Tiffany is with us in Atlanta, Georgia. Hi Tiffany. How are you? How are you doing better than I deserve? What’s up? And I was calling [because] I want to get your advice [on] recent financial piece a couple years ago But we also have a lot [of] burns as far as it so we have about 300 and something Thousands of student loans do them or Edit well it stops up 300,000 and student loans Yes Who’s the doctor or lawyer? Nobody’s a doctor [a] [lawyer] is just a lot of expensive food What are your degrees in honey? business and leadership oh my Lord What is your household income? 140,000 that’s that’s good news. Oh my goodness Overpaid for some degrees, okay ouch 300,000 student loans and what else about 300,000 house talking about 60 between medical and [cars] you think it’s like that. What do you owe on the cars? Like 1501 the body 11 on another okay, all right well I mean you’ve got a very very tight budget you got a lot of house, and you got a lot of cars and You are deeply in student loan debt so one of two things is going to occur you’re going to sell cars and houses and Move down into just some junky cars and into a little rental property and you’re going to use 140 to get rid of the student loan debt or you’re going to keep the house and the cars and You’re going to limp out of this and it’s going to take you a lot longer So when I do the math it takes like Saint-Pierre seasons sort [of] put you know get it close Now we also do qualify for a loan forgiveness So why do you qualify meet up after 10 years for non-profit yep after 10 years? Correct yeah, I don’t want to wait 10 years to be out of that Now I mean you make a hundred and forty okay. You’ve got three hundred plus You said another sixty so you 360 thousand? I mean if we do if we put 60,000 a year on it’s done in six years if We put if we put eighty on it It’s done in four and a half and that means you’re in [you] ought to be able to do that. You’re just living on nothing But I mean, but I mean again [I] if I were in your shoes, I’m going to move way down in house. I’m going to sell my house And I’m probably going to sell the $15,000 car Maybe the 11 and just get me a couple junkers and because I’d won out of this mess And I wouldn’t want to wait six years and those cars in that house are going to delay It’s going to add two years at least to this program maybe three maybe three and you just you guys have bought everything in sight and [couch] I’m so sorry. I’m sorry you’re facing all this but I mean you can do it either way It’s whatever you want to do, but you’re right. You’re looking at eight six to eight years if you stay in the house And you’re probably looking at a really tough three and a half or four if you don’t stay [in] the house What is the what’s the trajectory of your career look like income wise are you seeing incomes increase pretty dramatically, or are just slightly? um [sake] increase as you know the change got like four [different] companies, [so] [typically] yeah like about another twenty thousand probably would culminate Promotion or something like that, okay [alright], so that’s a pretty decent push, and so you know if we project out three years Maybe we’re not dealing with 140 maybe we’re dealing with 180 or 190 at that point on income and see that starts to change the equation to There, but you guys have you guys have really I mean You’re broke. You’re desperately broke And you’re going to start making some dramatic moves in Cutting lifestyle and some [dramatic] moves in living on the cheap to clean this mess up and you know that [that’s] what you’ve got to do there, so Thanks for the call. [I] wish I wish I had better answers for you, but those numbers are just horrendous. Sorry you’re facing that um one of the things you should get from the show other than entertainment value is you should be learning something and It should occur to you to think To yourself how in the crap do people go $300,000 in debt to get a couple of business degrees What has to be broken in the process they were using in order to let yourself do that? Okay, well let me tell you a couple things that are broken Potentially, I don’t know what happened exactly there But I’ll tell you what ran in what we’re honest in my mind when I hear those kinds of numbers For something for a situation like that Number one people think getting a degree from a certain school is going to more likely ensure their success There is no data none anywhere That indicates that prestige schools create a higher success probability That’s just straight-up bS It’s straight-up bs as a matter of fact more ceos of fortune 500 companies graduated from public universities than from prestige universities Wall Street journal [did] a study about two years ago and published it made everybody mad in that world Now I don’t mind you going to a prestige school, but don’t go $300,000 in debt to get to business degrees That’s stupid Okay And because it doesn’t Roi it. Just simply doesn’t are oh
I forgot sex is a business degree you ought to [think] about this you know and So I don’t mind you going to wharton I don’t mind you going to harvard I don’t mind you [going] to yale or vanderbilt I don’t mind you going to those days long as you can write check and go or they’re paying for it. It’s a free ride But this idea you’re going to go hundreds of thousand dollars in debt because of where you went to school and that’s going to Roi There’s no data to support your stupid set of assumptions there none whatsoever. No research at all You cannot find it on the planet Now there’s some old [boys] sitting around you know sipping on something at the Country club That’ll tell you otherwise but they got nothing to support it. I’ll just tell you the second thing [that] happens there is If you come from a background if your family is not an educational oriented family And you’re the first of your family to go get an education Sometimes you believe the lie that says just get an education. It’s worth it. Whatever you do You got to break the family change you got to break the cycle [you] [got] to do whatever and whatever it takes you go get that education and it’ll eat. You know the only shot You got it got about not being like the rest of us about getting out of the family tree The only [shots] you got [to] [breaking] the curse on the family as education. It’s the only shot education is the answer to everything Well, it’s not Education is important knowledge is important, but education is not a magic pill and It is not worth Breaking yourself for the next decade to get two business degrees Let’s say couples aren’t feel so sorry for it What a mess that, they’re in and it’s one of those two assumptions that probably got them there or both put together Parents don’t want children their stuff like that stop them Make better choices on where they go to school what you pay for your degree. This is the Dave Ramsey show Hey guys Thanks for watching if you enjoyed this video click the subscribe button to get the latest Content and check out these other great clips from the show