Student Loan Crisis! Is There Hope?


Transcript

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- Are you one of the 44
million people in America

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struggling in student loan debt?

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If so, stick around,
because I'm going to show you

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how to get out of debt faster.

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(upbeat pop music)

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Guys, student loans are a huge problem!

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And this problem just continues to grow.

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Right now, student loan debt

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is the number one
consumer debt in America.

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That means it has
surpassed credit card debt,

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car loans, all the above. It's crazy.

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So, in this episode, I'm
bringing in Anthony ONeal,

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who is an expert in this area.

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And he's going to answer your questions

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and explain how it is possible

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to go to college without debt.

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Plus, I'm going to give
you some tactical ways

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to start paying off your
student loan debt right now,

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if you haven't.

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Okay, so I'm going to give
you a little insight

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into how bad this problem is, okay?

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Roughly 44.7 million people in America

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have student loan debts.

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And with all the debt combined,

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it totals $1.5 trillion in debt.

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You guys, that's crazy. Trillion.

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Not just billion—trillion!

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And one out 10 people are 90 days or more

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behind on their student loan payments.

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And as of September of last year,

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there were over 40,000 applicants

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for student loan forgiveness.

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But guess how many were approved—206.

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Yeah, 206 out of 40,000!

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That's exactly half a percent.

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Now, listen. Statistics
are all fine and dandy,

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but when you're one of
them, you're feeling it.

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(gentle jazz music)

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Okay, so here's the deal with
student loans in America.

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I think we have just become
stupid about education.

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Isn't that sad?

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Something that is supposed
to make you smarter,

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we've like lost our minds with.

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So here's the deal: If
you have student loans,

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and your name is on it, you're
going to have to pay for it,

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and that sucks.

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Let's just say it out loud.

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Because we have created a
culture where student loans

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are so normal.

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Where you probably had school
counselors tell you,

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"Yeah, this is the only way

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you're going to be able to go to school."

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Maybe even your own parents told you

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that this is the only option.

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People that you trusted led you down this path.

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And the sad thing is that those people

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were probably ignorant

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and didn't know there was another option.

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So, taking the personal
responsibility can be really hard

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in this area, because you may be thinking,

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"Yeah, I have all these student loans

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because my parents told me
this is what I should do—

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that this was the wise choice to make."

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And you're stuck with the bill.

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So what you have to
realize though is,

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"Okay, my name is on the
loan. I have to pay this."

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It is going to be up to you.

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And student loans are not bankruptible,

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so you are going to have
to bail yourself out.

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If you bankrupt, the student loans

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are still going to be there.

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And also, this time of the year

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there is an election going on.

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So you're hearing different people

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promising different things
out on the campaign trail,

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(sighs) specifically with student loans.

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Now listen, you do not want
to rely on Washington, D.C.

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to fix your problems, okay?

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Here's the deal:

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If a certain person
gets elected into office

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that promised this thing,
they're not king or queen.

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They can't just make things happen.

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They have to go through
the checks and balances

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of our system.

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They have to go through Congress.

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They have to go and create a bill.

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I mean, all the things have to happen.

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So, do not rely—do not have your hope on,

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"If just someone gets into office,

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our problems will be taken care of."

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Go ahead and fix the problems now,

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because if the
problem is taken care of

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and student loans for
some reason are forgiven,

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it's not free!

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Someone's paying for that.

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Those institutions want their money,

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so they're going to be paid somehow.

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And guess who's going to be paying them?

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Taxpayers.

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Yes, so this whole idea that
it's just free is not true.

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So you need a plan to pay them off.

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Now, when we come back, I'm
going to give you four ways

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to pay off your student loan faster.

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(upbeat pop music)

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(car gear shift knocking)
(car door closing)

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(alarm beeping)

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Guys, let's be real.

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Being a parent is hard work.

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Now that I have two daughters of my own,

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it feels like the to-do list never ends.

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And as every parent knows,
your priorities change,

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and you have to make important decisions

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for your child's future.

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That's why term life insurance
is a must for every parent.

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It's so easy to get and it's affordable.

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What you're looking for is 10 to 12

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times your annual income

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to make sure everyone in
your family is taken care of.

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Winston and I use Zander Insurance.

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They do all the work for you

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to find the best prices and options.

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So go to zander.com to get
started on a quote today,

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because that's who we trust
to take care of our family.

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(upbeat pop music)

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Alright, so here are four ways

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to pay off your student loans faster.

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Number one, you've got to get mad.

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That's right.

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You're not going to make
progress if you're like,

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"Yeah, I'm kind of paying off
my student loans. It's fine.

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If I pay it off in a decade, no big deal."

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Yeah, yeah, yeah.

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You're not going to be paying
them off fast if that's you.

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You've got to get passionate.
You've got to get mad.

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Because number two is the debt snowball.

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And this is where you pay
off all of your debts,

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smallest to largest,

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regardless of the interest rate.

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Pay minimum payments on everything

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and pay off the smallest debt first.

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Now, you do this because
you're going to see traction

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and you're going to see your quick wins.

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Because personal finance
is 80% behavior.

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It's only 20% head knowledge.

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So, if you have multiple student loans,

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put them in the order

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of smallest to largest,
with all the other debt.

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Now, if your student loans
are sold to another company,

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it can get kind of confusing.

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So go online and just specify the

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smallest loan that you are paying toward,

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and just know this is
it and focus on that.

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Now, if you are paying off
student loan debt, then I've got

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a great goal tracker for you
so you can track your progress.

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So, click the link in
the description below.

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Number three is to refinance.

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Alright, keep in mind—first
off, you are only able to do

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this one time if your loan
is through Sallie Mae.

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Second, you have to get
a fixed rate. And third,

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it is only worth it if your fixed rate

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is lower than your current rate.

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And, just to throw it out there,

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you may find that if you
consolidate your student loans,

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you'll get a better rate as well.

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And consolidation, when
it comes to student loans,

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is the only type of debt I'm
okay with you consolidating.

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But, again, you can only do that once.

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And number four, adjust
your tax withholding.

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Now this is something you may not think

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about when it comes to your student loans,

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but it's going to help you
pay them off faster.

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Because if you got a big
refund in your taxes last year,

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that money is your money,
that could have been working

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towards paying off debt this whole year.

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So, go and adjust your
withholding so that

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that money goes back into your paycheck.

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And I have a whole
video that explains this,

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so click the link in the show notes.

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Alright, coming up next Anthony
is going to go over some great

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ways to go to college
completely debt-free.

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And this is advice for you
if it's your kids going,

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or if you want to go back to
school yourself in the future.

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And if you've got student
loan debt already,

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we're going to answer some of your questions

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about your student loan situation.

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(upbeat pop music)

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- Anthony, thanks for being on.

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- Rach!

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- You're back!

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- Yes, I'm back, and we're
not wearing the same color.

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- I know!
- Yes!

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- We're not matching. We matched last time

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and it was actually pretty fantastic.

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- It was pretty cool.

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- Okay, so I'm so glad you're
on, because this episode

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we're talking a lot about
student loans and getting out

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of student loans. And this is
like your bread and butter.

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I mean, you are so passionate
on the preventative side

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of helping students go
to school debt-free.

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So, I want to know what makes
you passionate about it.

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What's your story?

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- Well, the reason—the main
reason why, Rachel—is because

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I took out $10,000 in student loans

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when I didn't even need it, okay?

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So I had my father's GI Bill

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and I had a full-ride
scholarship for the NFL.

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So, not the football, I'm too short.

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- I was going to say!

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- I'm too short to be
playing in the league.

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- Anthony, I'm impressed.

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- Nah, nah, nah. But it stood

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for the National Forensics League.

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So I was a good debater.

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And so, because of that,
school was taken care of.

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But I've seen all my
peers taking out the loans

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to pay for cars, to buy
nice things, and I was like,

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"Well, why not just take them out?"

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And I wasn't even thinking.
No one really taught me

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the importance of avoiding
debt, especially student loans.

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Going to college was the very first

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big decision I ever made on my own.

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And the second one was taking
out debt, and that was a huge

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mistake that I made because
of the lack of education.

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And so I am so passionate
about helping all young people

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make better decisions and
start off their life correctly.

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And you do that by avoiding student loans.

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- Yes, totally.

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Well, the whole college
conversation is just huge,

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and I feel like there
is . . . I mean we are all for

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education around here, I've
said that a few times.

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But the truth of matter is
that you don't have to go

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straight into a four-year school.

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So, talk about that because I feel like

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there's a lie out there.

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Most seniors in high school feel like,

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"Okay, well, I have to go.
That has to be my next step,

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no matter what—no matter
where I am financially.

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This is what I'm supposed to do."

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- When people think of
four-year universities,

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they think, "Oh, I made
it. I was good in high school."

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But when they think about
community college—when they think

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about trade school—it's
like, "Oh, I didn't make it."

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But no, I say that one of the
best decisions a young person

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can make, if you cannot pay
cash—via cash or scholarship—

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to go to a four-year university,
going to a trade school

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and/or a community college
is one of the best decisions

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you can make.

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We talk about this in my
book Debt-Free Degree.

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The average community college costs

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anywhere between $3,000 and $4,000,

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00:09:48,016 --> 00:09:50,598
and there are several states,
like the state of Tennessee,

252
00:09:50,598 --> 00:09:51,842
that you can go to community college

253
00:09:51,842 --> 00:09:53,420
for free the first two years.

254
00:09:53,420 --> 00:09:54,080
- Yes, yes.

255
00:09:54,088 --> 00:09:57,670
- So no, four-year universities
are not the only route.

256
00:09:57,670 --> 00:10:00,411
It's a great route, if you
can get there debt-free.

257
00:10:00,411 --> 00:10:01,800
But you have community colleges,

258
00:10:01,800 --> 00:10:05,393
you have trade schools, you
have four-year universities . . .

259
00:10:05,393 --> 00:10:07,536
And here's the thing too, I say
you have no school.

260
00:10:07,536 --> 00:10:09,311
Sometimes you don't have to go to school,

261
00:10:09,311 --> 00:10:11,000
depending on the route
that you want to go.

262
00:10:11,000 --> 00:10:13,082
- So, in the subject overall,
just like with student loans,

263
00:10:13,082 --> 00:10:15,782
what are you hearing from
parents and students around

264
00:10:15,782 --> 00:10:17,308
the subject? Because you're
traveling all over the country

265
00:10:17,308 --> 00:10:19,190
talking specifically to students.

266
00:10:19,190 --> 00:10:20,821
But what are you hearing?

267
00:10:20,821 --> 00:10:23,487
- I'm hearing a lot from
teens. You know, Rachel,

268
00:10:23,487 --> 00:10:25,600
that they're nervous. They're scared.

269
00:10:25,600 --> 00:10:27,187
At the same time they're excited.

270
00:10:27,187 --> 00:10:28,789
You know, "I want to go off to college,

271
00:10:28,789 --> 00:10:30,367
but I want to do it the right way.

272
00:10:30,367 --> 00:10:32,791
Anthony, I've learned from you to avoid it.

273
00:10:32,791 --> 00:10:34,850
I've learned from Rachel to avoid it.

274
00:10:34,850 --> 00:10:37,883
I know I do not need to rack up debt,

275
00:10:37,883 --> 00:10:39,557
but this is all that I know.

276
00:10:39,557 --> 00:10:41,331
I just know that if I don't
have the scholarships,

277
00:10:41,331 --> 00:10:42,510
then get student loans.

278
00:10:42,510 --> 00:10:44,780
I don't want—I don't
want the student loans,

279
00:10:44,780 --> 00:10:47,252
because I don't want to come
back home when I leave home.

280
00:10:47,252 --> 00:10:50,556
I want to start my life off
correctly with a good job."

281
00:10:50,556 --> 00:10:52,935
And then here's something that
I hear all the time, Rachel.

282
00:10:52,935 --> 00:10:54,646
It's well, "If I got to school,

283
00:10:54,646 --> 00:10:57,240
I'm guaranteed to get a good job."

284
00:10:57,240 --> 00:10:58,242
- Yes

285
00:10:58,242 --> 00:10:59,242
- That's false.

286
00:10:59,242 --> 00:11:00,254
- Uh-uh, uh-uh. No.

287
00:11:00,254 --> 00:11:01,087
- That's false.

288
00:11:01,087 --> 00:11:01,920
- I know!

289
00:11:01,920 --> 00:11:03,837
And that's such a huge
lie out there. I mean,

290
00:11:03,837 --> 00:11:07,003
does it help you get into the
doors of some places? Sure.

291
00:11:07,003 --> 00:11:09,936
Do some career paths, you have
to have a four-year degree?

292
00:11:09,936 --> 00:11:12,734
Yes, absolutely. But
it is not a guarantee.

293
00:11:12,734 --> 00:11:14,524
- There is no guarantee,
and that's what I say

294
00:11:14,524 --> 00:11:16,689
to every young person
that's watching your show

295
00:11:16,689 --> 00:11:18,691
and when I'm out there around the country.

296
00:11:18,691 --> 00:11:20,807
The only guarantee is
your hard work ethic.

297
00:11:20,807 --> 00:11:24,702
You know, can you outwork
the next person next to you?

298
00:11:24,702 --> 00:11:26,775
Is education important
and will it help you? Yes.

299
00:11:26,775 --> 00:11:29,261
Every single day you and
I are learning something.

300
00:11:29,261 --> 00:11:32,321
Education is important, but
I believe what guarantees

301
00:11:32,321 --> 00:11:35,472
you a career is how hard
are you willing to work.

302
00:11:35,472 --> 00:11:36,573
- That's so good.

303
00:11:36,573 --> 00:11:38,333
- And if you have the education
with that, that's great.

304
00:11:38,333 --> 00:11:40,651
What can you bring to the table here?

305
00:11:40,651 --> 00:11:43,305
- Okay, so someone watching—
probably a parent watching

306
00:11:43,305 --> 00:11:45,321
the show, maybe even a teenager,
maybe some smart teens are

307
00:11:45,321 --> 00:11:47,024
watching The Rachel Cruze Show—

308
00:11:47,024 --> 00:11:49,600
but they're thinking, "How do
I go to school debt-free?"

309
00:11:49,600 --> 00:11:51,340
What are some quick hits
that you can . . . Just some

310
00:11:51,342 --> 00:11:53,124
quick advice you can give them?

311
00:11:53,124 --> 00:11:55,443
- I want you to one,
identify your dream school.

312
00:11:55,443 --> 00:11:58,147
Now Rachel, what's a dream school?

313
00:11:58,147 --> 00:12:01,114
A dream school is an affordable school.

314
00:12:01,114 --> 00:12:02,359
(Rachel and Anthony laughing)

315
00:12:02,359 --> 00:12:03,353
An affordable school to me is you know—

316
00:12:03,353 --> 00:12:05,367
- One on the beach.

317
00:12:05,367 --> 00:12:08,761
- (laughs) You know, so
that's the very first one:

318
00:12:08,761 --> 00:12:11,346
dream school, affordable
school, community college.

319
00:12:11,346 --> 00:12:14,755
I also want you to step back
and look at what careers

320
00:12:14,755 --> 00:12:17,499
can you get into that
are bringing in money?

321
00:12:17,499 --> 00:12:20,229
Why sit here and spend
$40,000 for education,

322
00:12:20,229 --> 00:12:24,755
when you may only make $30,000
for the next ten years?

323
00:12:24,755 --> 00:12:26,330
I want you to really identify that route.

324
00:12:26,330 --> 00:12:28,533
And number three, I always
tell young people to spend

325
00:12:28,533 --> 00:12:30,949
at least one hour, every single day,

326
00:12:30,949 --> 00:12:33,188
from freshman year to their senior year,

327
00:12:33,188 --> 00:12:35,178
looking up grants and scholarships.

328
00:12:35,178 --> 00:12:38,648
For the next four years,
that's 1460 hours

329
00:12:38,648 --> 00:12:41,144
over those four years—that's about 60 days.

330
00:12:41,144 --> 00:12:44,291
That's two months that
you're giving yourself

331
00:12:44,291 --> 00:12:46,793
that's going to be focused on your future.

332
00:12:46,793 --> 00:12:47,776
- Yeah, absolutely.

333
00:12:47,776 --> 00:12:51,329
- So look up grants and
scholarships every single day.

334
00:12:51,329 --> 00:12:52,311
- So good.

335
00:12:52,311 --> 00:12:53,731
- Those are the main three
that I really support.

336
00:12:53,731 --> 00:12:54,681
- Yeah, I love it.

337
00:12:54,681 --> 00:12:56,788
So when you're talking to a parent—

338
00:12:56,788 --> 00:12:58,519
say that they're paying off their debt,

339
00:12:58,519 --> 00:13:01,384
but they also want to help
their child go to school—

340
00:13:01,384 --> 00:13:02,717
go to college. And in a perfect world

341
00:13:02,717 --> 00:13:04,261
obviously they could help financially,

342
00:13:04,261 --> 00:13:05,268
but they may not be able to.

343
00:13:05,268 --> 00:13:07,200
So what encouragement would you give them?

344
00:13:07,200 --> 00:13:09,391
- You've done enough. You
know, I want you to focus

345
00:13:09,391 --> 00:13:11,655
on you right now. And I
want you to also focus

346
00:13:11,655 --> 00:13:14,673
on your future and their
future, but first your future.

347
00:13:14,673 --> 00:13:16,753
Here's the key thing: I don't
want you to stop paying off

348
00:13:16,753 --> 00:13:19,661
your debt to help them get
into school, and then they're

349
00:13:19,661 --> 00:13:22,234
all good and then you're
still sitting here hurting.

350
00:13:22,240 --> 00:13:24,520
You may have got them
through school, but then now,

351
00:13:24,520 --> 00:13:26,759
when they get old and you get
older, now you've got to go to

352
00:13:26,759 --> 00:13:27,864
them for help. That puts more

353
00:13:27,864 --> 00:13:29,729
burden onto them in the future.

354
00:13:29,729 --> 00:13:32,576
And so, as parents, what I
tell parents all the time

355
00:13:32,576 --> 00:13:34,899
is, "Make sure that you have a
solid foundation to stand on.

356
00:13:34,899 --> 00:13:37,199
Make sure that you're out of
debt. Make sure that you have an

357
00:13:37,199 --> 00:13:40,087
emergency fund. And make sure
you're investing into your

358
00:13:40,087 --> 00:13:43,937
retirement, because we know
for sure you're going to retire."

359
00:13:43,937 --> 00:13:46,409
And Chris Hogan says this
all the time, but as a

360
00:13:46,409 --> 00:13:50,150
possibility, like me, your kid
may not finish their school.

361
00:13:50,150 --> 00:13:51,409
- Yeah, or may not even go to school.

362
00:13:51,409 --> 00:13:54,038
- May not. So I really
want you to focus on you.

363
00:13:54,038 --> 00:13:57,084
And once you get there,
I have no problem with parents

364
00:13:57,084 --> 00:13:59,820
helping. But here's the
truth: The main responsibility,

365
00:13:59,820 --> 00:14:01,560
when it comes to colleges
and their future,

366
00:14:01,560 --> 00:14:03,734
is your kid's responsibility.

367
00:14:03,734 --> 00:14:06,561
It's your job to train and guide them.

368
00:14:06,561 --> 00:14:09,045
- Yes, absolutely. I totally agree.

369
00:14:09,045 --> 00:14:10,743
And I love it because you
wrote a whole book on this.

370
00:14:10,743 --> 00:14:11,625
- Yes!

371
00:14:11,625 --> 00:14:16,153
- Debt-Free Degree. Anthony,
what a good-looking cover.

372
00:14:16,153 --> 00:14:17,522
- That's a good-looking man.

373
00:14:17,522 --> 00:14:18,929
- Can we just talk
about that for a second?

374
00:14:18,929 --> 00:14:19,762
(Anthony and Rachel laughing)

375
00:14:19,762 --> 00:14:22,520
Seriously, this is so
fun, because this book . . .

376
00:14:22,520 --> 00:14:25,419
Tell me about it! Because
it's geared—I love it—

377
00:14:25,419 --> 00:14:27,399
to parents and young people.

378
00:14:27,399 --> 00:14:29,307
- It's geared to parents and young people.

379
00:14:29,307 --> 00:14:32,140
My story is in there.
We've interviewed so many

380
00:14:32,140 --> 00:14:34,500
people. Our team and I
did so much research.

381
00:14:34,502 --> 00:14:36,836
And this really started from
my heart, back when I was

382
00:14:36,836 --> 00:14:38,154
in my youth pastor days.

383
00:14:38,154 --> 00:14:41,073
I really had a heart and
desire to help young people,

384
00:14:41,073 --> 00:14:43,953
as early as middle school,
to start thinking about

385
00:14:43,953 --> 00:14:46,440
college. And once you get
into your high school years

386
00:14:46,440 --> 00:14:48,498
you have to really get focused on it.

387
00:14:48,498 --> 00:14:51,721
So, we literally talk about
what a seventh grader through

388
00:14:51,721 --> 00:14:55,006
twelfth grader needs to be
doing every single semester,

389
00:14:55,006 --> 00:14:56,403
every single school year.

390
00:14:56,403 --> 00:14:58,671
What classes should they be taking?

391
00:14:58,671 --> 00:15:00,583
What does their resume need to look like?

392
00:15:00,583 --> 00:15:03,256
How do you prepare for the ACT and SAT?

393
00:15:03,256 --> 00:15:05,205
What's the difference
between the two? How do you

394
00:15:05,205 --> 00:15:08,826
get more funding when it comes
to grants and scholarships?

395
00:15:08,826 --> 00:15:10,329
How do you negotiate with colleges?

396
00:15:10,329 --> 00:15:13,006
We really talk about a lot of things.

397
00:15:13,006 --> 00:15:17,146
And this is a guaranteed way,
that you can get your child

398
00:15:17,146 --> 00:15:19,821
into college 100% debt-free.

399
00:15:19,821 --> 00:15:23,324
- I love it. I feel like the whole

400
00:15:23,324 --> 00:15:25,901
college admission process—
it's kind of like you just

401
00:15:25,901 --> 00:15:28,142
go into this black hole
and be like, "I don't know.

402
00:15:28,142 --> 00:15:29,276
No one's here to help me!"

403
00:15:29,276 --> 00:15:30,448
I remember even feeling like that, right?

404
00:15:30,448 --> 00:15:32,751
All the applications and everything—

405
00:15:32,751 --> 00:15:34,193
it's just, it's so confusing.

406
00:15:34,193 --> 00:15:36,513
It's so confusing. And the FAFSA and all of that.

407
00:15:36,513 --> 00:15:38,070
You talk about everything
in here—in the book.

408
00:15:38,070 --> 00:15:39,404
Guys, make sure to check it out.

409
00:15:39,404 --> 00:15:43,487
Go to anthonyoneal.com and
check out Debt-Free Degree,

410
00:15:43,487 --> 00:15:45,586
because we want a whole
generation debt-free.

411
00:15:45,586 --> 00:15:46,419
- Yes we do.

412
00:15:46,419 --> 00:15:48,156
- But there's a whole
generation that's not debt-free,

413
00:15:48,156 --> 00:15:50,115
and they're working on their
student loans as we speak.

414
00:15:50,115 --> 00:15:52,664
And so we went into my
Facebook group and said,

415
00:15:52,664 --> 00:15:55,264
"Okay guys, what questions do
you have around this topic?"

416
00:15:55,264 --> 00:15:58,883
So, we'll go back and forth,
and answer these, Anthony.

417
00:15:58,883 --> 00:15:59,716
- Okay.

418
00:15:59,716 --> 00:16:02,067
- Naomi asks, "How do you take
ownership of something that

419
00:16:02,067 --> 00:16:04,927
is so freaking enormous
that your spouse brought in?

420
00:16:04,927 --> 00:16:08,285
For example, one person had student
loans, one person didn't.

421
00:16:08,285 --> 00:16:11,440
Now, we're married and
we both have this loan.

422
00:16:11,440 --> 00:16:15,352
I'm talking $140K—
not something little!"

423
00:16:15,360 --> 00:16:20,700
Alright, Naomi. Ah, my advice
always with couples is that

424
00:16:20,720 --> 00:16:23,980
you are one—like you are
one in every aspect of your

425
00:16:23,980 --> 00:16:28,460
marriage, including your money.
So when you said "I do"

426
00:16:28,468 --> 00:16:31,469
you took on the student loans.
And so you have to change

427
00:16:31,469 --> 00:16:34,885
those pronouns from his loans or my loans to

428
00:16:34,885 --> 00:16:36,087
our loans together.

429
00:16:36,087 --> 00:16:38,004
And there's kind of this
emotional buy-in I feel like

430
00:16:38,004 --> 00:16:40,900
couples have to take in, and
if you're not working together

431
00:16:40,900 --> 00:16:42,208
as a team, it's going to
be that much more difficult

432
00:16:42,208 --> 00:16:43,097
to pay it off.

433
00:16:43,097 --> 00:16:45,387
When you're working
together, all of the forces,

434
00:16:45,387 --> 00:16:47,461
all of the motivation,
everything is pointed at this

435
00:16:47,461 --> 00:16:49,909
together, it's going to
help you so much faster.

436
00:16:49,909 --> 00:16:51,299
Do you see that a lot with
married couples as they're

437
00:16:51,299 --> 00:16:54,402
facing this mistake? When they see, okay,

438
00:16:54,402 --> 00:16:56,170
one of them has student
loans, one of them doesn't?

439
00:16:56,170 --> 00:16:59,232
- I do, you know. And
being a young single man,

440
00:16:59,232 --> 00:17:00,810
I say exactly what you say.

441
00:17:00,810 --> 00:17:03,378
Hey, once you got married,
you became one, so it's "ours."

442
00:17:03,378 --> 00:17:05,280
Then I just recommend
to the single people,

443
00:17:05,280 --> 00:17:07,243
just find you someone debt-free.

444
00:17:07,243 --> 00:17:08,863
(Rachel laughing)

445
00:17:08,863 --> 00:17:11,113
- Put that on your profile.

446
00:17:12,598 --> 00:17:16,238
Okay, so Desiree asks, "When
your student loans are high,

447
00:17:16,238 --> 00:17:19,037
$300K, should you completely stop

448
00:17:19,037 --> 00:17:21,955
contributing, or never 
contribute to a Roth IRA or 401K

449
00:17:21,955 --> 00:17:23,051
until you're completely finished

450
00:17:23,051 --> 00:17:24,282
with the entire student debt?"

451
00:17:24,282 --> 00:17:26,244
- You know, Desiree, I
want to encourage you.

452
00:17:26,244 --> 00:17:27,976
That's low.
We've met people who have

453
00:17:27,976 --> 00:17:29,921
$400-500K with student loans.

454
00:17:29,921 --> 00:17:32,669
I want to encourage you this will happen,

455
00:17:32,669 --> 00:17:33,968
and you can become debt-free.

456
00:17:33,968 --> 00:17:36,354
But yes, I want you stop investing.

457
00:17:36,354 --> 00:17:39,490
I really want you to stick to
the baby steps that we teach.

458
00:17:39,490 --> 00:17:40,453
I want you to get out of debt.

459
00:17:40,453 --> 00:17:42,698
I know that's a large number,

460
00:17:42,698 --> 00:17:44,126
but if you really focus on it

461
00:17:44,126 --> 00:17:45,798
and put all of your income towards

462
00:17:45,798 --> 00:17:47,690
that one big sum that you have,

463
00:17:47,690 --> 00:17:51,520
that time frame will be shortened.

464
00:17:51,520 --> 00:17:54,760
Then, once you get into investing, Rachel,

465
00:17:54,763 --> 00:17:56,119
you can invest a lot more,

466
00:17:56,119 --> 00:17:59,030
because we're learning the
average person who is in debt—

467
00:17:59,030 --> 00:18:00,719
they're investing about 1% to 3%.

468
00:18:00,719 --> 00:18:04,265
But we invest about 15%. That's what
we want you to be investing.

469
00:18:04,265 --> 00:18:06,121
So, I really want you to focus on that.

470
00:18:06,121 --> 00:18:08,832
But yes, please stop
investing into your future

471
00:18:08,832 --> 00:18:11,654
and invest into your future
by becoming debt-free today.

472
00:18:11,654 --> 00:18:13,983
- Yeah, Chris Hogan, one of our friends . . .

473
00:18:13,983 --> 00:18:15,188
I love it, because he's like, "Pause."

474
00:18:15,188 --> 00:18:16,278
- Just pause.
- You know it's not

475
00:18:16,278 --> 00:18:17,279
stopping forever.

476
00:18:17,279 --> 00:18:19,618
It may take you a little
bit longer, but pause—

477
00:18:19,618 --> 00:18:21,365
- But the key thing here

478
00:18:21,365 --> 00:18:24,704
is, do not remove nothing out of the 401K,

479
00:18:24,704 --> 00:18:26,579
or something that you invested into.

480
00:18:26,579 --> 00:18:27,412
- Oh, that's right.

481
00:18:27,412 --> 00:18:28,599
- Let that sit right there.
- Exactly.

482
00:18:28,599 --> 00:18:31,791
Catherine asks, "Is it okay
to have two debt snowballs—

483
00:18:31,791 --> 00:18:34,539
one for our credit card debit and
one for our student loans?"

484
00:18:34,539 --> 00:18:35,838
- No.
- Nah.

485
00:18:35,838 --> 00:18:37,445
(Anthony laughing)
Simple answer. (laughs)

486
00:18:37,445 --> 00:18:38,781
- Simple answer: no.

487
00:18:38,781 --> 00:18:40,823
I mean, we want to you
use a debt snowball.

488
00:18:40,823 --> 00:18:43,608
Line up all our your debt
from smallest to largest.

489
00:18:43,608 --> 00:18:45,743
If your student loans are the largest,

490
00:18:45,743 --> 00:18:46,728
it goes toward the end

491
00:18:46,728 --> 00:18:48,936
and you just aggressively
attack it that way.

492
00:18:48,936 --> 00:18:51,256
Now, once you get to the students loans,

493
00:18:51,256 --> 00:18:53,619
and if that is the last thing,

494
00:18:53,619 --> 00:18:55,661
and you have say, five student loans,

495
00:18:55,661 --> 00:18:57,331
I don't have a problem with you, then,

496
00:18:57,331 --> 00:18:59,331
having a debt snowball
and doing it that way.

497
00:18:59,331 --> 00:19:02,784
But loans, credit cards, car notes—boom,

498
00:19:02,784 --> 00:19:04,436
all in one big debt snowball.

499
00:19:04,436 --> 00:19:05,969
- All right, last
question is from Monique.

500
00:19:05,969 --> 00:19:08,272
She said, "Even if we
attack our student loans

501
00:19:08,272 --> 00:19:09,862
aggressively, it will take us five years.

502
00:19:09,862 --> 00:19:12,706
I've decided to pause and
complete graduate school—

503
00:19:12,706 --> 00:19:14,487
I think she decided to pause

504
00:19:14,487 --> 00:19:16,768
paying off debt and
complete graduate school—

505
00:19:16,768 --> 00:19:18,378
which will significantly
increase our income.

506
00:19:18,378 --> 00:19:19,962
My question is, should I go part time

507
00:19:19,962 --> 00:19:22,376
and continue working full time,

508
00:19:22,376 --> 00:19:24,119
which will take four to
five years to complete,

509
00:19:24,119 --> 00:19:26,143
or should I go full time into school,

510
00:19:26,143 --> 00:19:28,050
and I'll have enough
cash saved for about half,

511
00:19:28,050 --> 00:19:30,333
and then try to get merit
scholarships for the last half

512
00:19:30,333 --> 00:19:32,060
which will take me three years?"

513
00:19:32,060 --> 00:19:33,619
Okay, here's what I would say, Monique.

514
00:19:33,619 --> 00:19:37,888
If it'll take you three
years to go full time,

515
00:19:37,888 --> 00:19:39,726
and you may not have enough cash saved up,

516
00:19:39,726 --> 00:19:41,768
or it'll take you four
years to go part time,

517
00:19:41,768 --> 00:19:43,401
and you're working your way through—

518
00:19:43,401 --> 00:19:45,699
four years all the way, girlfriend.

519
00:19:45,699 --> 00:19:46,978
But I would pause all of it

520
00:19:46,978 --> 00:19:49,057
and be paying off your debt.

521
00:19:49,057 --> 00:19:50,040
Get completely debt-free

522
00:19:50,040 --> 00:19:52,565
and get an emergency fund
before going back to school.

523
00:19:52,565 --> 00:19:53,895
This is the hard thing, because I feel like

524
00:19:53,895 --> 00:19:56,290
there are a lot of
people wanting to go back

525
00:19:56,290 --> 00:19:58,433
for degrees. But the thing is—

526
00:19:58,433 --> 00:19:59,489
and tell me what you think about this—

527
00:19:59,489 --> 00:20:01,549
but I'm like, you have to
clean up your mess first,

528
00:20:01,549 --> 00:20:04,130
because it's going to be so
stressful having to juggle

529
00:20:04,130 --> 00:20:06,100
trying to pay off debt, and
you're going back to school,

530
00:20:06,100 --> 00:20:07,382
and you're trying to do this.

531
00:20:07,382 --> 00:20:08,903
You're trying to do 18 things at once,

532
00:20:08,903 --> 00:20:10,481
and you're not going to
get a lot of traction.

533
00:20:10,481 --> 00:20:12,931
When you pause and focus, it
may take you a few years,

534
00:20:12,931 --> 00:20:15,842
but that's okay. It's okay.

535
00:20:15,842 --> 00:20:17,643
Clean up the mess, get
that emergency fund,

536
00:20:17,643 --> 00:20:20,279
and then go back to
school and cash flow it.

537
00:20:20,279 --> 00:20:21,281
- I like what you're saying, Rachel,

538
00:20:21,281 --> 00:20:23,920
because when you pause
and focus on one thing,

539
00:20:23,920 --> 00:20:26,279
you can put all your energy towards that.

540
00:20:26,279 --> 00:20:28,765
Also, before you
go back to grad school,

541
00:20:28,765 --> 00:20:31,327
make sure you do a lot of research.

542
00:20:31,327 --> 00:20:33,147
Make sure that you know for sure,

543
00:20:33,147 --> 00:20:35,429
that if I pay this out of pocket,

544
00:20:35,429 --> 00:20:37,416
that it's going to bring back a return.

545
00:20:37,416 --> 00:20:40,831
I am going to land a specific
career—a specific job—

546
00:20:40,831 --> 00:20:43,209
that is worth what I'm spending.

547
00:20:43,209 --> 00:20:46,048
If it's not worth it, forget about it.

548
00:20:46,048 --> 00:20:47,514
- Well, what's funny is, honestly,

549
00:20:47,514 --> 00:20:49,314
while you're on the
journey of paying off debt,

550
00:20:49,314 --> 00:20:50,147
you may look up and be like,

551
00:20:50,147 --> 00:20:51,535
"Oh, well I already got a raise at work.

552
00:20:51,535 --> 00:20:53,020
I don't need to go back to grad school."

553
00:20:53,020 --> 00:20:53,853
I mean, seriously.

554
00:20:53,853 --> 00:20:54,793
I feel like a lot of
people fall into this trap

555
00:20:54,793 --> 00:20:56,784
of, "Oh, I just need
to go to grad school."

556
00:20:56,784 --> 00:20:59,551
There's a lot of people who waste
a lot of money on grad school—

557
00:20:59,551 --> 00:21:01,887
sometimes it's good, sometimes it's not.

558
00:21:01,887 --> 00:21:02,720
So, do your research.

559
00:21:02,720 --> 00:21:04,608
- Then, once
you pay off your debt,

560
00:21:04,608 --> 00:21:05,996
you just actually got a
pay raise right there.

561
00:21:05,996 --> 00:21:06,981
- (laughs) That's true too.

562
00:21:06,981 --> 00:21:08,638
You may realize life's pretty good.

563
00:21:08,638 --> 00:21:11,319
- So, hey, life is real
good, I'm debt-free.

564
00:21:11,319 --> 00:21:12,152
- I think we solve the world's problems.

565
00:21:12,152 --> 00:21:12,985
- We really can.

566
00:21:12,985 --> 00:21:15,596
This needs to become the
Rachel and Anthony Show.

567
00:21:15,596 --> 00:21:16,723
- (laughs) ONeal show.

568
00:21:16,723 --> 00:21:19,310
Come on, you can be my guest co-host.

569
00:21:19,310 --> 00:21:20,839
Anthony, seriously thanks for coming on.

570
00:21:20,839 --> 00:21:22,435
I love your heart. I love your passion.

571
00:21:22,435 --> 00:21:24,847
Because this is such a
huge topic to tackle,

572
00:21:24,847 --> 00:21:27,333
but it's like, one family at a time,

573
00:21:27,333 --> 00:21:28,485
one teen at a time.

574
00:21:28,485 --> 00:21:30,193
Again, you guys, Debt-Free Degree.

575
00:21:30,193 --> 00:21:32,041
Check it out at anthonyoneal.com.

576
00:21:32,041 --> 00:21:32,874
Thanks, Anthony.

577
00:21:32,874 --> 00:21:33,814
- Thank you, Rachel.

578
00:21:33,814 --> 00:21:36,731
(upbeat pop music)

579
00:21:40,969 --> 00:21:44,011
- All right, my hope is
that you see it is possible

580
00:21:44,011 --> 00:21:46,480
to live life without student loans.

581
00:21:46,480 --> 00:21:49,330
Thank you so much to
Anthony ONeal for coming on,

582
00:21:49,330 --> 00:21:50,724
and dropping all of his knowledge.

583
00:21:50,724 --> 00:21:53,153
Thank you, guys, for
submitting your questions

584
00:21:53,153 --> 00:21:55,178
and for watching this episode.

585
00:21:55,178 --> 00:21:57,014
Make sure you subscribe to my podcast,

586
00:21:57,014 --> 00:21:58,314
if you haven't already.

587
00:21:58,314 --> 00:22:00,042
Just search The Rachel Cruze Show

588
00:22:00,042 --> 00:22:00,875
anywhere you listen.

589
00:22:00,875 --> 00:22:03,831
As always, make sure to
take control of your money

590
00:22:03,831 --> 00:22:05,923
and create a life you love.

591
00:22:05,923 --> 00:22:08,840
(upbeat pop music)