She’s Never Going To Get Out Of This Debt | Financial Audit

hi I'm Sarah I'm 31 years old based out. of Wausau Wisconsin and this is. financial audit what do you do in. Wisconsin for a living home of the. butter burger right yeah oh I love. Culver so my friends are Culver's haters. and they are incorrect about life so. what do you do in Wisconsin for a living. yeah I am a program manager for. Wisconsin reading Corps oh cool cool. okay what do you what do you make in. that position. um I make.

two thousand dollars a year gross what. does reading core do again yeah yeah. reading core puts tutors into elementary. schools to help kids kindergarten. through third grade get better at. reading and I hope those tutors to you. know make sure they have everything that. they need to do that job and we're. actually recruiting right now all across. the country I think we're in like five. or six states with more on the way so. that's cool yeah if anybody wants to. check it out. um. we're on Americorps program and we're.

looking for people I could have used. that when I was in elementary school let. me tell you yeah I sucked up reading for. the longest time still suck at swelling. yeah so 52 000 hours a year uh is this a. single household income yes okay how do. you feel living off of 52 000 a year uh. honestly I'm pretty comfortable right. now. um it's the most that I've ever made so. yeah okay yeah awesome. um so 52 000 a year is there a state. income tax in Wisconsin I think so yes.

yeah usually it's probably not crazy so. what do you think you bring home on a. monthly basis what hits your account. um so I get. about a little bit more than a thousand. four hundred every two weeks okay yeah I. see 2956 came in the most recent month. so after that I'm curious well we have. debts we're gonna go into but I'm. immediately curious uh of that area and. what the rent looks like what's your. rent yeah my rent is about a thousand.

dollars a month okay um I do actually. have to move because my rental property. was like we're gonna do a 20 increase no. you're not. um so I did find a place. um I was gonna try and downsize a little. bit but the apartment sold before I. could get it so. um I got an apartment for the same space. a thousand dollars again thousand. dollars and yeah it's kind of right on. the cusp that's like yeah yeah. but and I am expecting to get a little.

bit more in my take home so I should get. I wiggled some things around I should. get a little bit more so it'll probably. be closer to 1500 every time oh gotcha. well right now it's like 35 of your. income goes front Which is higher than. the 30 I'd like to see which makes it. harder to get out of some of these debt. so there's debts we're going to get into. the debts first. why are we in these that's what is your. financial situation what what do things. look like right now yeah uh my financial. situation is.

better than it was. um okay yeah. um. I did. get into a bit of credit card debt. um. um and student loan debt is a lot what'd. you go to school for. um I got my bachelor's degree in English. with an emphasis in creative writing. from where um from Carthage College in.

Kenosha Wisconsin is that private yes it. is yeah um yeah and it's expensive yes. um they actually gave me a ten thousand. dollar scholarship and I was like whoa. that's so much money and that's. um that's how they get you yeah so. expensive private places yeah and then I. went to the University of Wisconsin. sorry yeah University of Wisconsin in. Milwaukee for my Master's Degree are you. even using your master's degree kind of.

um so. what was your Masters on creative. writing okay and I did see um a few. episodes ago you did have somebody else. who has dyscalculia I also do so I mean. those numbers are so big they don't feel. real especially at 18. um and so I was like yeah sure so I got. into all of this debt I get out of. school and I cannot find a job anywhere. I'm working I'm working at Hardee's I'm. living at home my student loan payments.

when was graduation year of college. 2014. the the economy had. relatively recovered but with a writing. degree and I wasn't a Super's workers. economy that is quite difficult yeah and. so I was working at Hardee's. um I by private student loan payments. were a thousand dollars. yeah thousand dollars were you even. making those payments I was I was okay. it was taken everything I was living at. home. um I did end up getting a job at a call.

center I started to make a little bit of. progress but it was still just. there was no way I could afford to move. out or do anything and so I was like I. need to pause this and re-group. restructure so I went back to grad. school Under the thought that they would. pay for it and that didn't happen no one. said once you realize it wouldn't happen. why'd you go back well I was only there. for two years. and you found out they wouldn't pay for. it after how does that make sense you. were paying the bill all right yeah. you're taking like a loan to pay it so.

they were like we'd pay it back is that. what they said no I applied they said I. thought I was going to get uh uh. ta position when I didn't get the get it. the first year I was like well I'll get. there I'll get some experience they'll. see my work ethic and then I'll get it. the next year and that'll be fine. um so I went back I put all of my loans. back into deferment I became a reading. tutor with reading core actually I got.

like my first official apartment. um was doing okay and then the position. for reading core. um opened up as a program manager about. six months after that one. um got the job they asked me to move to. Wausau so I did I hired a um. moving company for the first time in my. life or I thought I did. I apparently hired a moving broker why. has there been confusion about every. single thing you've went into that for. uh you like thought College was paid for.

you thought this was a mover you I feel. like. a trend is starting but go ahead well. I'm very easily confused person but. um and not all of the debt is is. confusion it was I moved they charged me. twice what I was expecting them to now. at this point I'm in Wausau my parents. are in Milwaukee. I didn't know what else to do so I just. paid them. um that you just have an emergency fund. and yeah.

yeah your parents came from the classic. American School the finances yeah and. while I was in grad school I did save up. four thousand dollars so I had paid well. um but you also went into debt for grad. school so did you really yeah but it. helped me get the apartment and get on. my feet and then you know after I got. into the Wausau apartment. um basically that had been my goal right. like get an apartment be able to pay my. bills on my own I also got my private.

student loan the uh interest rate. lowered. um so now it's only like six point. something instead of 12. um yeah is that the personal loan that's. a private student loan yeah oh. I sent it yeah the one that's going to. be paid off in like 20 years. you're 17 now but yeah that's crazy. alone a student loan for 17 years is. that how you want it no it's not what. it's like a mortgage yeah it is.

um and that's. what it was it was that was the one that. was a thousand dollars a month before I. got it refinanced and then it's only. like because of 17 years. well just what would you give yourself. score zero to ten I mean a zero to ten. is probably going to be a one or two. because I have. started you know I don't have everything. there I did open uh high yield savings. account there's not a lot in it yet but. I'm able to make my payments and have a.

little bit left over I'm also at the. beginning of my career basically. um how long have you been in this job. position 18 months okay sure yeah. um so and about this time. last year they did give me a raise for. just like the first six months that I. had worked good. um so let's take a look at your debts. and see where things are. so this must have been the moving card.

it was moving and then did you move from. I moved from Milwaukee to outside of. Wausau it should okay so in States yeah. it should not have been that much. 5133 is what's owed that is not all the. moving some of that was. I stopped caring and I won. um after I moved like I said that had. been my goal I didn't have a goal. anymore and basically it was like that. like you talk about the lifestyle. balloon for about a year.

um and I got real stupid. um I wasn't looking at it I wasn't. thinking about it just paying the. minimum payment what made you change. from that to like okay maybe I should be. your stuff your stuff popped up. um and I looked at it and I was like. well I don't think the interest is that. much and then I saw the interest come. through and went it's 103 plus what are. the fees. it was an accident that was a mistake on. their part I called them and got that.

reversed good oh I was gonna say I also. it's I don't have that Discover Card. anymore good I did a balance transfer. over to a zero percent APR for 21 months. I have it planned out would you do that. uh I think it finalized just after I. sent you this stuff so that's why I. wasn't able to send it to you okay so. the balance is the same. 5133 no the balance now is. 4885. okay the other was the the rest.

was just paid yeah yeah okay paid off. the right zero percent what's the. minimum monthly payment. um to get it paid off it's about. 500 sorry to 235 and I apologize if I. flip my numbers around. and I plan on when's the interest rate. period end. um in 21 months so I had it written down. um 21 months from when now last month. July yep it's 20 months from now okay.

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shouldn't okay I'm good with refinancing. and there's a lot of people who are. against refinancing for reasons and the. reasons are okay refinanced now you have. zero dollars on that card that you can. just go balloon up again oh no I put it. away it's not even in my wallet don't. even put it away close the account I. don't care cut it up you're not a. critical person number two. because people feel like they've made. progress because okay there's not a 30. interest you're paying on anymore so. is zero percent I've made progress I. don't need to be aggressive on it. anymore no we still need to beat it down. we've seen it go crazy so that's why.

people are against it I think it's a. good move as long as it's done correctly. and I hope that it's done correctly if. you're gonna use the credit card use. that fizz card where it acts like a. debit card I mean that's what I tell. everyone I put it in every episode. because most people on the show are not. credit card people but they still want. to take advantage of that stuff well and. I think I'm I'm a credit card person in. training if you saw I sent a lot better. nothing oh that's a risky thing to be in. training for why because if you get. credit cards you're done yeah. like it's that's like.

Americans love credit card debt. so here's the. student loan so we have 11 different. student loans. they range but essentially. and these are federal yeah and there's a. little bit but at 70 167 and they're. going to restart in October so with that. one I'm already in talks with Mohela to. get on the Public service loan. forgiveness because reading core.

um impact the overarching company does. qualify for that. um also before I did that before I went. back to school I was already on the pay. as you earn plan well that historically. has been well it's not the income driven. repayment plan it's a different one oh. um so it's basically with that one even. if I didn't do the Public service loan. forgiveness if I didn't pay it off in 20. years they'd be like you just failed at. life we're going to forget this ever.

happened oh yeah but a lot of those. people though until the current. Department of Education a lot of the. people for much of any of the federal. forgiveness loans I forgot how many it. was like almost like 18 people have had. their stuff were given in decades yeah. 18. now with the current Department of. Education they've been a little more. proactive and they've forgiven thousands. thou I think tens of thousands so it's. different but I do want you to be aware. it's kind.

it seems like it seems like and this is. pretty hypothetical at this point but. it's almost like. whatever the Department of Education is. at the time is going to be more of what. determines whether or not your loan is. actually forgiven so I wouldn't be. putting all your chips on the table is a. little risky in my mind just based on. historicals and I'm not saying that I. don't want to attack that if I need to. but. um with the my plan for repaying things.

I was already in the pay as you earn. plan I'm still in it and I don't have to. recertify until next November so my. payment is going to be zero dollars. until next November and every zero. dollar payment counts as a full and. on-time payment for the Public service. loan right but interest to a cruise. yes. in anything towards yeah so zero dollars. yes it counts towards it and if it gets. approved if. that if it doesn't that interest is.

going to bloom so much it's gonna be. like a hundred thousand dollars do you. think then because I also have. I have a little bit over four thousand. dollars in a. um. the Siegel education award for my second. year of service as a reading tutor that. I haven't used yet I used the first term. but I haven't used my second term do you. think I should use that to make monthly. payments for the interest. because I was planning on using it for. the payments after I had to re-certify.

well let's continue going through the. situation see where everything lands by. the end. um okay so. he pays you earn but you don't earn a. bad income though. yeah so once I re-certify I'll have to. pay but because I don't for the next. year I don't now this consolidation this. is the Privacy ones yes yeah. I know you're not getting these forgiven. no no I don't expect to no original loan.

amount 78 000 current 74 000. how long. have you been paying on this well and. actually the the original amount that's. just what was. um right it was 83 000. I've only been. paying on the 78 000. since about 2015. on the 78 000. so on the 78 000 no. um I forget when I refinanced that it. was. a 20-year term and it's got 17 years. left so that's crazy. kind of your learn term that's crazy for.

three years I've been paying on it for. three years we're going to want to kill. this even though it's only 6.24 I mean. that's close enough to the average stock. market return in the history of the. country of like eight percent that we're. going to want to kill this anyway. because you have a mortgage on a degree. that you don't even use. oh no well I mean I use it my boss comes. to me for creative stuff all the time. because of your degree. I mean. they're the same.

[Music]. okay so the minimum monthly payment is. 592 dollars 77 cents for more than 17. more years since wild okay and Sam's. Club do you pay this card off every time. yes okay cool yeah I um only use it for. gas and then I did use it. um. for a trip that I went on at the. beginning of July.

so I'm curious. the Discover that you owe money on even. though zero percent. the private student loans which is. mortgage yeah why are we choosing Zombie. Burger. a hotel thing so puppy thing Beans and. Brews Burger King pan walk. best lockers Splash Summit Splash Summit. Splash Summit Elm pies Tito In and Out. Burger but at least eat some like real. I've never been before and you spoke I'm. sorry you had to go you spoke so.

passionately about it I had to try it. Princeton County in Papa John's. McDonald's kiwi star. or quick start maybe that's gas I don't. know quick star is guessing Okay quick. trip is gas stoop okay and Dairy Queen. why'd we choose those so I had a trip to. Utah to visit my best friend planned for. probably about a year now I was going to. fly but then we looked at the flight. prices and it was ridiculous why don't.

you cancel the plans. because I started watching your videos. like a week before these plants. um and my mom well even still it's. that's not that's not what I'm saying. why did you choose that mindset wise. where was your mindset where you're like. okay I'm gonna choose to do that over. pay off the debts because my mom and dad. owed me a trip to Utah uh they paid for. it they gave me 400 for it so I went a. little bit over and I had to pay the.

difference but they did give me the 400. for it basically I paid for the two. hotels because I couldn't get there and. back in time 104 uh purchased on. paid it off you did you paid off a. previous amounts on a JCPenney card you. have a lot of store cards and you have. paid 34 interests uh or sorry four. dollars interest this year and 34 hours. of fees on the JCPenney card this year.

and then we had an altar card we also. paid off a previous balance but no new. purchases and then in here of which. as like the other day. that's my checking account I believe. yeah McDonald's Century Theater. eventually not money. I think that yep that would be rent that. checks out now. collections company. says collection company what's it say. collection company.

oh that's my that's not collections. that's the. um yeah that's about the right time that. is the high interest savings I opened oh. interesting okay Citizens Bank I went. with with them U.S cell phone. so we're not crazy spending. [Music]. I went to McDonald's the day after I. came back from my trip and then I was. like no more. so.

yeah so 3 000 for 401k is that your. entire retirement. so far yeah well okay so we're. definitely behind on retirement that's. my biggest concern and the there is 500. to 500 in a Roth IRA I think I also sent. you okay so four thousand okay so you're. definitely behind in retirement that. would be my biggest concern at this. point that and the Mortgage Debt do you. consider so and I wanted to ask this. because you always say you know the best. year for compound growth is that based. on when you plan to retire because I.

don't plan to return based on it's based. on the earlier the better because the. more time there is to compound grow the. better so your best time to compound. grows right now okay yeah because I was. yesterday but now it's now yeah I I. don't plan on retiring until probably. about 70 or 75. well that's what you say. well this and if God forbid something. horrible happened to me but I um we've. got a lot of work to do. um I want to get reading core in every.

state so oh again that's what you say. right now so rent is a thousand dollars. I like the ambition I do like that but. it's just future proofing all the way. into decades that we can't even really. Envision that's as hard so I just I try. not to take that too seriously. um but I I do like the ambition and I I. hope you do meet that goal that you're. trying to do so rent is a thousand what. about utilities and all that stuff. combined um internet as well.

internet is uh should be about seventy. five dollars plus your gas electric gas. and electric ranges a little bit but. it's usually around like 110 for both. 185. okay and your car you paid that off very. good what is it it is a 2013 Hyundai. Elantra how many miles. um just over a hundred and twenty six.

thousand okay we might want to be a. little. preparation in the future yeah maybe not. urgent future but operation gas how much. on a monthly basis and this is I've been. trying to do a budget because I work. from home most of the time but I do have. to go out and do site visits generally. about twice a year so a lot of times. I'll spend like maybe forty dollars a. month if that because I don't really. drive a lot and other times I might have.

to fill up twice a year though. twice yeah like sometimes more than that. it depends on what fires happen. basically like I might have to drive. down to Stevens Point to help a tutor. with an issue or something and that's. going to be more gas I'll call it 50. just to take into account those higher. months sure phone bill uh my phone bill. is. I want to say about 80 dollars.

and your. uh food bill congratulations and you're. not eating out anymore it's all it's 300. groceries. toilet paper makeup all this stuff. needed to survive 100. would you still budget that so I buy in. bulk and break down and freeze all of my. meat. um so like last month I spent. 300 at Sam's Club with getting the.

toilet paper but I'm probably not gonna. have to go shopping again for like. at least three months yeah I mean you. can do that and then like yeah like do. you leave it or do you well one thing. you can do is you can break it down on a. monthly basis in terms of how it's used. but what makes that a little more. difficult in that situation and why it. might not be best for right now and it. still could be if you if you do that for. a lot of different things and then just. break it down on a monthly basis and. then know that you're putting that extra. money on the next month towards the.

stuff that you're making up for in the. previous month sure it can kind of work. but what's really good is have a strict. monthly budget usually when getting out. of debt because you know exactly the. targets you're getting on a monthly. basis so it depends how you want to do. it there's a lot of ways to do it. um but yes in general that's fine. because I know you can get better value. for it. and. health insurance through work health. insurance through work yep car insurance. car insurance is.

along with my renters insurance I. believe all together is about eighty. dollars I just got lowered a little bit. a lot of it that's really cheap. compared to like anyone on the show I. think it's the cheapest we've had. because I work from home I got that like. low mileage discount plus the safe. drivers so so you need 1 795 dollars to.

live on a monthly basis how much did you. say you had saved up on the side. um right now because I drained my. savings in the move I have what wasn't. the move when was the move I didn't. replenish them a year and a half ago. yeah it was stupid. um but I have. say 800 right now in savings okay. taquitos taquitos taquitos taquitos. taquitos if you're not in bad death debt. and it fits in your 50 30 20.

shop.kaylofhammer.com and you can. participate in the meme and don't forget. 10 lucky purchasers before September. 16th will win a signed mug sent directly. to them so you follow that budget. exactly you have a thousand one hundred. sixty one dollars left on a monthly. basis. um what I need you to do is because you. have that 800 oh this is kind of perfect. save up first month 1161 and you bet you. have a one month emergency fund just a. little over that's great put it in a. high angle savings account you can use. the sofa high yield 4.5 now that's.

really good Link in the description. below like it's very very good. um that's what I personally is. and then after that what's difficult. okay the Discover Card okay there's 20. months left so what I would do is add. set up a reoccur. you said it's 235 a month yeah I was. planning on paying like 250 but I mean. we can change that my thing was coming. here because I know I have all of these. things I wasn't sure what to tackle.

first like well what we're going to do. for that oh actually we didn't include. debts in your budget I apologize so we. have a little less money. no. ah dang every time every time I I don't. know how I missed that every time I redo. it I think it comes out to I have like. 600 of disposable income I think. you have 827 of debt we got to put into.

the. ah that kills this I thought sorry ah I. legitimately thought like. this is the easy way out. 260 2002 2622 is what you need to. survive on a monthly basis. which means. I have 334 left a month how many hours a. week do you work uh 40. okay you're. working 60. now you're gonna go get a.

second job you got to bring in more. money with 334 dollars you're never. going to make progress on the 74 that. you can barely even keep up with the. interest on that over the course of 17. more years who knows what's going to be. happening with the student loans once. you do the uh re-assess or whatever that. was like. your minimum monthly payment. with your income could be like five it. could be that much maybe it's 500 maybe. 600 maybe a 700. it was on a 10-year. payment plan would be like 750 800 a.

month and the traditional. so right now we just don't have money. anymore and I just became scared. ah it was an easy solution and this. thing was going to be done in like five. more minutes oh sorry no I mean that's. fine it's I feel sorry for you because. now this becomes much more complicated. this becomes you need to go make another. 750 a month minimum post taxes minimum.

post taxes at another job preferably a. thousand preferably a thousand five. hundred you need to just go work your. butt off another 20 an hour what's the. minimum wage in Wisconsin uh. [Music]. 825 let's say you just make minimum wage. which is quite rare these days anyway. but let's just say that. um. 8.25 times 20 hours times yeah I did 52. weeks a year divide that by 12. it's. extra 750 a month but you'll make more. than that you'll probably make like 10.

15 I don't care go do anything go do. anything do some tutoring on the side. some extra tutoring in the evening maybe. I mean there's a lot of things you could. do. what I need you to do is go make this. money and bring it to at least a. thousand dollars overall on a monthly. basis and then for two months you gotta. set aside enough to have a one month. emergency fund then after that you still. need to increase your minimum monthly. payment to the Discover card by ten.

dollars starting now and then it will be. gone by the time interest is paid off we. don't need to pay extra on it so 245 not. 235 245 is what you need to pay on a. monthly basis the 250 then just the 245. should do it 245 okay I think. about 20. uh yeah 244. okay yeah because. I mean it um. it technically it's at the minimum. payment was zero dollars oh yeah because. they wanted to go until it has interest. so no yeah so two four four two four.

five whatever pay that that's fine now. what we're gonna start hitting is this. private student loan this is going to be. accruing interest forever and ever I. want you to have a real mortgage at some. point a real mortgage that's giving you. something beneficial and not at a degree. that is in the past right so. this extra even still even if you put. the total thousand dollars for it and. you don't have any paid for fun for. years and you're working 60 hours a week.

still gonna take 74 months to pay off. which is. six just over six years six years of. this so it becomes it becomes an issue. of. oh. you're ready for this one you're gonna. hate this one. are you in the right job maybe you need. to make more I mean I will eventually. you will eventually what I care about is. you getting out of the debt eventually. it's fantastic maybe you come back when. you make more money I need you to make.

75 000 a year not 52. well and. I know you love your job it's probably. it's not an option that would be the. smartest thing to do it's not an option. for you okay so really what that comes. down to is okay get the raises when you. can but the alternative is you're. working 20 hours a week for six years 20. extra hours a week for six years because. you love this job so much or go get. another job for a couple years and pay. this off and then come back but you can. also work 60 hours a week and not have.

any pay for fun for six years it's your. choice I choose the more temporary. option then coming back to the job of. the dreams. and it's so much easier said than done. just go get 75 000 hour your job that's. obviously not just a thing that happens. you're applying you're fighting for is. actually making making. the choices and the executions that are. necessary in order to actually get that. is what I would be asking for but. your degree your degree and I know I. talk about them a lot it's because I. actually do like them and I've seen.

people make progress in life and make. no offense this is not offensive better. money. you have a bachelor's degree you have a. master's degree you have 74 000 hours of. private student loans you have 70 000 in. federal student loans. the degrees are great so good I would. much rather when people know what they. want either don't know what they want to. do or know what they want to do in a. very specific specific Niche. certifications or trade school you know.

course careers for like different things. at techs or going to trade school. plumbers and all this stuff this is what. sucks now is that you're stuck in this. 52 000 a year position that you really. like which is which is great I like that. and I I don't really know much about the. organization but from the sounds of her. from the basic top level thing I like. that too yeah. um I mean I'm really good at it too it. feels like the job that's great but what. makes me. sad is that you went into all that debt.

you're making this and you're paying on. this until like you're just like mid 50s. late 50s late 50s you should start. thinking about retirement when you're in. your late 50s but you're just like oh I. finally paid off my student loans my. private student loans and hopefully. those other student loans are gone. because hopefully they got forgiven. because hopefully the Department of. Education at that time is actually doing. that. I don't know man so really if this is.

your choice this is your choice you can. follow this tight budget you can get. raises as the years go on. but you're gonna have to go work. somewhere else on top of it you're gonna. have to be working like every second of. your life which really sucks and I hate. that it's so much easier to tell someone. to tell someone that than Do It. um horn we try to get a better job. temporarily and then maybe come back. with more experience at some point but. that's really up to you the math is the. math in the end though and in the end.

you can't afford this. you just can't afford this it's. ridiculous. you have 334 dollars a wiggle room on a. monthly basis that's scary. well and I did I did lower my um. withholdings so. my check will go up a little bit I know. it's not great. um but but that always takes from other. things as well so you're taking from. other things what is your retirement.

match I believe it's uh like four. percent and 100 match the four percent. and you're taking that yeah good I would. continue taking that and the stuff I got. rid of was honestly kind of stupid like. the extra. um life insurance because I already have. a different policy too. um I don't my parents took one out on me. um okay my is anyone dependent on you. well my my dad co-signed on those. private loans I'd like to get them.

redone eventually because the house I. mean you know what I mean um reconciled. it private stimulus uh uh re-re. financed again I thought you already did. that my dad still co-signed on them but. the house is dude I don't know if you're. going to be able to unless rates go down. I don't know if you're gonna be able to. refinance those private student loans at. a lower rate and I might not I mean I am. completely willing to focus why don't we. just pay them off instead yeah I'm sad. I'm willing to focus on paying Focus how.

so by working 60 hours a week or by. getting a better paying job. um by. possibly doing some some side work for. sure okay so 60 hours a week some side. work that doesn't sound like an extra 20. hours a week so you're searching this. out for like 10 years a Whole Decade I. mean to be perfectly honest I thought I. was gonna die in debt so 10 years is. much less than I thought okay are you in. therapy uh yeah I have a I have a. psychiatrist I have meds so it's much. better than I than I was should we. include that in the budget.

no no my meds are entirely fully covered. okay yeah and that's the really nice. thing my health insurance is super great. I have a health savings account but we. can get that at almost any workplace and. plus they. um. I found out that I have arthritis all up. and down my spine and they. um ampact bought me a sit to standing. desk and an orthopedic chair. um so that I can you know work on.

keeping my spine as healthy as I can I. got a standing desk from my previous job. too trust me this is not a this is not. an overly unique thing that no one else. will do so I wouldn't stay somewhere. just because of that. it's nice I get it and I get that they. care but you can find Caring companies. other places we don't just we don't hold. ourselves back and stretch this thing. out that now now I know your parent is. co-signed for we don't just stress it. out for eternity just because we got a. standing desk from no it's not just.

because of the standing desk I honestly. feel like this job is what I was put on. this world to do and you might not. agree with that it's not even that I'm. just looking at the math dude it's. irresponsible for me on the side of the. table to do anything but so it's just. so you're going to work 20 hours a week. somewhere else is that what you're. saying I can't promise that I can. definitely look into it why would you. not try to get out of this as soon as. possible do you not find this to be as.

terrifying as I find it I mean it's. again it's not a great situation it's. still better than where I was that. doesn't and. if my cancer went from stage four to. stage three I don't have cancer sorry. bad example oh it got better though I'm. still not thrilled of having stage three. yeah is that even does it go to stage. four on three I'm sorry it doesn't go. backwards no I'm not overly educated on. cancer think of another analogy still if.

something bad gets a little better but. it's still bad it doesn't mean it's good. we don't let the the foot off the pedal. for the first time in the. as long as I can remember I have hope. for my life and I realize that the math. is not good yeah but I can change that. around I have been doing some things. online editing services and things like.

that how does that bring it in a month. uh I mean not very much I just I. literally just started it so you know I. don't know if that's going to pan out I. don't know if there's other stuff that I. can wiggle around to cut down those. expenses and things like that. um. I might go get a second job I don't know. I don't I can't I cannot make that. decision right now you should I've laid. out how bad this is you should see that.

and decide you want a better future and. say I will do this that's what someone. does when they realize how bad their. situation is that I not get it across. because I wasn't as yelly. no I will change it around I will do. what I have to do so you will work 20. hours a week you will. I've. if I have to then I will or or or do you.

just want to do this for 17 years I mean. I'd rather not do it for 17 years but. you know it's. I will not be in debt until I die and. that is news to me. so. you keep bringing it back to that and. that is an important thing and I am I'm. very happy that we've overcome some. difficulties and we can celebrate that. and I'm really glad and we want to. continue always working on that because. mental health is like everything we're.

nothing I've done our mind that is great. I don't want you though to always take. your mind back to that and use that as a. cut out or a reason why we can not be as. extreme on the debt as we need to be. yeah I just I don't want to use that as. a fallback I really don't no and I'm I'm. moving forward but especially in the. area that I am I. need to look at what's available what.

I can do I can't do fast food again I. cannot do fast food again everyone. always asks me what checking account I. use and what high yield savings account. I use recently I switched over to Sofi. the reason I did it is because their app. is very intuitive and it's super easy to. use on your computer as well but even. better than that their high yield. savings account is all the way up to 4.4. at the time of recording this clip that. is so hard to beat and I am taking. advantage of that all day and not only.

that but there's additional bonuses that. I took advantage of that you can as well. set up direct deposit get a 50 bonus are. all the way up to 250 dollars that's. free money that's free money I took it. you could take it too so check out my. affiliate Link in the description below. it's seriously awesome I use it each and. every day for my banking needs before I. came here I was looking into doordash. I'm just trying to figure out if. the extra gas and the things if it's an.

area that it would be supported in it's. definitely area by area to look at yeah. so like I was trying to do that and see. if I could do that you know do do door. Dash and and things like that so it's. not like I'm saying no I'm not going to. work an extra job or anything I just. can't say yeah I'm gonna go out and get. a job because like. I haven't looked I don't know what's. available and I don't want to tell you. something service is service is I know. you can get a service job today yeah.

um. of course every little every area is. different but across the United States. it's still service at the time of being. in this video service based Industries. um. um. I'm I'm blinking on the name but more. experience based things definitely. available can you walk and go get a tech. job not necessarily you know there's. some industries that have cut back right. now but service and experience based. they're still desperate to hire and. they're going to pay more than that. eight but eight dollars an hour which is.

exciting because if you work 20 hours a. week and that wage is double what I said. yeah then dude you're out of this in. like four years and we still need to get. an emergency fund this is what's also. scaring me if you do not to what is. necessary to start getting like pay off. these student loans quickly I fear that. car is going to die before your student. loans are paid off and we won't have. anything saved up on the side anything. necessary and then you have to go into. debt for a car and that's just putting. us in a worse place and this is going to.

start continuing that cycle over and. over again so it's just. that's why we want to get out of this. because the 74 000 for 17 years for your. income in your life the risk profile is. way too high and as. I think we can all agree your life is. too important to have a risk profile. this high. so that's why we're attacking it that's. why we're killing it it doesn't make. sense if it was twelve thousand dollars.

in student loans yes I would attack it. but I wouldn't be as terrified and then. we don't know what's going to happen. with the other seventy thousand dollars. we have hope. we don't know what's gonna happen um. so that's why I want you to go as crazy. and hard as you can temporarily yeah. then I'm also scared even though you say. you want to work until your late 70s who. knows what's going to happen with health. and blah blah blah. life is unpredictable we've entered our. 30s. we basically have no money saved for. retirement.

who knows what Social Security is going. to be we're basically like around the. same age who knows what Social Security. is going to look like by the time we. retire we retire yeah no I wasn't. counting on socials I wouldn't and we. have basically nothing so I'm scared. there too so the longer we're waiting to. get out of the bad debt the longer we. are waiting. to start catching up on life and making. sure that you're able to retire. especially if you're forced to retire. you need to be able to have. that extra stuff set on the side to make.

sure that your life is secure in the. future. so that's why I'm scared that's why. knowing what I know and having been in. relatively similar situations with that. spread across different things like. credit cards and stuff as well. I went crazy to pay it off and I don't. regret it for a single second was it. super fun at the time I would have. rather gone and got a nice car of course. in my sales position when I was just. grinding to be at the top of the sales.

team every single month I would have. loved to put the you know put my foot. off the pedal every once in a while but. I was also overly competitive so maybe. not but either way. it's so much better on the other side. with the temporary sacrifice it's so. much better then you can start building. wealth and it becomes addicting just. investing oh I can invest even more oh I. can invest it even more and then also oh. my gosh I don't understand investing. well we can get there we can get there. at that point but it does start that's. kind of like a video game. and then you're like then you can. Envision oh my goodness I actually might.

be able to live at some point if I can't. work it's incredible that is not in this. future and the conversation that we've. had that it does not exist and that's. why you need to go crazy yeah what what. I really wanted because I know. like retirement and. emergency fund and things like that so I. wasn't sure if I should sort of. split whatever extra money that I get. including that 300 or if I should throw. it all at one thing you know should I.

try and pay off the Discover first or. should I go for these student loans and. so I really wasn't well the 300 is not. going to make much of a difference. towards anything the Discover uh in the. budget we built 235 a month was put into. the budget I need to do as an extra ten. dollars a month there right and that. thing is paid off of four inches is a. crude private student loan so that's. where we want to throw everything focus. on that after you have a one month. emergency fund though because if. anything happens I want you to be able. to survive for at least a month while. you scramble to find additional income. sources right uh because that'll just.

put you in a worse place if you only had. a thousand dollars saved up and an. emergency happened that'll put you on a. worse place than when you started trying. to get out of debt right we've seen that. plenty of times on the show so that. number doesn't make any sense. okay so uh either way. I don't know that's what I think yeah I. mean I think I think it's a good plan. you know like I said. [Music]. um I think thinking about getting an. extra job my mind automatically goes to. fast food and I'm like sure physically I.

can't do that but I was looking at. doordash you know and I was looking and. if it's good for your area yeah and I. still have to do more research there's a. Barnes and Noble it's not too far from. me maybe they're hiring dude that'd be. sick you know stuff like that so I'm not. saying no I'm just saying I I am the. type of person who cannot say yes I will. go do that thing unless I know with 100. certainty. that it can be done okay. um so it's not so much saying like no I. won't work extra especially because I.

mean honestly I thought that the best I. could do was maybe get it done in 10. years you're saying six or four that. that's crazy that's that's I never. thought that would be physically. possible you know so I I'm not saying. that I won't do it I'm saying I I need. to to. look at the options and pick the the. best one out of like doordash or or a. more traditional weekend jobs and look. at the food service jobs that are not as. crazy as hard as I can't speak for. Hardee's but I mean I've worked I've I.

my first job's Steak and Shake I made. the shakes and I do the dishes it was. hell it was the worst thing I've ever. done in my life and then I probably. would have thought food service was. never good again then I worked at Jimmy. John's and I worked at Jimmy John's for. like five or six years because it was. actually pretty good so don't just close. off you know all doors because of that. one bed experience don't go to that bad. experience again I would never do that. no they stuck me on third shift. um and it wasn't good oh okay yeah so. there's options but please please just.

go start working your butt off or go on. another job or just start working your. butt off because you're gonna have to be. working and not spending any money on. fun which really sucks and it's hard to. do but the temporary sacrifice is worth. your future because your future does. matter yeah. yeah do you have any final thoughts. um. I think it's. it's a little bit. more emotional than I was maybe. anticipating but. my future is still bright and it's gonna. get brighter. for Sarah certainly a tough conversation.

we've had many tough conversations here. and you know there's certainly no easier. to get into that situation where you're. gonna start sacrificing and working hard. what's most important is getting that. started and I really hope she does soon. when it comes to our Hammer Financial. score spending within a budget. I think I have to give her an honest 5. out of ten I'd say pretty average. certainly some mistakes that we saw not. perfect but it really wasn't the worst. debt I.

if it was lower balances on both those. things I'd be given a higher score but I. can't go higher than one out of ten. because that private student loans being. like a mortgage is just Insanity. retirement barely started for age I'm. very scared with it it's going to be a. two out of ten emergency fund. has 800 sitting there barely started. it's gonna be a new one out of ten real. estate not a part of the picture zero. out of ten. for her Hammer Financial score that is.

going to be a 200. 2 I hope it improves over the next six. years check out all the resources Linked. In the description below of some paid. affiliate links there they are resources. that I either use right now or would use. in specific situations as well like a. very high yield savings account are. acorns where you can put five dollars in. and get a free five thousand those other. resources as well and don't forget to. follow my Instagram and Twitter thank. you also Whoever has the most viewed. Tick Tock or YouTube short using a clip. from this video I'll send you a hundred. dollars post however many times you want. but you must tag my YouTube Tick Tock at.

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