I saw when I worked in corporate made me never want to go back.
Sounds like this person was a professional student and then funded her kids to go to school because she couldn't save a fund for them or letting them not go to college till they could fund it themselves.
She claims all the accounting jobs require SAP experience, which is not true. She could easily get an entry level job to get SAP or QB experience and be making $75-100K in a couple of years. She's too busy feeling sorry for herself and making excuses.
@@safeandeffectivelol that is also not helping her case at all. But the fact that all of her master degrees aren't really related to each other also tells me that she was going to school for a LOT of years to avoid paying on the student loans in the first place.
@@lydialukes522 yep and I know someone like this, they love school more than they love working. All those degrees means nothing if you don’t make income out of them
@lombardo141 this poster didn't mention marriage nor did the caller say she was married. There's a lot of ppl in the comments calling her 'him, his he'.
Dave, a typical starting salary for accountants is around 50-60k. The masters doesn’t change this much, but the area does. A master’s in accounting (not to be confused with a masters in tax) has little to no value after passing the CPA. Source: Full time Accountant
At 59 she should have 30+ years of experience. She's the same age I am and when I left the accounting world 20 years ago, I was making $140K as a senior accounting manager. She didn't say she was a CPA though so that may be a large part of her income issues.
It's funny how she started off by saying "MY CREDIT REPORT says I have $258,000 in student loans." At first I thought this was a mistake or identity theft. But it was actually just her trying to deflect her own culpability.
I went to lineman school for 5 months. I paid 10k total for the school. My first job out of the gate I made 80k. Now I consistently hit over 6 figures easy each year. Its salt in the wound for my counterparts who spent their whole life in college and they cant make over 60k now. Yet, im the "uneducated" one. 😅
That’s because most colleges only teach entitlement, hatred, and the benefits of communism. They lose their future before they get their diploma. I fear the newest generation won’t be able to function unless there is an “app” for it and it can be done on their electronic device of choice.
@Jim Eagle to be honest, neither did I(so I thought). But I was pushed out of my comfort zone and was able to adapt. I think sometimes, people just need a good kick in the a$$. Lol
One thing you learn about Dave Ramsey callers, they either make you feel really bad about yourself (I'm 25 and have a million dollars in the bank) or really good (this caller)! 😂
It's absolutely insane that someone who makes 60k a year is allowed to take out six figures of parent plus loans just because they don't have an adverse credit history. Income should also be taken into consideration.
@left_blank why shouldn't debts be dischargeable in bankruptcy? If a loan goes bad, the lender takes a loss. That's how capitalism works. The risk is baked into the interest rates. It happens for governments, companies and individuals. Nothing is guaranteed--every loan carries RISK to the lender.
CPA here. What Dave is saying about accounting is incorrect. Getting a masters in accounting won't get you 6 figures. Having a masters in accounting is pointless, unless you plan getting your CPA.
Went to community college for RN degree - worked and paid cash $4500 for school - started full time work in hospital ($40k) - Hospital paid for entire BSN completion - I worked full time while completing degree and then owed hospital an additional year after last class was completed. Continued to seek more responsibility - within 6 years was making $90k as unit manager - all well before COVID raised nursing salaries. It can be done - never had a student loan - consider the future earning potential of any degree you pursue.
Because you're a smart woman. Some people choose degrees in history, philosophy (LOL) and other worthless crap they pick. I believe high schools and parents need to tell these naive kids not to choose these worthless degrees.
Bingo. Yes, pursue your passions, but also consider the return on investment of the degree you are pursuing. Consider yourself extra blessed when you can marry the two: passion + ROI.
I don’t know if this person is at the point where they’ve taken full responsibility for the debt(which is crucial to fuel the planning needed to get OUT of debt.) The way they said that their “credit report shows” vs “I have this amount of debt” stood out to me.
She just had a hard time trying to navigate in building her real career. She was grinding hard getting those degrees. But couldn’t find a way to get a real job. She’s just in customer service now. Not a real career
Dave is always way overestimating what people make/should make. The man said go from $120k to $220k like there’s some kind of opt in option and it’s no big deal. Likewise, people don’t typically start off with a masters in anything making $120k+. I know a guy who had his masters and CPA, and started off making $75k at Deloitte.
You start off lower and get large raises each year. After about 5 years, you should be passed 100k. Need to find a speciality in accounting. This person did none of that
Now you my friend are realistic! I question Dave's comments about suddenly finding "a big shovel" too sometimes! It's not straightforward, not sure he knows this!
Leaves a pit in my stomach just thinking about it. I paid off my student loans at 32 and felt like that had lasted too long. Can't imagine knowing I'd still have them in my 60s.
Frist, I'm going to be debt free when I finished this year with my Bachelor Degree Program 2023. I stay oway from those student loans, 😮 I need freedom.
As someone who grew up rural and went to Roanoke a fair amount as it was our "big city" and still keeps up with the general goings on, Dave is dreaming if he thinks that woman is going to be able to snowball into six figures as a CPA down there with little experience. Most likely what happened is she is a Liberty admit who got sucked in by the marketing and tried to keep pivoting her way to wealth without any real ideal of what she wanted (and maybe even sent her kids down there too) who got stuck when she realized that she's both underqualified and overqualified for anything halfway decent. Honestly, I think her only path forward is getting a state job and use public service loan forgiveness and the clock is ticking even on that.
This is the second call on this channel where a caller has gone deep into debt for a theology degree (worth as much as toilet paper). Basically starting her career at 59, no chance.
The older I get the more I have a red flag when people have multiple degrees, especially when unrelated. I feel like a lot of people do it to validate they're not dumb and to avoid putting their head down and actually getting to work on something.
I said this before. Im black & she sounds like a black woman. A lot of them, go to school to “prove” something. That’s why black women are the highest group going to college but yet, they are the lowest paid race of women. And it’s not because of the “wage gap.” They can say they have 2-3 degrees, which a lot of them are bs & it sounds impressive without anybody knowing they’re in debt, 200-250k. She did a horrible job planning her career. Im half her age with a CDL, making 20k a year more….it’s not about degrees. It’s how you plan & any obligations in your life will determine your success. She probably got herself into some debt too. I know this story too well.
dont be afraid of college either as long as you can do it in cash. Just avoid loans. It is a wonderful learning experience for a 18 year old if done right.
20 years ago I started a yard mowing business and in 3 years I was making $100k in the spring, summer, and fall and then taking the winter off. I sold that business and bought a restaurant franchise. Been over $300k now for a while. No college required.
Agreed, best comment here...I mean, 59 years old! How does one get to 59 years old with $258,000 in student loans...AND DOES ABSOLUTELY NOTHING ABOUT IT!!!!!!!!! 🤯😶😳😱
Confusing call to say the least. Pushing 60, it's gonna be hard to start a new career in accounting. Especially with all the younger recent grads you're competing against.
Well what about the people who had the PPP loans forgiven or were completely scammed out of them....we are talking billions that were either forfeited or lost.
I am all about being debt free. I've been so much happier since becoming debt free but at 60 with $250K, Me and the $250k will have to go in the coffin together when the time comes LOL. No way i would even attempt to pay this off.
I agree with you. Im going to finished my Bachelor Degree Program, going to be debt free, I had to fight the good fight to get there. The temptations was real, and the advices was pushing the loans options on students. If you want freedom, do your research people, write out our goals, plan our future. God bless 2023.
How do you "not attempt to pay this off" when the monthly payments or interest are real? Don't you have to authorize them to deduct it from your bank account automatically?
@HMS Defender you can simply refuse to pay. The worst they can do is garnish 10% of your wages and hurt your credit score. But that pales in comparison to having to put all your money into a never ending debt and working yourself to death. Alternatively you can move to another country where your student debt doesn't really matter then
The idea that a 59 year old person would get a job as an accountant where they make 100k+ is ludicrous. It's going to be very tough to get any job at that age unless you are applying for upper management positions or McDonald's.
@@sblijheidI don’t know if you have been in the market recently. But getting CPA at 60 is going to raise red flags. Most CPAs are a few years out of college
You need to do the grunt work first. Nobody is giving a grad 100k off the bat. So much training and on the job learning in accounting a degree is just the start. But if you’re half decent 100k is realistic 5 years out of the degree. Or if you run your own business could be sooner. Coming from someone with masters in accounting / chartered accountant 7 years in.
Roanoke Virginia has under 100k people living there. Dave is pretty out there on this one, that's probably a very suppressed job market. Average salary there is $48,000.
The fact that he switched through multiple degrees and not fully working / aiming to work in the field. I agree some of the degree are useless. And at such age, a lot must have happen decades ago if not in the last decade alone. Her/ him and the kids to come up with a plan to shave off the debt and help the parent to build solid retirement in the next 2-3 years.
59 is nearing retirement, very hard to discharge. My advice: get on an income based payment plan and be prepared to make low payments until you're gone. In the interim, get a higher paying job so you can at least manage the debt.
Three degrees and unable to pay student loans. Why not get 6 degrees and have over half a million in student loans? This is the type of person that would look down on a blue collar worker with no college degree, but makes double or more than she does with no debt.
Here 3 degrees and how many for her kids is she paying for? Parent Plus loans... You mortgage your retirement for your kids who should be working to pay their own bills. If you have to get a loan for your own education, that's a little bit on the stupid side. Getting a loan for your kids' education is a great way to live in a refrigerator box for retirement.
Dave doesn’t know what he’s talking about here 😂. As someone with a Master’s in Accounting you def don’t start out at $100k, much less $125k. In addition, it’s very likely she doesn’t have enough accounting course hours to even sit for her CPA, not to mention the required accounting experience after passing your CPA to get your license. Took me more than 5 years in accounting to cross 6 figures.
Yup. She invested in temporary work avoidance in the hope that the degrees would get her better work. But she’s ended in working for right around what you’d expect a non-graduate would make deep into professional life. Except with huge student debts. Breaking yourself for school isn’t worth it.
I went back to school at 45 I was about to go for a master in architecture, I chose a 6 months certificate in HVAC instead ; I work as city employee and make 80K with a pension and very good benefits and no debt. Please stop doing soul searching, it doesn't work in your case.
The best option for this person is to simply stop paying the loan. The worst that happens is they garnage 10% of your wage and your credit tanks. At 59 years old neither of those really matter. The other option they have is to enter IDR and pay a % of discretionary income. They will never pay off the loan, but as long as they make the minimum payment through IDR they will face no punishment and they dont have to give up their whole life
When I was done with community college as a RN I was 19. I don’t know why people sleep on community college. We are killing it out there earning six figures without student loan debts.
The worst mistake is taking out parent plus loans. Let your children go to a school they can afford. Do the first 2 years at a community college, then transfer to a state school. You can save a lot of money that way. It’s sad that this woman at almost 60 years old have over 250k in student loans and a mortgage. She will never be able to pay off these loans. And I’m sure her children don’t care to help her. Parents stop taking out these loans for you children. Just say no
I learned how to enter journal entries and do account recs and all the financial reporting I needed with SAP in a week without having any prior training or an accounting degree. It’s the easiest thing on planet earth and any competent manager will teach you if you don’t know how.
As someone with a bachelors and masters in accounting, we don’t make $100k starting. That’s for those CPAs with much experience at their peak salary for major company., who became high positions like Controller or head of their division in the company. $60-70k average for all accountants. He’s not going to get many jobs in accounting. One: limited experience. And also, Liberty University is not an accredited business school on AACSB. He can attempt to get a CPA license, but some states may not even let him sit for the CPA license due to the accreditation issue. Either way, it’s HARD to pass when also working full time. His best bet: make his son pay off the parent plus loans once he graduates
Masters in accounting does not “start off” at 100 or 125k. More like 70k. Within a few years though you’ll be at 6 figures. In a decade you’ll be at over 120k.
64yrs old ; i owe 270k for a masters in social work...cant find work, im retired with disabilities. payments would be 2400.00 per month, i have to keep applying for income based payments at 0. but the interest keeps going up and up. i asked doc for a forgiveness form for her to fill out and she said...i could still be a walmart greeter and earn income to pay the loan off. I would have to work until im 200 years old.
There is no point paying them off at this point. Enjoy your golden age. Just do income driven till you leave this planet and when you will retire at 65, your monthly payment might be like 200 or less cuz you will have no real income.
Got a bachelor’s in accounting and and MBA for a $55k student loan debt. Paid it in full after 9 years last year. It’s like the series finale of a show I hated watching.
I observed in the language how passively the caller spoke of things: ‘my credit report says’, ‘they said x’, ‘kids couldn’t go without my p+ loan’. No ownership of his choices.
I needed to hear this. I am 62 and really wanted to go get a Master's Degree but I keep looking at the cost and I realize at this point it is an expensive 'vanity plate' move.
Not necessarily. Just make sure you can afford it. My aunt and uncle both went back to college in their 60s to get masters just because, and they were so proud of themselves.
I have a masters in accounting and never made anywhere near what Dave Ramsey says. This guy is not in the game like myself. He has no idea. I’ve been applying to accounting jobs for 10 years and I have my CPA and have landed zero jobs in accounting. Only tax preparation jobs at accounting firms. Terrible job.
He is right people want applicants with the exact experience for the job , employers are being very picky past few years . Things that shouldn’t need a degree all require one now
Well I got a bachelors in marketing.. I WANTED to go into advertising…found jobs in mortgage, then LED lighting, then commercial construction, then finally got a job that related more to my field BUT got laid off during COVID and now have a job in international banking. Idk 🤷♀️ I go where I get the job. But I realized that jobs are not guaranteed just because you have a degree. I had jobs higher than minimum wage but I know guys that parked cars at the fancy hotels and made way more than me. I know people that work customer service and get paid more.
Sorry, a good accountant with a masters degree is expected to do more than ‘plug numbers into SAP’. Sap is an accounting ledger system. You need to understand how all entries impact the financials. You need to be able to perform analysis, interpret and apply accounting rules and most likely manage a team of professionals. There is no way he is qualified to earn 120k when he has zero practical accounting experience. He might be qualified for a staff or senior accountant level.
The kids who she took out these parent plus loans for need to understand the weight their mother is still bearing for them, and as a result her needs in retirement will be on them. Start helping pay their own portions off. Remember retirement is a financial status, not an age.
A college degree is a means to an end, not an end in itself. If your goal is to become educated you don’t need a college degree for that. The knowledge is free (e.g. go to the public library). The purpose of the degree is to get the certification for a particular profession. Some degrees are more expensive than others but the cost of the degree should match the ROI of the job it helps you get. This person needed to understand this 20 years ago. Now it’s too late to fix their life. Very sad.
Yes, there no way you’re going make that where I live. I’ve got a BS in acct, a duel masters in acct and information systems and my cpa license. Five years ago, with 20 yrs experience, 50k was my highest offer.
yeah but she's 59. She should have several years relevant experience by now if she actually used her degree. Unless she just recently got her accounting degree which is silly if that's what happened.
@@erinjefferis8072 It all depends on the market. I just hired a software developer fresh out of college for $89K. That's what the market is in our area due to a large software company just down the road. I'm a CPA but left years ago. I started at 32K but was over 100K in just over 5 years. Lots of hours though and I took on all the jobs no one else wanted. That included a client that was "difficult". Turned them into one of the largest clients my firm had.
People don’t look at college as an investment. I just graduated with an EE degree and will making 80,000 a year I have about 40,000 in loans and plan to pay them off in 2-3 years in my eyes it was worth it. I’m going to live at the same level I was in college making 30,000. People graduate and get a real job and inflate their lifestyle. Or they go to school for underwater basket weaving and wonder why they never pay off their loans
That's the rub. They live expensively while they have student loans to pay. Ten years later the debt is triple what it was when they graduated plus they have two car notes, a mortgage, and 50K in credit card debt, and have the nerve to demand student loan forgiveness.
Used to live in a pretentious college town. Everyone had a few degrees while working for slightly above minimum wage. They would always complain about their salaries and life styles. I would suggest an rn through a community college and let the university pay for the BSN or web designer. Believed the tripe that this degree from this university guaranteed 80, 000 plus USD per year. This was true for a small faction of the well connected students, the rest just suffered. Remember education is a business. The only time for outrageous debt is for a GUARANTEED outrageous salary. Start a side hustle in high school. Find something which you are excellent in and have an intense passion. Experiment on how to monetize this passion and swivel this sensibility onto a platform. AI will be paramount in the future career paradigm and some current well paying careers may become obsolete.
Gotta understand that a lot of these “masters” degrees are from small, unknown, for-profit schools that teach people absolutely no practical skills that employers are looking for.
Every time I make a stupid decision like taking a 6k loan to buy a car or something I watch one of these videos and go "you know, it could be worse....."😊
I have quite a bit of debt myself that will definitely take several years or more to pay off, but this lady's total amount of debt makes mine look like pocket change in comparison.
Graduated in 1980 from the Highest median starting salary from a public institution in the USA, My 5 years cost ~$15K, An alumnus offered to pay. Went overseas in Petroleum Engineering, ~$100K/yr (remember 1973 oil embargo) Extreme hardship position, young, single, MONEY a brand-new tract home in Texas (~$50K) In my 30's, I saw retirement and took a Gov't job. Pension and Free lifetime family healthcare. I comment to you because: "College tends to be an absolute joke." For $200K today, you can get a Petroleum engineering BS. and then take sniper fire in some GOD forsaken hellhole. For $200K+/year
There is one way out. May not be the answer you wanna hear BUT if you can get on disability the student loan will eat the rest. My wife had student loans and when she got on disability it all went away
This shows how little some colleges care about the students life after college. They will get you in more debt than you can ever repay. But they got their money so it’s the students problem now.
Cath Lab Tech pays $100 an hour in the PNW and the schooling only costs $5000-$10,000 at the community college. People need to stop wasting money at universities.
As someone who works in corporate America currently.....good luck getting a job in accounting that starts at $120k when your accounting degree was completed when they were still doing manual calculations on calculators. And no relevant work experience on top of that.
No it can't happen. She owes 258K. She makes like 60K a year. She still has bills. So if she put let's say 15K a year on this please tell me how she can pay this off in "2-3 years". I guess if she got a raise to 250K a year maybe she could. She is doomed.
With that much debt and that age you're better off just stop paying it, sell the house take the cash out and move outside of the country or if he doesn't have a house save as much as possible and start a new business in a foreign country and just leave that debt behind. It's not worth stressing out and living your final years of life in financial pain, take your knowledge monetize it overseas.I wouldn't pay it, not worth it.
After seeing this…I don’t feel so bad now. My total debt is above 180k…that’s all in credit and student loans. The primary reason for my crisis is me obtaining loans and credit, combined with employment instability(due to the wild swings in the economy over the years, starting with the housing bubble crisis in the 2000s) I’d been let go at least 4 times in 10 years due to company downsizings. And I’ve found that It’s been very hard to find stable jobs and couldn’t find employment in the fields that I studied in. Of course, I have myself to blame for obtaining new credit throughout those times. I will definitely take what Ramsey said to this person here and I’ll need to start being aggressive to paying down my debt.
I paid 3200 for a truck driving school 28 years ago i made 88.420.00 last year, for the last 28 years i have always done very well EVERY year , she should have attended the truck driver school with me, i really don't even know where to start with people like this, it's just insane...
I’m working to get out from under my student loans. I’ve got 32k on a bachelors in psychology. Currently working as a dietary aide at a retirement community. I make 27k a year ($13hr) and it feels like I just have enough to make my monthly student loan payment. I’d love to put a lot more to it. I’ve considered going to grad school to get my masters so I can eventually become a therapist, but I don’t want another 10-15k of debt on top of what I already have.
Dude, another 15k for the potential to make 3 or 4 times more than you are now is a no-brainer. Plus, you can apply for scholarships too. It's better to have 50k debt and make 100k. Then, it is to be 30k in debt and mane 27k.
Which brings up a question I wish one of the Dave Ramsey people would answer: What if you are interested in psychology and need the subject matter but don't want to end up with a "useless degree"? Do you take the classes but major in engineering (is that even possible)?
@@BobConnor-n2g Don't listen to people calling certain degrees useless. If you have a plan and execute it well, it would work. People calling degrees like psychology useless are the same people who complain we need to do more about mental health. The reality is the average person interacts more with professionals with Arts degree majors than they do with science majors. If a psychology degree is useless, then where does one go to get help with mental health? Or how do the courts establish NCRM? Remove all Art majors, and see how well society functions with just science majors.
I am in a similar situation. I have two masters degrees 1) Applied Economics and 2) MBA. I have about $250k in student loans because I was pursuing a PhD in Economics and dropped out. I make about $200k working two jobs. I'm trying to get a certification in accounting so I can make more money in one job. I'm 42 yrs old.
THIS IS ONE OF THE REASONS WHY I WOULD NEVER CALL INTO HIS SHOW! HE CAN BE A MESS AT TIMES AND THERE ARE MULTIPLE FACTORS THAT GO INTO WHY PEOPLE CANT FIND HIGHER PAID JOBS. HE IS BASICALLY SAYING THE CALLER IS STUPID BECAUSE SHE SHOULD HAVE A HIGHER PAID JOB! THEN TRYING TO SAY ON THE FLY ITS HER ATTITUDE AND HER KNOWLEDGE BASE!
You can't just pray your way out of this situation! She said what her income was, but what's her husband's (if there is one)? That's roughly $35K (at 7% average) per year in payments to get out of this hole in 11 more years, when she's 70. So more questions: 1) Does she have a spouse? What's their income? 2) What other debts does she have? What's the mortgage principle versus the house value? Is it something that can be downsized to eliminate the mortgage payment and possibly even pay down some of these loans? 3) How much will she make when she finds that better job that pays her appropriately for her accounting degree? When's she going to start there? 4) Can she get a real 2nd job and if so, when? What's that going to pay?
Am I missing something here? This person said that accountants are "expected" to use computers and not calculators? How did this person get through college without learning computer skills? That sounds really strange to me.
She's 59. I'm older than that and am not very computer literate myself. But when I had to learn computer tasks for my jobs. I did so. I'm way more comfortable with a hammer in my hand than a computer on my desk.
![ILLSLICK - KILLSHOT REMIX [FULL VERSION]](http://i.ytimg.com/vi/RIK8RrqIAzE/mqdefault.jpg)
Trade school is looking real good these days. No shame in being a plumber or electrician with valuable skills.
Or welder. Easy 6 figure income
Absolutely! I've believed this since the age of 10. No point in wasting valuable time, money and energy in pursuing something which will give you nothing but debt. When it comes to choosing between false prestige and hunger, hunger wins.
My nephew trained to become a mechanic. He landed a job that pays $32/hr with unlimited overtime at age 21. No debt.
There is a dearth of blue collar laborers. We need good workers and we need schools to stop telling every student they MUST go to college. There are a crap ton of trade jobs out there. Not easy but at the end of the day you accomplished something. I am a professional and worked on a 17-team job for 8 months for the owner to cancel it. The emptiness feeling was real. Sure I got paid but after 8 months I had nothing to show for it.
I'm a Powerlineman, and I make over 6 figs EASY every year.
WOW!!! INSANE!!! We set up 529 college plans for our twins when they were babies. We started out with just $25 a month, increased it to $50 when they got into middle school, then $100 each when they got into high school. Well one twin decided not to go to college so we transferred his cash to his sister's account. We told our daughter up front to choose an "affordable" school... She did.... she is graduating this weekend with NO STUDENT LOAN DEBT (whew)!! It can be done folks!!!
So 529’s are only good for kids if they go to college? If so what happens to the money if they decide not to go?
@@reese85 it gets taxed.
@@reese85 the money can be used for trade schools as well. The money can be transferred to family members fairly easily for qualified education expenses. Also, if you save up money and your child gets a scholarship, you can cash out the scholarship equivalent from the 529 with no penalty or tax. The new cares act also permits you to invest unused dollars into your child’s Roth IRA. However, since you own the funds, it counts towards your Roth IRA annual limits…that’s the catch. But there are various options.
Yes. I use the analogy of a paper cut instead of an amputation. Wife and I each put in a $200 a month into a 529 when daughter was in kindergarten. She lived at home and got a BS at a state school satelite campus in our home town. Now going to Yale for a Master's. All paid for no debt. Have to be smart about it. I didn't miss 200 a month. If hadn't done that and she came up to me after High School and said Dad I need $150,000 probably would have said good luck with that. Wished parents would put just a litte away for their kids. Tax refunds, family members using points on credit card that goes into 529 or whatever.
@@reese85 Hey Reese! Bottom line is YOU still own the funds. I transferred the funds into my daughters account very easily. Keep in mind it can be used for tuition, and anything school related (books, laptops, etc). It only gets taxed if you use it for non school related things.
I live in MD not too far from Roanoke, VA. I have a bachelor's in accounting. $60k is the average pay for accounting positions in the DMV area. People keep telling me to go back to school for a master's in accounting. Put myself into about $80k in debt just to make 5-10k more than I am making now is the dumbest advise. I cringe when people keep pushing on me to go back to school. Mind your own business if you are not going to pay for my debt.
My son went to vocational school in electronics/robotics. He is set to make $80k this year. No student debt ever. He is 26.
I have an Associates in Business and I make exactly the same as someone who currently has a masters degree in my department. Everyone in my department is telling me to go back to school…
yuppers
"Bachelors in accounting" is not the same as a CPA. She needs to get a CPA, like Dave said.
Yeah, Dave is out of touch with reality.
He probably pays his accountants that much.
Tough situation. Unfortunately this should have been asked 20 years ago.
This guy is what you call a forever student. Always going to school racking up education, while never using it to get ahead. Remember, it's not what you know but how you use it.
This person has no personal accountability. Blames degrees. Blames kids. Blames area they live in. Blames college institution. It's honestly just sad. 59 years old and still thinks like a child.
To be fair, his college institution IS crappy, but HE chose to go there
Liberty isn't to blame. They give you the tools. How you use the tools is all on you.
@@morganottlii2390 Obsolete tools that nobody uses
@@al1395-y3d same should be said of Harvard and Yale. Look at where those grad's have gotten the entire country.
You must not have met many Americans
These stories are mind-blowing. For decades we have preached that the way out of poverty is a college degree, but all these people borrow money to go to college, then don't uses their degrees, and go right back into the low earning trap their parents were in. Insanity.
It is, but not when you major in quilt making and then compound the problem by getting masters degrees in fields that pay nothing 🤷🏾♂️
free marketing & promo for universities, thanks to uncle sam
An education is the best way to get out of poverty. However, you have to 1) make sure that you don't go to a school where the cost of education is so high that you can't pay it off and 2) pick a field where you have good job prospects. Just getting "any degree" is not how you move up in life and it will cause you to end up like this woman.
@@Totenglocke42 right! If the point of higher education is to get out of poverty, you HAVE to pick a major that pays
I don't work in the field. I went to college for either but I picked up a second job to pay off all of my loans. I was 80 grand in debt. It took me almost 5 years to pay it off and I've still been working 2 jobs on my eighth year now. The corporate World is just a Terrible thing to have to deal with on a daily basis for some people. Some of the things I saw when I worked in corporate made me never want to go back.
"My credit report shows" "Is there any way I can make that go away" Was this caller serious?
I had a laughing attack for about 5 minutes 😅
LOL, yes M'am you can PAY it!!
Had me in stitches 🤣
Let the gov't take 25% of your SS at 62.
That person is a thief.
What’s most disturbing is this guy didn’t seem know he owed over a quarter million in student loans until he looked at his credit report.
Attitude. There might be some denial.
Guy? Thought this was a woman
@@samrusoff Yes, I think it is a woman too. The name is Rhonda, so it should be a woman.
It's a woman.
It’s a woman
Sounds like this person was a professional student and then funded her kids to go to school because she couldn't save a fund for them or letting them not go to college till they could fund it themselves.
*blinks* I'm so confused I thought this was a gentlemen and had to go back to the start of the video.
She claims all the accounting jobs require SAP experience, which is not true. She could easily get an entry level job to get SAP or QB experience and be making $75-100K in a couple of years. She's too busy feeling sorry for herself and making excuses.
@@safeandeffectivelol that is also not helping her case at all. But the fact that all of her master degrees aren't really related to each other also tells me that she was going to school for a LOT of years to avoid paying on the student loans in the first place.
Yep the kids should of paid their own schooling since she’s broke
@@lydialukes522 yep and I know someone like this, they love school more than they love working. All those degrees means nothing if you don’t make income out of them
Master in accounting but did not know she owed $250,000?
That includes his kids.
@@lombardo141 her, not his
@@kimw2862 if they are married, her kids become his. Is that not how it is supposed to work?
@lombardo141 this poster didn't mention marriage nor did the caller say she was married. There's a lot of ppl in the comments calling her 'him, his he'.
@@kimw2862 I see. Ok
When someone has 3 completely unrelated degrees, that should be a red flag that the only thing they're good at is attending class.
That's why I'm not doing a masters because I'd end up like this lady. 😅😅.
Of which, two are irrelevant.
Touche
This is the best comment.
@@sblijheidirrelevant to you.
Dave, a typical starting salary for accountants is around 50-60k. The masters doesn’t change this much, but the area does. A master’s in accounting (not to be confused with a masters in tax) has little to no value after passing the CPA.
Source: Full time Accountant
What does a master’s in taxation make then?
@@mroberts566 Tack on 10k and better increases
@@bulacano3014 thanks. Not as much as I thought.
she's 59 though. she should have gotten an entry level job and worked her way up to 100+ by now
At 59 she should have 30+ years of experience. She's the same age I am and when I left the accounting world 20 years ago, I was making $140K as a senior accounting manager. She didn't say she was a CPA though so that may be a large part of her income issues.
It's funny how she started off by saying "MY CREDIT REPORT says I have $258,000 in student loans." At first I thought this was a mistake or identity theft. But it was actually just her trying to deflect her own culpability.
Yes, I thought the same thing and thought she was asking Dave how to get it taken off of her report.
Couldn’t tell if this was a man or woman
@@Times397 Who the hell knows nowadays.
My thought exactly
@@Times397 her name is LaRhonda
I went to lineman school for 5 months. I paid 10k total for the school. My first job out of the gate I made 80k. Now I consistently hit over 6 figures easy each year. Its salt in the wound for my counterparts who spent their whole life in college and they cant make over 60k now. Yet, im the "uneducated" one. 😅
That’s because most colleges only teach entitlement, hatred, and the benefits of communism.
They lose their future before they get their diploma.
I fear the newest generation won’t be able to function unless there is an “app” for it and it can be done on their electronic device of choice.
I'm guessing the person on the call doesn't quite have what it takes to be a lineman.
Amen brother. Thanks for the work you do.
stop spreading BS kid
@Jim Eagle to be honest, neither did I(so I thought). But I was pushed out of my comfort zone and was able to adapt. I think sometimes, people just need a good kick in the a$$. Lol
And suddenly, I feel like I’m doing okay
One thing you learn about Dave Ramsey callers, they either make you feel really bad about yourself (I'm 25 and have a million dollars in the bank) or really good (this caller)! 😂
It's absolutely insane that someone who makes 60k a year is allowed to take out six figures of parent plus loans just because they don't have an adverse credit history. Income should also be taken into consideration.
True
@Kimmy Kero Hope that was sarcasm. Banks do a poor job at risk analysis, when they know their own debt is paid for by Uncle Sam.
Well it benefits everyone except the one taking out the loan. So by all means they will be more than happy to let you take it.
@left_blank no, it's just letting the free market do its job.
@left_blank why shouldn't debts be dischargeable in bankruptcy? If a loan goes bad, the lender takes a loss. That's how capitalism works. The risk is baked into the interest rates. It happens for governments, companies and individuals. Nothing is guaranteed--every loan carries RISK to the lender.
CPA here. What Dave is saying about accounting is incorrect. Getting a masters in accounting won't get you 6 figures. Having a masters in accounting is pointless, unless you plan getting your CPA.
Went to community college for RN degree - worked and paid cash $4500 for school - started full time work in hospital ($40k) - Hospital paid for entire BSN completion - I worked full time while completing degree and then owed hospital an additional year after last class was completed. Continued to seek more responsibility - within 6 years was making $90k as unit manager - all well before COVID raised nursing salaries. It can be done - never had a student loan - consider the future earning potential of any degree you pursue.
Because you're a smart woman. Some people choose degrees in history, philosophy (LOL) and other worthless crap they pick. I believe high schools and parents need to tell these naive kids not to choose these worthless degrees.
Bingo. Yes, pursue your passions, but also consider the return on investment of the degree you are pursuing. Consider yourself extra blessed when you can marry the two: passion + ROI.
I don’t know if this person is at the point where they’ve taken full responsibility for the debt(which is crucial to fuel the planning needed to get OUT of debt.) The way they said that their “credit report shows” vs “I have this amount of debt” stood out to me.
agree.
Agreed!
I took that to mean he was not aware of the amount
That's the equivalent of an ex-con saying "I was charged with that crime." Completely removing themselves from taking any responsibility.😂
She just had a hard time trying to navigate in building her real career. She was grinding hard getting those degrees. But couldn’t find a way to get a real job. She’s just in customer service now. Not a real career
Dave is always way overestimating what people make/should make. The man said go from $120k to $220k like there’s some kind of opt in option and it’s no big deal. Likewise, people don’t typically start off with a masters in anything making $120k+. I know a guy who had his masters and CPA, and started off making $75k at Deloitte.
I have a masters and never got above mid-40s.
@@dharmadharma3960 what type of masters?
You start off lower and get large raises each year. After about 5 years, you should be passed 100k. Need to find a speciality in accounting. This person did none of that
Now you my friend are realistic! I question Dave's comments about suddenly finding "a big shovel" too sometimes! It's not straightforward, not sure he knows this!
At this point I wish I was making $75k.
I have my masters and a CPA, and just finished my 4th busy season in public tax (3 1/2 years experience).
I'm 33 and I have 0 student loans!!! Thank you Dave for kicking my ass during Covid. The podcasts saved me.
I'm so glad I've never took out a student loans or any loans
59 with so much in debt. Omg this scares the heck outta me😢 My God!
college is nothing but a business
Leaves a pit in my stomach just thinking about it. I paid off my student loans at 32 and felt like that had lasted too long. Can't imagine knowing I'd still have them in my 60s.
Frist, I'm going to be debt free when I finished this year with my Bachelor Degree Program 2023. I stay oway from those student loans, 😮 I need freedom.
@@michelarosier1918 Good for you!
As someone who grew up rural and went to Roanoke a fair amount as it was our "big city" and still keeps up with the general goings on, Dave is dreaming if he thinks that woman is going to be able to snowball into six figures as a CPA down there with little experience. Most likely what happened is she is a Liberty admit who got sucked in by the marketing and tried to keep pivoting her way to wealth without any real ideal of what she wanted (and maybe even sent her kids down there too) who got stuck when she realized that she's both underqualified and overqualified for anything halfway decent. Honestly, I think her only path forward is getting a state job and use public service loan forgiveness and the clock is ticking even on that.
The state route takes about ten years to be forgiven. She's screwed
This is the second call on this channel where a caller has gone deep into debt for a theology degree (worth as much as toilet paper). Basically starting her career at 59, no chance.
The voice sounds like a dude. Anyway theology, history could be studied at home at their own time without a fancy degree.
The older I get the more I have a red flag when people have multiple degrees, especially when unrelated. I feel like a lot of people do it to validate they're not dumb and to avoid putting their head down and actually getting to work on something.
I said this before. Im black & she sounds like a black woman. A lot of them, go to school to “prove” something. That’s why black women are the highest group going to college but yet, they are the lowest paid race of women. And it’s not because of the “wage gap.” They can say they have 2-3 degrees, which a lot of them are bs & it sounds impressive without anybody knowing they’re in debt, 200-250k. She did a horrible job planning her career. Im half her age with a CDL, making 20k a year more….it’s not about degrees. It’s how you plan & any obligations in your life will determine your success. She probably got herself into some debt too. I know this story too well.
@@DaOldSchoolRapLova96yes I agree. We saw a lot of these women call into Kevin Samuels on YT.
My hubby went to a trade school… made 180k last year… unless our kids want to be a dr or lawyer, gonna be no college “pushing” in our house.
At the very least community college
Be careful with the doctor path. Only about 1/4 make it, if that.
dont be afraid of college either as long as you can do it in cash. Just avoid loans. It is a wonderful learning experience for a 18 year old if done right.
@@drperyginhow do you mean?
@@Coconut-g7v Only about 1/4 of undergrads who start out as pre-health make it to medical school. It can be a lot of wasted time and effort.
20 years ago I started a yard mowing business and in 3 years I was making $100k in the spring, summer, and fall and then taking the winter off. I sold that business and bought a restaurant franchise. Been over $300k now for a while. No college required.
Cold hard truth 😢, you're never pay this debt off period.
You're definitely gonna die with this debt, end of story.
Agreed, best comment here...I mean, 59 years old! How does one get to 59 years old with $258,000 in student loans...AND DOES ABSOLUTELY NOTHING ABOUT IT!!!!!!!!! 🤯😶😳😱
Agreed, not to mention what other debt does she have? Even with zero other consumer or mortgage debt (unlikely) her situation is bleak.
Confusing call to say the least. Pushing 60, it's gonna be hard to start a new career in accounting. Especially with all the younger recent grads you're competing against.
“How can I make it go away?”
Yeah…..pay your damn bills!
Or hire an accountant to help you .. of wait...
Well what about the people who had the PPP loans forgiven or were completely scammed out of them....we are talking billions that were either forfeited or lost.
I am all about being debt free. I've been so much happier since becoming debt free but at 60 with $250K, Me and the $250k will have to go in the coffin together when the time comes LOL. No way i would even attempt to pay this off.
I agree with you. Im going to finished my Bachelor Degree Program, going to be debt free, I had to fight the good fight to get there. The temptations was real, and the advices was pushing the loans options on students. If you want freedom, do your research people, write out our goals, plan our future. God bless 2023.
I agree, if he tries paying this off he’ll literally spend the rest of his life doing nothing but working and paying debt.
I agree lol!
How do you "not attempt to pay this off" when the monthly payments or interest are real? Don't you have to authorize them to deduct it from your bank account automatically?
@HMS Defender you can simply refuse to pay. The worst they can do is garnish 10% of your wages and hurt your credit score. But that pales in comparison to having to put all your money into a never ending debt and working yourself to death. Alternatively you can move to another country where your student debt doesn't really matter then
Feel bad for her poor planning. At 59 it’s time for retirement planning, not student loan payments. I don’t see any way out.
Agreed 👍
She may pass away, many pass suddenly at that age.
@@valeria-militiamessalina5672🤣🤣🤣I’m 63. Guess I’d better start living it up.
@@valeria-militiamessalina5672 that was a guy talking wasn't it
The idea that a 59 year old person would get a job as an accountant where they make 100k+ is ludicrous. It's going to be very tough to get any job at that age unless you are applying for upper management positions or McDonald's.
Ageism is a real thing.
As a CPA, she can work for herself and make that amount. In that case, her grey hair could be a boon.
Just another example how out of touch Dave is.
@@sblijheidI don’t know if you have been in the market recently. But getting CPA at 60 is going to raise red flags. Most CPAs are a few years out of college
You need to do the grunt work first. Nobody is giving a grad 100k off the bat. So much training and on the job learning in accounting a degree is just the start. But if you’re half decent 100k is realistic 5 years out of the degree. Or if you run your own business could be sooner. Coming from someone with masters in accounting / chartered accountant 7 years in.
Roanoke Virginia has under 100k people living there. Dave is pretty out there on this one, that's probably a very suppressed job market. Average salary there is $48,000.
I was so sorry that my mom co-signed on my loans, but baby when I paid them off 4 years ahead of time, we were dancing! 💃🏾💃🏾 😁
Learn a trade then master the trade. Think of something that people used daily and can’t go without using if it doesn’t operate properly.
There is more to this story than what is being told.
The fact that he switched through multiple degrees and not fully working / aiming to work in the field. I agree some of the degree are useless. And at such age, a lot must have happen decades ago if not in the last decade alone. Her/ him and the kids to come up with a plan to shave off the debt and help the parent to build solid retirement in the next 2-3 years.
59 is nearing retirement, very hard to discharge. My advice: get on an income based payment plan and be prepared to make low payments until you're gone. In the interim, get a higher paying job so you can at least manage the debt.
I agree. Honestly I think Dave's advice was odd
Dave saying Roanoke VA is a major city shows what world he lives in.
Roanoke VA is not a major city. And the cost of the living isn't high there.
Three degrees and unable to pay student loans. Why not get 6 degrees and have over half a million in student loans? This is the type of person that would look down on a blue collar worker with no college degree, but makes double or more than she does with no debt.
Snobbery does not care about socio-economic status.
Here 3 degrees and how many for her kids is she paying for?
Parent Plus loans... You mortgage your retirement for your kids who should be working to pay their own bills.
If you have to get a loan for your own education, that's a little bit on the stupid side.
Getting a loan for your kids' education is a great way to live in a refrigerator box for retirement.
Most degrees are stupid. Unless it's in STEM and you actually plan to use that 1 degrees directly after to make a lot of cash.
This just shows how messed up life in the US is. Every other civilized country offers higher education for free or cheap
Just because someone is dumb doesn’t mean they look down on blue collar workers.
Dave doesn’t know what he’s talking about here 😂. As someone with a Master’s in Accounting you def don’t start out at $100k, much less $125k. In addition, it’s very likely she doesn’t have enough accounting course hours to even sit for her CPA, not to mention the required accounting experience after passing your CPA to get your license. Took me more than 5 years in accounting to cross 6 figures.
Shows the effect of compounding interest. If you invest the money you get rewards. If you get debt in increases too.
Yup. She invested in temporary work avoidance in the hope that the degrees would get her better work. But she’s ended in working for right around what you’d expect a non-graduate would make deep into professional life. Except with huge student debts.
Breaking yourself for school isn’t worth it.
I went back to school at 45 I was about to go for a master in architecture, I chose a 6 months certificate in HVAC instead ; I work as city employee and make 80K with a pension and very good benefits and no debt. Please stop doing soul searching, it doesn't work in your case.
Not gonna lie... don't even pay it off at this point lmao
😂😂 word
😂😂
What happens if you don't? Does the debt really die with you in America?
@@justanothermaidthey can come after your assets after you die. So transfer it all to your kids before
@@justanothermaid Federal student loans, yes, are forgiven upon death.
the guy on the left when she said "is there any way I can make that go away?" 🤣@0:25
The best option for this person is to simply stop paying the loan. The worst that happens is they garnage 10% of your wage and your credit tanks. At 59 years old neither of those really matter. The other option they have is to enter IDR and pay a % of discretionary income. They will never pay off the loan, but as long as they make the minimum payment through IDR they will face no punishment and they dont have to give up their whole life
I went to a cheap community college instead. I paid only 30 bucks per credit.
I made $170K in 2022. I work as a travel nurse in CA and NY.
When I was done with community college as a RN I was 19. I don’t know why people sleep on community college. We are killing it out there earning six figures without student loan debts.
In my country people say: if you have 7 professions the eight profession is hunger
The worst mistake is taking out parent plus loans. Let your children go to a school they can afford. Do the first 2 years at a community college, then transfer to a state school. You can save a lot of money that way. It’s sad that this woman at almost 60 years old have over 250k in student loans and a mortgage. She will never be able to pay off these loans. And I’m sure her children don’t care to help her.
Parents stop taking out these loans for you children. Just say no
But the kids are probably making less struggling with their own bills.
"I owe $258K in student loans, is there any way I can make that go away?"
😅😅 i fell off the chair laughing. Bro!!
Paying it
I learned how to enter journal entries and do account recs and all the financial reporting I needed with SAP in a week without having any prior training or an accounting degree. It’s the easiest thing on planet earth and any competent manager will teach you if you don’t know how.
As someone with a bachelors and masters in accounting, we don’t make $100k starting. That’s for those CPAs with much experience at their peak salary for major company., who became high positions like Controller or head of their division in the company. $60-70k average for all accountants.
He’s not going to get many jobs in accounting. One: limited experience. And also, Liberty University is not an accredited business school on AACSB. He can attempt to get a CPA license, but some states may not even let him sit for the CPA license due to the accreditation issue. Either way, it’s HARD to pass when also working full time.
His best bet: make his son pay off the parent plus loans once he graduates
He’s 59. Not like he just started. He didnt stick with it.
Masters in accounting does not “start off” at 100 or 125k. More like 70k. Within a few years though you’ll be at 6 figures. In a decade you’ll be at over 120k.
Absolutely astounding! 59 years old with multiple degrees making 60k a year WTF! I was making 70k in my early 30's as a college dropout
Couldn't have said it better myself!!😂😂
64yrs old ; i owe 270k for a masters in social work...cant find work, im retired with disabilities. payments would be 2400.00 per month, i have to keep applying for income based payments at 0. but the interest keeps going up and up. i asked doc for a forgiveness form for her to fill out and she said...i could still be a walmart greeter and earn income to pay the loan off. I would have to work until im 200 years old.
There is no point paying them off at this point. Enjoy your golden age. Just do income driven till you leave this planet and when you will retire at 65, your monthly payment might be like 200 or less cuz you will have no real income.
Facts. Student loans don't transfer after death and on an income based plan, she'll pay a small amount every month, die, and then they'll be gone.
Yeah because of her age I think what I would focus on is giving the bear minimum.
Then, you start saving for retirement as much as possible
Got a bachelor’s in accounting and and MBA for a $55k student loan debt. Paid it in full after 9 years last year. It’s like the series finale of a show I hated watching.
"My credit report shows...." What the heck? How do you forget about a loan? They don't just go away.
dude properly tried to take more debt got denied because of it 😂
If they expect you to do accounting through software. Learn the software. Try to get a copy somehow and play with it.
I observed in the language how passively the caller spoke of things: ‘my credit report says’, ‘they said x’, ‘kids couldn’t go without my p+ loan’. No ownership of his choices.
Her, it's a she
I needed to hear this. I am 62 and really wanted to go get a Master's Degree but I keep looking at the cost and I realize at this point it is an expensive 'vanity plate' move.
Not necessarily. Just make sure you can afford it. My aunt and uncle both went back to college in their 60s to get masters just because, and they were so proud of themselves.
I have a masters in accounting and never made anywhere near what Dave Ramsey says. This guy is not in the game like myself. He has no idea. I’ve been applying to accounting jobs for 10 years and I have my CPA and have landed zero jobs in accounting. Only tax preparation jobs at accounting firms. Terrible job.
Probably like anything else have to have the right connections to make top tier money.
Most entry level accounting jobs outsourced to other countries.
He is right people want applicants with the exact experience for the job , employers are being very picky past few years . Things that shouldn’t need a degree all require one now
I don't see anyone hiring a 59-year old CPA with 0 experience
Walmart
@@bryannelson7612 1😄
Good points. Another option is to work in public service sector and apply for public service loan forgiveness program after 10 years of payments.
Well I got a bachelors in marketing.. I WANTED to go into advertising…found jobs in mortgage, then LED lighting, then commercial construction, then finally got a job that related more to my field BUT got laid off during COVID and now have a job in international banking. Idk 🤷♀️
I go where I get the job. But I realized that jobs are not guaranteed just because you have a degree. I had jobs higher than minimum wage but I know guys that parked cars at the fancy hotels and made way more than me. I know people that work customer service and get paid more.
This is what a professional student sounds and looks like.
The only degree that stood out the Accounting degree.
Everything else is garbage
@@njpme Not garbage, just not something you can make any money at.
@@alycewich4472 true, they have value, but not to the market.
Sorry, a good accountant with a masters degree is expected to do more than ‘plug numbers into SAP’. Sap is an accounting ledger system. You need to understand how all entries impact the financials. You need to be able to perform analysis, interpret and apply accounting rules and most likely manage a team of professionals. There is no way he is qualified to earn 120k when he has zero practical accounting experience. He might be qualified for a staff or senior accountant level.
Thank you as someone who works in SAP I’m glad you pointed that out
The kids who she took out these parent plus loans for need to understand the weight their mother is still bearing for them, and as a result her needs in retirement will be on them. Start helping pay their own portions off. Remember retirement is a financial status, not an age.
A college degree is a means to an end, not an end in itself. If your goal is to become educated you don’t need a college degree for that. The knowledge is free (e.g. go to the public library). The purpose of the degree is to get the certification for a particular profession. Some degrees are more expensive than others but the cost of the degree should match the ROI of the job it helps you get. This person needed to understand this 20 years ago. Now it’s too late to fix their life. Very sad.
Dave makes it seem like it’s easy to get an accounting job that pays over $100k/yr with little experience
Yes, there no way you’re going make that where I live. I’ve got a BS in acct, a duel masters in acct and information systems and my cpa license. Five years ago, with 20 yrs experience, 50k was my highest offer.
yeah but she's 59. She should have several years relevant experience by now if she actually used her degree. Unless she just recently got her accounting degree which is silly if that's what happened.
@@erinjefferis8072 It all depends on the market. I just hired a software developer fresh out of college for $89K. That's what the market is in our area due to a large software company just down the road. I'm a CPA but left years ago. I started at 32K but was over 100K in just over 5 years. Lots of hours though and I took on all the jobs no one else wanted. That included a client that was "difficult". Turned them into one of the largest clients my firm had.
I’m amazed how many people get degrees and have massive student loan debt but aren’t making any money.
People don’t look at college as an investment. I just graduated with an EE degree and will making 80,000 a year I have about 40,000 in loans and plan to pay them off in 2-3 years in my eyes it was worth it. I’m going to live at the same level I was in college making 30,000. People graduate and get a real job and inflate their lifestyle. Or they go to school for underwater basket weaving and wonder why they never pay off their loans
That's the rub. They live expensively while they have student loans to pay. Ten years later the debt is triple what it was when they graduated plus they have two car notes, a mortgage, and 50K in credit card debt, and have the nerve to demand student loan forgiveness.
YOU'RE MAKING $80K a year dude. You can buckle down and pay it all off in one year.
I retired comfortably at 55 as a union carpenter college is overrated these days.
I think most of the debt must be the Parent loans. I’m only 2 years older than the caller and I HAD to pay off my own loans over 10 years max.
Used to live in a pretentious college town. Everyone had a few degrees while working for slightly above minimum wage. They would always complain about their salaries and life styles. I would suggest an rn through a community college and let the university pay for the BSN or web designer. Believed the tripe that this degree from this university guaranteed 80, 000 plus USD per year. This was true for a small faction of the well connected students, the rest just suffered. Remember education is a business. The only time for outrageous debt is for a GUARANTEED outrageous salary. Start a side hustle in high school. Find something which you are excellent in and have an intense passion. Experiment on how to monetize this passion and swivel this sensibility onto a platform. AI will be paramount in the future career paradigm and some current well paying careers may become obsolete.
Gotta understand that a lot of these “masters” degrees are from small, unknown, for-profit schools that teach people absolutely no practical skills that employers are looking for.
I think the caller mentioned Liberty University.
Every time I make a stupid decision like taking a 6k loan to buy a car or something I watch one of these videos and go "you know, it could be worse....."😊
I have quite a bit of debt myself that will definitely take several years or more to pay off, but this lady's total amount of debt makes mine look like pocket change in comparison.
@@heywoodjablome27673k for me down from 7k
Got my real estate license for 99% less than this after all expenses and have made $175k+ every year. College tends to be an absolute joke
Graduated in 1980 from the Highest median starting salary from a public institution in the USA,
My 5 years cost ~$15K, An alumnus offered to pay.
Went overseas in Petroleum Engineering, ~$100K/yr (remember 1973 oil embargo)
Extreme hardship position, young, single, MONEY
a brand-new tract home in Texas (~$50K)
In my 30's, I saw retirement and took a Gov't job.
Pension and Free lifetime family healthcare.
I comment to you because: "College tends to be an absolute joke."
For $200K today, you can get a Petroleum engineering BS.
and then take sniper fire in some GOD forsaken hellhole.
For $200K+/year
What state are you from? And how long after you got your real estate license did you start making money?
There is one way out. May not be the answer you wanna hear BUT if you can get on disability the student loan will eat the rest. My wife had student loans and when she got on disability it all went away
Too many professional students out there who prefer to be a student rather than an employee
This shows how little some colleges care about the students life after college. They will get you in more debt than you can ever repay. But they got their money so it’s the students problem now.
Cath Lab Tech pays $100 an hour in the PNW and the schooling only costs $5000-$10,000 at the community college. People need to stop wasting money at universities.
As someone who works in corporate America currently.....good luck getting a job in accounting that starts at $120k when your accounting degree was completed when they were still doing manual calculations on calculators. And no relevant work experience on top of that.
I hope to see her in 2 to 3 years on the debt free stage. It can happen if she gets it together.
😂😂😂
Lmao 🤣 this is a funny comment
No it can't happen. She owes 258K. She makes like 60K a year. She still has bills. So if she put let's say 15K a year on this please tell me how she can pay this off in "2-3 years". I guess if she got a raise to 250K a year maybe she could. She is doomed.
College degrees are overated!!! I have BS degree in management and never used it.
“Death solves all problems.”
Totally agree, yes thank you...best comment here! I would just die with them, what will they do...charge my corpse LOL! 😅🤣😂
Not if you don't have Jesus
Masters in accounting likely a joke. A few masters classes that may not be as tough as bachelors. He wasted money on all the degrees
With that much debt and that age you're better off just stop paying it, sell the house take the cash out and move outside of the country or if he doesn't have a house save as much as possible and start a new business in a foreign country and just leave that debt behind. It's not worth stressing out and living your final years of life in financial pain, take your knowledge monetize it overseas.I wouldn't pay it, not worth it.
After seeing this…I don’t feel so bad now. My total debt is above 180k…that’s all in credit and student loans. The primary reason for my crisis is me obtaining loans and credit, combined with employment instability(due to the wild swings in the economy over the years, starting with the housing bubble crisis in the 2000s) I’d been let go at least 4 times in 10 years due to company downsizings. And I’ve found that It’s been very hard to find stable jobs and couldn’t find employment in the fields that I studied in. Of course, I have myself to blame for obtaining new credit throughout those times. I will definitely take what Ramsey said to this person here and I’ll need to start being aggressive to paying down my debt.
whats your degree in?
I'm in the same boat.
I paid 3200 for a truck driving school 28 years ago i made 88.420.00 last year, for the last 28 years i have always done very well EVERY year , she should have attended the truck driver school with me, i really don't even know where to start with people like this, it's just insane...
I’m working to get out from under my student loans. I’ve got 32k on a bachelors in psychology. Currently working as a dietary aide at a retirement community. I make 27k a year ($13hr) and it feels like I just have enough to make my monthly student loan payment. I’d love to put a lot more to it. I’ve considered going to grad school to get my masters so I can eventually become a therapist, but I don’t want another 10-15k of debt on top of what I already have.
Dude, another 15k for the potential to make 3 or 4 times more than you are now is a no-brainer. Plus, you can apply for scholarships too.
It's better to have 50k debt and make 100k. Then, it is to be 30k in debt and mane 27k.
Which brings up a question I wish one of the Dave Ramsey people would answer: What if you are interested in psychology and need the subject matter but don't want to end up with a "useless degree"? Do you take the classes but major in engineering (is that even possible)?
@@BobConnor-n2g Don't listen to people calling certain degrees useless. If you have a plan and execute it well, it would work. People calling degrees like psychology useless are the same people who complain we need to do more about mental health. The reality is the average person interacts more with professionals with Arts degree majors than they do with science majors. If a psychology degree is useless, then where does one go to get help with mental health? Or how do the courts establish NCRM? Remove all Art majors, and see how well society functions with just science majors.
I am in a similar situation. I have two masters degrees 1) Applied Economics and 2) MBA. I have about $250k in student loans because I was pursuing a PhD in Economics and dropped out. I make about $200k working two jobs. I'm trying to get a certification in accounting so I can make more money in one job. I'm 42 yrs old.
An accountant not using a computer is like a doctor not using a stethoscope.
THIS IS ONE OF THE REASONS WHY I WOULD NEVER CALL INTO HIS SHOW! HE CAN BE A MESS AT TIMES AND THERE ARE MULTIPLE FACTORS THAT GO INTO WHY PEOPLE CANT FIND HIGHER PAID JOBS. HE IS BASICALLY SAYING THE CALLER IS STUPID BECAUSE SHE SHOULD HAVE A HIGHER PAID JOB! THEN TRYING TO SAY ON THE FLY ITS HER ATTITUDE AND HER KNOWLEDGE BASE!
You can't just pray your way out of this situation! She said what her income was, but what's her husband's (if there is one)? That's roughly $35K (at 7% average) per year in payments to get out of this hole in 11 more years, when she's 70.
So more questions:
1) Does she have a spouse? What's their income?
2) What other debts does she have? What's the mortgage principle versus the house value? Is it something that can be downsized to eliminate the mortgage payment and possibly even pay down some of these loans?
3) How much will she make when she finds that better job that pays her appropriately for her accounting degree? When's she going to start there?
4) Can she get a real 2nd job and if so, when? What's that going to pay?
Am I missing something here? This person said that accountants are "expected" to use computers and not calculators? How did this person get through college without learning computer skills? That sounds really strange to me.
She's 59. I'm older than that and am not very computer literate myself. But when I had to learn computer tasks for my jobs. I did so. I'm way more comfortable with a hammer in my hand than a computer on my desk.