– Let me tell you a little
story about how I paid off $70,000 in student loans in
four years and ten months. (slow techno music) Every story has a beginning
and my story begins when I was getting ready to go to college. Signed up to get student loans. School was going to cost
about $3,500 per semester, but the student loan company said hey, Jared if you want you can take out up to, it was roughly $8,000
per semester if you want. I looked at it, I had no
money management skills when I was younger, I
said yeah, sign me up, I’ll take the max, I’ll take
the max for as long as I can. So that’s what I did, so
that’s how I got into debt. I didn’t think about
having to ever pay it back, that wasn’t on my mind,
I just wanted to party, have fun with my friends,
maybe work a little bit here and there, and that’s what I did. I got my first job five
months after I graduated. The student loans became due,
I had to start paying on them six months after I graduated,
perfect timing, right? You’d think. So I get my first statement and it kind of lays everything out. Hey Jared, you owe us $70,000. Okay, cool, read that, I see
what the minimum payment is and I’m like oh, I can afford that. It might be tight but I
can afford that right now. Then the next line told me how much I would be paying in interest. If I paid the minimum payment, it would take me 20 years to payoff. And in those 20 years on a
$70,000 principle student loan, I would be paying $80,000 in interest. $80,000, I looked at that
number and I said whoa, A, that’s a long time,
20 years is a long time. And B, that’s a lot of money. And I got mad, I got
angry, I said to myself, if somebody thinks I’m
going to give them $150,000 of my money, they are
out of their f-ing mind. Out of their mind. So I said, there’s no way,
there’s got to be a better way to get out of this, there has to be. So I thought about, okay
how can I get rid of this? Well am I going to pay
it, I could pay it, right? Or can I get rid of it
somehow, is there some way I can get rid of it, can I file
bankruptcy and get rid of it well I can tell you one thing, there’s only two ways to get
rid of your student loans. You either have to die
or you become disabled and I wasn’t planning on
doing any of those things. So that wasn’t an option. And I’m kind of glad that
wasn’t an option because I would have felt like I
would have cheated the system. I would have felt like a big
piece of shit if I would have been able to file bankruptcy
to get rid of my student loans. Because I was the dummy
when I was younger, I was the one who took out
the money, I owed the money. I would have felt bad and I’m
very happy that you cannot file bankruptcy on student loans. You might not agree with
me, but I don’t care. Enter into the picture Mr. Shay Carl. He’s a YouTuber that I have
been watching for the past 12, 13, 14 years, I don’t know
however long he’s been around he made a video one time and
it said we are debt free. And I’m like what’s this,
I click on it, watch it. He mentioned a gentleman
named Dave Ramsey. I said who is this guy,
get out debt, what? I looked into Dave Ramsey,
found out his baby steps of how to get out of debt
as quick as possible. I wasn’t sure about it at
first, but I knew that Shay Carl held some weight with what he said. I really trusted that guy. So I watched Dave Ramsey’s
things and I slowly dabbled in it, tried it just a little bit, tried the whole budgeting
thing, just a little bit to see, okay is this even real? And then eventually I fully bought in because I trusted in the system, because it made sense of how
I could get my student loans or any kind of debt paid
off as quick as possible. He’s got baby steps,
the baby step process. And I’ll link Dave Ramsey,
because these are all his tools, I’m just telling you my story of what I went through,
the things that I did. But definitely check him out,
like I said I’ll throw a link. I highly recommend him and his baby steps. And this is all his work, it’s not mine. I’m just a product of his tools. Baby steps, don’t worry about all of them. All you got to worry about if you are in debt is the first two. Forget about the rest, because
you have a long way to go if you owe somebody as much
money as I did, if not more. Baby step one, emergency fund. You got to save $1,000
before you start trying to go into the whole debt snowball. Save $1,000, well how
am I goin to do that? Well you got to save, dummy,
that’s how you save $1,000. Does it suck at first, absolutely. Will it maybe take you a
little while, absolutely. But you don’t skip steps, you don’t. And Dave Ramsey will explain
that when you go check him out. Because you better go check
him out if you really care. Second is the debt snowball. This is Dave’s Ramsey’s process as to how to pay the student loans off. I wrote something here, but
I’m not going to go over it because he can explain it better. And you definitely want
to go check it out, because it’s a least
worth it to go listen. At least worth a go
listen, just like anything. Whether you agree with or
not, just go check it out. If you’re in debt, I don’t think you have another choice, do you? Probably not, so there’s an option. I’m handing it to you right now, on plate. Go see Uncle Dave and
see what he has to say. One thing Dave Ramsey
talks about is he says as you start to go through this process, you’re going to notice that
a lot of friends and family and other outsiders are
going to make fun of you. You’re going to get backlash
from your friends and family. I was like there’s no way, why would you? Well the reason is because his
steps are very unconventional people aren’t used to it,
but if you want to actually get your loans paid off, in
this case student loans for me, you’ve got to do the work,
you’ve got to go through each and every one of the baby steps. I had so many people make fun of me. So many people that made fun
of me when I first started and when I was going through
the whole process that are now saying oh man I need to get
my student loans paid off. Well obviously, I do
you think I started it. But I kept down that path
and I wasn’t listening to all the other people chirping. But why were chirping, why
were they making fun of me, what are they saying you
should have your student loans forever, and that’s just going to happen. Why would they say that? Well everybody is used to having debt. America is full of debt
and that’s a huge issue. The backlash also comes because
you have to say no a lot. You have to say no people,
to friends, to family, when it comes to doing
certain things, when it comes spending money on certain things. And a lot of people don’t like that. They say why can’t you
come do this with us. Well I don’t have the extra money. Yeah you do, you have a really good job. Well I know that, but the
extra money that I could be spending on show that
we’re going to tonight, or a dinner that we’re going to tonight, that extra money I could be
putting towards my student loans to get it paid off just
a little bit quicker. Guidelines that I set for myself. I wouldn’t let myself go on a vacation. I said at the very beginning,
you’re not allowed to take a vacation until you get these paid off. I haven’t been on a
vacation in years, in years. Could I have taken one, absolutely. But the money I would have
been spending on that vacation, isn’t going towards the loans,
so what’s that going to do for me, it’s just going to take a lot to get these things paid off. That was the opportunity cost for me. And the cost of the student
loans and having that hanging over my head was so much greater than going and enjoying that
vacation for five, seven days. Now I’ve worked for three different corporations since I’ve graduated college. And I’ve made enough
money to where I could pay some extra on my student
loans, no problem. But I wanted to do something
a little different. And it’s Dave Ramsey’s idea,
Dave Ramsey suggestion. So Monday through Friday I
would work at my full-time job and then on the weekends,
Saturday and Sundays, I would go work for a restaurant. I did this for three and a half years, maybe a little more than
three and a half years. The reason that I did
that is because it netted a decent amount of extra money. Why would I do this, that
doesn’t make any sense. Jared you’re already making
enough money, and pretty good money in corporate America,
why would you do that? Because I’m crazy, because I’m nuts. And here’s also why. I was worked as a server, and
if you’re working as a server, you know that you can
usually make decent money. And it will range, so on
average I pull in an extra $800 to $1,300 a month we’ll say. We’ll just average it out and
say I made an extra $1,000 a month, that’s $12,000 extra. $12,000 that I could put
to those student loans. People at my weekend
jobs, at the restaurant thought I was absolutely insane. People at my full-time
jobs in corporate America thought I was absolutely nuts. Why are you doing this? I had multiple managers at restaurants say why do you work here,
you don’t need this job. Yeah, I know, but I had this goal in mind. To get this paid off as quick as possible. And so many people didn’t understand that. They didn’t get it, but I was
willing to put in the time working seven days a week
just to get this paid off. Just for a little bit extra money. And it was so worth it,
it’s not even funny. Now I will tell you, I was
so busy and I was also going that it was a running joke with my sisters when I lived with them, and
I’ll post pictures here, because I would just be going
nonstop seven days a week all the time, to where when
I would get home from work and I wouldn’t have anything going on, wherever I sat, wherever I
laid down, I would pass out. I would pass out in
the weirdest positions, the weirdest places, and the
dogs used me for a dog bed. It was kind of funny because my sisters took a bunch of pictures
and I’ll post them, because it was a running joke. And it kind of just goes to show how much I was working,
how hard I was working My sisters, going back to the backlash from friends and family,
they were even telling me, they supported, but they
were even telling me, Jared just quit the weekend job, you’re so burnt out, you’re so tired. But that didn’t matter, because
the goal was so much bigger than the time that I had to spend at the restaurant making that extra money. I hated the feeling so much of owing that much money to somebody. And you might say Jared, oh
I so much more than $70,000, I went to school to be a
doctor, I owe like $200,000. Well no shit, because you’re getting paid a lot more than I am, therefore it doesn’t matter it evens out in the long run. So in the end, all it really comes down to are three different things. Hard work, dedication, and sacrifice. There’s no magic formula, no magic tool, it’s just the processes that
Dave Ramsey put in place. They’re very functional, they make sense, they’re easy to wrap your
head around, so easy. But you go to be willing to work hard, if you aren’t willing to work
hard and get a weekend job, and go above and beyond
and be very unconventional with your thinking and
how you’re going to make that extra income to put
towards your student loans or your loans, then just stop. You don’t want it then,
you don’t want it that bad if you’re not willing
to put in the hard work. Also dedication, you got to be
dedicated to the baby steps, period, you have to be dedicated. Because if you start to veer off the path, then you’re surly fail. That one time that you slip up,
that can snowball into a bad routine and it will throw
you off of this whole thing. And then the last thing is sacrifice. There’s so much that
you have to sacrifice. You have no idea what you’re in for. But I can tell you right now,
all three things that I just named are so worth it when you get to the point where I’m at right now. It makes me so happy and I feel so free that I can just do anything that I want. Because I saw this huge mountain at first, I mean looking at up at
$70,000 of student loans plus whatever the hell
else I paid in interest, I mean it’s a huge pile of shit. A huge pile of turds and
I’m just looking at it. And it is so hard at first,
but one thing Dave Ramsey says is if you want to eat an elephant, how do you eat elephant,
one bite at a time. So that’s what I did, I shut my mouth, I started grinding day in and day out and it got to the point
where paying extra money towards my student loans
and things like that and working my budget, it
was almost like a game to me. When I could pay a little bit
more towards my student loans. It literally gave me
gratification from that sense. But I can tell you, once you
start to kind of get over that hump, get past that steep part, you already start to
feel like you’re winning. It makes you keep going
just a little bit more. It makes it so much
easier to shut your mouth and go to the extra job on the weekend. Or to say to no to people when
they want you to do things. That’s the sacrifices you have to make. But if you’re not willing
to make these sacrifices then don’t even start, don’t even bother. If you’re not going to buy in fully, quit. I mean don’t even go look
at Dave Ramsey’s website, but you don’t care enough,
and if you want to be in debt for the rest of your
life, then don’t go check Dave Ramsey out, don’t
listen to what I’m saying. Because of what, I’m full of shit. That’s bullshit, because I’ve
been through the whole thing. I’ve been through it,
I’ve been down there. I felt like crap, the fact
that I owed so somebody that much money and I’m like
I can never get rid of this. It was hard, you have
no idea how hard it was. I sacrificed seeing my
friends and hanging out with so many people and
doing so many things for the longest time,
but it’s so worth it. I didn’t get a chance… I didn’t see my friends
for months, the only time I ever saw them for a
little while there was when they would come into
the restaurants to eat. That was it. And they’re still friends with me. That’s the best part, I have
the best friends in the world. Because they support and they
see everything that I’ve done. And now they’re seeing
the end game and it’s like holy smokes, maybe dummy dumb
ass Jared knew what he was talking about it, I guess so. But it wasn’t me, it was Dave Ramsey. I can’t take credit,
but I did do the work. I still have to be able
to appreciate everything that I did and all the
things that I went through. And it can’t wait for
you to have this feeling because it’s going to take
a while, but you literally just have to put your blinders on. I’m telling you, when I
worked that weekend job so many people didn’t know how I did it, they didn’t understand it,
but I was so busy grinding, I was so busy in the zone,
and once you get in that zone, that’s all you think about, that’s it. And it’s, man, you are like a robot. I was like a robot for the longest time. Another thing is to budget. If you’ve never done a budget before, I highly suggest doing one,
and if you think you’re doing a budget, you’re probably
not doing a budget. Dave Ramsey will explain
to you how to do a budget. He also free software that you can use, a budgeting tool that
I’ve used since I started listening to him, and this one is free. It’s everydollar.com,
I’ll link it as well. Definitely check it out. I literally use that to figure out my budget every single month. And if you think you’re doing a budget, you’re probably not doing it right. You just aren’t, because
if you say I don’t have any extra money to put
towards my loans that I owe. I’m telling you if you do a
budget and you see where you’re money is going, I guarantee you will find more money than you think you can. You can find a lot of money in a budget if you just start cutting
things out and realizing what are you really
spending your money on. In closing, there are couple
of people I want to thank, or groups of people, companies. A, I want to thank my family. My family’s pretty much supported me throughout this whole thing,
I’ve been very fortunate to where my family’s never
really given me any backlash. My sisters, but it was
more of a Jared, you need some more free time, like
you’ve worked so hard, you’ve already got the
majority of your student loans paid off, just quick the weekend job. So it was that sort of thing,
they were never mad at me. But really, everyone whose
watched me go through this journey from a family perspective. Also I want to thank my
friends, I probably have the best friends including my guy friends, you know their wives and girlfriends. I owe you all more than you’ll ever know. Because you’ve all stuck
with me throughout this whole process and I might
have looked a little crazy for a while there, and
I might have disappeared off the map for a long time there, but I think everybody kind
of realizes what I was doing the whole time, this whole huge mountain that I was trying to
tackle just so I wouldn’t have to worry about it anymore. I definitely appreciate all my friends, you guys are the best,
that’s why I’ve been friends with you since middle
school, I love you all. I also want to thank the companies that have allowed me to work for them. So the companies in Corporate America and also the restaurants,
my uncle’s restaurant that I used to work for for a few
years, that’s closed down, but thank you Uncle B, I love you. And then I also want to
give a huge shout out and thank you to The
Rail, they let me work two days a week, just come
in and work two days a week and then leave, they didn’t
ask anymore of that from me, and normally a restaurant
will want you to work during the week if you’re
going to work on the weekends, because you know that
just doesn’t make sense. They usually won’t hire
somebody just for the weekends. But they did, and they
allowed me to come in there and bust my ass in and do what I do best which is work really hard to help them out and to also help myself out
on making that extra money. And last by not least, I want
to thank all of my coworkers over the years, I want to
thank all of my coworkers, especially at the
restaurant, like The Rail. I was there when the store first opened, so I was kind of like an original member like that store that I was working at. And you all made work
just a little bit better. Because Monday through Friday
I would be busting my butt in corporate America
and then the weekends, usually people party of the
weekends, they let loose on the weekends, they have
fun, but going to the weekend job, all of you that I
worked with, you all made it more enjoyable, you all
were my fun on the weekends. It sounds crazy, but
man I’ll tell you what, you all made my life so much better and also helped me forget about the whole huge process I was going through. I definitely appreciate you all, my Rail family, the original members, and like anybody who I worked with. I love you all, thank you,
everyone who I just named, has been a part of this,
without all of those people, I would be nothing, I
wouldn’t have been able to get this done, my life would
have been miserable. But it’s thanks to my friends,
family, and those coworkers that made my life just
a little bit more happy. Even though I was grinding my booty off. Okay, that’s it, hit me up
if you have any questions, any suggestions, you need
some coaching for even this. I’ve been through it,
okay, I’ve been through it. I’ve been to the lowest of the low and I never plan on going back. (slow techno music)