What It’s Really Like To Be $120K In Debt
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- เผยแพร่เมื่อ 18 พ.ค. 2024
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Chelsea sits down with Janet, a 30-something nurse living with over six figures of debt, to talk about everything from misinformation around student loans to growing up with first-gen family responsibility.
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My dream has always been to live in Mont Calabasas CA. No longer a dream, my family own a house there. This started from a venture that gets me $125,000.00 every two months
Dreams come through yeah?
What is this other venture you mentioned though? How do you get that much in that period of time
It is simply the digital market. A lot of folks in the US amd abroad are getting so much from it
And to think that I started with the sum of $18,500 remains a miracle
I would have her info in the comments
I think it's reprehensible that we ask our kids to sign up for insane levels of inescapable debt YEARS before they can even drink alcohol.
IMO all universities should be required publish full specs regarding the average graduation debt, average starting salary, and median time to payoff... for EVERY major.
I totally agree
Not only that, they should have a mandatory exercise where you budget for loan payments and average expenses using that starting salary. I certainly didn’t know what my loan payment would look like even though I was probably more informed than average. I was just lucky that the math worked out.
If this was any other circumstance where in 18 year old walked into a bank and asked for a hundred thousand dollars worth of loans... They would get politely, yet firmly, escorted out of the building immediately. And laughed at for days afterwards.
I also wish we lived in a society where the value of education was so important that we invested in it just for educations sake instead of for the promise of a well paying career.
I believe it was the Wall Street journal that published a great guide that tackles a lot of what you just posted. I agree, full transparency is helpful. I wish I would’ve had that help over 20 years ago. I didn’t understand how debt worked when I went from not really planning to go to college, to being auto accepted into the local university with a small scholarship, then using grants and loans for the rest b of my education. I made a million mistakes and if that was more recently I would’ve been swamped with debt. Fortunately, tuition was low enough when I attended, and my household income is now high. We took all the lessons we learned and my son recently graduated debt free with two bachelors of science. I feel for her though as she talks. I often wish I had more knowledge of finance and debt when I was younger.
I got a degree in 2006 but decided to go back for classes in 2017. When I applied for FAFSA and talked to the financial lady at school she was like, "OH WOW!! You were approved for a lot!" My response, "Ok, but is that grant money or a loan?" "You were approved for $15k." ......"BUT IS THAT A GRANT OR A LOAN?" ....."Well technically it's a loan but you won't have to worry about that for a while...." It was like pulling teeth to get that information out of her. I mostly cash flowed the classes I needed and took out a small loan to cover the gap.
That was smart
That conversation sure really shows the predatory side of these loan sharks. And that's what they are, LOAN SHARKS🦈😡. The fact that you really had to press on to get that out of her. And then she tried to downplay that it's a loan and not a grant. I hope young people are reading this.
I'm giving this a thumbs up because they REALLY ARE LIKE THAT. When there are people that claim that a loan is a loan and students shouldn't have taken them, this is why. Even in 2017 they're still trying to pull this.
I had the same challenge as you had, even when I was a college student in the early 2000s. It shocked me how much money in student loans my financial package was willing to give me, well beyond what covered tuition, housing, books, supplies, transportation, and food. By my senior year I had to tell the loan officer to decline a few of the loans because it didn’t make sense for me to take out an extra $12,000 I didn’t need if I would have to pay it back in less than six months. But I know not every young person is willful enough to stand up for themselves.
@@selalewis9189 I'm not a very assertive person due to autism but not even I would accept a huge load I don't need. It's unsettling that young people are given the impression that's it ok to take out huge student loans. That's why I gave a Like to this TFD episode. This needs serious discussion.
I love how honest this woman was. I know it must not be easy to let everyone know about your finances like this
I'm rooting for her. At 33 i had over 60k in private and federal loans. 90% was private and when the pandemic hit i did not get any help whatsoever. No 0% interest, no pause, no nothing. I also had about 4k in credit card debt. The pandemic made the alarm bells go off harder than they ever have. For 4 years I lived like a pauper and gave every spare penny I had to my debt. At 38 I became debt free.
No one is coming to save you. This is not the way things should be and a lot of it isn't our fault. But the good news is that freedom is attainable. Painful, but doable. It is life or death for us.
that's an amazing turn around, congrats!
it's only achievable if you have a job that pays enough, don't have kids to put into daycare or get a sitter, etc etc etc. so many ets!! like disabilities, like people that have hardship during that time of paying their debt like getting cancer, or having to be a caretaker for their parent which I had to. you are assuming that people have 'spare pennies' even, a lot do not, your 'spare pennies' must have been pretty dang decent to pay that off, and it still took you 5 years of your life to do so. plus she has double your debt. people looove a narrative like yours but it is actually a privileged one, it's literally the only thing you are saying here.
Anyone immediately get concerned hearing a financial advisor recommend paying only the minimums on loads of debt?
We need to fight back against so called prestigious names/institutions. I am a MD and my undergrad school was local/state funded so was my medical school. None of my patients or colleagues care and I am working along side Harvard grads and people with MD PhDs just the same. It’s the DEGREE that matters not the NAME!
For anyone interested in the financials of becoming a MD. I was privileged enough to have a family that paid for my undergrad, some med school tuition and living costs so I only graduated with 130K in student debt compared to the average 250K for MDs. Still in training but have gotten it down to 90K!! I tell those interested in starting medicine as a second career to strongly consider RN or PA as these are a better financial decision versus MD/DO.
May I ask why you are paying off your loans and aren't considering PSLF? Despite what the internet says, plenty of people have gotten approved and they just rolled out changes to track the eligible payments better.
I ask because most health professionals can work at qualifying institutions while making good money. They don't take the same salary hit working in the public sector that most other professions do.
For what it’s worth, if your family is lower income, “prestigious” undergrads will often be cheaper because they meet 100% of financial need. Just wanted to mention this because I think a lot of high schoolers and their families aren’t aware!
@@vulpixelful This is a great question. PSLF is the better option if you have a large loan burden say 200K+ , you don’t have as high of an earning potential in your specialty (for example family medicine or pediatrics) or you have “life” to consider such as getting married, having kids ect that you don’t want to delay. For me due to having a lower balance, middle of the road earning potential and being a single woman I will be able to pay off my loan fully within one year of being an attending meaning 7 years time versus “waiting” an extra 3 years for PSLF to kick in. Also another consideration is that interest has been paused since 2020 and because I am on the SAVE plan I also currently have no interest. If I was spinning my wheels with interest I probably would have opted for PSLF.
Another important point is to qualify you must work for a non-profit hospital. Most jobs and specialities this is where you would get a job anyways. I plan on working in private practice (which in my speciality makes nearly double of a hospital position). This is another reason why PSLF was likely not an option for me personally.
@@Veryfancyflamingo This definitely is true they have larger endowments so students should apply broadly and see what packages they are offered! They just shouldn’t feel pressured to pick the more expensive option just because it is the better “name”.
Yes we have a shortage of healthcare providers because schools are so crazy expensive. You can either be elite and pay tuition or put yourself on the stake and take out loans. Our healthcare providers take on personal financial burden to then take care of our society. It’s sad.
I remember my parent's telling when I was a kid in the 1980s that if I didn't go to college, I would end up working at McDonald's.
Funny Story: Worked at McDonald's for 18 months following the completion of my master's degree in biochemistry in 2001.
The fact that no red flags are raised when students (BARELY ADULTS) are taking out loans that are comparable to home loans, that is scary. I wish there was more awareness in high school regarding personal finance and loans in general and how it can affect your future. I feel so sad when hearing about these cases since decision made so early on in life will haunt them for rest of their life.
I agree but most kids in HS don’t care. I know people who didn’t see the value in learning personal finance in HS until they were IN IT. For instance, not until they went to get their first car and the dealer was trying to give them a 25% interest auto loan. Or maybe they didn’t catch it at the dealership and then realized afterwards that they got screwed.
so true. Imagine if banks came to schools in their senior year to sign them up to a home loan!
But that’s not how it works. Year one you get a mix of grants and small loans (like 2-3k). The next year, oh the grants dried up but here are some more loans (5-10k). No one is taking out one big loan at once.
If the poors knew why they were being shackled with debt. They might organize to stop it. Best to leave them in the dark.
-the rich
On the topic of shame related to student loans, remember the government decided to stop funding public schools at the same level they used to. We didn’t ask for this financial environment and we all should have been given financial coaching in pre college schooling to help navigate the job/education market. It’s not our fault and we didn’t create this situation. Take each step one by one and talk about finances with more friends/family. Let’s not let the next generation deal with this
Janet's candid transparency and vulnerability is so powerful. These stories are so important. Thank you!
Keep going girl. I was you 10 yrs ago. I paid off $160k of law school debt at age 38. I’m 43 and now have a net worth over $400k in investments (no house yet and maybe never bc I like renting.) I’ve never worked in Big Law and when I paid off my debt I was still making 5 figures. You can do it. More people can than we think. It’s hard but doable, and being debt free is the best choice I ever made.
That’s so inspiring I know I can get to that eventually. I’m so happy for you!!
Why do you like renting?
@@user-vu9gd8ed1h flexibility, moving when you please to, not being responsible for fixing stuff in your house - esp the expensive things like roof, heating system etc., not responsible to insure the building for catastrophes e.g floods or whatever. the list is endless
@@user-vu9gd8ed1hdepending on their state so take my advice with a grain of salt-owning a home is hella expensive and not lucrative if u don’t have the funds to afford the best home owners insurance and hoping it can be matched with ur car insurance depending on ur house value ect. There is way more to it and insurance agent would know better but I did ask the big questions and found why being a homeowner is gonna be impossible for most of my millennial friends. My husband had dumb luck owning a home bc his parents couldn’t haha.
Because this is fake@@user-vu9gd8ed1h
There is a common theme of parents pushing their kids to go to college, but being unwilling to foot the bill for that experience. Parents have to do better in steering their kids in the right direction. And if you have very little knowledge on the topic, like her parents did, then simply stay quiet on the matter.
You're absolutely correct. Many parents seem to think financial aid will pay for EVERYTHING, and they won't need to lift a finger. Kind of like the parents who expect teachers to do their job for them. 😮💨
Parents themselves don't even know the right direction.... That's all part of the issue and also A LOT have changed since they were a young adult themselves. They were indoctrinated into these thoughts and at one point it was true but not now, not today.
@@shanishine38 I can see your point. When you have kids will you make sure to have them ONLY when you can BE SURE to pay for their college tuition? I'm not in any way attacking you so don't take it that way I'm just critically thinking about your comment
A lot of first generation parents do stay quiet on the matter and tell their kids that they need to back breaking work. In Mexican culture that’s our norm but where are kids supposed to get the “right information“ if your parents simply don’t know. If your parents have been here for generations they have some idea how loans, universities, the job market etc work. 😊Why not critique the institutions that prey on low income students?
@@Ann-op5kj I believe the point here is. Don't force your kid to get a degree and not pay for it. If the kid doesn't want to go to collage and their parent force them to go then yes the parent should pay for it.
I admire your honesty Janet! It’s not easy being this vulnerable. You make a difference in so many people’s lives and I know god will repay you for that. You’re a great wife, mom, and prima ❤ Keep trailblazing CHINGONA!!!
And to all of those that are taking the time to write hateful comments, I challenge you to look in the mirror and find something you can improve on.
I love you chingon ❤
Thank you for sharing this honest conversation. It’s relieving to hear someone not shame someone over student loan debt and actually take time to understand where they’re coming from. ❤
Chelsea was so graceful and amazing during the filming of this episode, she really helped me feel heard and I’m so happy I did this.
@@Janitabonita19 hey girl! You’re doing great and your daughter is so blessed to have you as her mom. I’m sure all your hard work will pay off.
Thank you❤
@@Janitabonita19I loved your interview and while not quite the same circumstances, I certainly could relate to not understanding money and finance and debt when I was very young. I married young, had a child young, and we slowly moved up in the world learning about money along the way. Now at 42 and 44 we’ve got it (finances and money) down and things are good. From what I can tell, you’re going to make it to that point. I wish you the best.
@@nikkijohnson5147 Thank you so much, I appreciate you.
I come from a very similar background. Mother wasn’t even allowed to learn English bc of the machista mindset. Wish the best for her. I didn’t qualify for a $12k car loan due to low income but they told me I had no limits on how much I could take out for student loans.
Yes, I myself did not qualify for Financial Aid, but the way my classmates were talking to me about it and giving each other advice, was "you never have to pay those back". That and the "you should really go to a prestigious school" myth, jesus, do I know several people that fell for that one too...
My grandma wasn't allowed to learn English...but she learned from TV behind my grandpa's back....crazy times :(
@@karimelupushats even worse is that when I questioned people on that mentality they were quick to scream or gaslight me to think twice 😅
I think shame plays a big part in not wanting to talk about money. What really sobered up my relation with money is when I ran a networth calculation in my early 30s and it was negative. I started working when I was 14 and to think the sum total of all my work in my life was less than nothing was pretty scary
Unless those are private loans, PSLF was made for this person. Nurses and other healthcare providers make great money in the public sector, so she wouldn't be sacrificing a lot to receive forgiveness in 10 years, tax-free.
Edit: Kaiser healthcare providers may now qualify for PSLF, check the new rules!
I was just getting ready to suggest pslf for her. I hope she uses it for the federal loans.
Yes! I recently had my student loans forgiven under the new rules for PSLF. I had over 65k in student loans to become a Social Worker, and have worked in various non profit and government agencies over the past 10 years. My time at the non profits didn't previously count towards forgiveness, due to my income being so low that I was in a hardship deferment and not making 'qualified payments' to be eligible for forgiveness. Under the new rules, they were able to count that period, I qualified, and had my student loans completely forgiven! No tax implications!!
Came to the comments looking for this. My $120k debt doesn't sit too heavy on me because the payments are reasonable on my income within the PSLF program. I will end up with quite a bit more than half forgiven for my commitment to service in the public sector. I don't plan to leave the public sector at any point, but I'd love to see the data on how careers do or don't transition following PSLF forgiveness.
@@michelleswanston5882 Congratulations 🎉
@@FatallyI felt such a weight lifted after my loan forgiveness, not just financially, but i felt free from indentured servitude! I always imagined that I would transition to the private sector where I could make more money, finally lol
but having a career with the (federal) government does provide a degree of job security/stability, I've pretty much mastered living below my means, and I can see a very comfortable retirement in my future!
so, i'm still here, for now lol
With around $250k to invest, what's your advice on entering the market? I'm considering replicating the strategies of experts instead of investing independently to avoid both financial losses and emotional stress. What are your thoughts on this approach?
Consider diversifying your portfolio with a mix of stocks and stable assets. Seeking professional advice now could provide valuable insights and strategies to navigate market uncertainties and protect your investments.
This is an insightful perspective to consider.
Agreed, my portfolio is well matched for every market season yielding 60% from early last year till date. I and my advisor are working on a 7 figure ball park
@@georgeearling905 Your financial advisor must be really good, I hope it's okay to inquire if you're still working with the same Advisor and how can I get in touch with them?
That would be Eric Paul Elmer
For California students: some community colleges offer transfer agreements with state 4 year universities. You graduate the community college with an AS-T (T meaning transfer), and then get a guaranteed spot in a 4 year school. The school may not be your first pick depending on your field of study, but its MUCH easier than competing on high school grades and test scores for freshman spots at UCs and CSUs.
Yes! I have a teen that’s doing this!❤
My youngest son went to trade school for electronics/robotics. An 18 month course at UNOH in Lima, Ohio. He made $92,000 last year. He cash flowed so had no student debt. He is 27.
That’s fantastic!
The only reason I didn't leave my college education with at least 80k in debt is because I decided to go to community college instead of private school after my guidance counselor, and i realized now she was strongly guiding me, knew my my family was poor and that my mother would be taking on a lot of debt for me. Those were the magic words. No way was I going to let my mother get into debt because of me. "I got no money" was something I started hearing way back in August 2002 when we arrived in this country. We started doing well relatively fast, but 2008 happened, and the motto was back with a vengeance. What i think am saying is, thank you scarcity mindset (and actual scarcity that resulted in a free ride for undergrad) for the low debt.
I just want to know how many others out there just signed a piece of paper that your parents told you to not even knowing what it was as a teenager…. Only to find out that you owed thousands of dollars after graduating and getting your first bill. I swear this should be illegal.
Absolutely. I bought a house right before the market crashed in 2008... I was 20... I didn't know anything about anything. Corporations do not care if you destroy your life. They know bankruptcy will ultimately pay their loans or once you file they can slap you with debt all over again. Regardless the system generates money even when a few people default.
Yes.
Where do we draw the line for accountability? Yes these private student loan companies are predatory but they aren’t forcing anyone to sign. People need to read what they’re signing. If they don’t understand then don’t sign. Needless to say, hindsight is 20/20 🫠
@@she_fell_out7842teenagers should though? Not sure about that. When your parent says… sign this so you can go to school… not many children would question that. That is a parent and loan institution issue. People that are older. It could be a requirement that a college counselor or someone explain to students what their options are. I think the fact that children can have all of that dumped on them is beyond wrong.
Why can’t children drink alcohol but are allowed to go into thousands upon thousands of dollars in debt. The system needs to change because obviously it’s not working
@@she_fell_out7842 maybe draw the line where all other loans do. Somewhere around having to have an income, good debt to income ratio, etc.
This literally happened to me. My parents pushed me to go to college but couldn't afford to send me so they had me take out private loans to pay for it. I ended up with a liberal arts degree and six figures in debt. My life was ruined before it even started.
liberal arts degree is the problem here. I am not sure why people are encourage to get degrees for jobs that don't need it.
@user-hc7yn8rf7l I majored in history and got a certification to be a teacher. I watched my parents get jerked around in the private sector so the decision made sense at the time. Now I work in human resources so go figure. Hindsight is 20/20.
@@IzzyFeegs415history teacher is a pretty good backup job though! Teachers are paid pretty decent in some places like California
I am sorry to hear that, the system is truly broken. Why are students with no stable income and credit able to take on loans half the size of home loans? That just seems to be taking advantage of the lack of education of students that need the most help. Very slimy practice all around.
My parents too couldn’t afford to pay for my education. I didn’t get a liberal arts degree but a bs in management, even so $12-$13 hour back in 98 to begin with $60k in loans that eventually ballooned. My life too was over before it began.
Thank you, Janet, for speaking openly about being a first gen AND eldest daughter navigating a different culture from your parents. Not only do we as first gens have to deal with the generational gap, but also a cultural and educational gap as well. Not to mention a financial one if our parents are still considered low-income. It's a challenge!
I don’t recall ever having family talk about money. But I’m a banker now and when I go to family gatherings, I’m very chatty about it. Several family members will reach out to me with financial questions and I even went with a friend to buy a car and annoyed the salesman because I read over the entire contract and explained what everything meant. It didn’t dawn on me until this video that yes, most people just do not talk about financial literacy so never pass that knowledge onto others.
I'm very lucky that my family does not follow the rules about polite dinner conversation. Every day we had dinner together and talked about politics, religion, money, ethics, death and current events. It means we all hold strong opinions and have no fear of speaking our minds. I benefit from my parents' knowledge and experience and won't make some of the same mistakes. My parents don't have to worry about my financial situation because they know my financial position and my sister knows that if she needs a couple of grand for an unexpected bill she can come to me for help. They've taught me the importance of having a pension and staying out of debt and that you never invest money that you can't afford to lose. We celebrate each others success and commiserate and support each other through struggles. We're all stronger for being open and honest.
@@DraggonnyI have tried to do all the same for my son. He’s 21 and graduated college Saturday, debt free. I sincerely hope one day in the future that he talks about me just like this and also has your generosity of spirit. He’s the eldest cousin by a decade and while I want him to be smart with his finances, I also want him kind and capable of determining how to help others.
One of the things not touched on here is the fact that many folks with student debt who are actually able to pay consistently don't ever make a dent in the principal. Some folks even end up paying more than they initially owed, and still end up with a higher balance. So when we talk about debt forgiveness as a part of a larger, comprehensive plan to solve this issue, the naysayers gotta ask themselves who that interest-only payment is really benefiting 🤔
Whether a payment reduces someone's principal balance is beside the point. We can't control how much someone chooses to put toward paying down their debt, just as we had no control of their decision to be so irresponsible in taking out a gargantuan amount of money in the first place.
@@theclown888 For most other kinds of loans the minimum repayment is supposed to pay off the balance within a fixed timescale. The idea that you can lend tens of thousands of dollars to someone with no ability to pay and make the loan ineligible for bankruptcy is a completely alien concept outside of the US. Its predatory lending that is targeted almost exclusively to barely legal adults. Absolutely vile behaviour from these lenders. I also can't believe this poor woman is getting advised to pay the minimum repayments and not aggressively tackle the debt using snowball or avalanche methods is pretty horrifying. Not just bad advice but actively harmful misinformation. The financial literacy levels in the US are appalling.
Yes, for the longest time I didn’t really realize I wasn’t making much progress with my Income-driven plan. I can remember thinking that our (my husband and I) income went up, so shouldn’t my payment go up. But we were young and had just bought a house, had two sets of student loans and other small debts. I didn’t pay enough attention to my student debt (even after becoming interested in finances) until the conversations around student debt began to change. I began to see words like “predatory” where in the past student debt had largely been viewed as “responsible debt”. I’m old enough my loans weren’t too heavy on my household despite carrying a good bit of the cost of my son’s daycare. And I realized a good 6 years ago what was going on but I wanted to see where loan forgiveness went. For me that was nowhere. My interest payments weren’t halted during Covid and recently shot in. In the last 6 years I estimate we put about 7-8,000$ to them while also paying any bill for our son’s college costs that his scholarships didn’t cover. (He just graduated debt free, we learned from our own mistakes.) I’ve more than payed off my original debt. If it was forgiven now, it would not mean that I went to college for free and shirked my responsibility. It would mean the predatory lending practice that I fell victim to has been rectified.
@@DraggonnyFinancial anything is for the rich. The poors are meant to live in debt. So they are more easily forced to toil making the already rich even richer.
For anyone out there in So Cal that are thinking about a Nursing Program in a Community college, and get discouraged about wait list “just apply!”. Don’t overthink it and apply, I’m living proof that you can get in a ADN program with no wait.
Also don’t feel bad about community college instead of going to a 4yr university. There are tons of technical jobs that pay extremely well.
You may as well apply because the worse that's going to happen is that they say no and at least it gives you the chance of them saying yes. In the UK we apply to 5 universities at a time and if we don't get the grades we were expecting there is a second round of applications for any unfilled university places.
Exactly. I was on an unending waitlist when I applied and still ended up getting in the following semester. People will drop out because of one reason or another and you'll move up the list pretty quickly!
Hey I love your stuff! But could you make the different 'shows' you have more distinctly different on the thumb nail or titles? I rather listen to the podcast in podcast form so then your video essays get lost in all the uploads for me
Those $4000 sectionals really have people in a chokehold. *gasp* 😲 indeed.
Looking back yeah it was dumb but damn I love that sectional 🫠
I bought a $4,000 sectional in 2021 as well! You're not alone! And I LOVE my sectional too lol!!! ❤
It’s not just Mexican households that don’t teach the kids or generally talk about money. My white household didn’t either, she got more than I did with that credit card and how to balance her checkbook. My mom helped me open a checking account and get a debit card as a teenager but that was it. No talk about debit, credit, expenses, running a household just that vague push do be better than she was and no make the same mistakes she did (but with no explanation about what those mistakes were). It seems to me than I’m no better off now at 40, and maybe worse off, than she was at the same age but she’d also raised 2 kids and I still haven’t had any. Wait, she did eventually get a college degree and I never did so there’s that. But I watched her struggle through night school to get her degree, I remember going to her graduation and it was great for her but I also didn’t see anything change after that except that she wasn’t doing homework with us kids anymore and she was home more nights. We were taken out of private school. We still lived off hamburger helper and Blue Box Mac and cheese.
Listening to this now, and I'm a nurse and no way in hell I'd put my parents in a nursing home. I disagree with her... It is BOTH the care and the loneliness. It's not a pleasant way to spend the end of life. Also you can absolutely get a nursing undergrad degree without going this much into debt. I got an academic scholarship and got every scholarship I could find. Avoid any private or for profit school. It's better to go to a less known or less prestigious state college and graduate with minimal to no debt. Sometimes that means going to nursing school in like, Tennessee and not California. You can write the board exam and apply for your first license I the state where you train, but you can easily get endorsement and apply for a license in a state like California later. Grad school for nurses can also absolutely be debt free if you want to be a nurse educator, Nurse practitioner, etc.
I was being diplomatic when speaking about nursing home care 😶
This is one of my top five favorite TFC episodes. The realness and honesty; the authenticity is so refreshing, encouraging and relateable!!
This episode actually sparked me to think about how my liflong debt and financial struggles are part of my emotional struggles too. Much love to Janet for her honest conversation!
I’m so happy this episode is in your top five! Thank you for watching ❤
I lost over $70k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly.Thanks Karen Cosmann
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
You trade with Karen Cosmann too? Wow that woman has been a blessing to me and my family.
I'm new at this, please how can I reach her?
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
I think this speaks to how much of a failure high schools are in the US because there is no reason why a graduating senior should have no idea how paying for college works, regardless of the knowledge their parents have on the subject. Where the guidance counselors??
Gov't scam.
I think there was 1 maybe 2 guidance counselors to several hundred high-school students my son’s senior year. The parent info meeting for graduating seniors pushed filling out FAFSA with no financial advice included. It was literally a graduation requirement. We refused to do it. My son had a full academic scholarship and my household did and still has (very reasonable) student loan debt so I was very opposed to it. My son would’ve had to request a meeting to get a face to face with his counselor and he was a highly academically successful student. Fortunately for him, we knew being smart with attending college and keeping debt down or at zero was important for his future financial life.
The reality is that many high schools, especially those with high numbers of students of color, don’t have guidance counselors but just military recruiters.
@@margaretreefer1145Capitalist scam actually.
You don't know why college is expensive and it shows. Spoiler. It's because when poors have higher education and no debt. The poors use that book learning to successfully challenge the interests of the already rich.
I'm so happy I made productive decisions about my finances that changed my life forever,hoping to retire next year.. Investment should always be on any creative man's heart for success in life
Thanks for the advice! I'm new to financial planning and wasn't sure where to start. Any tips on finding a reliable financial adviser or resource to guide beginners?
As a beginner, it's essential for you to have a mentor that is verified by finra and SEC to keep you accountable. I'm guided by a widely known financial consultant Stacey Macken
Truly, investing has changed my perspective on how one can succeed in life; working multiple jobs isn't the optimal way to attain financial freedom and unfortunately, we discover this later in life. Currently earn as much as 12 grand weekly and this has improved my financial life
YES! that's exactly her name (Stacey Macken) I watched her interview on CNN News and so many people recommended her trading skills, she's an expert and I'm just starting with her....From Brisbane Australia
This Woman has really change the life of many people from different countries and am a testimony of her trading platform .
34:30 this whole point is so important. Im the younger of two kids but also the only daughter, and I know that the burden of taking care of my parents will fall on me. That thought alone was what led me to have honest conversations with my mom about what I need to do in various situations. Her guidance has eased a lot of the anxiety I was previously feeling, and now I know that if/when I do take care of her, it’ll be a more beloved experience without financial resentment.
Why does you being the only daughter mean you have to take care of her?
This story gives me so much anxiety for her😢 I feel Mexican parents really push going to college because in Mexico we have the option of public Universities where it’s only $200USD the semester that are good. So even for people that have nothing it’s a little easier for families to cover it, but they think in the US is the same and are unaware of the financial consequences😢 (in Mexico there’s also private universities with really expensive monthly tuitions, but there’s scholarships to cover 25%, 50%, 75% or full ones)
Her honesty is so refreshing. We need more of it!
I'm not from the U.S. but when I was in college over 30 years ago, I could already see the inflation happening. I wasn't sure what I wanted to do yet so I chose the course to become a history teacher. The boomers that came before me had always been able to choose 2 subjects (eg history and English), which gave them more options on the job market. It was also easy for them to switch to another subject. On top of that, no one batted an eyelash if they took 6 years to finish a 4 year course. And they were all able to do this with minimal or no debts.
By the time I got to college we already had to work harder, faster and take on loans because they didn't want "forever students" living an easy life off government grants. This attitude only increased and young people are getting screwed over. Their education levels aren't worth as much as they used to be and their debts are nearly impossible to pay off. It's honestly a disgrace!
Yeah, when I went to uni tuition fees were £1000 per year. Now they're just under £10,000. The loan terms in the UK are way better than in the US but I find that massive increase to the fees to be appalling, especially given how low paid a lot of graduate jobs are. A lot of people won't get any value from that huge financial cost, it's just the entry fee for many careers.
It's a tool of control used on poor people like you by rich people you will have to work for.
When the guest said, “The student loan is…crippling.” my heart broke for her. I think even the interviewer looked upset by that.
I just want to say, I love how well the long video essays have been doing on this channel. Fantastic idea 🎉🎉
I appreciate her honesty. Genuinely rooting for you girl!
Don't assume that a private school is more expensive than public. A lot of private colleges have lots of money available in scholarships and can be less expensive than public. But obviously don't go to any school without knowing what it will cost.
Very true! Of course it’s not always the case that private universities will offer scholarships or grants, but public schools don’t have the same money to throw around. In HS, my dream school was San Francisco State, but the University of San Francisco was the cheaper option because they gave me a sizable tuition scholarship and SF State only gave me loan options. I also was able to graduate in four years where a lot of my HS friends at state schools had to stay for extra semesters, and/or take summer classes, because classes were so impacted.
The first 10 minutes made me do a double take, as this is also mine and my parents story. Thank you for sharing your experience.
Thank you for your honesty and sharing your experience with us. This episode is one of my favorites in TFD. Even though I may not be dealing with the exact same situation, hearing how she’s dealt and is currently handling was so encouraging. Thank you. 🙏
Go Janet!!!! Get started and go for it, mamacita!!!!
I think the opportunity to ask these guests audience questions would be great. Not sure how we’d do that if they’re not live streamed though
First of all, what a brave, smart young woman. It blows my mind that some parents (or whoever) encourage their children or themselves to get in huge debt to go to college, but it happens all the time, and for understandable reasons. I did have student loan debt, but I went to the cheapest school available for my degree, and my degree pretty much guaranteed I'd have a job. So I was able to pay it off. But that was almost 30 YEARS AGO, back when a cheap education could be found. Obviously, education is much much much more expensive now. We have to make student loans forgivable somehow, or if not, at least allow the loans to be dismissed through bankruptcy. If these predatory student loan companies knew that these loans were dismissible by bankruptcy, I bet they'd be much pickier in who could receive them, what majors they'd pay for, and the amounts they'd loan. Fewer people might go to college, but fewer people would have their lives ruined by debt. Having generations of young people in debt is not the way to ensure a sound country. Anyway, this was a great show as usual.
I hope Janet knows how brave she is talking about this, which I'm sure is the same situation of many, many people. The student loans system and lack of regulations and support in the US is absolutely coconuts. Hopefully this will change in the future. I wish her all the best.
Oh man. I WISH I was one of those ppl in the intro who did 1 or 2 years of law school and left… After first year I knew I didn’t want to practice but convinced myself I could find a spot in the sliver of law I actually did enjoy and so stayed in BECAUSE I already had $50k. I graduated, finally admitted it was highly unlikely I’d get to practice in what I wanted and I could do the work I wanted without a licence (or a law degree). Anyway, working in policy research, analysis and amendment, and while I won’t claim the knowledge I got from law school doesn’t help in this field, a law degree is very much not required, so I ultimately definitely wish I’d left with just $50k in debt… Sunk cost fallacy definitely got me
My graduate degree costs me 120k... I wanted to go to a good school, but regretting it at this point but it did enable me to get a good job which I am grateful, I have pledged an extra 3k a month and will be out of debt in 3yrs... its hard thankfully I bought my home in 2020 before going back 2 school, don't think it would be affordable at this point in today's market also any bonuses go to my debt... I remodeled most of my home cash so now its just the debt and then my focus will be maximizing and creating other streams of income for retirement 35 now; but I have a long way to go!
2 degrees and $80,000 in student debt and I've never even seen a $60,000 salary
Unionize or be crushed. Those are your options as a worker
I spent this entire video wondering about Mexican family Dynamics. Like, did Janet ever really address her parents with regards to this situation?
They put a lot of pressure on her to make choices they didn't even really fully understand that essentially put a lifelong curses worth of debt on her. And then implicitly expect her to take care of them in old age even though they were seemingly FAR more successful in life than she was. How does she square that with them? That's what I wonder. There's always so much info being obscured from us that we really need to have these hard convos about.
Great question! It’s been a complicated topic to bring up with my family. There’s a lot of context missing but I will say the 2008 financial crash really impacted my parents finances negatively. I started college in 2009. But the dynamics of talking about money are so difficult, I’m working through it with them and in therapy. I hope to be able to have a healthy relationship surrounding money and pass that on to my daughter.
@@Janitabonita19 I understand the recession aspect well. I was in college from 06-08. And my parents were hit hard as well. But I got out without too much damage and even though they didn't take as much initiative as I'd like, they were always open to talking through finances with me and answer my questions honestly.
But I totally get why it would be hard. If I could justifiably blame them for me being in six figures of debt Id probably need to be in therapy too. Especially if I learned afterwards that they didn't understand as much as they might have led me to believe.
I'm hoping and praying that you stay on the road to A healthy Futurw. In your relationship with money your parents AND your kids
@@kyleflournoy7730thank you so much, I appreciate you.
@@Janitabonita19 My parents never talked about money with me. I am 42 now. I married young and my Mom remarried shortly after I did. The entire time my mother’s new husband was planning to use investments to retire as a multi millionaire, my husband and I didn’t get one conversation from them about finance or investing or staying out of debt. In my early young years I was transparent about my financial hardships and “poor” decisions. I brought these topics up eventually as I aged but we were never advised or mentored. That was over 20 years ago and they are about to retire having reached that goal. So at first my childhood family was too poor and then my new step-parent was simply unconcerned about our future to talk about money with my husband. Thank goodness over time I learned about money and how to build wealth on my own bc I wanted what was best for my son and little family. (I do admit knowing my mother will be well off majorly lessens the worry that I, as the oldest and most financially secure sibling, my husband is the earner, will at the least be managing her care at the end of the life and at the most have her living with us.)
Already the comments not understanding how this felt like a GOOD choice 18 years ago when i went to college not a bad one. My husband and I met in pharmacy school and had collectively 385k that we thankfully busted our asses to pay off and have higher incomes than most pharmacists. But most of my friends are so so strapped and thought they were choosing well. In NC, there’s only one public school and it’s #1-2 in country (Unc). Edited to add : PHARMACY SCHOOL. well aware there’s tons of public colleges in NC. I went to app for undergrad 🤪
NC State is public ….
Exactly. How would a nursing degree ever be considered a bad idea? The perception is that nursing and pharmacy degrees are very valuable, and nursing in particular is a field where you'll always have a job.
@@gabrielletalley7375 There’s only one public uni in NC with a pharmacy school
The UNC university system has 16 public universities. It’s not just UNC Chapel Hill.
@@rebashley UNC is the only public school with a pharmacy school
Currently 29 in my last year of veterinary school. I'll be graduating with 170k of loans, so this is very relevant to me unfortunately
I achieved a bachelor's degree in Environmental Biology for the steep price tag of 120k, one year from graduation, I'm at a job that pays 29k AGI. 1/2 of my monthly income goes to student debt. I have no idea what to do or how to raise my income. Fortunately, I have very supportive family who are willing to keep a roof over my head for free, but I'm lucky if I manage to squeeze in saving $500 a month after all my expenses. I don't think I'll ever be able to afford actually living
Very relatable conversation as a first generation American and college student, oldest daughter of West Indian/Caribbean immigrants. I don't have any children, but do feel the pressure/obligation of having to financially support my parents as they get older. Regarding student loans, I feel very fortunate that I only took out federal student loans, and have been working in public service so they were recently forgiven, but they were definitely a burden up until that point. She should definitely see if she qualifies for PSLF (Public Service Loan Forgiveness).
I think she needs hope and a game plan. From what I’ve seen, she could be making $200k or more a year as an RN in CA plus whatever her husband makes. She could definitely pay off that debt. I also wonder about her lifestyle because she made a comment about how a $4k couch really wasn’t that bad since they live in a large space. She just needs to decide if she wants the debt gone badly enough
I have no college debt and it is such a nice feeling.
man, it is just so hard when you start off with limited/no knowledge in your family about debt, financial planning, university, etc... then you get in deep and have to claw your way out while learning how it all works for the first time. I'm glad Janet is working with a planner and hope she can realize her dreams and set her daughter up for a more stable financial future. Mega respect that she had the guts to come on here and share her story- it will absolutely help others, just like she helped out her sibs.
Yeah with the planer for almost 7 years and debt has increased 😮
The educational / tuition costs in the USA are extortionate, I completed my BSc and MSc in Engineering in the UK for GBP 19500 whilst working a job. Never used the degrees really, since the jump start of working simultaneously gave me enough professional experience and contacts to launch.
Signed up for crazy college debt at 17 years old before i even knew how to pay a bill 😭😭😭😭 10yrs later and i'm only halfway done paying it off.... getting closer every month though.
It frustrates me that Janet starts out by saying that she was given loan paperwork but didn't realize she had to pay back the money. Does she mean payback with interest? Or is she just thinking she was being given money with nothing in return? Was she confused about grants vs scholarships? I was also 18 years old when I signed loan paperwork, but read through the entire promissory note before signing, which was required. Additionally, I had to complete exit paperwork once graduating that set the terms of the loan once again. How was all of this signed without understanding the terms?
I went to a private university for Mechanical Engineering. Cost was $40k a year which I brought down to $10k a year through scholarships. I knew exactly what my loan was and the 10 year payment plan. I was able to compare that against my estimated starting salary. It's not hard to calculate everything out, but you have to know what a loan is in the first place. Minimum acceptable payments are not the same as minimum payment to pay off in X years.
Your beautiful guest has debt BECAUSE she is NOT paying her debt!
I mean, as an RN in California she makes over 130k a year! She should be able to finish this loan in 2-3 years maximum!
Especially during pandemic, we all in medical field were paid crazy money… I paid ALL MY DEBTS with that money and put down a due payment for my new condo …
This young person is very nice and also NAIVE WITH MONEY…. She really needs to use her brain , stop listening to other people financial advice
I could be wrong, but I sensed Chelsea being negatively taken aback by this woman's financial advisor's advice to just pay the minimums and carry on 😬
I think it's younger people feeling a sense of hopelessness. If you are $100,000 in student loan debt and can't make a dent in it, why not just charge the shoes you want to bring some joy into your life. I really think that if student loan debt wasn't a problem like it is we would not only have financial freedom but would have a different appreciation about money and concern when it comes to debt.
If you had financial freedom you would be able to effectively challenge the status quo making billionaires at your very literal expense. The rich decided you shouldn't be able to do that.
Genuine question, why don't students in the U.S. opt for an education abroad then go back to the country once done, even if it means getting a loan? Are student loans only granted provided you go to a U.S. university?
I met several American and Mexican students doing master degrees while in the Netherlands because it was waaaay cheaper.
I'd imagine you could pursue an education abroad if you go to medical school, I.T., or any degree that does not need country-specific knowledge. But maybe your title won't be valid once back in the U.S. and will take a bunch of paperwork?
Cuz they don't have the balls to look outside if the usa cuz they probably also think it's going to be more expensive and less of an education since the US touts such a self greatest theam
People in the US for the most part never think about it. It's also never presented as an option. It's something you have to think about and research on your own. It goes against the "America is the greatest" narrative we get shoved down our throats. It is often cheaper, I did my masters in the UK for half the price (because I could complete it in half the time) but I wish I'd thought about it for undergrad. I'm sitting on 90k of debt (from both of my degrees) and nearly 10k of it is interest.
I met an American while abroad who was studying in Germany, he said he was going to graduate with virtually no debt and he was able to study what he wanted to study, he was just required to take German classes as part of his studies. If I would have met the guy 3 years earlier, I think I would have made a very different choice for my post high school academic career.
3:17 I find it a bit weird when people say my degree isn’t useful for my job. College is also preparing you for the world, exposure to people from different backgrounds, different ideas, develops critical thinking, get independent. I do understand one shouldn’t get into 100k in debt for this.
That 100k of debt is too keep those kids from rocking the boat the rich are in charge of.
I was lucky to test out of every general education requirement. I think it would have been difficult to get out in 4 years otherwise. Nursing would be way to much. I'm debt free and self employed. It's a mess. I'm glad she became a nurse but it really takes privilege to buy qualifications otherwise it may take decades to pay off the huge education debt. You're probably better off to work a lot first and then pay the education as you go as well. So then you graduate 2 to 6 years later with no college debt. Then you can rent an apartment that's not trash and save up to buy a nice house that can fit the sectional and then you can retire at 55 or before with only a little bit of house debt if that remaining.
The crazy part is I’ve learned that it’s actually better to keep the low interest rate debt the gov gives you i.e., student loans
And invest in assets that appreciate
For whatever reason asset prices continue to appreciate so anything held in dollars is bad for the institution
I went to college in the 90s and Im also first gen who came to America right b4 college due to a civil war. The fact that she is claiming she did not know a loan had to be paid back is crazy! Saying u were unaware of the payment terms is one thing, but what did she think she was signing as she signed the note? .
I think the most shameful part abt all this is how many ppl pay back their original loan but are still only half way finished paying off their interest. Thats disgusting.
Why should anyone- parent or child - have to mortgage their life to go to college? Yeah, maybe not perfect decisions, but there are lots of worse decisions than going to school. It doesn’t need to be this way, which makes me wonder who is profiting handsomely to keep this system alive.
Because when the poors in the 1970's got debt free schooling. They used that book learning to successfully challenge the status quo's benefitting the rich. The rich decided that can never happen again
I was really lucky and blessed, I was a smart 18yr old and decided to go to college to get my general education for cheap took me almost 6yrs to graduate with an art degree but my debt was 27K compared to the 90K they we're trying to convince me to take and by luck and the Lords blessing I'm actually working in something very similar to what I study and paid off my debt during the pandemic pause. Granted I have sacrificed things, which is I lived with my mother still into my late 20's and I'm barely saving in my 30's for a house and retirement but I have not debt.
omg HOW??? Im a poor first gen student too, and I couldnt get approved for any student loans beyond the federal. Which ended up being for the best tbh. Im sorry, also i hope she isnt paying this 'financial gym woman' because how has she not done the math for her in regards to the debt? Girlie in the vid, if youre reading this, STOP wasting any money on them and figure out the math ASAP.
also a first gen student and only qualified for federal student loans, definitely a blessing because i've been working in the public sector and was able to have them all forgiven.
Why it might be hard for people to get information, educations, jobs, etc:
1)Not everyone has access to the internet and thus cannot Google something. Some people might have limited internet access via their workplace, school, businesses with free Wi-Fi, the public library, where they live, etc.
Some people are not allowed to use the internet.
Some people live where there is not internet.
2) It can be hard to find accurate information on anything. People can make up information and put it just about anywhere.
3)Not everyone has a cellphone. Not every one has a cell phone with internet access.
Some people live in places that get no cell service or limited cell service.
4)Not everyone has a landline phone.
5) Not everyone has a computer.
6) Where some people live might be far away from schools, jobs, private and public transportation, stores,etc.
Some people might need to go to another town to go to school, work, stores, etc.
7) Not everyone can move from where they live because: medical reasons, financial reasons, personal reasons, legal reasons, lack of or no public and private transportation, job related reasons, political reasons, religious reasons, environment reasons, etc.
(Not helpful advice plus needs more info: telling people to move, telling people to get another job, telling people to quit their job, telling people to do side hassles, telling people to make more money, telling someone to look something up, get more education, get financial help.)
What about telling people not to buy $4,000 sectionals?
@@nadmoithen hopefully they don’t bc it sounds like to me it sounds bad but maybe their friends convinced them it wasn’t lol who really knows 😂
Kudos to TFD for putting this out there. This must have been difficult for Janet to give this candid interview but I appreciate she did. Her background explains why she did what she did and I for one do not judge her for it. I hope this reaches out to gen Z.
Young people are told you must get a degree at all costs. So everyone and their dog went to university and now there’s credit inflation and a glut in the market.
For many years now there have been more job seekers with degrees than there are job postings that require it. Let that sink in.
You may or may not get a good job, a degree doesn't guarantee you that but you will be set back for a few years or even more.
People, you do not need a degree from an expensive school. But alas, we're in a catch-22 where you can't get a decent job unless you have a degree but degrees are so prohibitively expensive that it'll set you back a decade.
Unless you're going for a profession like MD, dentistry, engineering I would advise to just get a 3 year degree from a good but INEXPENSIVE university. Once you get job experience, employers don’t care about your degree.
I think she made really unfortunate decisions, and it speaks to the need for more financial literacy and career education.
I did make a lot of unfortunate decisions. This is why I put myself out there and was real about my choices. I’m working real hard to remedy all those bad financial choices I made. I
@@Janitabonita19 We appreciate you sharing your story, you're helping people and that is brave. THANK YOU for your courage sweetheart x
@@femmefatale71 thank you so much. I really hope this honest conversation helps other people out there in similar situations. I appreciate your kind words.
@@Janitabonita19 Thank you for sharing your story. I am a first-generation daughter who went to college, and I am also the eldest daughter. My mother encouraged me to pursue higher education because she believed it would improve my life. However, my family did not have much knowledge about student loans, and although I did some research before obtaining them, I didn't fully understand them. Fortunately, my loans were not as high, and my husband is much more savy with money than I am. With his help and support, I have been able to repay over 60% of them. To me the real issue is that higher education is expensive, and for lower-income populations, taking out loans may be the only option available.
Despite this, I am grateful for my degree, which has helped me to secure a stable career. I just wish we had better financial education growing up.
Again thank you for sharing your story . I hope you can continue to tackle those depts and one day own a home.
@@Janitabonita19 thank you for sharing, you're helping other people to get educated in financial matters.
I used to be upset that my parents didn’t push me to get a college education. Now I’m SO grateful they didn’t. I’m oddly much better off with no education and no debt. I want to start my own business and you don’t need a degree to do that.
My husband didn’t get a degree. By the time he was 22, he had worked for a few years to build rapport, and his was at a better place than his newly-graduated buddies. Sure, they started at 50 cents more an hour than he started a few years earlier, but at that moment, he was making more due to experience. Fast forward to now, 20 years later, and who owns a home and who is finally paying off debt? There’s a lot to be said for spending those few years building rapport and networking and having a resume.
Ironically, I’m now $45k in debt and have another year and a half to go on a music degree I have no plans to use. BUT! It’s done with my eyes open and for personal enrichment as much as it was started to give my daughter a homework buddy during the lockdowns and to show her that hard work pays off and that education for the sake of education is good. So it’s debt that’s worth it to us. But she’s also very well aware that college debt isn’t the only way to a good life-she’s that kid who goes to Paris and has a mom who flies airplanes for a hobby, and the only income is that dad who didn’t get a degree, but who worked his way ahead while his buddies worked their way into debt.
The sad thing, though, is that the thing that saved ME from debt when I was 18 was that my parents forced me to drop out of high school halfway through my senior year. So I ended up unable to go to school at that time.
You need capital to start a business. Which you also don't have.
Your access to upward economic mobility is being artificially and perniciously paywalled and you don't even notice.
I don't have a problem with students loans 😬. Buuuuutttt, I do think they should be capped at 1% interest (0% ideally). Pay back what you borrowed but the interest is the true killer.
Student loans exist to keep the poors like you from using book knowledge to threaten the interests of the already rich.
The students often get the greatest attention paid to them for the student loan crisis (for good reason), but speaking as a financial aid administrator at a Big Ten university, the parents also take on HUGE amounts of debt to put their kids through college. I see parents taking out unsubsidized loans of 40-50k a year because their student is desperate to go to our university, and while I understand, I really wish I could impress upon them how little it actually matters where you get your diploma from.
Chelsea! I have a junior in HS graduating next year…stellar grades, well rounded, all the things… but do you have a resource you can share that can help us decipher and decide the world of financial aid, scholarships, grants, best thought out plans for post HS education. She wants to be a veterinarian and will need the education. We are trying to navigate the system and we feel overwhelmed and don’t won’t to make mistakes ( or at least as best we can). Thanks so much!
My local public university gave my son a full academic scholarship with early acceptance (Dec of Senior year). The gpa requirement was not intense but the high ACT score requirement took a few tries. They also offered half scholarships. I noticed many of the postcards from public universities all over that he received were offering the same deal. Also, after he got in he got more scholarships through his department and also through the honors college program. They funded his summer classes and part of his European travel short course. This was a separate acceptance application from the college acceptance. I think the Wall Street journal has a good college guide with costs and averages of income and debt of graduates for various majors. I read it just can’t swear that’s the publication that put it out. But it does exist. I did read regularly that private colleges can ultimately cover more than public universities, so don’t dismiss that idea outright. We aren’t poor and fall into a higher income range but not so high we could swing huge college costs so we didn’t try that route. But I see people commenting who have. Hopefully the issues with FAFSA this year will be sorted out by next year bc it’s supposed to HELP students. We didn’t need to do that so I’m no help there.
@@nikkijohnson5147yes. The Powell memorandum explains everything about how to manage college debt.
Veterinary school is a 5 year program and not as prolific in some states and therefore extremely competitive and expensive.
Please be saving in a 529 for your children. Set a budget each month and live under your means.
Encourage your parents to save for retirement and tackle debt.
Yes! Opened up a 529 for her. I hope it pays off and helps her in the future.
I think it's important for us to know what exactly the $120K was spent on. Was this spent on rent, car payments, spring break vacations, conspicuous consumption, etc? Most people are able to work while going to school. Most entry jobs nowadays pay a very high starting wage, so there's no excuse for people not making higher payments towards their loans. Only when we are honest with ourselves and with our money are we going to learn from our mistakes and not keep repeating them.
When I started college, the loans were presented as a way to attend. Like just get this and that and then you don't have to pay for anything. It wasn't until my second year that I realized what I signed up for and started looking into how can I pay off or reduce the loan amount. Still working on it, but really wish I had more financial knowledge before going to college.
Being in debt is how you are kept under control by the rich people you now have to work for.
Ha. I’m in half a mil debt ($350k house). It’s nothing to laugh at or take lightly… risky and I wouldn’t recommend it. At the same time, I have a beautiful life… have a plan to tackle the debt and am at peace with it… as a former debt slayer who got out of consumer debt before… that’s something I never thought I’d say. BUT… I only have $32k in student loans and most of that will be forgiven in a few years. So, maybe I would feel worse if it were all student loans.
There was a time in the not too distant past that public universities in the U.S. offered a very reasonably priced and high-quality education. We should continue to expect our governments to provide this! I understand that a college degree is not a necessity for everyone, and many people can thrive without one. However, they education should be within reach for people who want and need it. It's ultimately better for the entire society to have well-educated citizens who are not up to their ears in debt. Education is a cultural value for many groups for good reason. Learning is edifying for the mind, the conscience, and the soul. It is an enrichment of life. There is so much more to a college education than simply preparing a person to be a good worker in a good job.
The rich decided in that distant past poors like you getting a debt free education was making it too hard for the rich to extract the most wealth out of you. So they intentionally took cheap college away.
If you've taken out 6 figure debt the past 20 years that's on you. We've been discussing this loan crisis even b4 then and advised people to go to community colleges, take gap years, learn trades or stay in state. Even worse is for a degree we've known forever isn't useful. The only 6 figure debt that makes sense is STEM. I remember the blank stares i got when I told people I wanted to study liberal arts. I knew better but I'm definitely not blaming society for not educating me. I already knew engineering was too tough. 😅
I’m thinking about Loans and Credit Cards so obviously this will be quite the learning.
While the school Chancellor rakes in $5M per/year and the Athletic Director $4M/per year.
That's how class oppressors work.
Literally begging a 19 year-old not to do an associate’s degree from Penn Foster for vet assistant. Not my kid, but I care. She’s not hearing me 😔
At least you’re trying. I hope you get through.
I don't know if I was lucky that I learned about money through experiencing my father bankruptcy. I took my loans with caution and full understanding that there was not such thing as free money. I do remember an fellow student council member telling someone else they took extra loan so they can have fun in school. People really didn't understand how money work. Again I am not sure if I was lucky or unlucky by learning this early on. My childhood was not fun but my adult life has been pretty smooth so far.
I had a similar experience! Our house was foreclosed. I had a parent that spent more than we had.That taught me a lot about money. Took as little loans out as possible and I didn't apply to grad school programs unless it was fully funded. Can't answer if that makes us lucky learning that so soon 😂
You still don't know how economic class works.
Free money exists. For the rich. Which they get by screwing your whole bloodline. Every. Single. Day.
I was a first generation college student with an immigrant father who wanted me to go to college. I wasnt the smartest, but I was smart enough to know that a loan would have to be paid back, and I would rather not. My parents werent good with money, but I always thought it all was just common sense. From 10th grade to senior year I applied to every scholarship I could. I perfered the essay writing ones because I knew most people wouldnt be motivated enough to do all that. My private college was completly paid for by scholarships even though there was nothing really special about me or my grades. When I switched majors & decided to go to xray school I worked and paid my way through. I feel like so many of my fellow millenials have a victim mentality. If you put just a little brain & effort into things you can do anything you want. I think so many of us just want the mentally & physically easy way out.
I just bought my dream super couch. It was also almost 4k but it was my dream super couch and I knew I wanted to invest in it.
Go to the Philippines for the nursing degree, they teach in English and the degree is recognized
Nothing to do with the conversation, but could she be anymore stunning???
The gasps are perfectly timed
The problem isn’t that student loans exist, it’s that the positions that require degrees don’t pay wages that cover the costs, even for STEM positions. If you don’t think loans have to be repaid when you take one out then that’s totally on you.
Every problem you listed is caused by the rich making a system to keep poors like you from effectively challenging their rule over your life.
I am a retired special education teacher. I am partially paying for my grandson’s college degree so he will graduate with little to no debt. Right now he is in his second year at our local community college which is extremely affordable. This college has an agreement with our state universities that all credits will transfer assuming he gets at least a C in each course. He has a 3.0 average overall. I will continue to pay for his tuition at the state university. I am determined he will have very little debt from college.
Exactly what I did. One year left at uni, but did junior college and followed the degree transfer pathway with a state uni. Once I hit 60 max transfer credits, I transferred.
A big downside though is a lack of college culture/friends. I am involved no doubt at my college (clubs, jobs, attend campus events) but these are still children and a lot join as a freshmen and make friend groups then. Coming in as a junior and a few years older than other juniors, it was that much harder to find my circles because they were already established in my class, and I had to search for them. It is doable, but socially you are playing catch up.
@@borkbork4124 good for you! My grandson isn’t someone who cares for socializing in large groups but I totally understand your point. Best of luck to you
We just did this for our son; after his scholarships, we covered tuition, fees, books, and he lived at home. What a great gift to your grandson! My son graduated debt free Saturday with degrees in Physics and Mathematics. I’m so grateful to see this conversation. I have a small amount of student loan debt left. Fortunately, it hasn’t been a hardship for our household but I didn’t realize I was in a predatory repayment scheme until about 6 or 7 years ago. I’ve repaid my original loan amount but still owe and that’s only gone down significantly bc of the extra I have put on it in the last 5 years. Then we waited to see if loan forgiveness would happen while reducing the amount reasonably. And I’m a smart person who over a decade ago intentionally began learning about money and it still took time for me to realize the student loan debt market is willfully predatory. I was literally too naive to put it together until it became a huge topic of conversation and I’m a smart person.
@@nikkijohnson5147 it’s predatory to sign teenagers up for a debt they could spend a lifetime paying back. My daughter and I were determined my grandson was not going to incur much student debt. I co-signed (and co-own) his car, too so he could get a low interest rate, but he makes the payments.. He’s quite responsible and a very hard worker. I am trying to mitigate the present economic circumstances for him. God willing I will leave him enough money for a house down payment. Your son is lucky to have parents like you.