Living On $100K A Year In Atlanta | Millennial Money
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- čas přidán 26. 08. 2020
- Dr. Adrienne Colman, 30, lives in Atlanta, GA, and earns $100,000 a year as a physical therapist. Colman faces $230,000 in student loans for her undergraduate and doctoral degrees, but she doesn’t lose sleep over it. She’s only a few years into her career and already earns six figures. She expects her income will keep growing, which will help her pay off her debt down the road.
This is the latest installment of Millennial Money, which profiles people across the U.S. and details how they earn and spend their money.
Read more about about Adrienne's budget breakdown here: cnb.cx/3hzlOiD
In the meantime, she isn’t willing to sacrifice everything just to put more toward her loans each month. She doesn’t live extravagantly, but she does want to enjoy her life. She makes room in her budget for travel, nights out with friends and family and weekend shopping trips.
“It doesn’t make me feel great that I have that much student loan debt, but I don’t let it hinder me in the way that I live my life,” Colman tells CNBC Make It. “I’d rather live my life than throw thousands of dollars into trying to pay this debt off.”
Colman puts $453 total toward her private loans each month. Normally, she also pays $229 per month toward her federal loans, but those have been deferred through the end of the year due to Covid-19. She expects to pay off her private loans in eight years and her federal loans in 25. At that time, any remaining balance on her federal loans will be discharged, and Colman will pay taxes on the amount forgiven.
She also has around $2,600 in credit card debt, mostly from shopping for clothes and accessories, and she is paying off around $17,000 for her 2017 Mazda CX-5.
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Fingers crossed I get picked, submitted my app yesterday!
@@APennyPinchersGuide If you do, give a wink as a sign. I'll watch it!
I'm gen z sooooo.....
@@xaviersfinance2664 sounds like this is your opportunity to copyright "Gen Z Money". Not quite the same ring to it though :/
@@APennyPinchersGuide yeah
Food for thought...just because you think you deserve it, doesn’t mean you can afford it!
I needed to hear this, lol!
Also, just bc you can afford it doesn’t my you should buy it!
I think she fits the stereotypical American middle class image perfectly: looks nice on the outside, gets paid well, but drowning in debt because of financial illiteracy.
so true and she doesn't even realize it.
Who teaches financial literacy? Schools don't.
@@korgond CZcams University will teach you financial literacy for FREE99
She's in debt due to medical school
@@rodtherichest she didn't go to medical school. she's a physical therapist
She's misunderstood what "pay yourself first" mean.... terrible, terrible finance
I love how she made sure to put Dr. first. Put some respect on it, $230,000 worth lol. Dr. Adrienne Colman, I wish you all the success in Atlanta.
No one respects you when you’re broke.
She’s not a Doctor though. She just has her PhD which isn’t worth it as a physical therapist making $100,000 working two jobs🙄
@@laviki5190 not quite she'd have a DPT physical therapy is a doctoral degree in the states
@@magisvita2937 if calling herself Dr makes her feel better then sure lol. They just made PT a doctorate few years back but it's only 3 year post grad program and no residency so won't really call it a doctor. Chriporactors are Doctors too so let's not kid ourselves here
@@Ceedee824 whats your issue with the title dr?? You seem to have an issue with it. shes not trying to be an MD. Dr just means a level of knowledge in a certain subject matter. I think the general public see physicians as Gods lol you wouldn't need 5-6 years to become a doctor in PT its all about academic rigor and i guess the institutes in the USA see it as fit. In the UK dentists aren't seen as Doctors.............................
I don’t think she fully understands what “Pay yourself first” means 😂
I was think the same thing!
I think she's a little irresponsible...
A little?
She's too calm about it tbh.
No she doesn’t.
No she does not...
She needs to stop supporting her friends businesses and take care of her own financial mess. She thinks she is doing well but she is straight up broke
Landrie Parks broke and in debt
@twistedblktrekie I agree. She described a type of even exchange.
How about you mind ya business
I see her bf try to help a lot but she just doesn’t have that sense of emergency
You have your destiny in hand, one of the strongest people who can save us from this global crisis. we had hope through you who bring us joy and pride, you have to believe in it first to do it, you were not unwanted, be blessed
So she makes 100k, has $3000 to her name, gives her friends money for things she doesn't need and calls it "support", deserves a vacation every month because she chose to work 7 days a week, somehow owes $17k on a MAZDA, counts what her boyfriend pays for her (and is basically finessing him and dating for survival)--and her biggest financial regret is going to a private school? Somebody make it make sense! We all make financial mistakes but she has made a series of mistakes in a consistent manner and is in denial about how poor she really is. I hope this spotlight encourages her make drastic lifestyle and financial changes IMMEDIATELY, otherwise she will be doing backbreaking work well into her 70s!
I wonder if she actually believes her BF makes money day trading lol
@@thomasburnette9202 LOL! Was looking for this comment
She’s not finessing her boyfriend correct me if I’m wrong but it seems as she pays the mortgage and utilities which was right under 1500 for the mortgage alone and he pays for groceries and fun.
I do agree that she needs to stop spending unnecessary money. All of that could be applied to her debt. She also should sell her house or get roommates to save money and put that toward her debt as well.
This comment here, all of this here!!! Whew thank you for saying what needs to be said!!!
How is she finessing her boyfriend. Some people love to give others gifts and money
The. Way she calls her mom cheap and she’s drowning in debt
I couldn't get over that, so disrespectful, not to mention the fact that her mum was just trying to teach her some sense.
@@angiesloclife With all due respect, we honestly we don't really know the relationship with her mom, so lets reserve judgment.
The way you're objectively wrong
@@optimisticnihlist9705 They're not objectively wrong. They're subjectively wrong. Especially given that we don't know the real circumstances of the relationship with her mother.
right. she seems confused.
Imagine earning 100k and still have to work second job 😭
when you make 100k some people lifestyle change.
Crazy
purefire21 so True, Most People always equate high income with expensive lifestyle. But that is not smart at all...She won’t build anything for herself
I think the 100k she claims is all potential earnings including overtime and the second job. If she had 100k from her main job then she wouldn’t be in all this debt etc
Fax
She needs to move back in with parents, drive a car paid in cash, and spend 2.5 years paying off that loan. ASAP
Exactly man. No shame with living with the parents or roommates temporarily to down your debts. I wish I had stayed longer at my parents home to pay of my undergrad loans.
When I saw that new car I was floored. Should be driving a 2000s Civic or Camry & renting a room. Also the "investing" in her friends part was shocking. Sweetheart you should be bartering. You can't afford that.
I can tell you're a Dave Ramsey fan. lol
@@beatricerights im not. i dont watch dave. i'm just asian. LOL
@@juuvvy lol
As a financial planner, this just gave me so much anxiety. But it reminded me why we are needed and why we do the work we do.
Can I become a financial planner or financial advisor if I go to college to study accounting ? I’m 16 and I not sure if I want to go into accounting or finance but I’ve heard accounting was the better option and that you may be able to do things in the career as finance . Do u have any suggestions of which I should major in ?
Same here. I had to stop the video.
I'm a CFP too and I pretty much cringed as I watched the video
I sort of want to go into financial advising/educating. I am also into social media marketing/branding as well. and real estate investing.
@@user-vm4he3gk3c If you are going to go for a bachelor degree in accounting you have the potential to hold a much higher level in the financial industry than a CFP, as well as make much more money (CPA median 127k & CFP median 87k)! Of course these salaries vary based on many factors and can be different based on many varying options.However, with your desired degree path, you have the ability to become a Certified Public Accountant or CPA. As CFP, you can have a degree in pretty much any field. You can qualify with even a general education which is the most basic form of obtaining a bachelor degree.
At your age, I suggest you go for what you're heart desires! If you like Accounting and want to be an Accountant, you need to specifically focus your course work. You need to be good at math, and equations. With obvious respect to finance, Accounting takes more focus than finance via coursework. Get with your advisor on the specifics. If you like finance instead, you can get a degree in it and find your focus whenever you like. You really don't need a finance degree to enter the financial industry. However it is absolutely required and expected to have an Accounting degree or Accounting focused degree to become an Accountant.
FYI: CFP..."You must verify that you hold a bachelor’s degree or higher from an accredited college or university (accreditation must be recognized by the U.S. Department of Education at the time the degree is awarded) to fulfill the second part of the CFP® certification education requirement. The degree may be in any discipline, and must be completed either before you pass the CFP® exam, or within 5 years after you pass it."
Hope this vague answer helps.
I’m confused how her boyfriend is paying for all of those things, but she is still paying the minimum on her student loans while making $100k/year. I understand wanting to enjoy her money, especially since she’s only 2 years into her career, but it comes to a point where she will need to stop lying to herself about her financial well-being.
It sounds like she only graduated 2 years ago so maybe his paying for everything was a routine they'd gotten into while she was in school. Nonetheless, you're so right! Making 100k she should have more than 3k saved!
So what do you want her to do? Cry over and die? She has over $200,000 in student debt alone. Even if she moves in with her parents and pick up a third job, she will have to continue that habit for years!!! So let’s not be quick harsh judgement. 🙄🙄
Nothing to be confused about here. Her boyfriend is a bonafide simp and she is living every black woman's fantasy in America, filled with delusion.
Zoie she’s pathetic. A child in an adult body.
@JUST Cal Wrong! She's not apart of a program that forgives student loan debt. There is less than 1 percent of people that actually get the debt forgiven. Why would you want to carry around debt for 20 years that's longer than a 15-year mortgage. This is the biggest scam and people think it's normal to have debt from college for 20 years while it accrues all that interest.
“Pay yourself first”
You keep using that phrase. I do not think it means what you think it means.
actually, what does "pay yourself first" mean?
Eric Shang it just means that when you’re paid you should put money away in savings/investments first before working out the rest of your budget. So if you make $1,000 pay yourself $200 and figure out how to live on the other $800. The thought being that if you figure out the budget first and save what’s left you’ll end up spending it all. Pay yourself first, not last.
The woman in the video is apparently taking it to mean “ignore your rapidly growing debt load and treat yourself to nice things because you earned it”.
Pro tip: you can either afford it or you can’t. It’s either a good financial decision or it’s not. “Earning it” or “deserving it” are nonsense phrases used to justify poor spending habits.
Eric well stated. Facts!
And the lady in the video needs to expand her thinking about managing finances- she is digging a deep hole.
@@kenny3269 absolutely... I don't know how student loan works in US, but the interest rates on that loan is higher than some credit cards.
I think she basically just doesn't gaf about her debt at this point and wants to have fun...dont believe she's really trying to save
$50,000 in interest in two years !??!?!?!?
You have to refinance.
She's on an IBR repayment plan. She probably plans to make minimal payments each month and have the rest be discharged in 20-25 years.
@@fineway7053 Still sounds like a bad strategy. The interest alone will make be killer in 20-25 yrs. - she has to pay tax on that balance.
@@fineway7053 5:32 she literally says she's not planning on waiting 20-25 yrs.
Em Aline but in reality the people who don’t wait the 20-25 years also don’t let their balance grow by $50k in the first two years.
If you refinance your student loans, you MAY get a low rate. HOWEVER, you are unaware of them capitalization fee. Which basically means upon refinancing a percentage of your debt is instantly added to the principal. Why? What purpose does this serve atop the interest payments you are required to pay? Who the $&#@ knows. That's capitalism. In the end, you will have a lower rate, but a higher principal, and may pay more over time even with the lower rate if you do anything other than throw 100% of your salary into it.
Most people are suppose to have a home, children, or a business of their own by her / our age. Yet because of student debt, the american dream is deferred, or more complicated to obtain in OUR generation than ever before.
She is hardly living comfortably if she relies on her boyfriend for support and financial relief. He is a boyfriend and it is easy for him to leave and have no obligation to continue to take care of her.
I hope he claims her as a dependent on his taxes cuz that's what I got outta that situation! Lol
Mom isn’t cheap. She is sharing wisdom.
Yeah...the Wisdom of fools
@@kuestudio882 wisdom of the clueless😂
Dad is the fool - reward yourself for hard work - with money you borrowed.
Wow, finally a Millennial Money episode in which the person is legitimately bad with money and clueless on personal finance. You can hear her try to explain why her debt is no big deal, while she’s drowning. Debt doesn’t disappear unless you throw virtually all of your income at it. This should be a fun one for Graham to react to. Good lord.
Nobody:
Her: student loan
Everyone: ohh sh*t, hide this from Graham.
[Edited] Wow, thank you... Never imagined my comment having this much likes.
Btw if you ever need a logo or branding for your business, hit me up @hifisoftng on Instagram 👍
And Dave Ramsey.
Gotta go with the 20 cent ice coffees.
I seriously was like Graham and her student loan debt = 🔥🤗
Lol I thought the same thing
Graham is going to have a field day with the student loan debt and Dave Ramsey would say its time to live on beans and rice for the next 5 years.
I honor this sister for putting her financial life on the big screen for everyone to critique. Basically she is living the "American Way", which is to "finance" ones lifestyle via Mortgage, car note, student loan, credit cards etc..
She can improve her financial outlook by tracking her NET WORTH. This will take the focus off of her salary and place it on her LIABILITIES VS ASSETS This will give her a better understanding of her financial standing.
She can then realize that her liabilites are her DEBTS and in order to increase her Net Worth, she would need to pay down her debt or increase her Assets.
This mindset will help her and anyone else towards financial independence.
The first way is how the capitalists designed the way Americans should be living. The second way you mentioned is how capitalists themselves lives. Which one should we pick is obvious.
Excellent post and I totally agree with everything you wrote. It's great to have a high salary and often it will give the impression one is 'doing well', however, one's net worth is really important and gives the bigger picture. It's not how much you make but how much you keep (someone told me that years ago; oh how I wish it would have resonated with me back then the way it does today lol).
i love your firm but empathetic advice. so many judgy folks here.
Sis is on a different "just vibes" tip, Good paying job , everything good on the outside but drowning in debt
Living on vibes lmaooo so true
Loving the first gen American representation on Millennial Money these days. That said, "living your life" as portrayed in this story more accurately looks like ignoring the growing debt. $50,000 increase in a student loan balance when you have the means to do more is hustling backwards. Debt to income ratio can make a huge difference in mortgage and auto interest rates. This kind of approach is setting oneself up for a lifetime of expensive borrowing.
So true. If she grew $50k in 2 years of interest (which is absurd), imagine after 20-25 years what her balance will be. She is so screwed.
Omg you said it here. Watching this confused me. She was literally proving what NOT to do. Ignoring your loans, and just living your best life will def make things worse. And only saving $400 a month. Wtf. And only putting $400 in your 401k. Like sis trying to be broke broke when she gets older. I make a little more than her, and I live in a way more expensive city than her and I pay more down on my loans than her, have a new used car, and my rent is $800 more than hers and yet I save about 1500-2k a month while putting in more money in my 401k😶sis is doing something all wrong!!! And she keeps saying she’s investing in her friends business....that’s not investing.
I don’t have 230k in student loans, def way less than her but I got an MBA and had kind from undergrad as well
Kim Camps maybe she’s paying a ton into her student loans monthly. With that kind of debt, even paying the minimum could be $2000
@@sbml5243 her budget said she was paying around $400...
She needs to refinance asap
I like her but that’s terrible advice... why not pay it off as soon as possible rather than have that debt building up interest over the years?
@@LC75379 Wow you're deaf and blind so sad. She literally said in the video she plans on paying it after building more revenue streams.
landy concepcion she’s paying the minimum..
@@LC75379 She literally said what her plan was on how to pay back the debt in the video, but i guess you skipped that part
Exactly
Even if she puts the savings (aside from 3-6 months emergency fund) 100% towards debt and changes nothing else, she could drastically reduce how much she'll pay over all. There's so much she can change, but she can implement that right away and not have to change her lifestyle.
It just seems like a financially stupid decision to basically put money to a savings account where it's losing money bc of low interest rates when you have so much debt; vs into a Roth (higher returns and can withdraw principal w/o fees) or paying off your debts (immediate and guaranteed return).
It’s the “If it wasn’t for my job I wouldn’t be able to make it more than 2 months.” for me 🥴
The fact that she went on the show to tell people it’s okay to be in debt ....uhhh🤦🏻♀️
@@auroramothergoddess Right! Like ma’am...relax
Yall brutal 🤦♂️
Child anyway..
Like I be reading the comments like yall don't play games
That part 🥲 girl you hustling backwards
Lol this comment
Here’s a tip: don’t do what she does with her money.
😂😂😂
True Lmaoo
Don't worry, my own method works well for me.
Lol!
😂😂😂😅
Step 1. Pay off car note as soon as possible
Step 2. Take that $482 car payment you used to have, and now you can either beef up your IRA/401K or throw it all at your student loans
Step 3. Refi your student loans if and only if you can get a lower interest rate. You don't want to be paying on this for 20-25 years.
Congrats on getting to 6 figures by 30! That is quite an accomplishment :)
Finally a positive comment, with helpful information!!!
This was really sweet and encouraging Todd 😊
Everyone else in these comments was really getting at her, thank you for your solution based comment!
Always pay higher interest rate first. If her student loan is highest, refinance it to reduce interest and pay it off asap while paying off minimum on car.
Her boyfriend drives her everywhere so she doesn't really need the car note at all. That and the car insurance need to go
What six-figure earner puts $20 per month in their Roth IRA? Does she have grand dreams of never retiring?
Yeah that was hilarious. And when it comes to a Roth IRA it’s not like you can “catch up” when you’re in a better place in the future. The max is only $6K. So she’s missing out on maxing her IRA every year.
Exactly. It's just superficial. "Oh yes... I do have a Roth IRA. What about you?" Lol
Plus 442 between Roth 401k and traditional 401k
Its not even 442... she counted her employers match as her savings. Which that's fine and all but $240 a month with a 100k income is really low especially in her 30s
TeVan Grant Yeah, but she has so much debt. She really needs to pay that down before increasing her savings rate.
I don’t think she understands how compound interest works.
This is actually poor financial advice. 🤦🏽♂️
She got hammered with 50k in compound interest and still couldn't get it lol
She needs to call Dave Ramsey ASAP!!!
She needs that rice and beans recipe.
IMMEDIATELY! He would literally cringe! I truly feel bad for her because she doesn’t see the severity of her situation. I hope reality pays her a visit soon. She needs to live broke for next 2-3 years and get that debt paid off. Then she needs to start saving for retirement.
She pays $50 for groceries a month. She's already on beans and rice. Lol
@@DraiAKA her boyfriend pays the other $400 a month for her groceries.
😂😂😂😂
On god 😭😭😭
As an occupational therapist with a masters degree, i work in a similar setting, making similar money and cash flowed school which cost me around 80k. She is so broke that i dont know how she is not freaking out out on a daily basis. Im not sure she is grasping the situation that shes in, student loans only go away when you pay them off or die. If she doesnt change her habits and get into gear she will be in debt for the rest of her life. She needs to live on 30k a year and throw the rest at her loans. Until they are gone, might take 5 years but thats where shes at.
THANK YOU! it was cringe hearing how she talks about her loans. like if she only had 50k and she was making a 100k cool but in two yrs her loans jumped from 180k to 230k and she acts like its casual
I agree. I'm not sure how she qualifies for student loan forgiveness after 20 or 25 years. She might want to triple-check the requirements for whichever re-payment program she is in. And, that's a lot of years; much can change over that time. And at about $800/mo, she'd still be paying out about $240K over 25 years.
She gives me the vibe that she’s investing more in her emotional well-being than her financial. I think that’s fine in all honesty just because she’s on an income based repayment plan. There’s no need to break your back to pay back a loan which will be forgiven in 20 years.
Yeaaaa she needs to get serious about that debt. Everything was all good until I noticed that. She should be strategizing about additional sources of income. Perhaps start a CZcams channel.
her loan is definitely 50% or slightly less. in those 5 years she'll have over $312,000 in interest on top of her $180,000 SHE'S IN TROUBLE
Hmm... She makes 100k per year, her boyfriend buys her everything, and she still has credit card debt and car debt? Nevermind the student loans she's paying minimum on. Can't help but judge...
Sweet Wanderer big tru
Thats what I was thinking.
I can't help but be jealous. Find me a guy that'll pay everything for me
@@princesslamour1985 Yikes
@@princesslamour1985 She said he has the same philosophy over money/spending like her. Soooo I was thinking the boyfriend might be just like her, unknowingly drowning in debt. Not sure if you want a partner like that 🤪
I'm glad you're showing a woman who went to my university, but she is doing this all wrong. I feel so bad for her. I went to the same school for undergrad and it was a great price for a good school. Wherever she went for grad school screwed her. Please max out that Roth IRA asap, ditch the car, downsize that apartment or pay no more than 1,000 when you move in with the BF, put ALL the savings in a high-yield savings, and try to stash away more in savings. A few changes will go a long way!
omg she living in an apartment...she should be buying a home and should be buying Apple share stock....smh
She needs to save and invest. I would start with a total market index fund.
@@prassociates2000 There is nothing wrong with living in an apartment at 30, especially these days with the way rent and house prices are set up. Even for people with no debt it's very hard to just buy a home at 30 especially if you want to live in a decent location in Atlanta
Had she been “cheap” like her mom, she would have ended up going to a non-private school.
Unfortunately, there aren’t enough public schools with PT programs to support the demand
Ebony Bowen yes there are plenty, even UGA has one
@@drummerboy5 UGA has a physical therapy clinic, not a physical therapy program, and even if they did have a new one, it wouldn't be accredited this soon.
Y’all clearly don’t understand how competitive PT schools are to get into lol
When I heard her student loan, I said a little prayer for sis cause omg
Right !!!
Oh Boy!! student loan for twenty yrs,. 😱 😱 I'm having an anxiety with that huge sum for a student loan. Well without much critics I also think she's giving herself a treat as she's not in any haste to finish her loans so quickly. I'm from Cameroon 🇨🇲 and lives in Cameroon here to educate myself. Thank you 😊
Please ... say a prayer for me too... these students loans ain’t no joke
This is why I ain’t going to no university because woah!!!
No offense but, if this is your mentality forget any chance of ever building generational wealth. That's sadly not going to happen.
Yeah just letting the student debt grow, renting instead of owning, and still barely saves much. She's on course to be working until she dies only to leave her future kids with nothing.
Drew do you see what her debt to income ratio is...how the heck she gone ever be able to buy a house 😂 sis screwed herself long ago
If she starts all those side hustle businesses she talked about she'll be ok.
true
She didn't mention anything about kids nor charity ECT. I don't think generational wealth is her intentions at all. She seems to be living for herself
This young lady is the perfect example of just because a person has book sense don’t mean they have common sense!
Its actually embarrassing
🤣🤣🤣🤣
$50k interest in 2 years! Lord woman I could buy myself a Tesla with that interest smh
She's the dumbest woman I've ever seen on his platform
Graham will love this one! This is what he has been waiting for!!! Only saving $400/month with a $100k salary
What do you do though 🤔
@@Ladyjasss I save about pretty much the same exact amount as she does and invest another $150/month. But I only make $45k/year!
The Sayre Family ok, you want a trophy or a cookie ?
graham going to have a field day with this one.
Jasmine Cofer girl, this is a video about money. If she didn’t want to be criticized she wouldn’t be apart of it.
“Supports Her Friends Financially” What’s her Number!?
Yea. I love my friends, but I am buy your product if I don't need. Secondly, I am not buying your stuff if I am broke.
😭😭😭
😂😂😂😂
She will never have “enough money” to pay her student loans. It’s a mindset thing.
She could actually pay them off if she uses all the money she doesn't have budgeted towards her student loans.
The boyfriend is the real savings account 😅
daytrader.... 🤣🤣🤣🤣
Bf is a bonafide simp beta male
@@kuestudio882 Taking your gf out and getting her stuff from time to time means your a simp ? Guess I've been a simp for 4 years then
@@Ball.Daily11 does she do the same for you? we all know the answer to that yep your a 4 year simp😂
@@hipstajohnyy2033 lmfao!!! Stop triggering betas like that bro..
Vacations at least once a month?????
$230k in debt?????
Credit card debt?????
Just living your life not worried too much about the debt???
My God, this generation is so doomed.
Not this generation...that generation
@@aladdinaouimeur2649 that generation?
@@veebeelieve The new young folk are now Gen Z; millennials are the previous crop of youngsters (now late twenties/thirties)
@@tiffanyliu9841 didn’t ask
@@veebeelieve you said "that generation?" with a question mark so you did ask lmao
If she doesn’t change course, she will be drown in debt soon.
right.. she makes great money but she owns nothing, just debt! She wouldn't survive 2 months.. smh
Typical western life style
She’s already drowning..
She's already drowning
What does that mean ? Since I'm not living in US, it's a little confusing for me to be honest.
CNBC “Fake it till you make it”
This comment!!! ♥️
puts $20/month into her IRA and then says “don’t let debt repayment control your life” 😂
How did the student loan balance balloon by 30% due to “interest”? So she’s not paying anything on the principal... I think she’s up sh!t creek.
It’s called capitalization. Most student debt is subsidized for as long as you are in school. Once you graduate, years of interest, in her case 7, is compounded onto the loan at one time and this amount is then added to your total debt.
Watch your mouth Drew!
Some of my friends who opted for income based repayment are in a similar situation. They qualify for reduced payments, but that doesn't mean that the payment is sufficient to pay off the interest due that month, let alone thw principle. Sadly, income based payment plans are meant to reduce the borrower's month to month payment load, not their overall debt balance.
rolla Dont silence the truth. Shame! Shame! Racist!
@@danielb3863 it's not about skin color. It's about to respect each and every individual.
shes gonna get rekt by graham with that debt amount and mindset lmao
Lmaooooo I was waiting to find a graham comment on here
"Rekt"...you're a crypto guy 🙂
What does Graham mean
@@darylgraham930 Graham Stephan...he has his own channel where he gives financial advice, commentary, and posts reaction videos to these Millennial Money episodes as they come out.
After explaining how her mother gave great advice, she summed that up to my mom is just cheap...
These videos outside of my previous background with financial literacy is the reason why I started a retirement fund in high school and have prioritized my savings and getting rid of my debt as soon as possible. I graduate college next year and though I will have student loans it’s less than $15k and I’m on track to pay them off within my first year out of school. It’s nice to see young Black women discuss their finances in a way where I can learn from their mistakes early and get tips on what I should do.
She's terrible with money lol... wow
Am I bugging if she makes 110k a year than why can't you pay it of in 2 or 3 years 🤷♂️🤦♂️
Andres Garcia she’s just starting out
@@mylesm1494 understood
@@AndresGarciaJr When you make $100k a year you actually make like $50-$60k post-tax in most states. She could probably reasonably pay $30k off a year if she got roommates and ditched her car, which would (based on her debt increasing 25k a year) probably be just barely enough to keep the interest at bay. Or she could move back in with her parents/split rent with her boyfriend to put $40-$50k into paying off her debt. But even that would mean more than 2 or 3 years spent paying those loans off. She is... really broke.
@@Nihilist_Porcupine yeah I can see that. Broke is the word alright
Basically she doesn't pay for anything but also doesn't pay off her debt 😑😑
Boyfriend is a simp
Capricorn doesnt approve these habits
@@jessysoulmanscofield If you're broke, just say that
@@267cal lmfaoooo
Jessy Soulman Scofield y’all have overused simp.
Oooof, coronavirus made me realize the need to save. Ending this year with an extra 10.5k in emergency funds.
I’m still in college but this feels so wrong, how do you save less than 500 from earning 100k and still ignore the growing interest on your loan
She's delusional
She went to PRIVATE grad school! My goodness, I’m stressed for her.
I did too but I had a 50% scholarship.
Barbara Vyse Ok, congratulations. That’s a completely different situation.
I’m actually concerned sis. Since you’re hear on CZcams, please start watching more of the personal finance videos. You don’t have to let that debt grow. At today’s low interest rates you might consider financing at least some of the loans. This can become a real problem when you want to buy a property.
She lives like she has no debt, she should not be telling anyone how to handle money.
"A lot of people have student loan debt, and don't know how to tackle it..." Pay it. That's how you tackle it. You pay it.
I get what she is saying on not letting student loans run your life, but we aren't talking about 20k, 30k, or even 50k student loan debt she has 200k! That is not a monster to get back to later whenever you feel like it because eventually it will rear it's head when she least expects it. Slay that beast NOW!
I mean truthfully, she is taking the smart approach. Any sort of money she throws will be chipping away at the interest. With such a large balance she is better off paying what is required under IBR and applying for forgiveness in 20-25 years. At least this way she will be able to save and buy a home.
@@vee9043 She'll be paying more in the long run even after they get discharged. If her interest accrued to $50k in 2 years, even when she was on IBR, imagine what it'll be like in 20-25 years. It sounds like she's just living her best life right now and not worrying too much about the future.
TheLiving Darkness you can’t predict future legislation and the likelihood that student loans will be forgiven in the next two decades is very high. I wouldn’t suggest anyone worry too much about them if they are six figures of debt. They will be debt free well before retirement age.
Vee ehhh...im on the fence on that. It would take the president and congress to completely see eye to eye on getting rid of student loans. Even then, taxpayers would be left paying for the charge off. Plus the government profits off of giving out loans via interest.
Think Tank you’re wrong. She has to make consistent, minimum payments for twenty years to get it discharged. She has to pay the taxes on the interest but if she accrued 50k in just two years, who knows what she’ll have in 20 years?
Before the netizens go in on her I think we should applaud her honesty and willingness to let us view her budget.
Pay yourself first means SAVE and invest. She'll need to have a mental reset if she hopes to tackle her student loans.
The amount she owes vs. what she makes must be overwhelming. But life happens and it tends to get more complicated as you get older, marry, and have kids. The time is now for her to struggle to pay it off.
You are totally right on all points. The good thing about it is she’s still young and can tackle it now before she hit her 40’s and loan is even bigger.
@@daunstable1 She talked about waiting 20 years to see if they can get discharged. I don't think she plans to make any payments & with her current budget & a 3K emergency fund she really can't afford to.
MrReedStanley She said the exact opposite of that. She said that she had planned to invest and start a side hustle in order to pay off the debt before that.
MrReedStanley trust the way those loans are set up she will have to make payments yet paying just the minimum will have her in the same place 20 years later.....she needs a better plan
Nice comment. I wouldn’t put my business in the streets like her. Since she did though, I think her approach is misguided and she could use a financial advisor. Her loans have already grown 50k in 2 years. She’s hoping to basically pay the bare minimum and get it discharged later. Very few people actually get that to happen. She needs to change her approach or the loans are gonna be 300k in 3 years. She has a boyfriend who helps with many of her expenses so she should have more disposable income to attack her debts.
Frankly, this episode made me mad and yet fearful for Dr. Colman. Her loans, according to the numbers she provided, add about $22,500 to the principal each year due to the high interest rates. (She went from ~180k to 230k). This is an emergency but she doesn't realize it. She wants to live life, which I know is going to include having a child and buying a house in the future. Yet, due to her debt, that life may not be possible. I sacrificed for several years to pay off my student loans, and she could do the same but doesn't want to.
I support her and wish her and the bf well.... what you said I could not have said better myself... buddy said this is an emergency!!!
Live life! Don't let life love YOU! when it comes to cross over, we can't take any of this stuff with us, with that being said, ENJOY LIFE!! travel and live care free.
I am
In the same boat and it sucks I get her totally!!!
Ghe united states government knows all this and ran these numbers decades ago when they started "empowering" people. On the back end they'll be empowered & working until there 80
She earns $100k/year, has a boyfriend that buys her groceries, meals and nice things, and is waiting to have ‘more money’ before paying off student loans??!! I’m confused.
Oh boi...so many problems with her plan
Edit: don't let debt consume your life but let it accumulate? 50k interest means she's got a terrible financial institution that's stealing her money. Even still her debt to income ratio isn't even that bad. She should and could pay off her debt easily 🤦🏿♂️
Andrew thaboss She cannot easily pay off her debt. Her average APR seems to be about 17-20%. Y’all seem to forget about taxes/benefits/retirements after which she’s probably only making 70k-75k
@@loveislouderrrrr her rate is absurd, but in my books that only strengthens the argument that she needs to pay it off aggressively. She was working 7 days a week and yet her net worth is/was going DOWN. She's in a financial hole and digging herself deeper by choosing to ignore her debt.
Andrew thaboss What would you suggest? It’s certainly not going to be “easily” paid off as you stated. Maybe she picks up a second job and survives on rice and beans and gets out of her debt after 5-6 years. But that’s also absurdly unrealistic. I get Dave Ramsey spews this rhetoric, but it’s easy to tell people to live in pure misery for half a decade, actually doing it seems torturous.
@@loveislouderrrrr he'll Naw Dave Ramsey is crazy, hopefully she moves in with her BF, that alone half significantly reduce her expenses. She's also very early in her career so it's not unreasonable to expect increased earnings down the line. She also needs to refinance, admittedly I'm not American but I cannot believe that she can't find a lower rate then what she's currently suffering through (interest rates are at historical lows). Also, she goes on vacation every month.... ? And 400 dollars thrown into an investment account is useless cause no investment will ever outpace her Acc. debt. Honestly, I'm only saying this because she talks about her debt, like paying the minimum for 25yrs will be easy. What if she loses her job for an extended period of time ? How will she cover her ever increasing debt?
@@loveislouderrrrr her boyfriend is paying for a lot of stuff. Other than rent what does she really need to buy? You can tell in the video she's not taking the debt seriously. That's the American mindset I guess. Just pay the minimum and stay in debt forever
the fact that the school system can put you that far into debt..... But that's a much deeper convo, carry on
It's not the school. It was her choice of schools. She had free agency to make a wise choice and didn't. That's all.
@@MrReedGrantberry agreed! There are quite a few other PT's that have shared in these same comments (and can be verified via online school links) that their loans are no where near what SHE authorized. Not even half of that amount.
But then we get to the point where, in 2 years her loans' interest, added $50k to said loan. 👀 Bonkers! That again was under HER control. By making minimum payments, and not: 1. Making additional payments within that cycle 2. Making those additional Payments directly to the principle, (so that you don't pay interest, but also decrease the amount the interest will be calculated on), she would have not had such a drastic increase on her loan to date.
This is what you call book smart. And I learned this math lesson in the 10th grade lolol
Woooow but shes not doing herself any favours
MrReedStanley no it’s the school
@@fakeapplestore4710 How did she attend the school? Was it by force? 🤔
I'm just really in awe she found a boyfriend in Atlanta to do all of this for her.
🙄
I'm also a millenial woman in ATL. Does your bf have any single male friends who is looking for a gf and also willing to pay her expenses? Please let a sister know! The woman they are looking for is me.
Disgusting
Girl! Go back to lipstick alley…
I think she was joking guys.
Gerald Shaw I hope so…
Eewwwww.
Please, I'm begging you. Do not take her advice.
🤣🤣🤣Doom awaits anybody who does
Really bad advice. Please don't listen to her she has no idea what she's talking about. Sad.
I don’t think she was giving advice. It was just showing how she spends her money...which is terribly.
@@stefanossmitty3318 @7:36 is where she gives her poor advice.
Darien Curtis oh. Anyone who follows her “advice” would be foolish.
I love how we glorify people who are absolutely illiterate financially
Giving the wrong message out here. Pay your loans and temper your “enjoying life” for a bit. Be responsible adults now cmon
$230k in student debt and $482 monthly payments for a used 2017 Mazda?....Oooo lawdddddd
I think she's in denial of the harsh reality of her financial situation. She needs some guidance ASAP bc her boyfriend doesn't sound like he's in any position to help based on his behaviors :(
lmao that's why he's been tagging along for 7 years no diamond ring...homeboy knows her mess will fully be his mess once they get hitched
She’s broke
Luke Dickens broke af
@@rossanalopes3114 she doesn't have to live that way. She could have paid it down by 80k by now
She could pay the debt off in 5 years if she lived off 50,000 k a year
Aaron Janit that’s literally only HER issue to deal with.... mind the business that pays you🥴
@@rossanalopes3114 thats no longer her issue when she decides to share it to the world and her small attempt to teach other to live while fully covered by the debt. by you supporting this you are either a friend or in the same debt death situation. Good luck.
I’m an immigrant from the Caribbean who is now a physician. I have about the same amount of student loan debt as her, I just finished residency and will soon start working as an attending physician making triple what she’s making. My plan is to live like I’m a resident making $50k/year for the next few years while I repay my debt, that’s literally my number one priority. I get where she’s coming from when she’s saying her father says she should treat herself, etc Bc I have family members who live according to that philosophy but are drowning in debt.
And I don’t mean any disrespect, she should be proud of her educational accomplishments, however in the medical community, the professionals who are referred to as ‘doctor’ are physicians who completed medical school and a medical residency. I have many colleagues who have achieved their phD and do not refer to themself as ‘doctor’, that’s simply how the medical community is.
@@Alalalalala11 Agree completely, even as a resident I often times felt strange introducing myself as doctor, even though we technically were. Good luck with the rest of your residency!
So you’re about to be making $300,000 a year just starting out? That would be triple what she makes!
Trina B yea but he plans to live on $50k so he can prioritize his loans which will be almost double hers
Perfect example of someone making 100k being more broke than someone making like 50k who knows how to handle money. Good luck to her.
I love how she started out singing her parents' praises for teaching her about personal finance...
I almost fell out of my chair.
It goes to show how our love for our parents can delude us from reality. She was talking about spending habits instead of actual financial literacy that involves managing debt, planning, time value of money, etc.
When they haven't taught her how to navigate debt>>>
It's amazing how many people think simply handing their children an allowance is teaching them financial management. Showing children HOW to manage their allowance is teaching them about money.
@@ellencarter8459 The issue is that she had a different mindset. She even said it. Her mom was frugal, but she decided to stray away from that. There's only so much a parent can do to teach financial literacy and it's up to the child to decide if they're willing to follow that. I think her parents must be pretty disappointed on how much debt she got herself in.
How did she “grow” to be more immature with her money
She got tired of growing up poor and lost her mind when she got a real paycheck
So why does she have that expensive car if her boyfriend drives her everywhere?
It’s not expensive. She bought a used Mazda.
What got me about her spending and saving habits is that if she loses her job she doesn't have enough to live on for even one month. If she wants to wait on her student loans and debt that's definitely her right to do so. However, with the money she's not using for that reason she should save. Ppl often look at me crazy when I say I have 4 different savings. I have an family with 4 kids and if anything happened we could weather it for several months because I know how important it is to make sure everyone is taking care of. An I/we live off less than half of what she makes!
How can she be so calm when having this amount of debt?
Her head's in the sand. 😭
I agree it's a lot. But I'd rather she not be full of anxiety and fear that impairs her ability to function. She'll get there in terms of knocking out that debt more aggressively.
I have less than a $1,000 in student loan debt left and I’m stressed out even though it will be payed off this month and I’ll debt free. I don’t know how she isn’t crying or breaking down. Reality will hit her soon.
I don’t think she realizes how much financial trouble she’s in.
Make half of what she makes in a year living in CA and I just achieved being DEBT FREE!!!
Congrats! Make a CZcams video about it for us!
Big dawg status! Keep your foot on the GAS
7:36 "I wanted to be featured on Millennial Money to let other millennials know that you can live the life that you want and live comfortably even if you have a large amount of student loan debt." [$230k]
She says immediacy following this:
6:51 "My boyfriend and I have been together for 7 years and he is absolutely great. He does save me a lot of money because he buys all my groceries. Whenever we go out to eat, he pays for my food. He buys all my drinks. I don't spend a lot on gas because he drives me everywhere and he even buys a lot of my clothes and shoes and bags. So that's pretty great."
Exactly. What happens if her bf leaves her, or is no longer able to pay for her expenses?
@@WayneSzeto I was also wondering how she can’t pay off her debt if her bf is paying for so much 😂
Dont forget, hes a day trader, probably adding $20 just like this lady.
Yea I was expecting something more on the lines of ‘he’s a good man who treats me well and I love him’. She made him sound like her personal ATM LOL
It makes sense now why her food bill was around $50/month, lol! That stuck out to me!
Didn't expect that turn.
He spoils her and thats dope but don't look for this ladies. This is not normal.
since her boyfriend is essentially paying for 80% of her stuff he could step up and pay the remaining 20% as well 😆
Hey, ya know!
My man is probably drowning in even more debt all for that yum yum!
Exactly if you only wanna be a 80% sugar daddy you might as well be a 100% sugar daddy.
PERIODT!
Dam 🤣🤣🤣👏👏👏🙌🤦♂️🤜🤛👊✊💯💪
In here before Graham takes a look at that Student Loan Amount!
😂😂😂
😂😂😂.
He is gonna talk about the "used" 2017 car. I know it
You were faster them me! lol
🤣🤣🤣
She’s from Atlanta ? Enough said 😭💯
you already know😭
Atl girls. Yep u right.
Lol
Her parents taught her financial literacy ? ... they must be in debt too.
Please don’t listen to her. 200k in student loan should be your priority, not materialistic items. She need financial help.
My heart goes out to Millennials. So many are in this same situation and are in over their head in educational loans. It's definitely a burden to live subject to the obligation of high debt amounts. It makes things like home ownership a lot less attainable because debt to income ratios are so high. I hope to see costs for education decrease. I wish you all the best Dr. Adrienne! Enjoyed this video.
She actually think she’s giving great advice. CNBC is only showing the world how backwards her thinking really is. 😔 She needs to get on the Dave Ramsey plan NOW.
People who actually make money watching CNBC's other shows depends on people like her to have her mindsets. Debt is slavery in another name.
@@harveylin3548 I am glad you said it. I am surprised how ok she is with being in her situation. I guess she hopes the loans will be forgiven. "The borrower is slave to the lender."
"I'd rather live my life" Lets talk in 10 years and she how she is doing
If she's still with that guy, she'll probably be fine, since he's paying for most of her stuff
@@achromatic03 he'll probably leave her bc she is BULLSHITTING herself and will SUFFER.
Yeah like what's her plan waiting to have children and then tackle the debt? Will not work lol she's so screwed.
@@zebra7462 she might get loan forgiveness tho, she would be in trouble if its not
They should do a where are they now videos for them
She has a boyfriend that pays for her food, clothes and travel. I wonder where is 100k going then ? She can pay her student loan debt in 3 years like this but instead it has grown from 180k to 230k.
Most people forget about taxes and other withholding. I once had a salary of 100k, and I know for a fact her take home is approximately 6k per month. NOT 8.3k per month. That still leaves a respectable amount left on the table. But it is not as easy as you seem to think it is to pay off 280k in debt while it accrues interest. If you pay $500 per month on your debt, even while the required monthly is only $250, you are only paying $250 per month toward the principal, the rest goes to interest. If you have a 7% interest rate on your 280k debt, lets pretend each month approximately $125 dollars is re-added to the principal because of the interest.
It's like running up hill 10 paces, then being forced back 7 paces. Godforbid something happens to your income, or an emergency that requires you to defer your loans. More interest will accrue. Loan Providers love it when you do this. Sadly, with so many people out of work right now, deferrals are going up, and corporate america is smiling.
Saahir Foux she better put in some extra weekend hours or something! That car needs to be paid off first while putting some towards student loan debt.
3:51 shows where it goes.
M. Allen Everything Saahir said is very realistic and nothing about it screams entitlement. I was fortunate enough to earn a full ride to college and now make 6 figures as an engineer, but 200k would still be difficult for me to pay off quickly. However millennials are used to handling difficult economic situations.
M. Allen my point? I’m simply illustrating how student debt repayments work. Because not everyone knows. I wasn’t proposing a solution at all. But since you acknowledged a problem exists, and suggested a path to the solution, I will provide an alternative.
Fix the rampant, out of control increases in tuition, and close the tax free havens for schools. For profit universities need to be better regulated. (And education nationwide must be refunded.)
I can’t even count how many ads I’ve seen on every platform trying to swindle my younger peers to choose them for an education over their competitors.
You are absolutely correct students should prioritize eliminating their debt, and buckling down for long term gains. But by choosing to ignore the very real problem of a for profit industry out of control, you are ignoring a better long term solution to the greater problem. When do those increases stop? Salaries, cost of living, and job prospects are certainly not keeping pace.
Boomers tend to be complacent and detached from modern problems the younger generation faces and dismisses any voices of opposition to established norms as whining. I recommend researching the pain points, and more importantly, the key driving factors for these increases in more detail. Simultaneously, check on the beneficiaries of the continued raise
This is probably the best (worst) example that Income is not equal to wealth. Many of her friends who make much less than her likely have much higher net worths and will for a long time to come, if not forever. Society (and this lady) judges people's wealth based on their consumption but actual monetary wealth is based on net worth, which this lady has absolutely none of.
good lawd just when you think your situation is bad, this makes me look really good now all I have to do is get my business to bring in $100k and I am home free!!! lol no credit card debt, credit back in order, no loans. wow, I had re reevaluate my own situation. 3 strong clients that I can close on asap and I am on my way to a great life for real. I am learning a lot from the comments though some good advise, I just ignore the mean comments.
If boyfriend is literally paying for everything why not concentrate on paying done the date aggressively instead and also, trying to get better terms on the debt. 50k in interest every year will be HUGE in 20-25 yrs. remember that you are paying for down the interest and not the principle...
She's not trying to pay the principle. Her loans will be discharged after 20-25 years.
@@victorialewis-young4592 But she said she doesn't plan to wait 20-25 years for the loan to discharge. Sounds like she would like to have that loan gone much before then. However, at the rate that she's going...she might as well let it discharge after 20-25 years because it's growing $50k/year in interest! yikes!!
@@so4reelz Yes. I would at least seek to consolidate the loans and obtain a lower interest rate.
Victoria lewis-young yeah and it’s growing 25k/year, by the time it gets discharged her loans will be over 1M and she will have to pay taxes on what gets discharged which will be more than just paying off the loans now.
@@sugalips428 at the rate she's going, itd be a bit higher than 50k/year in extra interest soon...
Her student loan interest rate is close to 8.5-9% (given it grew 50k in 2 years), and the 900/month in loan repayment isn't close to enough to pay off even the interest (not to mention its including credit card debt)
No no no no no, terrible advice. And that's not what pay yourself first means.
I think she meant pay your dept first lol🤷♂️ she can't be serious
2:55 - That's not investing, that's spending.
At the end of the day, it's not about how much you make, it's about how much you keep.
We all know Graham is recording his reaction right now. He's been itching for one of these lately.
hahah he definitely has been!!
You’re never going to pay all that massive debt off with that mentality. That’s way too much student loan debt compared to income. Loans will not be forgiven. If I were you, I wouldn’t be saving too much and make a plan to get rid of all that debt. It’s debilitation! Also, credit cards and car note 🤦♀️🤦♀️ you love debt
I have 200 dollar in my saving account 0 debt and I’m richer than she is lmfao
Right LMAO
That boyfriend better run away fast. This girl is a financial mess.
It's been 7 years, he isn't going anywhere