The "weight" of debt is guilt. When you have debt, you feel guilt and shame every time you spend a dime. Guilt , shame, and worry is very heavy. Once the bills are cleared and you start saving for the future, it is amazing how light you feel. Good job Dana!
Getting out of debt was so tough. Saving the emergency fund was so tough. No way I’ll ever go back in debt. Thinking of using a credit card or buying something on debt gives me great anxiety. Getting out of debt is the single most important thing I’ve ever done.
25 years ago before I ever heard of some crazy guy on the radio out of Nashville, I was working like crazy to get rid of my credit card debt. At the time I was also involved in Toastmasters. A little while after I finally got debt free, I distinctly remember one meeting. That day the impromptu speaking topic was 'what is the most significant thing you have accomplished'. Without hesitation, my response was becoming debt free. This was in the late 1990s. Stating that just owned something in my gut that I knew in my head.
@@msdanaryan well you dana, lydia senn, debt kicking mom, the frugal minimalist and budget girl. the whole debt free community made this happen for me you ladies rock! You guys kept me motivated i started my journey back in september and i paid over $8,000 since then. Thank you.
Love your honesty in this video. You are absolutely correct, debt is extremely emotional and heaps loads of guilt on you. How freeing it is when you do not have debt. Great video.
This video is "right on " of how I feel when I'm in debt. It is the most awful feeling. Parents should be teaching their children that being in debt is a negative thing. And set an example for their children.
I always hear "debt is normal" and "it's okay to have debt" from every baby boomer in my life. I don't know if it's a generational thing, but it really sucks, and I'm not sure why promoting debt is a thing! I plan on teaching budgeting to my kiddo so she never has to feel this way.
@@bargerver8796 Oh yeah, I totally feel that. I somewhat understand why I have debt because I was never taught that it was wrong. You better believe I will be a voice of change to the next generation. 🙌
Yeah the boomers are the ones that really got the ball rolling with credit cards and car loans. My mom was a boomer and borrowing money was something she did everyday. She lived off of borrowed money. She was a wonderful person and the best mom you could have, but handling money was definitely her weakness.
@@vickieclark5931 yeah my parents (boomers) too. Actually I think they are addicted to debt... Never ever in my life I have seen them debt free. Always working very proudly like slaves until the life and health pass them the bill. Always living way beyond their means, so borrowing money was the normal... So sad. Now they are old and sick and spend the majority of their lives working a lot, in the consumerist nonsense and in debt 😕
I’m a Gen-X who was raised by a depression era grandma who knew the value of a dollar. Never had credit card debt....college loan paid off in 6 months...cars paid for in cash. My grandma wouldn’t even allow us to quit a job because “you may never get another “. Which I know is crazy thinking but she lived through an era that was a standard. But it shaped me who I am today and I’m trying like mad to pass this mindset to my children
I'm 100% with you about cc Dana. If you play with snakes you are going to get bit. I also love the grand canyon analogy you just gave. That explains cc perfectly. People that play the cc games assume nothing will happen. They assume that they won't go out to their car that has a flat tire or get a call from the school that their kid got hurt. That's what makes cc so dangerous.
Dana, I just want you to know that you are my favorite financial/debt free type of RUclips channel. I’m single, with no kids, and I still get so much value with what you have to say. I’ve been debt free for a year and have been watching your channel for about 2 years. You are very consistent and have the heart of a teacher.
Dana, I've been following your channel for a bit over a year now. And even though I personally don't have any debt currently, I'm interested in all the things you talk about and I think you're truly a great person doing an amazing job inspiring people. And I want the people out there to know that if they have debt, that they shouldn't let it drag them down because it's fundamentally not their fault. The system is set up this way - and it's rigged, the odds are stacked against us little people. Like Dana says, stand up and fight. Work on a plan and understand that God gave you this amazing life as a gift and you don't need money to be happy and enjoy it!
Would love a video aimed at kids in their early 20s. Money basics. Great video. Debt killed my spirit for many years but I turned it all around. I’ve learned the more you spend the more someone else wins and you lose! Marketing is evil 😊
I think millennials were the first to really get into debt with college, credit cards, autos and just keeping up with the Jones's. After graduation they realized getting a job wasn't so easy and available in their field so their debt grew and grew. I taught both my kids to pay in full after our debt free journey years & years ago.
I would like Americans to understand that things don't have to be this way. Over here in Switzerland education/schools is either payed for by tax money or at least subsidized by government (=tax money). Universities charging students these incredibly high amounts of money as they do in the States is unheard of over here. Young people don't have any money - but they don't have debt. It's just not this huge industry over here where a few people and banks take advantage of the young people. Not saying it's all rainbows and sunshine over here. We all run on the same debt based system. We have a lot of mortgage debt in Switzerland - just no student debt. And when you have a house it's at least a material value you have for (material) money you pay.
Hello fellow Swiss person! I'd like to add that credit card debt is becoming more of a problem though, especially with younger people, because of online shopping. Leasing cars is becoming more and more popular, as well. Specialty schools are often not subsidized - my cousin goes to a Hotelfachschule and has to pay CHF 50'000.- for her education, despite her scholarship! But compared to the US we still are very priviledged, that's true :)
Yup, even here in Mexico a pretty bad country in many aspects, student loans are almost inexistent. There are lots of public (subsidized by our taxes) universities and in case you can't pass the approval tests, you can study in private schools but the fees are very achievable for a working student or with a little help from our parents... Is logic that students don't have almost any money, so nobody wants to risk their capital with them.
Hi Amy and thank you for giving hope to the millennials and may they teach the next teach generation well. Maybe even do a RUclips on how to do so. Also a video on the first few months of the beginning on the journey of being debt-free needs to be addressed too. It was an emotional rollercoaster for me. Much Love💞
Love the snake analogy! It fits perfectly. My husband has a card with a zero balance, but it's still there, lurking in his wallet. I imagine it with little creepy eyes, looking around, waiting patiently for us to need it. Not a good feeling! :)
I found it interesting that their biggest life goal is to get out of debt but they spend more than boomers. As a millennial, I hear a lot of my friends echoing what you said but then they are like “YOLO!” Lol
Doesn't matter what color chin you had. I enjoy watching your videos because of the quality of the information which you share with all of us. As much as i love Dave Ramsey, the same applies to you.
Getting out of debt is an excellent goal. Being debt-free is a key component of having freedom and independence. Frugal living is part of the way to get out of debt. Doing without anything that is not really a true necessity is part of the way (pay no one for hair coloring, manicures, pedicures, cable TV channels, satellite TV channels, bars drinks, restaurant meals, resort vacations...). Locking up your credit cards until they are fully paid-off is part of the way. Taking really good care of your belongings so that they last a long time is part of the way. Doing things for yourself instead of paying others to do those things for you is part of the way (cook your own meals from scratch, shampoo and condition your hair at home, clean your home yourself). Never buy clothing that needs dry cleaning. Change your job if your present job has low pay and requires you to waste money dry cleaning clothing so you conform to the dress code. It is far more important to be able to tolerate being unstylish, unfashionable in order to be debt-free than to be stylish and deeply indebt from buying the latest fashions, latest sports shoes, going to the coolest clubs and restaurant. Stay at home and save money. Find free or inexpensive ways to entertain your self at home or use that free time to learn a useful skill such as cooking your own meals. Find free ways to entertain yourself (free books, magazine, movie DVDs on loan from your community library; free fitness from jogging park trails with a workout buddy; car-camp in a nearby state park for a cheap vacation of day hikes...). Never buy something just because it is on sale, on clearance or because you have a good coupon for it -- these are lures to get you to buy things you do not really need -- the best discount is to not buy the unnecessary thing in the first place.
How do we as a nation ensure that the universities don't continue to escalate the cost of an education? The government should step in and not pay for a free education for everyone but cut it at its root. The root is the greed of those who are overcharging the American public. Young people will continue to go for degrees since they are necessary for employment in many fields.
What would be your advice if someone has health issues with a lot of hospital debt. If the person wanted to go back to tech school but is worried about the debt.
I'm an older millennial and getting out of debt, financial stability, is my biggest life goal for sure. It feels so impossible at this point of my life.
You always have an orange chin. I thought it was because you eat carrot juice every day for lunch at work. I love your video's. You are such an inspiration. :)
Aww thank you!! ❤️❤️ I must be eating too many oranges lately. 🍊 It was just weird. I try not to show my Alien side too publicly, but sometimes it slips out. 👽 🤣
It really is horrible. I wish I would've come to terms with money years before we started our debt-free journey. We're pretty lucky that we don't have student loans, and we use credit cards wisely. But we're still not able to do what we want because we have debt and the income doesn't add up for travel and fun things. Can't wait until it's over!
Most millennials I know say managing their finances stresses them out. They don’t want to think about it and don’t budget or balance a checkbook. We had one walk out of bible study when we brought up doing FPU. She never returned and won’t return our text or answer our calls. We tried to explain we’re all in the same boat but she won’t talk to us. I love not having a credit card but my debit card was compromised this week and has made me rethinking using a credit card.
I believe there are people who use credit cards responsibly like myself and by being responsible with them you can’t get bit. I budget for food. I use my credit card and then I pay off the expense. It’s that simple and I get points to travel for free or cash back. Will it make me a millionaire, no, but it will help with other things.
Melodie V I think that most people get into credit cards before they get really good at budgeting. If you’re great at knowing and sticking to your budget, credit cards really won’t be an issue.
Loved the video. One of the big hurdles I see people struggling with is the FICO score. They can't get it through their heads it doesn't matter. Get out of debt, save and invest. My wife and I cut up the credit cards 13 years ago. We bought our house (15-year fixed rate mortgage) with no credit. How? I brought my financial records to the credit union and showed them how we manage our money. That included a stack of monthly budget sheets. We are not debt free yet, but we are approaching it. At the moment, we're loosely following Dave R.'s baby steps, and making progress. I intend to dive in more wholeheartedly soon. In the physical world, I can think of no greater accomplishment than getting out of debt. Of the things we can control, and most often don't, getting rid of debt is, possibly, the most rewarding of all. Back to the FICO score. The only reason it would be important is if you're trying to get into more debt. Why would anyone care about that?
I have more debt than my millennial daughter. She also makes more money than I do, and she has owned her own house (yes a mortgage) since she was 23. I did a good job with her.vwith myself, not so much. Lol.
If you only use credit cards with money that’s sitting in your bank account for that that’s not a problem. If you bought the item with cash, you’re still not going to have that money for the ER visit. Likely you’ll still need to use emergency fund money. I get what you’re saying but I think you’re missing the issue. There’s ZERO risk if you’re doing the credit card CORRECTLY. The risk is using the credit card BEFORE you have that money.
Yeah, even people that say they put money on their cc and then pay it off a couple of days later once it's posted makes me nervous. It's still borrowing money and you don't know what could come up in the next couple of days where you won't have the funds to pay it off.
@@vickieclark5931 true. I think: what if I get really sick and can't pay the bills and my family doesn't know all the passwords and such. We do use a cc for the busy, though.
I just paid off my loan of £4,700! Feeling so great about it. Whoohoo! 😊 Now just need to tackle my credit card and then never again! It is like being a slave, no surprise in the Bible God is against debt, he always knows best! Same with eating bats and snakes a big no in the Bible, and now we have coronavirus because people ate bats at an illegal food market in China, sorry got off topic here lol. My point God always knows best! 😁
True. I’m Gen X, actually. Millennials make up 22% of the US population, and pretty much dominate RUclips in terms of viewer demographic. They’re the largest adult generation currently according to the US census. Gen X is the “middle child”. Stuck in the middle of boomers and millennials. Ironically I’m the middle child in my family. We’re always ignored. LOL!!
Debt Free Dana ツ How sad that we are divided into generations and how each apparently behaves differently and needs different things. "Neither borrower nor lender be" comes from generations long before all of us (biblical I believe) but we have new excuses for so called new needs. Education is proving to be a rope around our necks before getting our toes wet in the working world. Growing up, if education was too expensive and you weren't going to be a rocket scientist you got a job. Now you must have debt to prove you've been educated properly. I'm almost 60 and amazed at what I didn't know about money. I watched my mother budget every week. It was cash, no credit cards. She recorded where every cent went. They would never have had a home of their own without her hard work. But budgeting was all I knew. Debit and credit were business terms. Investments were something the idle rich did or had but nothing I could ever think about. Credit cards were like nirvana to me. All great budgeting plans blown in an afternoon of buying this or that for my family and of course me. New highs of shopping and the eventual low of the bill. Then paying it down until the next high was needed. I didn't know how to combat that. The shame of it all when we were struggling to make ends meet. Years later, having struggled with it terrible cycle of it but increasing the amount owed, I took out a loan to pay for the card and closed the account and then cut up the card. Then I woke up to how much I relied on it, the thoughts that needed to change and the habits also. I'm halfway through paying the loan and it's beginning to feel like there is light at the end. I'm determined to have a small place of my own to live out the rest of my years - debt free and a little put by. Finally living up to being neither a borrower nor lender. In the meantime, I learn much from you tubers like Dana and Jaspreet. 💜🇦🇺🐨
Really? That's crazy. It's so sad all this life energy people have to put towards something that enslaves them and that they shouldn't be having in the first place. It's not their fault though - the system is made this way on purpose. To make us serves to debt was the plan all along I believe.
Go to a college in your own state...pick a school that you can afford...apply for every scholarship out there...work full time during school...pick a career that is in demand in the real world (just because you want to be a left handed puppeteer, doesn't mean you can make money doing it)...you may need to save for your first semester before going and then budget for the next by working full-time...don't eat out...don't have a car payment, sell it if you do and get a beater...it's not easy, but it's doable...and unfortunately, not everyone can afford it...but college educated doesn't necessarily mean successful.
Not every university accepts the exact courses taught at a given community college. Our son could not transfer courses from our local community college to Penn State for his engineering degree in the past.
LuAnn Sunsdahl you sound so condescending. I have a doctorate in mechanical engineering. I could have NEVER taken my path without loans. And I’m pretty sure there wouldn’t be many physicians in the US without loans. Debt and the systemic failures of the costs of higher education are two different things. I think it’s short sighted and privileged to say “well not everyone should go to college”
I’m a millennial and once I pay these cards off - no more. Never agian.
The "weight" of debt is guilt. When you have debt, you feel guilt and shame every time you spend a dime. Guilt , shame, and worry is very heavy. Once the bills are cleared and you start saving for the future, it is amazing how light you feel. Good job Dana!
Getting out of debt was so tough. Saving the emergency fund was so tough. No way I’ll ever go back in debt. Thinking of using a credit card or buying something on debt gives me great anxiety. Getting out of debt is the single most important thing I’ve ever done.
25 years ago before I ever heard of some crazy guy on the radio out of Nashville, I was working like crazy to get rid of my credit card debt. At the time I was also involved in Toastmasters. A little while after I finally got debt free, I distinctly remember one meeting. That day the impromptu speaking topic was 'what is the most significant thing you have accomplished'. Without hesitation, my response was becoming debt free. This was in the late 1990s. Stating that just owned something in my gut that I knew in my head.
You are soo right...i just made my last payment on my credit card debt. As of today i'm completely debt free, feels awesome!!!
Woot woot!!!! CONGRATS!!! So excited for you. 🎉❤️
@@msdanaryan well you dana, lydia senn, debt kicking mom, the frugal minimalist and budget girl. the whole debt free community made this happen for me you ladies rock! You guys kept me motivated i started my journey back in september and i paid over $8,000 since then. Thank you.
Congratulations!!
@@nikkibadzik3948 thank you!
Yay!! I'm so happy for you.
Preach it Dana! Well said. When you said that debt makes you feel like a slave, it almost gave me chills. So so true.
Love your honesty in this video. You are absolutely correct, debt is extremely emotional and heaps loads of guilt on you. How freeing it is when you do not have debt. Great video.
This video is "right on " of how I feel when I'm in debt. It is the most awful feeling. Parents should be teaching their children that being in debt is a negative thing. And set an example for their children.
I always hear "debt is normal" and "it's okay to have debt" from every baby boomer in my life. I don't know if it's a generational thing, but it really sucks, and I'm not sure why promoting debt is a thing! I plan on teaching budgeting to my kiddo so she never has to feel this way.
Trust your instincts - Debt is NOT normal. It's servedom and it restricts our God-given right to be free.
@@bargerver8796 Oh yeah, I totally feel that. I somewhat understand why I have debt because I was never taught that it was wrong. You better believe I will be a voice of change to the next generation. 🙌
Yeah the boomers are the ones that really got the ball rolling with credit cards and car loans. My mom was a boomer and borrowing money was something she did everyday. She lived off of borrowed money. She was a wonderful person and the best mom you could have, but handling money was definitely her weakness.
@@vickieclark5931 yeah my parents (boomers) too. Actually I think they are addicted to debt... Never ever in my life I have seen them debt free. Always working very proudly like slaves until the life and health pass them the bill. Always living way beyond their means, so borrowing money was the normal... So sad. Now they are old and sick and spend the majority of their lives working a lot, in the consumerist nonsense and in debt 😕
I’m a Gen-X who was raised by a depression era grandma who knew the value of a dollar. Never had credit card debt....college loan paid off in 6 months...cars paid for in cash. My grandma wouldn’t even allow us to quit a job because “you may never get another “. Which I know is crazy thinking but she lived through an era that was a standard. But it shaped me who I am today and I’m trying like mad to pass this mindset to my children
I'm 100% with you about cc Dana. If you play with snakes you are going to get bit. I also love the grand canyon analogy you just gave. That explains cc perfectly. People that play the cc games assume nothing will happen. They assume that they won't go out to their car that has a flat tire or get a call from the school that their kid got hurt. That's what makes cc so dangerous.
Dana, I just want you to know that you are my favorite financial/debt free type of RUclips channel. I’m single, with no kids, and I still get so much value with what you have to say. I’ve been debt free for a year and have been watching your channel for about 2 years. You are very consistent and have the heart of a teacher.
Thank you so much, Jessica!! ❤️💕 HUGS!
Yep, just like planning a diet. You need to know what’s coming in and what’s going out and plan accordingly.
Dana, I've been following your channel for a bit over a year now. And even though I personally don't have any debt currently, I'm interested in all the things you talk about and I think you're truly a great person doing an amazing job inspiring people. And I want the people out there to know that if they have debt, that they shouldn't let it drag them down because it's fundamentally not their fault. The system is set up this way - and it's rigged, the odds are stacked against us little people. Like Dana says, stand up and fight. Work on a plan and understand that God gave you this amazing life as a gift and you don't need money to be happy and enjoy it!
Would love a video aimed at kids in their early 20s. Money basics. Great video. Debt killed my spirit for many years but I turned it all around. I’ve learned the more you spend the more someone else wins and you lose! Marketing is evil 😊
I think millennials were the first to really get into debt with college, credit cards, autos and just keeping up with the Jones's. After graduation they realized getting a job wasn't so easy and available in their field so their debt grew and grew. I taught both my kids to pay in full after our debt free journey years & years ago.
It is true with mortgages too, not just consumer debt. A mortgage, even a small one, can weigh a person down too.
I would like Americans to understand that things don't have to be this way. Over here in Switzerland education/schools is either payed for by tax money or at least subsidized by government (=tax money). Universities charging students these incredibly high amounts of money as they do in the States is unheard of over here. Young people don't have any money - but they don't have debt. It's just not this huge industry over here where a few people and banks take advantage of the young people. Not saying it's all rainbows and sunshine over here. We all run on the same debt based system. We have a lot of mortgage debt in Switzerland - just no student debt. And when you have a house it's at least a material value you have for (material) money you pay.
Hello fellow Swiss person! I'd like to add that credit card debt is becoming more of a problem though, especially with younger people, because of online shopping. Leasing cars is becoming more and more popular, as well. Specialty schools are often not subsidized - my cousin goes to a Hotelfachschule and has to pay CHF 50'000.- for her education, despite her scholarship! But compared to the US we still are very priviledged, that's true :)
But what do you want us to do? Move to Switzerland?
Yup, even here in Mexico a pretty bad country in many aspects, student loans are almost inexistent. There are lots of public (subsidized by our taxes) universities and in case you can't pass the approval tests, you can study in private schools but the fees are very achievable for a working student or with a little help from our parents... Is logic that students don't have almost any money, so nobody wants to risk their capital with them.
Hi Amy and thank you for giving hope to the millennials and may they teach the next teach generation well. Maybe even do a RUclips on how to do so. Also a video on the first few months of the beginning on the journey of being debt-free needs to be addressed too. It was an emotional rollercoaster for me. Much Love💞
Enjoyed this talk Dana. Have an awesome day ♥️👍
You too!! 💕😊
Love the shirts
I agree with everthing!
Love the snake analogy! It fits perfectly. My husband has a card with a zero balance, but it's still there, lurking in his wallet. I imagine it with little creepy eyes, looking around, waiting patiently for us to need it. Not a good feeling! :)
Interesting video! Thanks for sharing your research and your ideas enjoy your channel!
I found it interesting that their biggest life goal is to get out of debt but they spend more than boomers. As a millennial, I hear a lot of my friends echoing what you said but then they are like “YOLO!” Lol
Another option for money sanity is debtors anonymous. Great video! So well said! ... “playing with snakes...” amen
This is so great. We need to educate kids about the dangers of evil credit card companies! Money skills should be a high graduation requirement.
You are right we are lucky in France not to have to go through this burden so soon in life !
Doesn't matter what color chin you had. I enjoy watching your videos because of the quality of the information which you share with all of us. As much as i love Dave Ramsey, the same applies to you.
Getting out of debt is an excellent goal. Being debt-free is a key component of having freedom and independence.
Frugal living is part of the way to get out of debt.
Doing without anything that is not really a true necessity is part of the way (pay no one for hair coloring, manicures, pedicures, cable TV channels, satellite TV channels, bars drinks, restaurant meals, resort vacations...).
Locking up your credit cards until they are fully paid-off is part of the way.
Taking really good care of your belongings so that they last a long time is part of the way.
Doing things for yourself instead of paying others to do those things for you is part of the way (cook your own meals from scratch, shampoo and condition your hair at home, clean your home yourself).
Never buy clothing that needs dry cleaning. Change your job if your present job has low pay and requires you to waste money dry cleaning clothing so you conform to the dress code.
It is far more important to be able to tolerate being unstylish, unfashionable in order to be debt-free than to be stylish and deeply indebt from buying the latest fashions, latest sports shoes, going to the coolest clubs and restaurant.
Stay at home and save money. Find free or inexpensive ways to entertain your self at home or use that free time to learn a useful skill such as cooking your own meals.
Find free ways to entertain yourself (free books, magazine, movie DVDs on loan from your community library; free fitness from jogging park trails with a workout buddy; car-camp in a nearby state park for a cheap vacation of day hikes...).
Never buy something just because it is on sale, on clearance or because you have a good coupon for it -- these are lures to get you to buy things you do not really need -- the best discount is to not buy the unnecessary thing in the first place.
How do we as a nation ensure that the universities don't continue to escalate the cost of an education? The government should step in and not pay for a free education for everyone but cut it at its root. The root is the greed of those who are overcharging the American public. Young people will continue to go for degrees since they are necessary for employment in many fields.
What would be your advice if someone has health issues with a lot of hospital debt. If the person wanted to go back to tech school but is worried about the debt.
I'm an older millennial and getting out of debt, financial stability, is my biggest life goal for sure. It feels so impossible at this point of my life.
You always have an orange chin. I thought it was because you eat carrot juice every day for lunch at work. I love your video's. You are such an inspiration. :)
Dana you could have a green chin and still look beautiful! I didn’t even notice the orange!
Aww thank you!! ❤️❤️ I must be eating too many oranges lately. 🍊 It was just weird. I try not to show my Alien side too publicly, but sometimes it slips out. 👽 🤣
It really is horrible. I wish I would've come to terms with money years before we started our debt-free journey. We're pretty lucky that we don't have student loans, and we use credit cards wisely. But we're still not able to do what we want because we have debt and the income doesn't add up for travel and fun things. Can't wait until it's over!
Most millennials I know say managing their finances stresses them out. They don’t want to think about it and don’t budget or balance a checkbook. We had one walk out of bible study when we brought up doing FPU. She never returned and won’t return our text or answer our calls. We tried to explain we’re all in the same boat but she won’t talk to us. I love not having a credit card but my debit card was compromised this week and has made me rethinking using a credit card.
I believe there are people who use credit cards responsibly like myself and by being responsible with them you can’t get bit. I budget for food. I use my credit card and then I pay off the expense. It’s that simple and I get points to travel for free or cash back. Will it make me a millionaire, no, but it will help with other things.
Melodie V I think that most people get into credit cards before they get really good at budgeting. If you’re great at knowing and sticking to your budget, credit cards really won’t be an issue.
Loved the video. One of the big hurdles I see people struggling with is the FICO score. They can't get it through their heads it doesn't matter. Get out of debt, save and invest. My wife and I cut up the credit cards 13 years ago. We bought our house (15-year fixed rate mortgage) with no credit. How? I brought my financial records to the credit union and showed them how we manage our money. That included a stack of monthly budget sheets.
We are not debt free yet, but we are approaching it. At the moment, we're loosely following Dave R.'s baby steps, and making progress. I intend to dive in more wholeheartedly soon.
In the physical world, I can think of no greater accomplishment than getting out of debt. Of the things we can control, and most often don't, getting rid of debt is, possibly, the most rewarding of all.
Back to the FICO score. The only reason it would be important is if you're trying to get into more debt. Why would anyone care about that?
*Interesting top goal but I believe it. ~ Not a millennial* 😉
That's this millennials life goal... Half way there! :) Although I would say having a family came first for me, then getting out of debt.
I have more debt than my millennial daughter. She also makes more money than I do, and she has owned her own house (yes a mortgage) since she was 23. I did a good job with her.vwith myself, not so much. Lol.
If you only use credit cards with money that’s sitting in your bank account for that that’s not a problem. If you bought the item with cash, you’re still not going to have that money for the ER visit. Likely you’ll still need to use emergency fund money. I get what you’re saying but I think you’re missing the issue. There’s ZERO risk if you’re doing the credit card CORRECTLY. The risk is using the credit card BEFORE you have that money.
I can't imagine carrying a credit card balance. It must be so scary to live that way. I didn't notice an orange chin. Haha
Yeah, even people that say they put money on their cc and then pay it off a couple of days later once it's posted makes me nervous. It's still borrowing money and you don't know what could come up in the next couple of days where you won't have the funds to pay it off.
@@vickieclark5931 true. I think: what if I get really sick and can't pay the bills and my family doesn't know all the passwords and such. We do use a cc for the busy, though.
I just paid off my loan of £4,700! Feeling so great about it. Whoohoo! 😊 Now just need to tackle my credit card and then never again! It is like being a slave, no surprise in the Bible God is against debt, he always knows best! Same with eating bats and snakes a big no in the Bible, and now we have coronavirus because people ate bats at an illegal food market in China, sorry got off topic here lol. My point God always knows best! 😁
People ignore GERATION X WHY.
True. I’m Gen X, actually. Millennials make up 22% of the US population, and pretty much dominate RUclips in terms of viewer demographic. They’re the largest adult generation currently according to the US census.
Gen X is the “middle child”. Stuck in the middle of boomers and millennials. Ironically I’m the middle child in my family. We’re always ignored. LOL!!
Notice none of these studies even talk about generationX
I notice, yes. I’m Gen X. We’re the “middle child”. Gen Xers were born during a period when Americans were having less kids.
Debt Free Dana ツ Dana I am too, but I’m at the top (old) end! 😉
Debt Free Dana ツ How sad that we are divided into generations and how each apparently behaves differently and needs different things. "Neither borrower nor lender be" comes from generations long before all of us (biblical I believe) but we have new excuses for so called new needs. Education is proving to be a rope around our necks before getting our toes wet in the working world. Growing up, if education was too expensive and you weren't going to be a rocket scientist you got a job. Now you must have debt to prove you've been educated properly. I'm almost 60 and amazed at what I didn't know about money. I watched my mother budget every week. It was cash, no credit cards. She recorded where every cent went. They would never have had a home of their own without her hard work. But budgeting was all I knew. Debit and credit were business terms. Investments were something the idle rich did or had but nothing I could ever think about. Credit cards were like nirvana to me. All great budgeting plans blown in an afternoon of buying this or that for my family and of course me. New highs of shopping and the eventual low of the bill. Then paying it down until the next high was needed. I didn't know how to combat that. The shame of it all when we were struggling to make ends meet. Years later, having struggled with it terrible cycle of it but increasing the amount owed, I took out a loan to pay for the card and closed the account and then cut up the card. Then I woke up to how much I relied on it, the thoughts that needed to change and the habits also. I'm halfway through paying the loan and it's beginning to feel like there is light at the end. I'm determined to have a small place of my own to live out the rest of my years - debt free and a little put by. Finally living up to being neither a borrower nor lender. In the meantime, I learn much from you tubers like Dana and Jaspreet. 💜🇦🇺🐨
I turn 40 in June. I thought I was Gen X. I don't know how that works
There is no one fixed range really,some say Millennials are those born between 1979-2000 and some say 1981-1996 but its that kind of area.
@@Jess-nc4oy Does the US Government come up with lables for when people are born?
@@smartypants1980 No, I don't think so. Probably the media lol
@@Jess-nc4oy Oh, right. I didn't think of that. And it could also be a advertisemet thing to, right? Like for targeting a demagraphic
I’m a Xennial. It’s the microgeneration between gen x and millennial. I am 39 and don’t identify as millennial at all.
Really? That's crazy. It's so sad all this life energy people have to put towards something that enslaves them and that they shouldn't be having in the first place. It's not their fault though - the system is made this way on purpose. To make us serves to debt was the plan all along I believe.
Then how do you suggest people get an education?!
Go to a college in your own state...pick a school that you can afford...apply for every scholarship out there...work full time during school...pick a career that is in demand in the real world (just because you want to be a left handed puppeteer, doesn't mean you can make money doing it)...you may need to save for your first semester before going and then budget for the next by working full-time...don't eat out...don't have a car payment, sell it if you do and get a beater...it's not easy, but it's doable...and unfortunately, not everyone can afford it...but college educated doesn't necessarily mean successful.
@@luannsunsdahl2946 you said it all
And start at a community college.
Not every university accepts the exact courses taught at a given community college. Our son could not transfer courses from our local community college to Penn State for his engineering degree in the past.
LuAnn Sunsdahl you sound so condescending. I have a doctorate in mechanical engineering. I could have NEVER taken my path without loans. And I’m pretty sure there wouldn’t be many physicians in the US without loans. Debt and the systemic failures of the costs of higher education are two different things. I think it’s short sighted and privileged to say “well not everyone should go to college”
This millennial is drowning in debt and scared...
Look into Dave Ramsey... He has changed this millennials life!
Mike & Nice I know Dave Ramsey...until I can find work conditions to suit my disabilities I cannot do anything about paying off debt
This country needs a change. Get out and vote healthcare and education for citizens take care of our future youth stop the shackles of debt.
Debt = chronic disease.
Why do these articles always compare millennials to Baby Boomers and not Gen X? Gen X always the forgotten generation.