23-Year-Old With More Debt Than Anyone Should Ever Have | Financial Audit

hi I'm Alex I am 23 years old and I am from Harrisburg Pennsylvania what do you do for a living I'm currently a grad student at UT Austin grad student does that grad student come with pay it does yes how long did you see where again would you what was your age 23 oh 20 . how much do you make with that position uh about 2100 a month before taxes or after taxes right now I believe that is before taxes but I get about ten dollars taken out every month just in case what I get like an extra 10 taken out for taxes for the end okay so 120 dollars yeah here yeah that wouldn't really cover any taxes well much of any it's in it's an advice I got from my father once and I have done it ever since oh yeah it's your dad 64. yeah that sounds about right yeah that was uh ten dollars definitely went a different amount when he was in his 20s yeah damn right I did so okay 2100 uh grad student at UT University of Texas at Austin that is correct so twenty one hundred dollars for a grad student I feel like would be okay in most college towns Austin's a little expensive it is very expensive and ironically this is the best offer I got from a grad school okay yeah I mean they're kind of forced to right or else you want to be able to buy is this your only job that is correct yes 2100 a month and you think that's before taxes yes okay so that's like a thousand seven hundred to eight hundred thousand seven hundred fifty dollars a month after taxes yeah and then you set aside extra sometimes yeah okay I will say a thousand we'll just be generous and say a thousand eight hundred dollars a month thank you so much so a thousand a thousand eight hundred dollars a month what is your rent my rent is 9.50 okay discussing so that's half gone yep that is correct what about utilities and everything utilities add up to about 200 a month well yeah 200 a month yeah what is your overall Financial picture right now I'm currently like what I'm spending it all on no like you're just macro Financial picture like your money your struggles yeah so currently also have a car to pay off right now um have the um what's it called the insurance for that um and credit cards to pay off of course like every other college student well if you want an extra thousand dollars make sure you're a part of the first 50 000 subscribers here because one will win a thousand dollars so I already am don't worry okay well if you win that that'll help pay off your car a little quicker so you're in some debt situations you're not making a lot of money in a very expensive city and you're in school spending time doing that not working extra hours anywhere else what are you studying uh I'm in Masters candidate for Scenic Design okay what are the job prospects after that what's the return on investment for that degree uh it honestly depends usually I'm planning on doing a minimum like minimum hourly rate of like 30 dollars an hour um especially since I have the name of YouTube behind me um but thirty dollars an hour for work with a graduate degree is not fantastic it's not you're right which is funny because that's like on the higher end for theater um yeah so why are you deciding to do this because you're putting a lot of money into it I assume not as much with UT ironically because UT's a public school my undergrad absolutely I did my undergrad was a private school why don't you go for your underground Pace in New York City what was that yeah I've heard that okay oh okay what was that agreeing uh it's a BFA in the same thing senior design Scenic and costume design technically not against the Arts but one thing I struggle with is okay well you went to good art schools which does put you at it indicates that you are likely in a position where you will succeed more than just someone going to just a random hopefully one I mean okay so every degree from any institution is essentially worth the same thing it's shown out in every research but if you are someone who accelerates within a certain program that is able to get into a more difficult program to get into it does show that in that overly competitive environment you are more likely to succeed than someone who got into like a School of Art where the acceptance rate is 100 um sometimes yeah like sometimes schools like Yale like they um they actually make you work with like if you graduate you usually have to have an assistant that is from that program um depending on you know success rate and stuff but like for me it's like you know who can I find in the network that's why we also have a master's program in directing and playwriting so you can meet all those people while you're here and they can kind of like drag you along if they're like I like your set design come work for me but what I don't like is that those programs that we talked about were good I'm glad you went to uh some good programs for even the people that make it in your field the return on investment for our private school in this degree is not worth it correct it's straight up not worth it mathematically speaking which is why I tried to get some skills that were outside of my realm as well like I do a lot of graphic design sometimes um okay as well as there's a little bit of fashion design in there that is more recent occurrence um and also I'm proficient in the uh the drafting program of these for Architects so that way if that ever comes up in my life I can also do that so we'll loop back around to the career towards the end and don't forget but let's get the full Financial picture so we have your checking account but it sounds like you have other things that isn't are not right in front of me because you mentioned a car loan that's in there okay but I don't have like the statement of your card alone that is true I just have the car payment that's in that statement right okay so we'll probably have to look at a couple different things but looking at your checking account for someone that has absolutely no money to survive and you spend over 50 percent of your income on rent and utilities I have one two three four five pages of all x's in these X's I mean there's like two on this entire page that is not x's and every single one of those X's are like getting coffee getting food getting essentially mm-hmm how how are you possibly affording this college loans baby no you're so this but that doesn't make sense you're getting paid to be there now you're taking out debt so you can go get coffee and food mainly um so the the income goes toward uh the car everything basically all the bills that come first so my phone bill goes off of there um rent um car all that stuff goes off of the income and the tuition is already paid by UT as well so but you're still taking out debt unfortunately what are you taking out this semester took about five or six thousand dude just for a single semester how long is this grad school thing three years are you kidding me so if it's like oh my goodness so that's that's like thirty thousand dollars if you do five a semester yes that's correct is that gonna be what it's about unfortunately why you don't have to do all this stuff you don't have to do all this stuff why take out debt so you can do all this Joe's Coffee and asos.com and raising canes and YouTube receivables and snarfs Austin and spider house and Pluckers and Coca-Cola Austin Chipotle Starbucks McDonald's snowy Village Whataburger Adobe subscription Coca-Cola Texas espresso Coca-Cola P Terry's lime Auto so it's like a little scooters in 487 Pepsi and bird bird Apple lime ride campus Cafe Texas DPS well I think you actually have to do that McDonald's snarf Austin Coca-Cola McDonald's oh campus Cafe Alamo Drafthouse Joe's Coffee Jerry's Joann stores oil can Harry's 405 Colorado Asian Express P Terry's Insomnia Cookies bird coin match coin match bird New York Times Helicon iPhone subscription Apple subscription oh campus Cafe Coca-Cola Hobby Lobby Hobby Lobby Wendy's UT parking Apple subscription Amazon Prime Spotify subscription Apple subscription Apple purchase subscription coin match coin match a Rudders Rudders Ollie's bar uh bargain Forever 21 something on uh again with the Sushi Express h m Zona some of these that are not pronounced options and Anne's RMA toll so taking the tolls even though you absolutely have zero dollars to your name and you're taking out debt in order to justify all this apple cash is sending 35 to something infinite Loop one Square Austin Texas toy McDonald's oh my goodness this is so much lime [Music] no look at all this I mean this is insane Posse and lime and Pepsi and Coca-Cola Sephora and Mrs stores snarfs again and Joe's Coffee and old campus Cafe and bird Disney plus Wendy's Pepsi Lucky Lab Lucky Lab Lucky Lab mid path UT parking Texas espresso Whataburger shakuru Japan Mr Sephora Five Below Buffalo Exchange Antone's record Donuts Urban Outfitters Harry's teres P Terrys Marshalls Marshalls and Lucky Lab coffee that's Insanity you are borrowing money so that you can around okay okay is this is that okay not really no why are you doing it then how many semesters do you have left three so you could choose not to borrow an additional fifteen thousand dollars if you cut back in the slightest event that is true is that something you're even considering in your life Yes actually good why what's bringing you to that conclusion because this is obviously show uh why am I the question well you recognize that you know maybe let's not borrow 15 000 the next semester I was like okay so why are you actually considering that that's a great question just because I don't love the lifestyle I'm living right now because essentially the last this last semester was I took on too many projects and that's why I had no time to cook no time to do anything but okay girl when you're doing Tech from like 6 to 11 in class at nine a.m it's meal prep meal prep meal prep yeah peanut butter jelly ham and cheese two seconds there's a billion ways around it you can try to justify all you want but okay continue okay um yeah I don't love the lifestyle that I lived this semester and I got kind of used to it and that's where we're at right now yeah once you fall into the pattern it's very hard to escape you don't say yeah I mean I certainly fall into the fast food pattern sometimes as you can tell and that's it's a little it's hard to break that's a hard Circle to break but you have to earn so much money and let me guess the private undergrad was not paid for was it at half was half was that's fantastic yeah because of the scholarship and the other half it wasn't paid for how much debt is there we don't need to talk about that we do we very much do how much debt is there 30 pounds okay that's actually not that's not insane that's not insane yeah that sucks but that's not insane they grouped room and board together when they were giving us loans and everything so that was very nice basically we got like a lump sum in the very beginning of each semester um that was for room and board and ironically when I was in New York City it actually paid for it which I was very surprised about yeah I was gonna say for a private institution in New York City thirty thousand dollars of debt walking away from that four years not fun but that's not even close to what I was gonna say I thought you would be close to I know someone that was in grad school for uh Arts more in the film stuff in New York City two years graduated a hundred thousand dollars in private debt insane not what my loan servicer says so I'm glad yeah I can't even come close to justifying this and this I don't know if we can but I mean it's still I'm glad half was paid for and I'm glad you're only at thirty thousand dollars of course you'll make it be you know hopefully hopefully we're hoping for 30 an hour okay all right I'm worked up because this was insane yeah this is insane for someone who's borrowing to survive has their rent and utilities like sixty percent of their income if not higher death yeah this car we may as well just do you have Credit Karma on your phone yes I do actually with the little Peak I think I do I have that or Mint or both 674. but it's gone up since at some point 674 actually um not great not terrible you're kind of in the middle of the road with that one that is correct but it's a good starting point if you start caring about your financial future payment history 98 what that's terrible a late payment you missed a discover or something what's through the Discover is it a credit card is that your car will see credit card use 77 those credit cards oh and for a 77 utilization so not only are we borrowing money from student loans to survive we're borrowing from credit cards to survive two total account 70 oh they're probably a bunch of different student loans though Discover Bank yeah you missed a credit card payment at some point dude I think 99 utilization there so that's the well you're probably at so it's at a thousand nine hundred seventy eight and that's probably out of two thousand yes 203 on something Capital 24 utilization there okay here's Department of Education twenty thousand dollars and six then five then five then four then four then three then two then two then two then two then one then six hundred then five hundred okay okay so then some some of these are accruing interests some the the the 2209 is negative 10 paid off and then another two thousand negative six another two thousand negative one percent paid off so these are not all federal not all them I don't believe oh some of these are some of the pace ones were through the school apart from the school so like yeah do you know the interest rates on these dude that I do not yet do you know your end your uh what is it uh Nelnet login yes I might get you to log into that in just a second we gotta see because that's gonna be critical I'd like a real calculator in a box somewhere but I haven't you have 60 000 slightly rounded up sixty thousand dollars in student loan debt at this point and we're talking about considering borrowing another five uh fifteen thousand dollars I'm in pain right now I want my my stomach is then we have an ally financial car loan that gets paid off in a year what what do you mean it's paid off in a year I've paid 24 of it and the term is 48 months four years they told me three years when I was taken out so that's fun well do you not know how to just look at the months I was and I thought I looked at it correctly I guess I need to go back and talk to my car dealer about that because I was told basically I got I had two options one was three three years through One bank and four years to another and I chose the three years and that was worth the start of my college career my on my graduate career and this is why I need the statements because I don't know the exact interest rate but it's guessing it's at about 11 probably 5 500 for three more years three more years probably at 11 this is one of the worst Financial situations we've viewed in a long time you're welcome yes I feel bad this is going to take a lot of work to get out of try to log into no no yeah if you can please remember it I'll see let me just look at one more thing we have some hard inquiries Capital One Citizen Bank okay and then U.S Department of Education so yeah let's give it a try we have a good amount in that six percent range and those scare me even the ones over five percent twenty thousand five hundred dollars over there and then thousands a few thousands six thousand in the 600 600 or 400 and 1180 over six percent in the mid six percent so oh and then we have this really bad card that open up those credit cards those two credit cards though we saw you've just been living life like nothing matters haven't you it does matter it does matter but you've been living it like it hasn't so what's this so on a maxed out credit card Austin Airport 23. going to the pharmacy we can go to pharmacies but why on a Microsoft credit card 6.98 some vending thing and sheets for twenty dollars why are you purchasing things in a micro credit card that's a great question stuff I needed unfortunately but why are you putting that in that credit card it is [Music] Marge in the last month essentially forty dollars oh and again you missed a payment remember I don't remember exactly when that was but I was in your history that you missed the payment let me guess you're only going to be making minimum payments you're going to be only minimum payment total 3833 on this two thousand dollars so you're gonna lose a thousand eight hundred thirty three but you're also going to continue to purchase more because every time you have a couple dollars in there you go purchase a couple dollars any thoughts are you just gonna let me die over here I think I'm the one dying but yeah um good good because the purpose of this right now is you need to see how dire the situation is I'm going hard because you have just been living life like this doesn't matter and you need to be awoken to the disaster you've gotten yourself in I'm trying to tell you uh 23 interest on this death of debt yes the other credit card oh I feel so bad for you I'll take all the video I can get because you can have such a hard future and work we're gonna talk about that but [Music] 224 balance much less thank goodness it's an altar card it's an Ulta card all to purchase all to purchase interest on charges late fees [Music] I thought I did not know then you're getting charged these are two days apart interest charged and purchases oh sorry that was a month apart so you're getting like five dollars in interest because your balance is less on here but oh and it wants you to it wants you to request an increase it just wants you to go spend more money okay okay flat out flat out you cannot use credit cards you are not a credit card person what I would do not official Financial advice if I were in your shoes right now today in your pocket I would pull out those credit cards and I would chop them up I would put them in a pit I would light them on fire and then I would take I would like poor nuclear waste over that pit so you have no ability to go there and use the credit cards again now of course you probably have the credit card numbers memorized so probably on your Apple pay they're probably known by your Google Chrome browser so you can automatically just go pay them in somewhere but you delete all that information and you forget that it ever existed because you cannot use credit cards some people can those people they pay off all their bounces and take advantage of rewards they never have a single set of Interest charged you are having late fees late fees and 22 23 interest on thousands of dollars in debt you cannot use credit cards will you get rid of them will you actually yes now yes right now yes do you have them on you no why huh because I didn't bring them with me so I wouldn't spend anything you oh I mean there's nothing to spend money in here you don't have your wallet on you at all times I do have my wallet on me but they're not in your wallet correct I'm surprised because you spent so much money on them are they online spending no foreign destroy those okay just I I'm sorry you're just not a credit card person as long as you accept that I do that's okay the scary part is you have you went from 1 316 in your checking account we went through all the purchases but you went from 1 316 down to 275. do you have savings no well that doesn't surprise me just with this situation it's a bummer I wish you did so we could I did have a savings when I got to grad school and then I had UT's um basically they don't pay you till the second month of your semester so like you make up you use all your money to move there and then September they don't pay you anything and you get your first payment October so that's where all that savings went you had to subsidize your life you talk about your lifestyle and going having to go crazy taking on a bunch of projects if you just did the minute quiet quit if you did the minimum required but met everything at 100 which was the actual definition of quiet couldn't people like Dave Ramsey make it think like you don't do work but the actual definition is you're doing 100 of what's required but you're not going above and beyond that if you did that to graduate and get your degree what would that lifestyle look like on a weekly basis a lot less and that's actually what I'm doing next semester um my the only show I'm designing actually opens in early no late February so what does your week look like for like a just a normal week in that scenario um after that show opens which is late February it would be just mainly classes Monday through Friday um my day is usually ending around 5 p.m and that's not including homework um and then basically going home uh getting food bringing my car back and then making food yeah that's yes that's what I meant um bringing my car back and then doing all the homework there going back home eating one more time and then going to bed okay so classes are from what nine to five no breaks in between the classes I have about an hour or two in between classes okay try to get all the homework done during that time as much as possible I was gonna say there is no no as much as possible yeah as much as possible um I mean I know grad school takes a lot of time but if you're real about this and you actually want a better financial future you need to squeeze in a second job okay you need to be miserable unfortunately that that's the that's the real life said I wish you didn't have to deal with this I really do that's the thing that sucks is we can all be Wishful in all these happy dreams but in the real world if you want a better financial future you need to work I'm going to need you to bring an extra 500 to a thousand dollars a month in something what's your car what do you mean like the payment no no what's the model and stuff 2011 Hyundai Tucson okay what is the payment 189. oh okay yeah it wasn't a terribly expensive car when you got it and you checked it out to four years but the interest rate is death actually my mom put down the down payment on that how much as my grad present for because I went straight from Underground to grad and I got the car before grad so my it was like the gift it was yeah it was a gift going into debt it was five thousand for a down payment okay so it paid off half essentially almost half like 40 percent 35 40. something like that either way okay whatever and interest rates disgusting though disgusting my number one goal right now is because these interest rates on these student loans are not good meaning the ones you're borrowing they're continuing to not be good what we need to do is because of grad school they are not accruing I believe that accruing was from between I didn't care about it occurring right now I'm just talking about the rates because they'll eventually hit once you graduate but yeah since you're in school the ones you're taking are now they don't do anything even if you took out like a deadly Sally May loan for that they're that they're even generous enough to make you not pay while you're at school and that I've never done good and we're never doing that because that would be like 12 13 14 15 right now with interest rates who knows my main goal right here there is no realistic scenario where you start paying off this debt unfortunately and it's continued it's going to continue beating your butt for these next two years you're already in the situation you know what you want to do we're going to have to just figure out what to do at that point once you graduate but my main goal right now is to get you through these remaining three semesters with zero more dollars borrowed okay so your rent utilities thousand eight hundred dollars a month what was this car payment the car payment uh 189 uh burn up to 190 because there's like some sense in there too unless you don't care I wouldn't know this one probably like a hundred a month on gas because you don't drive too far outside of Campus often do you yeah I know it's about 100 okay are you on your parents health insurance no like a 3T for free for free okay good well that's okay car insurance uh I can buy a car and home and it's about 120 a month so right now we're looking at from the two from the 1800s we bring oh sorry 1800 was your salary your rent is a thousand one hundred and utilities combined sorry correct yes so thousand one hundred plus 190 plus 100 plus 120 your required payments up but then you also have your minimum credit card payments they're probably because that first one was pretty high I was like it was almost 40. plus 40 and then for the Ulta probably like another 15. so you are required to make a thousand five hundred sixty five dollars of payments on a monthly basis keep putting the Commons in the wrong place on my own end today for some reason it's really weird it's really scary because you've already done fifteen thousand I don't like that yeah I think my brain is just like going alarm mode it's because you saw my statement yeah that seems insane I haven't seen that I haven't had to put that many X's next to things purchase of just stupid purchases that don't need to exist in Forever maybe ever you might be the worst on that in terms of this balance between necessities and wants it was like one percent wants or needs one percent needs so that leaves you with after taxes 235 dollars a month fantastic well here's the real world situation what you could do that 235 dollars a month is groceries toilet paper all that stuff and then boom and you're surviving That Gets You Through grad school without having to borrow a single Cent that is what I would do that is a hundred percent what I would do okay now what else would I do try to go with ubereats or something or on campus an extra 500 to a thousand dollars a month what you can do with that is you can start putting that towards these credit cards that means let's just meet it in the middle say 750 a month in extra from ubereats that would take three months to pay off your highest balance credit card well that would be such a weight lifted off your shoulder and that would happen during your first of these three semesters left then the altar card can get paid off uh in just a month and just a month after that so that's four months and then our two terrible evil credit cards are gone from there this 11 interest on the car we would want to attack it for luckily your minimum monthly payments are going down at this point because this credit card these two credit cards are done in four months starting today by the way well you're going home when you fly back in we're Uber eating every single second that is not homework is not school every single second it's not fun but it'll be worth it I promise and you're only 23 so the other decades and Decades of your life will be fantastic if you're willing to do this just as a side note I want to make that clear thank you so now you probably have like 800 a month extra because the minimum monthly payments are less with that we have your card debt will probably be like at 5200 at that point pay that off in six months so we're getting pretty close to graduation at that time oh wait no no you probably you have a semester left at that time then where are we at uh so we're four months to pay those things off and uh credit cards off and then 6.5 months to pay off your car after that so you probably have a semester of school left around maybe a little more like that should be next spring not this coming spring next spring such there's so you'll be within your last semester yeah yeah which is actually good because that means before you graduate if you actually do this if you do not go get coffee once if you do not go out to eat once unless someone else's pain if you do not go do all these things all these fun things and then you work your butt off but by the time you graduate you will have zero credit card debt you'll never use credit cards again because you can't mentally you cannot just doesn't Vibe with you and that's okay there's nothing wrong with that it just doesn't work with you but your car is also paid for that is incredible from there you're going to need to figure out your job situation right and you're going to have 60 000 student loans because well that's sounding crazy because there's no necessity to do that so from there 30 so okay thirty dollars an hour what do you think your projected monthly income will be I'm probably three or four thousand so three or four thousand dollars say three or four well we're gonna just to be on the safe side we're gonna say three thousand dollars I'm gonna say that's after taxes three thousand dollars on a monthly basis to pay off these credit cards I mean you'll you'll have to stay in a cheap place still where what kind of what city would you be living in I'm hoping to move to Chicago New York okay pick Chicago much more affordable okay just choose Chicago it's not even close okay in your crank last year is the most expensive city Austin's going up there too Austin's getting up there too San Francisco is usually number one but New York took this spot uh recently but it'll probably bounce back either way it doesn't matter Chicago's much more affordable it's not even comparable okay so 3 000 hours let's say friend needs everything we'll give you an extra thousand hours a month because you're gonna live on a very strict budget and throughout this very strict you have to use a budgeting app I don't care which app doesn't matter lay out your payments which you need to survive very strict 2 000 hours to survive after rent food insurances everything and you have a thousand dollars that a thousand dollars it's gonna take 60 months to pay off your student loans and interest rate would be accruing it'll probably take like 65 months that's five and a half years so you don't want to be doing that for five and a half years right I was just sacrificing and not having any fun for five and a half years so really six years total after all the stuff you've already been doing up to that point right like six and a half years so you'll probably want to continue driving Uber Eats working as many hours as you can outside of that and bring in as much money if you could throw an extra two thousand dollars at or an extra thousand dollars meaning two thousand dollars in total at your student loans that cuts it down for five and a half years to why like almost three years two and a half to three years depending on how hard you go unfortunately and unfortunately from there the fund doesn't get to continue yet and we're still so many years away from here because you have to then build up an emergency fund ten thousand dollars that'll probably take an extra um five months [Music] so this journey starting from now to then if you work your butt off and you don't have a single single ounce of fun we'll take starting from right now anywhere from four to four and a half years being performed four and a half years you do not go buy a cup of coffee that isn't made at your place and you don't go to a restaurant once and you're working every single second that you're not in school or already working for the vast majority of people in our culture our consumer culture our non-sacrifice culture are wanting to just put fun over the remainder of Our Lives the vast majority of people cannot do that I want to hear your thoughts on this be realistic tell me what do you think that sucks um you know I enjoy drag shows and I enjoy going on honestly I don't even pay to go directions which is funny um but [Music] um I don't know it's as a present consumer culture it's not great and it's not um honestly livable and uh hence why my um funds are so it might not be funds my spending is so high because of all that um yeah the sad thing from my perspective is I don't think you can go from this to zero is that even possible for you for being realistic about yourself no and you realize if you don't you're going to be broke the rest of your life or you're going to extend this process out to 20 years and you're not going to be investing during that time which means you're not going to take advantage of the business compound interest of communities you won't have anything to retire [Music] right how does that make you feel terrible so what's more important then uh paying it off now and making sure that I don't have a terrible life after this for years to be clear you're gonna be approximately 30 when it's done because of the choices you've made I'm not saying that the choices were you know absolutely terrible so many people can make many worse choices than this obviously and someone pursuing education itself is an Endeavor on its own that we can respect but choices were made in order to meet those goals that you wanted to do and those choices LED you to the situation and the only thing That Matters from here is a choice whether or not you're actually willing to make the sacrifices necessary right I'm not getting from you that you are though I am um I like I said I was meaning to make the sacrifice this semester and as drastic as I've mentioned not as drastic I will say that okay if you don't do as drastic if I mentioned then it's going to draw this out for probably 20 years yeah you're okay with that no okay then what what do you what answer you looking for I'm sorry this is what I'm trying to get I'm getting two answers from you you know the sacrifice that's needed to do this you're not willing to do it so where what's the answer between those you know what's required and you know what you're willing to do so what then then maybe I need to make those adjustments and actually listen and not go to coffee every day not get food every day I'm a little nervous for you thank you I want you to do very well if we hop on a call when you are 30 tell me right now when you're 30 six years following this plan be real with me will you be out of debt yes really yeah okay so starting today when you walk outside the store you don't go to a single restaurant that you're paying for and you don't buy a single cup of coffee that you're paying for you know go on a single trip or concert that you're paying for okay for the next six years that's actually something you do yeah and you're working every single second that you're not at school absolutely all right with that then that gives me some hope and I think the exciting part is when that sacrifice is done which will feel so long and so painful to be completely real when it's done it's so incredible on the other side so incredible you're able to live this life doing these wants that you've never been able to do before take these trips that you've never been able to do before see investment accounts grow knowing that you're not forced to work in your 60s you know maybe something medically bad happens or you can't even if you want to work in your 60s maybe you can't but you also don't have to be forced to you don't have to rely on things like Social Security which hopefully exists by the time you know we're retiring who knows we're putting all this money into it do will we see a return we'll see but you won't have to rely on that you get to have an amazing life but that depends if you're willing to do the sacrifice and from right now on split 50 50. I want you to do it I feel like you want to do it whether or not you actually do it that's where I'm struggling with so I'm split 50 50 but I will give you the final word okay that I want to do it yes no just any final thoughts you have on this whole conversation um not expected it to be like this in all honesty um and I appreciate looking into this and everything and understanding it more for Alex max out credit cards terrible interest student loans really bad interest card debt and spending every single Cent that he doesn't even have on all those and all in all the coffee and restaurants and having a rent that's like 60 70 of his income and not working any extra hours Hammer Financial score zero out of ten but I think if he really takes the sacrifices he can easily get that up to one two three four five in the coming years and then within six years you could be at a six and then get that emergency fund and start investing and you could be at like an eight within a decade from now which would be a fantastic turnaround but we'll just have to see follow the social subscribe and check out the links in the description thanks

Channel: Caleb Hammer

Views: 1,170,773

Keywords: crypto, graham stephan, meet kevin, make money online, biaheza, shiba inu, how to make money, finance, financial education, inflation, personal finance, day trading, ryan pineda, compound interest, student loan forgiveness, mark tilbury, dave ramsey, the dave ramsey show, financial independence, budget, elena taber, ramsey, biggerpockets, the plain bagel, how to invest in real estate, budgeting, budget money debt cash, real estate investing, dave ramsey show, dave ramsey live

Id: 8JHgN0gtbh0

Length: 39min 10sec (2350 seconds)

Published: Mon Dec 19 2022