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RANT I'm 29 Years Old With Nearly $1,000,000 In Debt!

RazorCut

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HOW THE F$*& CAN SOMEONE SO SMART BE SO STUPID! :wideyed::wideyed::wideyed:

This is slowlane mentality taken to extreme.

This is what happens when huge student loans numb you into thinking that debt doesn't really matter, until it escalates to a point where you come out of your cosy coma and realise you are in deep doo doo...

And this is DEEEEEP DOO DOO...

Ladies and gentlemen here we have a newly married couple. She is 29 years old and he is 32.

Their combined debt consists of:

335k student loan debt
136k credit card debt
44k personal loans
35k car loans
Plus the mortgage.

I think this should be made required viewing in every university and school in the land. There are some serious lessons to be learned here:

View: https://www.youtube.com/watch?v=rMk7CKwJ8OM
 

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Xaridimos

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This video is just sad... I guess this is what happens when you spend so much money. Why did they spend so much money if they had 335k student loans?

People with advanced education should have made better decisions. What if they were only high school graduates?

I hope they manage to pay their debts...

Good luck guys...
 
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RazorCut

RazorCut

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Why did they spend so much money if they had 335k student loans?
Probably because the sheer scale of the debt made them comfortable with more.

MJ posted this thread a week or two ago:

NOTABLE! - My 600lb Life: Addiction, Enabling, More (RANT)

How does someone get to 600lbs in weight? They become comfortable with their environment and their lifestyle, and just like any habit it is much easier to go with what makes you comfortable rather than uncomfortable.

You stay in that comfort zone and stay in denial until you can procrastinate no longer. In fact procrastination is probably a major factor here. We avoid doing something unappealing by substituting it for something we find more appealing instead.

In these cases spending more money then they have or consuming more calories then they use up. A situation like that given sufficient time will always create an explosion point (or sadly a dead body, either from heart attack as in the case of the 600lb man or suicide).

Hopefully they will manage to get themselves out of debt. It's a valuable lesson for others though.
 

SamuraiRod

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I saw the video thumbnail on Youtube and thought that they made some mistakes gambling in real estate.

Yikes.

How the hell do you get over 100k in credit card debt in the first place too? That's absolutely ridiculous.
 

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I know a few doctors in their early to mid 30's. They are all in the same situation.

Their entire time in school they are shoved unlimited credit down their throats, all the while idolizing the doctors who all drive brand new Audi's and BMW who live in the million dollar homes that are full of the consumer goods.

They don't stand a chance. The system sets them up to live in a perpetual debt cycle of living beyond their means, and it starts well before they even hit their residency.

A good friend of mine says this about vehicles "Let the doctors and lawyers pay the depreciation on vehicles. I'll buy them a couple of years old for 50% off".
 

Scot

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I’m about $750k in debt.

My wife’s degree cost us $300k, but she gets to follow her dream and be a veterinarian.

And we have a home mortgage, because that’s what houses cost where we live.

It’s not stupid, it’s leveraging OPM.

Besides, I’m building a business and an exit that will make this all irrelevant in 5 years.

It’s all about perspective. $1M in debt if you make $40k a year? Stupid. But we can afford our debt right now and we’re working on making it disappear soon.
 

levijean

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I’m about $750k in debt.

My wife’s degree cost us $300k, but she gets to follow her dream and be a veterinarian.
What do the economics of being a vet look like? My daughter thinks thats what she wants to do.
 

Thomas Baptiste

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The system is the problem. For the majority of people, from a young age it's been the same regurgitated story and expectations being forced onto them:
Go to school (no matter the cost) and get an education to land a good paying job.
Get married (no matter the cost) and have a family.
Buy/build a house and buy a car (no matter the cost).

The dream is 'If you can have it all then you'll be happy, and life will be a bed of roses!'

Apparently everyone turns a blind eye to the debt that accumulates over the years of making these types of decisions.

It's funny to me how people will willingly stack up debt, but criticize and look down on people who try to get out of that life and live debt free. Strange world we live in.
 

SquatchMan

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I know Dave Ramsey gets a lot of hate here...

but people with a household income of $230k/year and about $600k in debt (not including mortgage) need Dave Ramsey. They're mentality is so far from The Fastlane that it just won't work.

I can literally hear the anxiety on her voice when he tells that they will need to live below their means. Wow.
 
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RazorCut

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I can literally hear the anxiety on her voice when he tells that they will need to live below their means. Wow.
Yes it's a tough pill to swallow, as is loosing face with your peer group but eventually you run out of road if you keep spending beyond your means.

If they were earning 1m a year then the debt would be manageable and they could rein in their spending and clear it in a short space of time. But they don't.

As @Scot points out it's not the size of the debt it's the relationship to income. Some people only owe a few thousand dollars but it may as well be a million as they have no way to pay it back. It probably seems like a million to them anyway. Stuck in the payday loan system and not knowing how to get out save buy a lottery ticket every week and pray.
 
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lewj24

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The interest alone is killer:

$335k student loans at 5% interest= $16,750
$136k credit cards at 20% interest= $27,200
$80k in personal and car loans at 5% interest= $4,000

Not including the house they are probably paying at least $37,000 just in interest every year. That's a good chunk of change.
 

Scot

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What do the economics of being a vet look like? My daughter thinks thats what she wants to do.
Horrible haha. They have the worst debt to income ratio of any medical profession.

Thankfully my day job makes more than enough to support us.
 

UnrealCreative

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Pardon my ignorance, but I've never really understood why this happens.
Hopefully someone can clear this up for me.

How does any institution lend such a huge amount of money (say upper 6 figures) to people who may never be able to pay the loans back?

Is there any consideration of the risk on the lending institution's part?
 

lewj24

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Pardon my ignorance, but I've never really understood why this happens.
Hopefully someone can clear this up for me.

How does any institution lend such a huge amount of money (say upper 6 figures) to people who may never be able to pay the loans back?

Is there any consideration of the risk on the lending institution's part?
Students loans are backed by the gov't and can't be bankrupted out of so they will give you all you want.

Home loans have the home as collateral.

Car loans have the car as collateral.

The personal loans and credit cards are what I don't understand. Maybe he got a bunch of credit cards with over 20% interest to live through college and it snowballed out of control if he wasn't paying them off? Maybe he got loans from family or friends? No clue.
 

NewManRising

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I didn't watch the video. But I wonder if this is the same couple from a few years ago that was trying to beg for the internet to pay off their loans. They had a blog and they explained how they got in debt. The idiots were going on trips, paid for their education, marriage, honeymoon, a couple of nice "toys" and so on, on credit.
 

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RazorCut

RazorCut

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I didn't watch the video. But I wonder if this is the same couple from a few years ago that was trying to beg for the internet to pay off their loans. They had a blog and they explained how they got in debt. The idiots were going on trips, paid for their education, marriage, honeymoon, a couple of nice "toys" and so on, on credit.
No is the answer. This video only came out in September. Try watching it. It's less than 10 minutes long and the first 3-4 tells it all.
 

Andy Black

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HOW THE F$*& CAN SOMEONE SO SMART BE SO STUPID! :wideyed::wideyed::wideyed:

This is slowlane mentality taken to extreme.

This is what happens when huge student loans numb you into thinking that debt doesn't really matter, until it escalates to a point where you come out of your cosy coma and realise you are in deep doo doo...

And this is DEEEEEP DOO DOO...

Ladies and gentlemen here we have a newly married couple. She is 29 years old and he is 32.

Their combined debt consists of:

335k student loan debt
136k credit card debt
44k personal loans
35k car loans
Plus the mortgage.

I think this should be made required viewing in every university and school in the land. There are some serious lessons to be learned here:

View: https://www.youtube.com/watch?v=rMk7CKwJ8OM
I saw the thread a few days ago but wasn’t fussed about watching the video. Was stuck in a garage for a while so went through it and am glad I did.

My takeaways (paraphrasing):

You’ve been living 10x the lifestyle you can afford.

But this isn’t a Maths problem. The Maths is a symptom of something else.

You’re going to live on beans and rice for 3 years. It will help your relationship and spiritually. It will crush those things inside that are causing you to live 10x beyond your means.

You’re going to have to get to the point where you're at the lights in a shitty car and someone pulls up with a shiny new thing, who’s on 25% your income. And it doesn’t bother you.

...

I liked the emphasis on it not being a Maths problem, and that the Maths was a symptom.
 

NaPal

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I saw the thread a few days ago but wasn’t fussed about watching the video. Was stuck in a garage for a while so went through it and am glad I did.

My takeaways (paraphrasing):

You’ve been living 10x the lifestyle you can afford.

But this isn’t a Maths problem. The Maths is a symptom of something else.

You’re going to live on beans and rice for 3 years. It will help your relationship and spiritually. It will crush those things inside that are causing you to live 10x beyond your means.

You’re going to have to get to the point where you're at the lights in a sh*tty car and someone pulls up with a shiny new thing, who’s on 25% your income. And it doesn’t bother you.

...

I liked the emphasis on it not being a Maths problem, and that the Maths was a symptom.
I continuously LOL when all my family members have brand new cars. In the meantime I bring in double their yearly salary and drive a $3,000 car that is paid off.

new car + new car insurance = ~$300/mo car payment + $100/mo full coverage insurance
vs.
used card + used car insurance = $0/mo car payment + $20/mo liabilty insurance + $300/YR repairs maybe
 

theforamyst

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This week I finished listening to TMF and while nearing the end I was thinking "I've got so much out of it. Probably even more than someone who went to college and studied MBA". Let alone this guy who is a million dollars in debt. I'm sure he can buy a copy of TMF now to get out of debt.

And if you study MBA what do you learn exactly? Will it prepare you to being an entrepreneur? Or is it more for if you want a career in corporate life?
 

Ksalazar

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Reflect get up and roll your sleeve up get ready for some work. Your young as f*uck dont stress small things. Money is plentiful go be a consultant. If your looking for a method to advertise your services directly online. I would recommend clickfunnels they have an easy way. I do affiliate marketing for them but I dont want you to think Im only telling you that they are good platform to gain something off you. Which is why there is no link. Just google it online. I honestly think you just have to go and hustle. We all make mistakes but its not the fall that matter its the rise after that does. Reduce your expenses, make a plan, and execute. I can relate I have made many mistakes too financially Im sure we all have but you just have to learn, suck it up, and go get sh*t done.
 

civilpro

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Sorry to burst this bubble, but money is hard to come by. It takes a decade or more to become rich. "Hustling" burnes you out by 40. Getting a job is your best bet. College works. Doctors make $200k+ per year. Doctors who marry other doctors make $500k per year.

The few "red colored" balls that come out of the gumball machine are the lottery winners. Those are the ones that write books or make youtube channels about how easy it is...

That's the sad truth. Most of you are brainwashed.

Mic drop. Forum closed.
 

The Abundant Man

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Sorry to burst this bubble, but money is hard to come by. It takes a decade or more to become rich. "Hustling" burnes you out by 40. Getting a job is your best bet. College works. Doctors make $200k+ per year. Doctors who marry other doctors make $500k per year.

The few "red colored" balls that come out of the gumball machine are the lottery winners. Those are the ones that write books or make youtube channels about how easy it is...

That's the sad truth. Most of you are brainwashed.

Mic drop. Forum closed.
Nice Sarcasm. Maybe Adam McKay(Anchorman, Step-Brothers, The Big Short, Vice) should direct your movie.

What about this guy? John D. Rockefeller. He amassed a wealthy fortune as early as his 20's and is now the wealthiest person in modern history. Plus he lived till 97
 
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Andy Black

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can't they just declare bankruptcy?

everything except the student dept should go away?
I reckon they’d be back where they are. They need to stop digging to get out of their hole.
 

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