✨Want to work with me one on one? Book a call here: stan.store/laurenmiller/p/book-a-11-zoom-call-with-me-ezbnx ✨Get your own copy of my Debt Payoff Spreadsheet: tidd.ly/3H6boXr 📈If you'd like to be featured in an episode of Debt Confessions, you can apply here: docs.google.com/forms/d/e/1FAIpQLSepe2f9zA5Txg0QC9j-kz1Q1jvCnAfc1ApP-x7drR7Q90H0hQ/viewform?usp=sf_link (If you are chosen, you will receive a free copy of my debt payoff tracking spreadsheet as a thank you!) 💻Enroll in my Debt Payoff Course: moneyandmindset.teachable.com/p/ditchingyourdebt
Your calm, nonjudgmental approach is impressive. I just hope Aurora understands how seriously in trouble her financial situation is in. I mean she should shut down ALL non-essential expenditures for the next three years, no vacations, no treats, no pampering herself, and devote every penny toward paying off debts. She's young so there's hope, but it will take a drastic lifestyle change and I doubt she has the discipline based on her debts up to this point. At what point do you do a self-audit and realize you are killing yourself with debt?
I don't think she would have applied to be featured if she didn't realize it's serious! She is more aware and organized than I was at her age. And I didn't have the discipline, until one day I did!
She's in a tough spot! i would seriously consider a different living situation (get roommates, or move in with your parents and consider the $480 the new "rent") to get the rent expense down. She should also look at selling the car to pay off the auto loan ... in her situation she can't afford a $20K+ car ... more like $5-10K max!
agree! is she in a location where she can take public transport to work and uber occasionally? that would help a lot. also, switch companies for a likely $10k increase.
Def a good idea to explore ways to get her rent lower if there are any options available to her. I'm not sure it's worth getting rid of a $17,000 car loan for a $10,000 one. $17k is pretty reasonable for a car in my opinion assuming she bought it recently. I think the bigger issue is the interest rate on the loan--hoping she can work in increasing her credit score (which is likely the issue) and then refinance the car loan to a better rate. If it was a $30k car loan, it'd be a different story.
Given her parents need her support, we don’t know if they live nearby or if they even have room for her (the house may be full- younger siblings, grandparents etc). A trustworthy roommate may be the best idea to get living expenses down.
I love this new series Lauren, and I love how calm and unbiased you are when advising Aurora. You got this Aurora🙌🏽. You have youth on your side. Remember this is only for a season, not forever!
I can't imagine having that much debt. I don't understand people using credit cards. If you can't afford what you want now, how will you pay for it in the future with an added 26% interest rate? It doesn't make sense to me. A lot of the things that people buy on credit cards aren't all that important to them. People will go out to eat and put it on a credit card. Imagine how long you are paying for that food! Or people will buy other junk on credit, and whatever they bought is probably long since trashed or useless, and they're still paying for it. I know some people who paid for a huge catered wedding for their daughter. I can't begin to imagine how much it cost. I don't think there was any way they could have paid for this with cash. About a year to 18 months later, they got divorced, and I bet the parents are still paying for it. I think it would make more sense to give the couple a really nice ten-year anniversary present. I am 100% debt free. No mortgage, car loan, credit card debt, or any other kind of debt. Imagine how much this woman in the video is spending on interest. She has to work so much harder to pay all that interest. Using credit is like assuming that you will always be making as much money as you are now or even more. There are no guarantees in this world. What if you lose your job, get a serious illness, or are involved in an accident that makes it impossible for you to work? There goes your ability to pay off all your debt. To me, that would be a very scary position to be in. I remember back in the 2008 crisis, some people killed themselves and their families when their financial world collapsed. I don't ever want to be enslaved to anyone else via debt. Without debt, you have much more freedom too. You may be able to make a living selling online or doing something you enjoy instead of having a regular job.
i miss having that extra 2-3 paychecks a year when I was bi-weekly. I would just put it all into savings. Now, I'm paid semi-monthly so I can't do that anymore
And this ladies and gentlemen is why you develop skills & responsible habits and live within your means, to include not having more children than your income can comfortably handle so that you may maximize your savings and such. Unless you become disabled or ill your children should be focusing on starting their life and building their nest eggs so that their children won’t have to become their bank either. It turns into a vicious cycle that seems inescapable and it is one of the most common reasons people who get ahead regress into struggling. I love that she has a relationship with them to where she’s ok with helping her family though and hopefully she’ll find her way to a more financially comfortable lifestyle.
Regarding your observation that some people may hate their 9-5 job: I think most people should prioritize looking for jobs w/ a) great benefits & insurance coverage b) a working environment they enjoy (I have to go to an office or I go stir crazy) c) coworkers they enjoy being around & d) a busy-ness level that leaves them stimulated but rarely drained. WHAT you do for a living almost doesn't matter if it's something that keeps you engaged and overall at peace day-to-day & I don't think we talk about that enough. I don't make AMAZING money but my job is stable (and so is my mental health). That counts for so much.
Thank you for taking a positive attitude & encouraging sustainable approaches to debt payoff. I've had to stop following some finance channels that seem to think a coffee a week & a $5 streaming service is unacceptable when any debt is present. Life can be enjoyable while making great progress when you look at the bigger picture and simply budget by priority!
I have a credit score of 730 and my Capital One Credit Card interest rate is 29% So it’s just Capital One. I don’t think it’s a credit score issue. Also. My capital one credit card has a $5,000 limit and no balance. It’s just a high interest rate. Capital one is murder.
The scary thing is there's no reason to think Aurora won't keep spending/going into debt. Hopefully, there is a catalyst for change as her income grows. Don't let that lifestyle creep!
Thank you for this video!! I can relate to her age plus having debt from student loans. Your advice is good too and you break things down in a simple way.
I’m not a financial expert, BUT…if she could work a part time job 2 or 3 months only…and use that to pay off a few of the small debts…that would free up a lot to snowball. And maybe temporarily cut back on parental support if possible, to be caught up after some monthly money is freed up.
The gender pay gap is a key contributor to this. It's hard for single women to survive in this world when men make significantly more money than women.
Are you trolling? If that was the case employers would hire primarily women. Also companies can get in lawsuits over pay discrepancies based on race, gender, religion, etc. Women just don't work dangerous/risky jobs, work less hours, and tend to not go into STEM. When they do they get paid just as much as men. The pay gap doesn't factor in variables.
✨Want to work with me one on one? Book a call here: stan.store/laurenmiller/p/book-a-11-zoom-call-with-me-ezbnx
✨Get your own copy of my Debt Payoff Spreadsheet: tidd.ly/3H6boXr
📈If you'd like to be featured in an episode of Debt Confessions, you can apply here: docs.google.com/forms/d/e/1FAIpQLSepe2f9zA5Txg0QC9j-kz1Q1jvCnAfc1ApP-x7drR7Q90H0hQ/viewform?usp=sf_link (If you are chosen, you will receive a free copy of my debt payoff tracking spreadsheet as a thank you!)
💻Enroll in my Debt Payoff Course: moneyandmindset.teachable.com/p/ditchingyourdebt
I think she needs to explain to her family how much debt she’s in. You can’t lift people above the water if you are drowning.
30 percent interest????? Is this a loan shark?!!????
Your calm, nonjudgmental approach is impressive. I just hope Aurora understands how seriously in trouble her financial situation is in. I mean she should shut down ALL non-essential expenditures for the next three years, no vacations, no treats, no pampering herself, and devote every penny toward paying off debts. She's young so there's hope, but it will take a drastic lifestyle change and I doubt she has the discipline based on her debts up to this point. At what point do you do a self-audit and realize you are killing yourself with debt?
I don't think she would have applied to be featured if she didn't realize it's serious! She is more aware and organized than I was at her age. And I didn't have the discipline, until one day I did!
She's in a tough spot! i would seriously consider a different living situation (get roommates, or move in with your parents and consider the $480 the new "rent") to get the rent expense down. She should also look at selling the car to pay off the auto loan ... in her situation she can't afford a $20K+ car ... more like $5-10K max!
agree! is she in a location where she can take public transport to work and uber occasionally? that would help a lot. also, switch companies for a likely $10k increase.
Def a good idea to explore ways to get her rent lower if there are any options available to her.
I'm not sure it's worth getting rid of a $17,000 car loan for a $10,000 one. $17k is pretty reasonable for a car in my opinion assuming she bought it recently.
I think the bigger issue is the interest rate on the loan--hoping she can work in increasing her credit score (which is likely the issue) and then refinance the car loan to a better rate. If it was a $30k car loan, it'd be a different story.
Given her parents need her support, we don’t know if they live nearby or if they even have room for her (the house may be full- younger siblings, grandparents etc).
A trustworthy roommate may be the best idea to get living expenses down.
After law school I walked dogs too because I was temping!! Ah the memories millennial lawyers have.
I love this new series Lauren, and I love how calm and unbiased you are when advising Aurora. You got this Aurora🙌🏽. You have youth on your side. Remember this is only for a season, not forever!
Yes, with time on her side, she could be debt free and investing heavily by her early 30s!
Wow. I’m 29 and make 75K with $40K debt. I thought it was bad enough for me.
I can't imagine having that much debt. I don't understand people using credit cards. If you can't afford what you want now, how will you pay for it in the future with an added 26% interest rate? It doesn't make sense to me. A lot of the things that people buy on credit cards aren't all that important to them. People will go out to eat and put it on a credit card. Imagine how long you are paying for that food! Or people will buy other junk on credit, and whatever they bought is probably long since trashed or useless, and they're still paying for it. I know some people who paid for a huge catered wedding for their daughter. I can't begin to imagine how much it cost. I don't think there was any way they could have paid for this with cash. About a year to 18 months later, they got divorced, and I bet the parents are still paying for it. I think it would make more sense to give the couple a really nice ten-year anniversary present. I am 100% debt free. No mortgage, car loan, credit card debt, or any other kind of debt. Imagine how much this woman in the video is spending on interest. She has to work so much harder to pay all that interest. Using credit is like assuming that you will always be making as much money as you are now or even more. There are no guarantees in this world. What if you lose your job, get a serious illness, or are involved in an accident that makes it impossible for you to work? There goes your ability to pay off all your debt. To me, that would be a very scary position to be in. I remember back in the 2008 crisis, some people killed themselves and their families when their financial world collapsed. I don't ever want to be enslaved to anyone else via debt. Without debt, you have much more freedom too. You may be able to make a living selling online or doing something you enjoy instead of having a regular job.
i miss having that extra 2-3 paychecks a year when I was bi-weekly. I would just put it all into savings. Now, I'm paid semi-monthly so I can't do that anymore
I could not sleep at night.
And this ladies and gentlemen is why you develop skills & responsible habits and live within your means, to include not having more children than your income can comfortably handle so that you may maximize your savings and such. Unless you become disabled or ill your children should be focusing on starting their life and building their nest eggs so that their children won’t have to become their bank either. It turns into a vicious cycle that seems inescapable and it is one of the most common reasons people who get ahead regress into struggling. I love that she has a relationship with them to where she’s ok with helping her family though and hopefully she’ll find her way to a more financially comfortable lifestyle.
Regarding your observation that some people may hate their 9-5 job: I think most people should prioritize looking for jobs w/ a) great benefits & insurance coverage b) a working environment they enjoy (I have to go to an office or I go stir crazy) c) coworkers they enjoy being around & d) a busy-ness level that leaves them stimulated but rarely drained. WHAT you do for a living almost doesn't matter if it's something that keeps you engaged and overall at peace day-to-day & I don't think we talk about that enough. I don't make AMAZING money but my job is stable (and so is my mental health). That counts for so much.
Such a great point
Thank you for taking a positive attitude & encouraging sustainable approaches to debt payoff. I've had to stop following some finance channels that seem to think a coffee a week & a $5 streaming service is unacceptable when any debt is present. Life can be enjoyable while making great progress when you look at the bigger picture and simply budget by priority!
Yes!! Happiness along the way matters! Esp because for a lot of people (including myself) debt payoff takes many years
I really love these and hope you continue to do them 🖤
Glad you love them and I def plan to do more!
Is this a new trend now I follow someone whose been doing these videos for months and now I’m
Seeing a bunch of others do it.
Never, never,never borrow from a 401k.
I have a credit score of 730 and my Capital One Credit Card interest rate is 29% So it’s just Capital One. I don’t think it’s a credit score issue.
Also. My capital one credit card has a $5,000 limit and no balance. It’s just a high interest rate. Capital one is murder.
love this type of video! helping others with your past experience while using real numbers! keep it up
Thanks so much! It's been fun and I will def be doing more!
Either she stop or lowers the parent support … or she figures out how to do more hours or even better both
The scary thing is there's no reason to think Aurora won't keep spending/going into debt. Hopefully, there is a catalyst for change as her income grows. Don't let that lifestyle creep!
Awesome series ❤ Here to show support on your awesome channel ❤
Thanks so much!!
I’m seriously considering a new identity at this point. 😢
No matter how bad it is, you can climb your way out! Just start small, make a plan, and be consistent and if you’re not already, start budgeting!
Thank you for this video!! I can relate to her age plus having debt from student loans. Your advice is good too and you break things down in a simple way.
Thanks for watching! Good for you for prioritizing your finances in your 20s 👏
I like that you’re non judgmental about peoples situations but also firm about how they need to make changes
This was really helpful. Thank you!
Ih I love this kind of video. Do more please.
I’m not a financial expert, BUT…if she could work a part time job 2 or 3 months only…and use that to pay off a few of the small debts…that would free up a lot to snowball. And maybe temporarily cut back on parental support if possible, to be caught up after some monthly money is freed up.
I agree!
I love your shorts! You look amazing for a mother of 2! You will never have you 18 year old body back. Yes, it’s sad we all can’t look 18 for ever! ❤
Not true. I’m 49 and desperately trying to gain weight
The gender pay gap is a key contributor to this. It's hard for single women to survive in this world when men make significantly more money than women.
Are you trolling? If that was the case employers would hire primarily women. Also companies can get in lawsuits over pay discrepancies based on race, gender, religion, etc. Women just don't work dangerous/risky jobs, work less hours, and tend to not go into STEM. When they do they get paid just as much as men. The pay gap doesn't factor in variables.
!!!
There is no pay gap you purple hair feminists try to convey 😂
Loved this video and the non judge mental help. Subscribed and look forward to more!
Glad you loved it and welcome!