Millionaire Reacts: How This Career Advisor Spends Her $43K Salary | Glamour

welcome back to the graham stefan show my name is graham and welcome to my show and today we're going to be getting back to the roots of the channel and going back to the basics and what i mean the basics what i'm really talking about is uh these old videos by glamour and basically what they had is a series it's called honest accounts and these videos were posted about two years ago back in the olden days of like when they would show people just making a lot of big financial mistakes this was like the wild wild west of like finance videos and i realized i've never seen some of these videos by glamour so i figured today is a perfect day to go back in time and watch some of these disasters that they that they used to show on the channel but uh this video that i found it's titled how this career advisor spends her 43 thousand dollar salary wait for it honest accounts wait for it again glamour and of course what we have to do to start the video is do our part to smash the like button so let me go and smash it and uh oh wait we should also get our four free stocks down below in the description when you deposit a hundred dollars in weeble because those four free stocks are potentially worth up to one thousand six hundred dollars and the offer expires soon so if you want free money link down below in the description with that said let's see how this career advisor spends her 43 thousand dollars i'm a career advisor living in new york city and i make 43 000 a year you have a career telling other people what careers they should do i think my career advisor in high school was basically telling me to go to college and i was i just didn't feel it didn't feel like that was the right choice for me so everything after that just just didn't listen to it so uh look at where i turned out no now i'm making youtube videos guys yay yay all right we'll keep going i have a thousand dollars in a 401k about 600 in a personal savings account 4 500 in credit card debt and about 60 000 in school loans i hate to say it guys i hate to say it but this is what we're all thinking is she really qualified to give career advice i know we're all saying it like normally i wouldn't go so far but like i know that's what most people are thinking from a financial standpoint it's like it's just everything's going wrong here these should be flipped thousand dollars in a 401k is definitely not enough 600 in a savings account definitely not enough forty five hundred dollars on a credit card it's way too much money and sixty thousand dollars in student loan debt it's just too much and we could all blame the college system like college is way too expensive but there's no reason to go 60 000 in debt after medical insurance 401k and commuter benefits i take home about 2 118 dollars per month yeah 21-18 i i think her thing is she's really she she's i think she maybe she needs to find a career advisor she needs to get her income up i mean plain and simple i mean i think she could be doing way more than this given that she's obviously she's well educated she she's 60 000 in student loan debt so she has an education i mean i do think we could probably get her income up to like 60 70k uh and then go from there goals definitely paying off my credit cards i think that's like my main goal i figure with loans they're always going to be there you know they'll get paid when they get paid i'm not going to get paid when they get paid they're going to get paid when you take a proactive approach to pay them down now i agree with her i think the credit card debt absolutely that's your priority number one i'd say that's probably a bigger priority than maxing out a 401k or savings account i think that credit card's probably a 20 interest student loans might be at four to eight percent interest give or take credit cards first student loans second but the student loans get paid off as soon as possible that's really the gist of it because i still live at home i don't pay rent but i do pay 338 dollars in utilities i pay six dollars in monthly subscriptions 25 goes into my personal savings and 91 goes towards student loans that leaves 1 607 dollars to spend all right so let's look at this uh fantastic she's living at home fantastic i would honestly just tell her live at home as long as you can until all of your debts are paid off everything no matter how long that takes live at home live at home have fun with mom and dad just as long as you have a good relationship with your family there's nothing wrong with it uh utilities 338 fantastic subscriptions six dollars a month fantastic savings i got 25 dollars i mean it's not going to cut it it's really not i'm glad it's something but like 25 it's just not enough for her budget plain and simple uh unless all the other money is going to a credit card which i'm hoping we're going to see here i like all that other money to go to credit card in which case it's okay student loans 91 a month it's probably like the bare minimum but i'm hoping it's only this because of the credit card debt here's my most recent card statement most frequent purchases food i'm spending way too much money oh jeez guys geez this is what this is the thing with the old episodes is that uh now they hand pick the best examples they find people who are doing a phenomenal job they're saints they're doing everything right they gave me nothing to criticize and i'm left there just think i'm like guys good good job good job guys this is one of those i mean look at this chipotle 9.42 burger king dunkin donuts food court food court fresh start buffalo wings it's just she can't afford it she's got to be eating at home and using every last dollar to pay off that credit card debt that is what i would say to her if i were a career advisor but because i work downtown brooklyn the prices are definitely different than near my house they're cheaper but it's been pretty often i stopped bringing lunch so i'm trying to start it up again cook your own food at home bring it with you eat it cheaper probably better for you and everyone wins except the credit card companies because they're not gonna they're not gonna get your money no more see i could probably spend less at starbucks ah jeez come on this gets worse starbucks look at this look at starbucks six dollars 37 cents at starbucks uh it's not okay it's just the and look it's like it's like every day it's like multiple purchases every single day of just starbucks starbucks ten dollars at starbucks one morning and then popeyes right after it yes you can't do it i'm definitely spending so much money on uber's especially within like the same day oh why why look at that she spent that one day 30 on uber 30 bucks in one day um she's basically spending as much money as she makes uh in some of these days after after all like taxes and everything just on uber there are some dance classes that like i want to take and the fact that i took a 30 uber ride means i could have took three dance classes it's like she knows what she's doing wrong but she just just doesn't want to change it that's the problem with this is so she's really got to start she's got to change these habits now today and by today i'm i really mean two and a half years ago four dollars i was giving a co-worker money back since she gave it to me in cash and forty dollars went towards i want to create videos on instagram about my bad dating experiences in new york city wait a second forty dollars to share bad dating experiences on instagram you could do that for free you could just you have a phone obviously just do it on your phone just record yourself share bad dating experiences you don't need forty dollars to share a bad dating experience because forty dollars that that's a bad experience in and of itself just to spend that so i'm really big on like astrology and weird things like that so i know mercury's in retrograde right now and they're telling me not to start anything major until april 15. okay guys mercury is in retrograde so she's not gonna do anything now okay so i'll be honest with you guys i uh i i i follow horoscopes a little bit a little bit i like to read them i find them entertaining and i think sometimes you know you could apply certain things to your life in a way that benefit you like you know positive things hey makes you optimistic for the future any negative things that have like oh that's why mars is uh in retrograde there's some of the stuff that maybe i i will believe into fine but to purposely not take action on something because mercury is in retrograde again i just don't know if this is someone you want to take a career advice from that that's all i'm saying we're all thinking it guys we're all thinking it and i'm just going to say it hello tea a clothing store online the t-shirt said t'challa holla at your girl which is from black panther 25.90 have another withdrawal of 120 i have no idea why i had that withdrawal she's so bad with money guys it's bad like every expense is bad she's blown everything and she's only saving 25 a month um which in reality you cut all this out she could be saving maybe about 1500 a month and then she should be working on increasing her income making 60. it's just a lot of a lot of just unnecessary spending this is a beauty supply store near my house 14 and 12 cents another withdrawal of 200 where is she drawing cash who withdraws cash who withdraws hundred dollars of cash and then has no idea where it goes i know if i withdraw cash which is rare because i almost never i almost never carry any cash on me so when i do get cash it's like it's a big deal i know where it goes is she just having these moments where she gets cash and just i don't know where it went that doesn't happen she there's some there's something nefarious going on here that's what i think there's something there's a cash business going on the side that she's just like oh forgot what that was oh well she's doing something guys i went to turtle bay happy hour 23 that's not so bad ah that's not so bad 23 happy hour well at the same day uh taking an uber to get there apple itunes eating a buffalo wild wings she's having a time of her life she's living more baller than i am i don't i don't i don't take ubers uh i also don't go to buffalo wild wings and uh happy hours sound nice but everything's closed so i save the money instead 4.48 cents and then i got cash back of 10 probably purchase snacks because a lot of times i don't get to move around at work a lot so i need snacks at my desk 14 snacks again get food at home get food at home bring it to the work for like four dollars you'll get all the snacks in the world you'll be so full that's all you need food at home largest purchases i can't believe those weren't even the largest purchases we just went through like most of most of how much money i would spend and and we didn't even get to the to the big part yet this uber ride i was headed to the city to a show that my sorority sister was performing when i got to the place which was woodlaw house i spent 43 dollars there off of drinks and food terrible forty 43 hundred dollars of credit card debt i'm sure it's just i'm sure she's not even paying it down at this point i'm sure it's just it's increasing every day that's what i'm worried about when i go out i'll order mixed drinks because i don't like drinking alcohol straight a lot of times so i'll get like a tequila sunrise or a margarita i can't afford to drink she can't afford to drink and if she is gonna drink honestly just go to and i i sound terrible for advocating this go to the liquor store get a bottle or whatever you want uh get one of those cool backpacks or those cool things that have like a little straw you can hide in them and just walk in you pour the thing in the backpack or whatever you have a little straw that comes out through here and you can just just drink it put it away problem solved where's the problem in that now you save money think about it square cash that was my co-worker she ordered lunch for the both of us and then i just square cashed her the money which was ten dollars then i withdrawed money i must have owed my sister money or something but this is a hundred and fifty dollars again with the withdrawal she's withdrawing hundreds of dollars in cash and just not sure where it goes if she really is unsure where that money is going and it's it's not like she just doesn't want to talk about it that's a problem she's got something's going on there so i let my sister borrow money when she went away to atlanta or did she go to bermuda or arugula she went to aruba she needed 500 so i took it out of my savings account and then she sent it back to me thank god you shouldn't go to aruba if you need 500 bucks if you need to borrow money you should not be going on exotic vacations to aruba only pay for vacations if you have excess money and don't need to borrow money to go on the vacation aruba i'd never even been to aruba i'm gonna have my cd credit card though which was seventy dollars i got the barclay card in order to buy my macbook and i paid forty five dollars barclay card in order to buy my macbook and she's making the minimum payments on that she can't afford a macbook honestly like none of this is she could afford and she's making the minimum payment so far on all of her credit cards then i have another quick day 32. i have another national grade why did i pay them twice in the same month maybe to get ahead of the game i have no idea 33 my chase credit card that i paid 100 to my student loans 91.5 cents and my paypal account 125 all right so so far we have three credit cards that she's making the minimum payments on big problems there most unusual expense the eventbrite ticket that's not something that i do often so that'd probably be one of the most unusual purchases my friend she has her own like company that she's starting and she's doing like a caribbean style brunch and she's having different vendors come out to sell their products also i figure she's probably putting in a lot more money than she's even charging no no no no no no she's got to tell her friend hey listen i would i would love to go to it i wish i could support you but my my finances are really bad right now i'm uh really deep credit card debt and student loan debt i can't afford it i would really want to support you and i promise i'll be there for anything else you need but financially i just can't wing it right now i'm really sorry that that's what she needs to say instead of 55 bucks for a brunch can't afford it looking at it this is probably normal eventually i do want to move out of my house and i can't spend all this money if i want to live alone no she can't and that should not be normal it shouldn't be normal at all she's got it she's got to start this now she can't afford to wait or think like okay when i'm ready to move on my own then i'll start doing no gotta do it now gotta get ahead of it gotta get ahead of it now i feel like i need to stay home and not eat and yeah that's the main two things stay home and not eat uh and not uber and not brunch um terrible terrible finances uh my advice is just this she's gotta cut back everything literally i think we should take her credit cards cut them up into pieces and i think she's one of these people where you just gotta give her 200 bucks for the month just give her 200 bucks and say this is going to last you the next 30 days you can spend it however you want but you don't get any more than this the rest of her money automatically goes into paying off the credit card bills everything else after that would go to the student loans that's what we got to do with her no credit cards no uber we should almost just like take her phone away because she's charging stuff on her phone take everything away just get down to the basics 200 bucks cash get her a flip phone so it makes it such an inconvenience to do anything on that and that's it that's what we got to do now let's go to the comments lg no rent right now she needs to take advantage of that and pay off the student loans agreed she's getting good advice from the comments she spends more than a month on starbucks than she puts in her savings account she's mad yes sixty thousand dollars in loan and she's only paying ninety one dollars a month girl uh consider this guys sixty thousand dollars uh divided by ninety one it's going to take her 660 months to pay that 660 months divided by 12 months in a year it's going to take her 55 years to pay off that student loan day she'll be like in her 80s most likely she'll be in her 80s by the time the student loans are like done probably actually she'll never pay them off because realistically uh that's not even interest like chances are it's growing higher than she's paying it off so most likely she'll just always have that debt for the rest of her life uh okay brian said it brian said it this might seem messed up but am i the only one who finds it ironic that a career advisor only makes forty three thousand dollars a year don't save what is left after spending spend what is left over after saving guys we've uh we've given good financial advice so far in the comments because yeah otherwise what's really happening is that her parents are subsidizing her eating out uber and like all this this glamorous lifestyle by not charging a rent because i guarantee if she had to pay her own rent she'd find a way to cut back on everything else and pay the rent so it's just in a way her parents i think are subsidizing all of this by the free rent i love it last comment i'm not a coffee drinker but i drink lattes girl do you not know what's in a lot all right so overall guys that was my financial advice for her it's just she's got a very long ways to go and i think honestly if she just cut out all the spending she would be in a really great position to pay down that debt really get ahead save some extra money increase her income she could do a lot like she has it all at her disposal it's just it's it's just being spent on starbucks and uber and alcohol and just stuff she should not be spending money on so she just got sent out she'll be okay but until then it's uh it's a rough episode guys and also i gotta say it's kind of disappointing she didn't get her four free stocks down below in the description when she deposits a hundred dollars on weeble she could get four free stocks that would potentially be worth all the way to 1 600 and that's basically free money so it's also disappointing that she's not getting any free money like you can by using the link down below in the description so what that said you guys thank you so much for watching i really appreciate it as always make sure to destroy the subscribe button and the notification bell also feel free to add me on instagram i posted pretty much daily so if you want to be a part of it there feel free to add me there as on the podcast the iced coffee hour new episodes being posted every single sunday so make sure to add yourself to that and lastly get those four free stocks completely free money the offer expires soon that could be worth up to sixteen hundred dollars so with that said thank you so much for watching and until next time

Channel: The Graham Stephan Show

Views: 139,648

Rating: 4.9608622 out of 5

Keywords: investing, investing for beginners, how to invest, how to invest in your 20s, how to invest in stocks, how to invest in real estate, how to save money, how to save money fast, how to be a millionaire, best stock trading apps, stock market investing, stock market investing for beginners, investing 101, real estate investing, robinhood, how to build wealth, how to build wealth fast, passive income, millionaire reacts, what i spend in a week, millennial money, watching ads

Id: -LGOQui6LBM

Length: 17min 58sec (1078 seconds)

Published: Thu Jan 21 2021