Her biggest issue will likely be lifestyle creep, that sets in with many in their first full time job. She has to watch out when it comes to eating out for lunch, upgrading her vehicle and expensive social events. If she can avoid those things, she will be fine.
Absolutely true, if you maintain a meager lifestyle when you get a substantial increase in income, all excess income can go to debt. Go from bagged lunches to lunch out 5 days a week and you can be broke once again.
As a college student I feel bad for my fellow college students and graduates. School is not teaching us how to live life but rather teaching us how to stay in debt. This is why I already started a business during my freshman year. A wise man once told me “ major in something that’s gonna make u money and minor in something u love.” Best advice I ever got from my NCOs in the army.
@@erickqwesibentilmanie2382 I am certain that it came from him since he was planning to major in photography but instead he took his mother's advise an MBA in order to have a general expertise in no matter what type of industry he was pursuing.
I have to give her credit. She realizes her problem and is willing to do something about it. We can't change the past but we csn influence the present and, to some extent, the future.
I hate it when people tell me to go back to school, after completing my BA, for another 5 years on getting a Phd in Stupid. I really wanna start working for the money though.
@@superblump87 Yeah. I'm semi quoting him. It's easier said than done. I've been there and sometimes your friends or lifestyle makes you lose sight. I hope she does stay on plan!
Just turned 20 and have paid off the final $6000 of my student loans since Nov 27. Happy to say I am now debt free and am excited to be out of gazelle intensity, thanks Dave!
$42k/year with $58k in debt? I agree with Dave the income definitely has to go up if she wants to get out of her student loan debt. If she wants to do $20k/year on pay down she’s definitely going to have to buckle down and moving back home would definitely help.
Pay the loan off in two years. DO NOT buy a new car until you are a millionaire! Afterwards put $7000 a year in your Roth IRA and just put enough to get the full match in your 401k. Put half in TECL and half in TQQQ. Enjoy the rest but resist going into debt for ANY reason. For housing share housing for cheap. Keeping housing and vehicle expenses low are the key to wealth.
Her student loan debt ($58K) may be greater than her current income on her new job($42K/yr) now. But I say give it 5 years and see where her income and student loan debt is. The student loan debt may no longer be a problem for her at that point.
I think the pandemic has taught people the importance of multiple streams of incomes unfortunately having a job doesn't mean security..no rich man or woman made it through salary, investing now will be wise
Its not just about the classes on your transcript. You don't make the same kind of connections at community college that you do at a fine arts school, and your professors will not have the same level of experience and skills.
the next 20-50 years is going to be all about creating side income. it’s VERY hard to get ahead as an employee. think outside the box. use the internet. traditional jobs (ESPECIALLY IN ART) are going away. go where the puck is going - not where it is. avoid major cities, keep your rent low, and start your own business as soon as possible. put out quality, unique and niche content every single day. start today.
$43,000 salary right out of college in something she loves to do. She'll be out of debt in two years if she's smart. Better than getting a business degree and hating everyday of your life for the next forty years.
Better than being broke as a joke. I endured years if punishment in a well paying job, it's called sacrifice, something you greenhorns don't understand.
She's proud of herself for going into 58k of debt because it was for something she wanted to do? Figuring out how to pay that back is not something anyone should wait until after graduation to think about.
Slightly off-topic but this can be a heart-breaker: Beware ripoffs; as a writer, this has happened to me when working for individuals (but thus far, not for companies, thank goodness). Don't release final versions until after they finish paying you. Protect your work. People sometimes view graphic design as "fun" instead of work.
A company has more at stake to lose. Make sure they're reputable and you can google them and they come up. Read their reviews. If they don't come up, it's sketchy. Also, individuals often have less to lose which is why there's more ripoffs dealing with them. Sorry that happened to you! Be careful out there guys, it's a dog eats dog world.
If she can live like a broke student and kick that debt in the teeth, she'll do great. It is good she is terrified. Now it's time to conquer it by understanding the numbers and her goals
@@ttr8141 I got mine in Government Administration. My first job is 55k with a 12k increase every year for the next 2 years. so 67k next year and 77k in 2022. Internships are a MUST. It went from an internship to hire. Started in March 2020. Then after that its 2k a year unless you get a promotion which is 12k again.
You clearly don't listen to or follow Dave Ramsey's teachings. Baby step 1 is to get a $1,000 emergency fund, next is to pay off all debts. Investing comes once the car, student loan, and credit cards are all paid off. NO DEBT IS THE GOAL.
@@cameronp44 No, I don’t follow Dave’s advice because I know what I’m doing. Financial advice is a lot more philosophical than people give it credit for. Dave is anti-debt because he’s assuming that people are inherently irresponsible but doesn’t consider the opportunities you can miss out on by solely focusing on paying off debt. It’s a tool that can be leveraged for a lot of things that you won’t be able to get unless you have a bunch of money. Debt becomes a problem when you can’t afford to pay it off.
Dave makes no sense man giving out bad advice , I made over 65 and net I made 43 so ur telling me to pay 30 a year on loans like you have 0 bills or something? Why don’t they every take taxes to consideration is very , telling her she can do this is in 2 years is a lie you ain’t living on 13k a year and that’s not even bills taken out
Why graduate in graphic design if you can just freelance without debt and learn it absolutely free from the internet. Any form of art degree is really unnecessary to waste your time and money. Many animators or designers work as individuals designers selling their design on patreon, indie sites and etc.
@@drunclecookie216 i dont see why others would have an issue. cant tell you how many women out there paid for their education by being a stripper on the side.
Biggest thing will be living expenses at this point. If she moves back home with Mom, she might could get this paid off in three years. Move out on her own, and she's looking at the ten year plan.
Welcome to the real world", she said to me Condescendingly Take a seat Take your life Plot it out in black and white Well I never lived the dreams of the prom kings And the drama queens I'd like to think the best of me Is still hiding Up my sleeve They love to tell you Stay inside the lines But something's better On the other side I wanna run through the halls of my high school I wanna scream at the Top of my lungs I just found out there's no such thing as the real world Just a lie you've got to rise above
If your going to be paying debt for 2-3 years you need absolutely more than an 1000$ emergency fund. If I was her Id build a small 3 month emergency fund then attack the debt full force.
I hate how some people who get themselves into a financial pickle blame their parents/family for not teaching them. Take ownership and give your family a break. You signed those loan documents.
Thats a fact. I come from a low income immigrant household and still will be graduating debt free from a 4 year school because I took it upon myself to become financial literate
You do realize lenders do a terrible job, or better yet don't, teaching young, impressionable borrowers on how it all works. If her mom, the person who is her provider and the person she needs to get the loans anyway, is telling her not to worry about it, how do you expect for her to think about this if she's never done it before and has no one there to guide her?
That doesn't tell the whole story. For a lot of us with foreign parents (especially african, Indian & chinese) it's college or you get disowned. If you're not making great money like 10k a month, your parents will pressure you into college & if you don't they'll threaten to throw you out.
Hey I have a BS is Criminal justice, which is a BS degree, quite literally the worse decision. I thought I wanted to be a cop. It seems as though that is all it’s food for, corrections, police, or private investigator. How can I turn that around to land a job
A BS in that?? Wow. LOL! You really would have been fine with just a HS diploma, maybe 2yr degree. A cop’s job is solely based on decision-making and critical thinking. Where was your critical thinking? And yes, I’m rubbing it in
Criminal justice degree works for military too. Depending on resume, recruit with undergraduate degree can either compete for officer schooling or get loan repayment for enlisted service
Do everything you can to get a good job. Anything paying above 50k should work. Then, continue living like a college student with no money; save about 10% towards retirement, then throw the rest to the debt. You should clear it in about 4 years. Dave says otherwise, but keep investing for retirement.. never stop because of debt.
She seems to have alot of common sense for someone who has a mother who has none. Lesson learned: never again take financial advice from this particular mother.
50k In a debt. Probably pay it off by 30. I would say Invest in stocks, and manage your money well. NO GIRLS NIGHT OUTS. Be responsible. I wouldn't be able to sleep with 50k-.
42K a year for graphics design i thought they make more than that Geez thats is just the interest on your loan 😂😂😂😂😂😂😂 hello cup of noodle by the way its made in Merica in City of Industry so be patriot 😂😂😂😂😂😂😂
Fine arts degree?🤦🏻♀️ I homeschooled my son. I made sure he did nothing else other than home work and music practice. He got accepted by two major Ivy League colleges. He just graduated with an architectural degree. He paid off all his tuition while in school by doing a side hustle. He basically made some graphs for licensed architects as a helper. Husband and I paid for his freshman year tuition. But we’re making him pay with an interest since he just got his first job as an architect. Becoming an architect was my idea. Call me a control freak but it all worked out. Dave always days “be weird” I’ve been weird. I would rather have my son become a plumber than a fine art degree 🙄
Hold on... advice #1 - refinance it to our new low rates. Advice #2 - do not pay it off immediately, Biden will be giving handouts. Agree work harder but diversify over loan pay off and stock investments.
@@wanilimbe Handouts don't collapse they economy, they cause monetization of our debt slowly over time. And Biden doesn't have 4 years in him. Finally, he actually came out in support of at least 10k towards student loans. I bet Many dems would support 50k. So, you don't really know what you're talking about, best to listen up in your case.
Way to give props to generational financial illiteracy. Blaming young people for getting in trouble by predatory lending institutions while having to pay for what should be free to begin with.
@@sarikagoode1505 Anyone smart enough to get into college is smart enough to do math. And stop with the "generational" blame nonsense. It's just another way to insult families like mine, poor for generations in terms of money but rich in the belief in hard work and personal responsibility-- values that eventually created a generation that climbed out of a financial hole. Saying that a family like mine is too stupid or lazy to improve our financial situation without self-pity and handouts is unspeakably insulting. Keep your thinly-disguised sense of superiority and condescension to yourself.
@@cherylnielson4710 People should not be in a “financial hole” to begin with, and it certainly shouldn’t take generations to climb out of one. US has some of the lowest rates of upward mobility in the industrialized world because of the corporate takeover of the government and media. You shouldn’t accept poverty as a given, ever.
