How to Adult if you thinking any company bragging about their BBB rating cares about people is worth accepting sponsorship from, please research them next time. You’re being funded by a highly controversial and sometimes called scam company, keep that in mind as you accept those checks
You really should have mentioned the tax benefits to owning a home. They largely offset the cons, even if the home doesn't appreciate. Even if it depreciates.
Just a comment for all the high school/college age people out there: community colleges are a really great way to go. Keep in mind that when people call the "2 year school" It means that if you take full course loads for 4 semesters you can earn your degree. More often than not, you end up changing your major for one reason or another. Don't worry! It happens. I was one class away from having an associate's degree when I changed my major. I'm halfway through my 3 year of college and have finally transferred, but I also took summer and winter courses and max loaded my courses. I've taken about 30 classes so far AND I DO NOT HAVE DEBT. My younger sister on the other hand just finished her first semester and has $5000 in debt already. Moral of the story: don't hang yourself with debt when you're 18 and have other options.
I think a lot of community-college goers don't recognize the benefits of going straight to a four year school. Yes, community colleges are cheaper, but 4 year colleges often offer a better education, not to mention all the other potential perks - student activities, frat life, school pride, easier access to jobs and internships, networking, etc. To some people, the debt is worth it.
Pleeeease avoid payday lenders - they're a trap. Try finding micro finance organisations (often linked to not-for profits and/or religious groups) like in Australia we have Good Shepherd Microfinance, who provide a woman focused savings program, a No Interest Scheme for household items like fridges and (the one which kept me from losing my job and becoming homeless) the Step Up Loan for up to $3000AU (I bought a car = keep job = keep up with rent).
Kera Atkins You have to realise that some who go for personal loans aren't overspending as they're just making ends meet, but are in a position that theres a need for asset *now* for the work that they do. Also, in Australia, there's a lot of loan sharks out here, so to know there's non-profit groups out there could be useful.
Regarding private loans, it's best to avoid them whenever possible. They aren't subject to many of the benefits that federal student loans are, and they frequently have far worse collection practices. The Guardian ran an article about how private student loans often will continue to propagate inequality. Seriously, avoid them at all. They do not have income based repayment all the time. For instance, my loans in income-based repayment are $200/month. If they were private, they would be $600+ a month. If you're going into healthcare, there's also a chance that we will still (hopefully) have public loan forgiveness, too, which means after ten years of those payments you will have the rest waived if you work at a public agency. Don't put your loans into deferment or forbearance unless you have no other choice. Also, if you are thinking about graduate schools, investigate many universities and apply to several that have funding. You may be able to go to college for far cheaper. I wound up not paying for quite a substantial portion of my masters degree as a result. I have a graduate degree in clinical psychology. Many PhD programs pay a stipend and waive tuition if you get in, but you have to apply to 10-15 PhD programs often, and they are competitive. This means people get impatient and they go into PsyD programs, which can cost anywhere from 150-300k depending. Another tip for cheaper college: go to a community college for 2 years and then transfer. I did this and basically got a bachelor's degree that my classmates spent about 100k for and paid around 30k total, because I did not live on campus, and because I went to community college first and did all my pre-reqs. I got a private school degree for peanuts compared to others. They don't tell you this crap in highschool - I only knew because I went back in my 30s to get my BA and MA. Finally, if there's a career you are interested in, write a professional and see what they say. Some will even let you shadow them. Most of us are happy to answer questions. I found a counselor who was doing exactly what I wanted to do and then emulated the steps they took...this stopped me from getting the wrong degree, which is an expensive mistake. (I'm a psychotherapist with a clinical license.) Thing is, schools don't care if you make this mistake. They get paid regardless, and you are stuck with the wrong degree. Also, it helps show initiative for college applications too, if you network in your field, make connections, and demonstrate you are really passionate if you decide you like it :)
Regarding community college, if you want to do your first 2 years at a community college then transfer to a 4 year university, be aware that it really depends on your major and which school you're transferring to as to whether your credits will transfer. If you're doing, say, a business degree, you'll most likely be fine. But I'm an education major and nearly everyone who transfers into the program at my university has to basically restart from the level of a freshman. This is because different schools have different criteria for which classes education majors have to take, so my university takes no chances with transferring credits. Combine that with the crapton of classes that are required, and you get transfer students who end up spending 3 or 3.5 years here instead of the 2 that they planned.
xmorgan1123x absolutely! Not sure about the rest of the country, but in California, community colleges have a list of classes that will transfer to the Cal State and UC systems, as well as a breakdown of what general ed requirements they satisfy. If you (general you, not specific you) are considering community college for your first two years, make sure to get this form. That way you don’t spend your time and money.
It really depends on the university you're trying to transfer to. My university accepts all of my community college credits. But before I went to my university, there were some colleges who wouldn't accept my community college courses. Other colleges would take 2 out of 3 credits and make you retake the course since they don't consider community college courses as traditional college courses.
Agreed! The reason I chose not to do that was because I knew I wanted to major in animation, and most art schools won't accept transfer credits for art classes without seeing both your portfolio and the class syllabus. The school I ended up choosing happened to be a Christian school (had a significantly lower tuition for an animation program compared to most schools), so some gen ed credits for Bible classes obviously wouldn't be offered at a community college. From what I've heard from friends who did the community college thing for my program: at my school it got them out of a semester of classes. It's something, but the flip side is they'll still be at the school for longer than two years. So tl;dr: do your research, especially if you're thinking of majoring in something with gen ed requirements beyond math, writing, etc, or going to a specific school with stricter gen ed requirements.
I sincerely hope that people are paying attention, especially regarding student loans. I had no clue what I was doing as a first-generation college student. Now working at a university, I see how students are taking whatever they are given- which is way more than needed usually, and it's just digging a huge hole.
Here is weird one: how to follow the news. As I get older, I get alot more interested in the news and in world issues. But everytime I try to follow the news I get overwhelmed with the amount of information that is out there. I think it's important to teach young adults where to find good news sources, how to follow stories , how to indentify if a news article is a well written article and to analyse how "true" a story actually is (don't believe everything you read on the internet). Hopefully you like this idea. :) (Srry 4 bad english)
If you have student loans I would highly recommend that you pay off any interest on them that you can while you are in school. It will save you a ton of money in the long run.
I don’t know if these are common in US but in UK a lot of credit card companies offer 0% interest deals where you won’t be charged any interest for the first one or two years.
7:17 It's good to learn about this but man this system feels scummy when the first thing that comes to mind is all the chronic gamblers in movies who go "eyy, let's make this a little more INTERESTING, why don't you throw in that [critically valuable asset] onto the gamble?"
People forget that there's a lot of homework to do BEFORE deciding on college majors. A friend of mine paid her own way through marine biology school by bar tending at Apple Bee's, only to find out after the fact that marine biologists make less money than bar tenders at Apple Bee's. :(
I’m sorry, but getting student loans to improve your credit score is terrible advice. Think harder about this. This is stater advice. Please do your own research. Don’t blindly take this advice. Talking about payday loans before auto loans! No discussion on subprime car notes which are flooding the market.
Oh, absolutely. You shouldn't be getting student loans to improve your credit score, you should be getting student loans to get an education if you believe it's in your best interests. I'm glad you clarified this! I'm also happy to clarify that the types of loans listed in this video aren't in any particular order: we aren't trying to place more emphasis on payday loans than auto loans. As for subprime car notes, it'd be great to hear you elaborate on the subject. If you think it'd be helpful to other folks that are coming across this video, we always appreciate discussion about the subject in the comments. Thank you again for helping clarify! -Sarah
I am getting student loans, of course because I need them, but also very much because it is one of the few and one of the best ways to start a credit history that I'm going to need down the road. I have a great credit score thanks to my parents being responsible and them allowing me to be a user on their credit cards, but even with that I don't have the history necessary for a lot of things. I'm sticking to subsidized loans only, so it's the safest option, and I'll probably be able to pay 70% of them off before I even leave college since I'm working a job as well, but it does wonders for credit building. Student loans are one of the very best if not the best way to build credit when you're young, *so long as you can pay them off* (Super duper emphasis on *paying them off* )
Is it possible if you spend wisely to eventually become free of debt? I know house and car payments exist as well as student loan, but once you clear those out can you technically have zero dollars in debt?
This is a very helpful video. Staying out of debt is so much better than thinking of how to pay it and when to pay it. I created my channel to share videos on saving money tricks. Believe me when I say that I've never been this happy after being free from debt. We can all do it.
Visit www.nationaldebtrelief.com/HTA to get a free report comparing all your debt relief options.
How to Adult if you thinking any company bragging about their BBB rating cares about people is worth accepting sponsorship from, please research them next time. You’re being funded by a highly controversial and sometimes called scam company, keep that in mind as you accept those checks
You really should have mentioned the tax benefits to owning a home. They largely offset the cons, even if the home doesn't appreciate. Even if it depreciates.
8:30 "if you're struggling with one or more kinds of debt we've talked about today, you're not a loan" THE PUN
As a child, or "youth", I'm scared.
Just a comment for all the high school/college age people out there: community colleges are a really great way to go. Keep in mind that when people call the "2 year school" It means that if you take full course loads for 4 semesters you can earn your degree. More often than not, you end up changing your major for one reason or another. Don't worry! It happens. I was one class away from having an associate's degree when I changed my major. I'm halfway through my 3 year of college and have finally transferred, but I also took summer and winter courses and max loaded my courses. I've taken about 30 classes so far AND I DO NOT HAVE DEBT. My younger sister on the other hand just finished her first semester and has $5000 in debt already.
Moral of the story: don't hang yourself with debt when you're 18 and have other options.
I think a lot of community-college goers don't recognize the benefits of going straight to a four year school. Yes, community colleges are cheaper, but 4 year colleges often offer a better education, not to mention all the other potential perks - student activities, frat life, school pride, easier access to jobs and internships, networking, etc. To some people, the debt is worth it.
Pleeeease avoid payday lenders - they're a trap. Try finding micro finance organisations (often linked to not-for profits and/or religious groups) like in Australia we have Good Shepherd Microfinance, who provide a woman focused savings program, a No Interest Scheme for household items like fridges and (the one which kept me from losing my job and becoming homeless) the Step Up Loan for up to $3000AU (I bought a car = keep job = keep up with rent).
From Scratch Aunty Bindy or just stop wasting your money on getting a new iphone or yeezys every month and live with in your means.
I actually need a new car so I'll look into this thanks!
Kera Atkins You have to realise that some who go for personal loans aren't overspending as they're just making ends meet, but are in a position that theres a need for asset *now* for the work that they do. Also, in Australia, there's a lot of loan sharks out here, so to know there's non-profit groups out there could be useful.
Regarding private loans, it's best to avoid them whenever possible. They aren't subject to many of the benefits that federal student loans are, and they frequently have far worse collection practices. The Guardian ran an article about how private student loans often will continue to propagate inequality. Seriously, avoid them at all. They do not have income based repayment all the time. For instance, my loans in income-based repayment are $200/month. If they were private, they would be $600+ a month. If you're going into healthcare, there's also a chance that we will still (hopefully) have public loan forgiveness, too, which means after ten years of those payments you will have the rest waived if you work at a public agency.
Don't put your loans into deferment or forbearance unless you have no other choice.
Also, if you are thinking about graduate schools, investigate many universities and apply to several that have funding. You may be able to go to college for far cheaper. I wound up not paying for quite a substantial portion of my masters degree as a result. I have a graduate degree in clinical psychology. Many PhD programs pay a stipend and waive tuition if you get in, but you have to apply to 10-15 PhD programs often, and they are competitive. This means people get impatient and they go into PsyD programs, which can cost anywhere from 150-300k depending.
Another tip for cheaper college: go to a community college for 2 years and then transfer. I did this and basically got a bachelor's degree that my classmates spent about 100k for and paid around 30k total, because I did not live on campus, and because I went to community college first and did all my pre-reqs. I got a private school degree for peanuts compared to others. They don't tell you this crap in highschool - I only knew because I went back in my 30s to get my BA and MA.
Finally, if there's a career you are interested in, write a professional and see what they say. Some will even let you shadow them. Most of us are happy to answer questions. I found a counselor who was doing exactly what I wanted to do and then emulated the steps they took...this stopped me from getting the wrong degree, which is an expensive mistake. (I'm a psychotherapist with a clinical license.) Thing is, schools don't care if you make this mistake. They get paid regardless, and you are stuck with the wrong degree. Also, it helps show initiative for college applications too, if you network in your field, make connections, and demonstrate you are really passionate if you decide you like it :)
I would love to see a video about what things go into your credit score. Even as a loan officer, I don't completely understand it.
Regarding community college, if you want to do your first 2 years at a community college then transfer to a 4 year university, be aware that it really depends on your major and which school you're transferring to as to whether your credits will transfer. If you're doing, say, a business degree, you'll most likely be fine. But I'm an education major and nearly everyone who transfers into the program at my university has to basically restart from the level of a freshman. This is because different schools have different criteria for which classes education majors have to take, so my university takes no chances with transferring credits. Combine that with the crapton of classes that are required, and you get transfer students who end up spending 3 or 3.5 years here instead of the 2 that they planned.
xmorgan1123x absolutely! Not sure about the rest of the country, but in California, community colleges have a list of classes that will transfer to the Cal State and UC systems, as well as a breakdown of what general ed requirements they satisfy. If you (general you, not specific you) are considering community college for your first two years, make sure to get this form. That way you don’t spend your time and money.
It really depends on the university you're trying to transfer to. My university accepts all of my community college credits. But before I went to my university, there were some colleges who wouldn't accept my community college courses. Other colleges would take 2 out of 3 credits and make you retake the course since they don't consider community college courses as traditional college courses.
Agreed! The reason I chose not to do that was because I knew I wanted to major in animation, and most art schools won't accept transfer credits for art classes without seeing both your portfolio and the class syllabus. The school I ended up choosing happened to be a Christian school (had a significantly lower tuition for an animation program compared to most schools), so some gen ed credits for Bible classes obviously wouldn't be offered at a community college. From what I've heard from friends who did the community college thing for my program: at my school it got them out of a semester of classes. It's something, but the flip side is they'll still be at the school for longer than two years.
So tl;dr: do your research, especially if you're thinking of majoring in something with gen ed requirements beyond math, writing, etc, or going to a specific school with stricter gen ed requirements.
The sponsor? I mean, wow. Such appropriate. Much appreciate.
I sincerely hope that people are paying attention, especially regarding student loans. I had no clue what I was doing as a first-generation college student. Now working at a university, I see how students are taking whatever they are given- which is way more than needed usually, and it's just digging a huge hole.
Here is weird one: how to follow the news.
As I get older, I get alot more interested in the news and in world issues. But everytime I try to follow the news I get overwhelmed with the amount of information that is out there. I think it's important to teach young adults where to find good news sources, how to follow stories , how to indentify if a news article is a well written article and to analyse how "true" a story actually is (don't believe everything you read on the internet). Hopefully you like this idea. :)
(Srry 4 bad english)
+
If you have student loans I would highly recommend that you pay off any interest on them that you can while you are in school. It will save you a ton of money in the long run.
This channel helps me so much can't thank you enough!
I don’t know if these are common in US but in UK a lot of credit card companies offer 0% interest deals where you won’t be charged any interest for the first one or two years.
7:17 It's good to learn about this but man this system feels scummy when the first thing that comes to mind is all the chronic gamblers in movies who go "eyy, let's make this a little more INTERESTING, why don't you throw in that [critically valuable asset] onto the gamble?"
Im curious as to why you just don’t save up before buying shit instead of taking a loan
People forget that there's a lot of homework to do BEFORE deciding on college majors. A friend of mine paid her own way through marine biology school by bar tending at Apple Bee's, only to find out after the fact that marine biologists make less money than bar tenders at Apple Bee's. :(
Omg how to adult yesssss
I’m sorry, but getting student loans to improve your credit score is terrible advice. Think harder about this. This is stater advice. Please do your own research. Don’t blindly take this advice. Talking about payday loans before auto loans! No discussion on subprime car notes which are flooding the market.
Oh, absolutely. You shouldn't be getting student loans to improve your credit score, you should be getting student loans to get an education if you believe it's in your best interests. I'm glad you clarified this! I'm also happy to clarify that the types of loans listed in this video aren't in any particular order: we aren't trying to place more emphasis on payday loans than auto loans.
As for subprime car notes, it'd be great to hear you elaborate on the subject. If you think it'd be helpful to other folks that are coming across this video, we always appreciate discussion about the subject in the comments.
Thank you again for helping clarify!
-Sarah
I am getting student loans, of course because I need them, but also very much because it is one of the few and one of the best ways to start a credit history that I'm going to need down the road. I have a great credit score thanks to my parents being responsible and them allowing me to be a user on their credit cards, but even with that I don't have the history necessary for a lot of things. I'm sticking to subsidized loans only, so it's the safest option, and I'll probably be able to pay 70% of them off before I even leave college since I'm working a job as well, but it does wonders for credit building. Student loans are one of the very best if not the best way to build credit when you're young, *so long as you can pay them off* (Super duper emphasis on *paying them off* )
Just a quick question before taking all the advice from this video: how does the advice relate to being in a country outside the US?
Is it possible if you spend wisely to eventually become free of debt? I know house and car payments exist as well as student loan, but once you clear those out can you technically have zero dollars in debt?
This is a very helpful video. Staying out of debt is so much better than thinking of how to pay it and when to pay it. I created my channel to share videos on saving money tricks. Believe me when I say that I've never been this happy after being free from debt. We can all do it.
scariest video yet. but helpful.
A home should not be an investment. It fucks over the next generation.
Basically, most of the cons are fuck ups on the borrower's part.
America... get your s-it together
poor americans, having debt from hospitals...