I Racked Up $146,000 in Student Loan Debt!!
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- เผยแพร่เมื่อ 15 ต.ค. 2024
- I Racked Up $146,000 in Student Loan Debt!!
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They keep saying we need to fix student loans yet the still are giving them out like candy. First step in fixing a problem is to stop the bleeding.
Exactly, and Dave always points this out. No point in forgiving loans if you're just going to dish them out anyway. Which shows that all this talk of loan forgiveness is just empty promises by politicians to get votes.
For them to give people have to ask, sign for it. and take.
No gun to anybody's head.
Stop requesting student loans.
student loans aren't the problem. The problem is one the student with poor education, foresight and research and two the predatory institutions that handle the loans afterwards.
Yep I agree! People shouldn’t be able to get undergrad degree for 150k. If there is a cheaper in state school available. The problem is you still need the loans for degrees though. No one is going to be able to pay for Professional/graduate degrees without them. Even if the price were to drop.
A finance major with ~150k in debt for a finance degree! WOW the irony!!!
I wouldn’t trust this guy with a candy bar lol
@Ed St John A degree is easier to study and pass I think.
That’s just plain ridiculous
I would be embarrassed to say I have a finance degree and be upside down in student loan debt
🤣
I tell my brother and everyone else, avoid student loans. It’s an awful stress.
@Crazyel Cross I will look into it, thank you. And yes, the interest on student loans are definitely benefiting others. I regret it, but it’s too late. I now make sure my brother doesn’t get into any student loan debt. Advice I give him is the same advice I give others.
Sad part, when u do ur fafsa the loans are pushed on you instead of the grants.
@@bigbenisdaman It’s possible things have changed now. When I was in school I was given grants and loans as a second option (if I needed more). Luckily my parents covered the remaining tuition balance and I lived at home. I went back to school for my masters and that is where my student debt comes from. Just avoid student loans as much as possible!!!
College graduates tend to earn more than those without degrees (quite a bit more, too), so there is an argument that they can be useful. But you need to have a good understanding of the career that the degree is likely going to get you, then weigh up the risk/benefit. For example, this caller has $146k in loans but only makes $42k. Doesn't seem like he thought that through very well.
@@nic_ccc3366 really depends on the degree. I got many friends making well over 100k/yr with just a highschool diploma though.
He’s living in NYC and he’s making less money than a Doorman does in NYC with a finance Degree that cost him 146k.. 🤦🏼♂️🤦🏼♂️
And I thought 24k was a nightmare, I paid it off this month and the relief is incredible.
Mortgage: Am I a joke to you?
Congrats, I bet it feels good.
What was your game plan? How long did it take to pay off 24K?
@@wewhoareabouttodiesaluteyo9303 Mortgage is something you can use daily, can leverage and when you pay it off, that property is yours. In most cases, home appreciate values overtime. So this is considered a good investment.
@@backpain100 If you can pay it consistently.
I actually disagree with Dave on this one - stay home and be a madman - pay off this huge loan. Get it done. A couple years isn’t going to stunt your growth.
@Muddobber McCrablice He’s spending more to move out and getting paid less in the long term by moving out of the financial capital of the world. I’d stay home for a few years if I were him. The girlfriend can come to him and would likely get paid more if she moves to NY, they get married, and split a place.
@Muddobber McCrablice I did watch the video but paying zero rent is always cheaper than paying rent.
Making a lot more money, with rent, can give you more to pay debt with than making little money and no rent.
Completely agree!
I agree. Staying home and knocking out that debt is the way to go.
I'm just around $1,800 student loan debt and I say it was a blessing in disguise because I was close to graduating with my Bachelor's at that time and I had no need to take out $50K-$100K.
Live at home. That's an absurd amount of debt. It needs to be paid down. The problem here is our society that hands off kids with 150K in student loans and then asks them to figure it out rather than prosper.
Don’t move for a girl. Bottom line. Make the decision for yourself to move wherever you want
*narrator voice* "He nodded yes and then proceeded to move for a girl.
he is young and gullible
Maybe she got that WAP.
Faxx
Live at home, pay off the debt!
"Is that down south for ya..."🤣🤣
These callers always say they're "fine". He has 146k in student loans but only makes 42k a year? I would be panicked if I was him.
theres no need to panic. By panicking you cant think straight to plan.... Thats why hes calling to get a plan.. Freaking out isnt gonna get you in a position to be debt free
F-fearful
I-insecure
N-nervous
E-emotional
@@Chaoskae I agree but the point I'm making is that if this is his definition of "fine"...
42k? Didn't he say he brings over 3k a month POST tax? That would be over 50k
@@wtDrake I thought that’s what he said but maybe I misunderstood. If it’s over 50k that’s better but not by much.
I'm shocked Dave let him speak that long without interrupting him.
Professional student probably kept switching majors, ect. Gotta love that paper mortgage. I love the fact that he works in finance just not checks out.
Switching majors can be bad. I took accounting classes at college. I found out I was an immigrant
Dave be like: You should live in a shoe box studio apartment in NYC for 3k a mo and work two jobs instead of live at home in order to pay off loans.
Dave: "Sell the girlfriend"
146k in student loans... So are you a doctor or a lawyer?...no I'm in Finance.
Someone must've not studied finance very hard
@@Bellaexe5091 Probably wanted to go to the out of state party school
@@Bellaexe5091 Yea his grades also must’ve been trash cause if he had top grades in NYC he’d be starting at 70k min at a big bank.
Hello Dr. So and So? Ummm no just undergrad Finance.
*Rich people plays the money game to win.* *Poor people plays the money to not lose.* *The goal of the truly rich people is to have massive wealth and the poor sees a surplus as an opportunity for consumption instead of investing it.* *change your mindset and do what the rich does,* *which is investing,* *investing and investing.*
I wouldn't blame the poor if they sees surplus as an opportunity for consumption..
But I will blame the middle class if they do that.
@@gabrieldolph508 don't forget, that's the mistake we do. We don't invest when others do. But we want to be rich like them.
😏😏
@@mannmarvli6060 inves'ting in finan'cial mar'kets is a risk worth taking for the rich. But for the poor they are not ready to risk that little they had. *That's poor mindset killing them.*
The world we’re in, $150k student loan debt, mostly private since not even Sally wanted to loan more, for a finance degree....
I’m so glad he could get such great and inspiring advice from you guys!
I’d stay home and get that knocked out in another year no more than a year and a half. Get an extra job and get it done.
146 UNDERGRAD just under grad 😭
I racked up 96k in student loan debt. I'm the first in my family to go and complete college. I make 110k starting salary and got a second job. I still have no clue how I'm going to payback
It's not easy, but it's possible.
Joking right? 24-30 months they will be paid off
@@TheMechanicj I also have bills as I'm living independently since I had to move to a new state for work. But I will attack my debt and hope it gets paid off fast.
You already increased your shovel size so just buckle down and stay focused. You can do it! Stay consistent and don’t get distracted by friends and family who are expecting you to travel, eat out and spend frivolously.
@@360undead even with 3000$ a month in expenses your still gonna have 55000 after taxes to theow at that debt rice and bean beans abs rice
another caller who can't get to the point.
"Essentially"
Would not hire a financial advisor that took out $146k for his bachelor. Hellllllnaw.
I rather hire a history graduate who have no debts upon graduating.
@@haroldbalczac6431 Financial Advisors are usually for multimillion dollar companies. Not individuals.
He would never admit to his clients or anyone else that he owes that much in debt. It's pathetic and embarrassing.
Debt aside, if I were shopping for a financial advisor, I’d sure want someone more articulate than this guy.
Soooo many calls about student loans. Avoid student loans, folks!
Nothing wrong with taking out a student loan to invest in yourself. People first, then money, then things. There is something wrong, however, with taking forever to pay a student loan back. You've got to be mega-focused on paying the loan off fast.
how?
@@stevestadler4634 My wife worked three jobs while going to school fulltime. I worked fulltime while attending school part-time. That's how.
@@fromnytomd Not entirely. It's the "People first" mentality that's landed people in this predicament where they blindly walk into debt and THEN try to deal with the pit they've dug themselves in and its often precisely why they end up taking forever.
It's like saying "people before profits" which is honestly pretty asinine. I mean, it sounds good and all, but that's now how anything works. Comfortable lies are not helpful.
Taking a student loan is an investment for your future. I have many friends making 300K a year now with their professional degree
Finance degree not worth 150k sincerely - a finance degree holder and CFP
$146K in loans and they didn't teach him how to be concise? These people that call in with these questions, Dave is not your father....stop calling in for stupid advice and get on that Door Dash...you don't need a GF...rice and beans and beans and rice.
Jesus Christ, relax lol
Yeah it's completely ridiculous that it's now 2021 and people are STILL sleepwalking into 100k+ of student loan debt. How long until we just starting saying sucks balls for you, you should've known better. Womp womp.
@@luminous6969
Watch the movie "Idiocracy"
No longer a comedy.
According to Dave you need to have your own apartment in NYC and a gf in order to pay off student loans for some reason.
I wonder what he ended up doing. Smart thing would’ve been to stay home and pay off that debt!
Sell the girlfriend. Stay at home
I am doing well...I racked up about $150k debt 🤦♂️
Yea what he doesn't realize is that when he misses payments he will be garnished half his pay,all his tax refunds confiscated and seizure of property.The cherry on top is the quadrupled interest rate on all original loans good luck on that.Know many that wished they worked at McD's rather than go to college taking out these loans lol
Sallie Mae denied me. It was a blessing!
Say whatttttt??? I thought they were giving out money like candy!! That was truly a blessing!!
LOL. frankly that's embarrassing. But glad it worked out for you.
I’m so happy I don’t have student loans 😂😂😂😂😂
School counselors should not encourage high school students to take loans
Agreed. Student counselors would be out of a job then. Whats good for them isn't good for the students they are advising. Like anything else its about performance: they would rather have their students go to flashy ivy league then community colleges.
I guess I'm one of the few that can say NO to school counselors.
@@blackworldtraveler3711 I said NO to my school counselor too. 👍 He acted as if he was getting a commission.
Great Idea!
sad part is he didnt even learn anything
essentially......
Dave is delusional if he thinks the pay in any of the cities he was mentioning is more than NYC. Thats the entire reason kids move to work in NY, the pay is better in NY than anywhere else in this country.
True but cost of living is higher as well
Student loans are fine to an extent like 40-50k max for a 4 year degree but anything more is too much
Please stop asking Dave how he's doing cuz we all know the answer 🤣🤣
Better than I deserve
There are billions of dollars at stake here.
And fools still think that these loans are just gonna get forgiven?
Exactly! They need to pay every dime back!
I went ahead and paid my student loans back. If it wasn't for the loans I would not have been able to afford college. Parents didn't save up any money for college. But I know people who are legit waiting for their loans to be forgiven
This took a turn I didn't expect and that was very eye opening!😄
“Essentially...”
If your in finance and this kind of debt I wont be coming to you for advice.
I'd like to ask Dave what he deserves to feel like ?
Since he's always doing better then he deserves.
🤣🤣🤣🤣🤣That’s s good one!!!!😆😆
Can we get to the point, please?
Instead of calling he shoulda used the fancy degree of his 😂🥴🥴
Is Dave now basically a financial priest hearing confessions?
This guy has way too much debt to be trying to move out on his own with the money he is currently making. This sounds like the girlfriend is pressuring him to move. If she really cared about their relationship, she would tell him to stay home and pay that debt off ASAP. Hope this guy makes the right choice.
Long distance relationships don’t work either. He needs to dump her and focus on paying off his debt. Then he can find someone close to wherever he’s living.
I totally agree with you about him moving out. He is living rent free!! Why would you add debt?
146k for a finance degree? With a PHD?
Probably lived in a dorm
@@TheLivedeath Interesting. I never live in a dorm during my school life. Is that expensive? And student loan covers living expenses?
@@NessajVideo9527 yeah it sounds like he lived somewhere else to attend. Probably where his friends wanted to go to school or something.
Man 140k for a finance degree........
There is wayyyy too easy to find financial gigs in nyc of hes good
Nothing is as populated as nyc, and u live at home...... just stay home and make money, not baby
DOES EVERYONE JUST AGREE WITH DAVE ?
STAY HOME AND STACK 💰💰
He needs a better job.
He can make that in a year in finance if he grinds it out.
Omg, I wouldn't want to be in his shoes🤐
Or bed .....
Lol stunt my personal growth? He means getting some from his gf on a regular basis.
I completely disagree. Stay home and pay off the loans, it will absolutely elongate your repayment if you moved out. You're going to have less money to put towards the loan so to think otherwise just isn't reality.
He sound's over edgamecated.
Because people from New York are coming to Charlotte, it starting not to be so affordable. Saying someone living in CLT.
How is he a finance guy and put himself in this position?
And he lives at home, and said he got a decent job right out of College and he has a girlfriend with that much debt. He sounds like he needs some struggle just to balance his Character and humility out.
Dave: Do you have a car?
Uber driver: Yes
Dave: Sell it! You do not need it!
It’s an endless rat wheel....some will get out and pay it off....others will be stuck in an endless cycle. 1400 a month seems awesome but in reality that’s a mortgage payment
Stay at home bro!
He obviously didn't learn enough in his finance classes...
He was in/at college living like a little boss man, and now the chickens have come home.
Like this is BAD thing? And not everyone with a MA is doing the same thing? There is NO other way in USA to get an education. Ramsey needs to quit dogging on it and just help people get on a plan to pay these loans off. Period. Quit making people feel bad.
Play stupid games, win stupid prizes.
WHAT IS THE QUESTION!
The one listed at the bottom of the screen
Dude can't stop talking.
I don't believe David Ramsey has ever talked about fractional Reserve Lending. Or how money is created.
Because none of those things matter to the vast majority of his audience.
Long-distance GF lol you're single bro. I'd stay in the area w/ the folks and get a higher paying position, but go out and be an adventurer or whatever
Nice work 🎆🌠🌠
He needs to move. New York City is not the place to live when you’re barely scraping by.
@Muddobber McCrablice you must’ve missed the debt combined with his low as income. He’s barely scrapping by.
This is good advice. He is making ~$50k before taxes. In Finance he can find a position for $60k and find a side gig or move up quickly. Move down south for the quality of life increase and keep paying off at the same rate. He refinanced his loans to a much lower rate he obviously has a good head on his shoulders and has been thinking about this for some time. He can attack the debt just as aggressively without putting his life on hold. There's a reason Dave and Ken suggested he take the leap.
What side gig?
People in finance often work 80 - 110 hours per week. We don't know if a side gig is reasonable, without knowing how many hours he is already working/week.
Or he could stay where he's living, and still be able to do those things in an area that pays more, and not have increased expenses along the way. Staying with his parents is without a doubt the better option.
I want to pay off my student 68k student loans but my spouse doesn’t think it’s a good idea to pay them off aggressively. I don’t know what to do 🥺🥺
Call Dave
Big Dave will slap some sense into you
give her a ultimatum, pay it off or just pay it off. she will have to pick either one. and either one is good...
Why doesn't she?
You have to continue building your wealth more aggressively and paying debt on time at the minimum.
Funny how people only call after the damage is done 😅
Please tell me which financial firm hires this guy, and I will take my money away from there. This kid has no clue what is he doing with his money, I am not letting him do anything with my money.
lol
I don't think his plan is going to work out. Not possible.
2.5 years is not a long time to be debt free.
Idk, i think Mike should stay home for those three years and grow in his career and pay off debt.
Only $146K?
Work 80+ hours a week
Live on nothing
Look into the FIRE movement
Consider moving to Florida due to COL
Florida is beautiful
You cannot afford NYC
Only thing to do is pay it off
do they try to confuse you with these terms that who knows what they mean, like undergrad , what does that mean?
Get to the point
Degree in Finance? Sir why are you acting confused about a 146K loan that you willingly signed up for. You know what I'm done.
Ken Coleman is cool, I want to hear him talk more.
Doesn't everyone, by definition live "at home"?
The expression refers to living with your parents.
@aena do a Google search lol
Aena - no one really knows why but it is just a social standard
Dont come to Charleston we Full lol, but no lie it is very nice here
that's nothing, I have double the student loan debt
What is he paying his parents to live there?
NY is expensive
He pays zero he just said
Don’t listen to this guy or anyone on this show - none of these guys are degreed in any financial or economic degrees and really don’t have any economic experience
DC is the most southern state in the union
You would figure people would know better by now.
Financial advisor...You can’t figure out what to do?
ugh the irony
GET.TO.THE.POINT!!!!!!!!!!!!!!!!!!
Dogs are forever; not sure about girlfriend. Get dog.
Basement dwellers. It's real. Believe it.
Yeah me. I'm 34. I live with my mom and dad. Oh and I'm a full time medical doctor.
Are these debt stories real?? Hard to believe