Dealing with the housing crisis & why I HATE MONTHLY PAYMENTS. | August 2024 Budget
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- Опубліковано 26 вер 2024
- Debt paid off to date: $143,849.31 ($99,978.42 in principal, the rest in interest) 😮💨
Hello!👋 If you're new here, my name is Rachel. I'm a millennial with lots of student loan debt.💰 I'm here to share my story as I push for financial independence and debt pay-down in hopes of inspiring others to feel that there's hope to get out from under their debt and take their life and finances back! If you need a little boost of motivation, you can subscribe for weekly videos.
💖Venmo @Rachel-Hickey-20
🌟Paypal: @Rachelh3385
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DISCLAIMER: I am not a financial advisor or expert. I just love talking about personal finances and want to share my journey to financial freedom and help you get there too!
Invest in the financial markets before retiring by diversifying across assets, allocating a small portion of your portfolio, staying updated on market trends, and considering long-term holding to balance risk and growth...
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Brian demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit
Rachel, thank you so much for your transparency. Your honesty gives insight for a lot of others out there, trying to make it through. Don’t ever apologize for needing to get something off your chest. You are a kind person and we really appreciate your sincerity with discussing tough topics. You’re doing the best you can! Sending you blessings ♥️♥️🙏🏿🙏❤️❤️
Thank you SO much for the kind words!!🥹 I’m so glad you’re here!
@@its.rachel.hickey You are so cute. Why aren't you married ?
I agree 💯 with you about the student loans! There is no way to pay it down when the interest is out of control.
I love your videos, it’s so nice to see someone who is so proactive w/their finances☺️
Hi Rachel, you have done and continue to do amazing! I look forward to your videos and admire all the hard work you have put in to pay down your debt. Keep focused and don't let the naysayers interrupt your flow! Rock on, girl!
Thank you so much!!🥹
Great video. Your explanation of your student loans and what you are doing makes sense to me! It sounds like an extremely frustrating thing to deal with. I had student loans, nothing near what you have and they definitely affected my life in a not so pleasant way. Hang in there 😊
Thank you!!
Dealing with these financial stressors (high cost of living, moving expenses, student loans, and so much more) is such an overwhelming feeling that way too many people are experiencing nowadays. Thank you for sharing your stories and pushing through everything :)
Hang in there. You are definitely living in a stable environment now. The rest alone will help your mental health so much. 😊
Very Awesome your aunt letting you stay the transition will work itself out. I have hopes for the future.Its just getting threw the indecision.
Rachel, remember why you started this channel, to help other people avoid the pitfalls you are in (not that anyone plans that to start with). Even though I’m in another country the knowledge you’ve shared about student loans is eye opening. You have proven over the years, even with the high paying job (that sucked the soul out of you, but served it’s purpose) that trying to get anyway ahead with student loans is virtually impossible with compound interest. Is it any wonder the government don’t want to get rid of them when it’s one of their biggest incomes? The only other option is win the lotto and even then I’d tell you buy a house and whatever is left put against the student loans. But we will keep our fingers crossed 🤞 that they loose your file and the debt goes with it 😂 or some big super star pays them off for you and everyone. Be kind, gentle and patient with yourself after the move. Know that you are in a safe place with family and friends including this UA-cam family. Have a great week. Mary, Joes wife 🙇♀️👏💪👍🙏💐🐈🐈⬛
Mary!!🥹 Your comments are so dang supportive and uplifting! I hope you know how much I appreciate you, always! Thank you.✨
Finances and end-of-life issues (especially hospice and death) are two areas we don't talk nearly enough about and I think we would be stronger if we did. Thanks for sharing!
Oh my gosh, AGREED!!
“Student loans are shitty.” Felt that in my soul 😂
Student loans are primarily the owners' responsibility but never understand why the school/Universities are never questioned on why they don't reduce their costs. They are a big business making lots of money with large endowment funds. They seem to be above the student loan debt problem.
Very good monthly budget spreadsheet.
Thank you!
You are a rock star! I love watching your videos. Being at your aunt's will be a huge help to move forward.
Hi Rachel, great video as always but what i would suggest when trying to bring new viewers up to speed about your student loan history, is to tell them you have already done videos on the subject and to scroll back and watch them there rather than have to keep explaining the whole thing over again to them. x
Rachel thank you for your honesty!! I promise you it will get better because you have strong determination and not afraid of work!! ❤️
This move was such a good idea financially and things might be a bit jumbled up now but everything will hopefully work out! dont lose hope. wishing you and your cute amazing cats the best of luck! also, the rants are completely fine and understandable if anything they are a good thing because its reality and so many UA-camrs try to hide the truth that so many people go through and it just needs to be spoken more about rather then a tabu!
Oh my gosh, thank you so much!! Couldn’t agree more!📢
Rachel, I'm so sorry about the Student Loan situation. I didn't fully understand it, and so I'm grateful for your description of your personal experience. What a scam. What a terrible terrible thing for banks to have done. In any case, you are so level-headed -- your financial plan for all of the rest of it is so very sound. Somehow this will all work out. But I am sorry that you have to go through this. I hope some wider solution happens that will help you.
keep it going! it has been hard but it will all work out. Best wishes on your continued improvement! btw ughhh student loans suck!
Thank you SO much!!☺️
Hi Rachel! Every time I see a new video from you I click it so fast 😂 Cheering for you through all these crazy ups and downs! It’s insane that $500 rent is over 33% of your take home pay. Since your income fluctuates so much and your aunt’s flexible, could you offer to give her 25% of whatever you’re able to earn from your W-2 paycheck each month?
Oh my gosh, that is so sweet, thank you!! She would be happy with anything 🙂
I think $500 is the perfect amount!
I was listening to you budget your finances and it dawned upon me that your w2 job pay in july was almost the same as the unemployment payout that you previously received. isn’t that crazy?? i can’t believe your employer isn’t giving you alternative arrangements in response to not being to go out on fishing trips and dealing with very last minute cancellations while being on standby. i hope something good career wise comes your way soon
I can afford to live alone in my area. I would still live with my aunt if I had the same opportunity 🎉! It sounds like the things you can control are working out.
Edit: I agree with your stance on the student loans. Many of us would take the help we can get(and i consider the loan not growing at least some help, even if its not ideal). Bcs we would all take help, we would take medicaid if we lost our jobs and needed healthcare, we will take a tax break, we will take paved roads to get to work, people will take FEMA money if their house gets destroyed from natural disaster etc.)
There’s a new announcement out about student loan forgiveness and you might qualify, given how much you have paid off and that your balance is greater than you borrowed. Keep your eyes out for email and spam from Dept of Education. Maybe that’s why mohela is dragging their feet.
U got this😊❤😊 Not many people could pay 3,000++++ a month so don’t worry. You’ve actually paid back what you borrowed they are just screwing people on the interest. I hope u got to go on the boat. Great Aug plan😊
So true!! Thank you Cat! Sitting at the dock, waiting to take off as I write this!😄
Hi there -have you looked into partial unemployment since you are not hitting full time work hours?
I have not! I need to call and ask though. I never would think such a thing possible but it has been brought up a few times now so maybe it is a possibility! Thank you for the nudge!
Rachel, how come you don’t live in your rental property? What state is it in? Thanks!
Mid West area and no ocean for her type of work!
You got this❤❤❤❤
I appreciate you immensely!!💜
Been there, worked three onsite jobs to get out of it. It wasn't fun but I got it done.
We really need to do something about these student loans bc for a lot of ppl its just unfair. Unwind the accumulated interest and maybe recalculate at a .99 interest? lol idk. Or charge interest every other month? Idk
Agreed! Change the interest structure!
Girl, haters gonna hate. These arm chair financial experts have no idea what it's like to walk in your shoes, or anyone elses! There's no "one size fits all" solution to the student loan debt debacle and clearly you always weigh your decisions heavily. It's not easy, you are doing the right thing, our country is a disaster. You're gonna get there, keep your head up! 💪❤
THIS!!👌 Thank you so much!
You did a great job with paying off all your credit card debt and car loan. most people wouldn’t have done that and would’ve kept spending. I’m not for forgiving student loans, but I feel like they should be interest pray.
Thank you! I agree, I don’t think forgiveness is the answer. I just wish they would fix the crappy compounding interest situation.😓
Is there a certain age where you don’t have to pay the student loans back? I don’t get it. How are you ever going to retire with that debt?
Have you looked into transferring the student loans to SoFi? They seem to manage student loans better than the government smh
F those student loans. These boomers knew what they were doing letting this happen. Keep on going. You got it.
Hi Rachel, how about being more transparent with the salary that you got at the great paying job? So we don't make the same mistake as you did by quitting.
Yup. I was completely transparent with every single monthly budget I posted while I was working there. It was a 6-fig job. But it was definitely not a mistake for me to quit. It was planned, calculated and incredibly needed.
Maybe if they changed the interest on student loans to be like interest on a car/mortgage, more people would actually work toward paying them off. I agree that the interest on student loans is ridiculous!
Couldn’t agree more!! I’m not hoping for forgiveness or anything of the sort, I’m just hoping for a HUMANE and reasonable interest structure! If it were different, I would totally feel encouraged to pay extra on them and get rid of them! But it doesn’t ever seem like the gov wants that to happen (which we all know they really don’t because student loan debt is the largest “asset” on the gov’s financial asset/debt balance sheet 🙄).
It won’t be easier, sorry to tell you but there is huge housing crisis in Maine. You are lucky to have your aunt. There are no apartments in that range-you are talking 1500-2000 for apartments. Every thing is more expensive in Maine. If you have a car-you will have excise tax and registration. I hope your Aunt will be able to help you find something. Also don’t wait on getting a PCP, some wait lists are can be a year!
I know, thats why I’m staying at my aunt’s!😵💫
@@its.rachel.hickeyI am glad you have her-I didn’t realize you had relatives here, sorry about that. It’s just so many people come here and then can’t find a place to stay. It’s a crazy time!
@@bichonbeach3859that’s okay!! It definitely is a crazy time! I’m very lucky to have her
Hi Rachel, two questions. What kind of car do you drive and do you have a video that talks about how you bought that rental property out of state? 😊
A Subaru.🙂 And yes! I made one a couple years ago (I think). Remind me and when I get back on shore, I can share the link to the exact video!!
@@its.rachel.hickey Glad you got a sea day!!!!! ❤️
!!
Hopefully you will be eligible for some student loan forgiveness.
Can I ask a really personal question and feel free not to answer. I am the mother of an adult child. Clearly you have a very wealthy family with large coastal homes/lots of land in glorious Maine. Probably worth well over a million if not more. Could your parents take a home equity loan that you would pay off and then you wouldn’t have this terrible debt that was capitalized. I think I might consider doing that if my daughter was in the same place.
That’s such a nice thing to do for your children! Honestly, I’m guessing they probably could. But honestly, I would never ask or accept (I’m still working on my issues with independence..). My family have been fortunate in both inheritance of property and having spouses that were capable of custom building. Since my parents are retired now, I just couldn’t ask them to put extra debt on their mortgage because they’ve work hard to pay it off. But honestly, that’s a great question and so lovely that you’d consider doing that for your children!
@@its.rachel.hickey thanks and please don’t take my question the wrong way! I’m trying to think of ways you can unburden yourself. In this scenario you would be paying back the debt, not them, but it would remove any predatory lending charades.
INSIST that your aunt allows you to pay the $500 per month rent…even if she keeps it aside to help you accrue money for deposit on apartment. Not paying your way as an adult will crush your maturity growth and may even lessen your drive to find a decent paying job. Take responsibility and pay your share to avoid from reverting backward into childhood-like dependency on others for your basic living requirements.
I understand. But trust me, just living with someone and not “holding my own” makes me feel shitty enough, there is absolutely no risk of reverting to dependency on anyone over the long-term.
I know it's very annoying and energy sucking to try to explain to people about the whole student loan situation. As much as I wished for you to have played the white lie part of telling people you paid off all your student loans so you dont have to deal with people coming at you over this, probably $178k is actually very hard to hide from everyone because of its high balance. Dont mind me. That's just how i avoid conflict with others, lol. I just hate people jumping on you over your student loan situation. I have student loans (though thankfully a lot less), and although i pay them, i just lie to others and say it's all paid off 😈. I mean, i dont want to waste my time and energy arguing with people over student loans 😂
But in seriousness, you might as well just let it hit your 25 years and pay the taxes, which you will only a portion of what you owe so you are right, why go all out trying to pay off all that balance, especially in this horrendous state of economy? Anyways, i hope for your situation to continue improving. Its been a s**t show for many of us, you especially.
So true Matt!😄 Luckily the negative comments are few and far between compared to the supportive ones! Thank you for being such a great part of the positivity! It’s so hard to get ahead with anything in this garbage economy. But we’ve got the determination for BETTER! We’ll both get to our goals, one way or another!☺️
@its.rachel.hickey update on this comment, now the market tanked further and jobs have now become harder to get because of this. Shit.
Dads are great! 😊 glad the move is over at least, my dream is to move to country side also … your garden looks amazing
They really are! Thank you!!