I owed $60k in student loans. My husband and I sold our house and made a profit of $40k. We put it all towards the student loans, and we paid that other $20k ourselves. We don’t regret writing over that $40k at all! Like George said, there’s no point in kicking the can down the road! We are now 100% debt free, and it feels amazing! We now can make our money go towards OUR goals instead of the LENDER’S goals!
The poor guy was just shell shocked because he wrote a massive check. He just needs to take a few weeks to come to terms emotionally with the new reality that he is debt free. Writing a big check like that is scary. When I paid off my house, I was kind of weirded out the same way he was. A couple of weeks later, I felt great, like a weight lifted off my shoulders.
You get use to writing big checks like this when you become wealthy. Investment property, stocks, paying off personal mortgage, etc All payed with big checks. It becomes just business
Good on this guy, but he's a perfect example how comfortable with debt our society has become. He has $13k left, more than enough to get out of his parents' house and rent a place if he wants to do that. He made it sound like he had nothing left in his accounts.
What he really wanted to say was "I am bummed out because what if they do eventually forgive $10K or $50K of student debt". Being debt free really is liberating so I encourage all to try to get to that point.
I liken it to waiting for your deadbeat dad to pick you up for the weekend. He may come, he may not. However, it's probably best to manage expectations and to move on emotionally. I know, it's grim and nuanced, but point remains.
@@MikeThePike316 while I get what you're saying . Technically the best possible move is, set aside the payment each month to collect interest. If they come asking for the money you have it. If they pay it off you have a nice stack on the side now. Truly that's the smartest play for someone with 10k or less
I get what he is saying as well. Being debt free is the way to be. I've taken big risks with my money before to make more money so i wouldn't have to empty cash reserve and pay off student loans. Luckily it has paid off. However, there is always a risk involved whenever you take chances like that because you can put yourself further in the hole.
Never talk to anyone outside of your spouse (and he didn't have one) about money! Quickest way ever to depression. Keep your smart money decisions to yourself. And get some better friends asap!
My goodness. I feel this dudes pain. I paid off the rest of my student loans out right couple years ago and i paid off $13k in one check. I felt elated and sick to my stomach at the same time to give up that much money at once. I cant imagine giving up 100k.
Kind of had the same situation when I sold my car back to a dealership to get out of debt and bought a much cheaper car. I felt free but sad, because I felt like I lost some status.
@@theblackknight9783 Have you finally realized you never had that status because you were driving a fancy car you didn't own. So the status was a facade. Much better to have a lesser car you own outright than to have a fancy car you're paying someone else hundreds of dollars a month for the privilege to drive. Accentuate the free and forget the sad. I've lived with debt and now live without it. In my world, there is NOTHING sad about being debt free. I drive a 20 year old car with 177K miles on it. I'll drive it until the wheels come off because I'm old and don't drive much anymore. If I need another car to get me to the end of the trail, I'll buy a used car for around $15K for cash.
Don’t take financial advice from your broke friends. I love my main group of friends but they can’t seem to understand why I downgraded myself and sold my newer model car and bought a cheaper car and put the extra money in mine and my wife’s Roth IRA. My advice is don’t take financial advice from broke people.
Yeah I have seen friends with fancy cars and cloths but living paycheck to paycheck. I am worth $4.5M+ and the most expensive car I have bought was $35K in 2017. I don’t need to show people how rich I look.
This guy isn’t even thinking ahead. He will have so much money in no time now that he is debt free. Imagine the next bonus he gets and not owing anyone. Hope he doesn’t mess it up going back into debt to look good to his buddies.
It's worth mentioning that even in a scenario where some debt cancellation occurs, it will almost certainly be a small amount per borrower and high earners, i.e. this guy, will be ineligible. Essentially he is upset about the loss of a very outside chance of a 6.9% savings on his original loan balance. I know lawyers are detail oriented, but this is asinine. At least he didn't let himself be talked out of paying it off. Kudos!
@@xterra4hireAnd those of us who have grad loans for something that pays well will just end up paying our loans plus the loans of someone who got a degree in sociology and works as a barista at the local coffee shop.
What is wrong with this caller?! He is bummed out because he PAID BACK his loan??? You owed that money all along! I know it felt good to have that much $$ sitting in your bank account, but it wasn’t yours… If you want to be bummed out, be mad at yourself for borrowing that money 5-10 years ago! He’s looking at it as if someone took his money from him, instead of realizing that it was himself. HE took the money from his future self in order to enjoy his life/ pay for housing and tuition. Stop acting like a bummed out grump, and go start fresh!
His friends are under the impression that the loans will be written off, and therefore he is stupid to pay off the debt. He absolutely right to do what he did. He deserves better mates, as we say in the UK! 😊
This is incomprehensible to me that this guy is so filled with regret paying back money that he borrowed and promised to pay back. This is a problem in today's world of people not accepting responsibility for their actions.
I think its mostly because he wrote a gigantic check and felt like he didn't get anything. If you write a check for $90k and drive off the dealership lot theres something tangible. Paying off a loan from 5+ years ago just feels like losing $90k.
Your friends sound like they envy you! They should be congratulating in this situation and not criticizing your success. Move in silence. Separate yourself from so called friends who compare the trajectory of their lives with what you have going on. 🚩🚩🚩🚩
Poor guy🤣 he’s surrounded by broke lawyers and feels bad that he got rid of debt. You are the average of the 10 closest people you hang out with. The guy needs some new friends. This bonus was such a blessing, I’m so glad he could pay off his students loans. God bless you man !
I’m in this exact situation. It’s a bit jarring newly being debt free. Before it was debt debt debt, now its a jarring right turn in my budgetary focus. The caller and I both need to adjust our new budgeting goals.
I really think if they wanted to help people they would keep the interest from accruing, but force people to start paying back their loans. That way their payments would just go to the principle and they might actually get somewhere.
@@reaper-sz5tm They are not forcing people to make payments though. Right now there is no interest, so the smart person would be paying down the principle, but if someone wanted to spend that money on other things they can.
It's really no different than budgeting. Having thousands of dollars in the bank account doesn't mean you can spend it any way you want. It all has a place in a carefully planned budget. It is a real joy to be able to pay for things and know for sure that you can afford it, because you budgeted and saved for it. For instance, it makes vacations A LOT more fun!
Listening to this was quite refreshing. After putting in so much hard work financially and being intentional with my finances this made me feel at peace with my decisions to keep grinding and delay gratification.
You should be proud of yourself!! Imagine how different this country would be if everyone did this. Do NOT change, but continue putting aside funds for an emergency fund. I’d stay at your parents until you have enough for a good deposit for another condo. Bravo.
Good for you!!!! Finally a financially responsible person. Being debt free is great. Everyone is looking for a bail out. It's time to paid back the student loans.
Be happy you paid the loans off! Rejoice! You have no life when an axe is continually hanging over your head. Congratulate yourself, move forward, don't look back, and enjoy your debt free life!
Bless his heart. Gerard had so much regret paying off his loan. Agreed his friends aren't helpful. You're winning!! Great job Geoge trying to encourage Gerard. I hope Gerard looks back at that moment and has abundant happiness. Everyone on this journey is waiting for that day their student loans are paid in full!!
I’m so glad that he paid off the loans because he saved so much on interest. That would have racked up fast without the payment and interest freeze. And he has a great career ahead of him and supportive parents. He’s going to be good to go. Congrats Gerard!
if they ever cancelled the loans they'd also better pay back people who were diligent about paying off their loans. the gov is great at screwing people but there will be a big outcry in this case.
@@God.Almighty the whole “I had to suffer so others have to suffer” is such a tired argument. Society should strive to make things easier for the next generation. No one said “I had polio so I’m anti-vaccine”
This dude is living his life like Eeyore is his spirit animal... DUDE!! zoom out, see the big picture and know you did the right thing! Net worth helps you see that full world view.
That sum of money is very comforting to some people. Give him another month and once he realizes he’s saving a ton of money each month he will be fine. It’s crazy how fast you can save with no payments.
Truly is amazing! Went from paying all debt, wiping out my savings to nearly zero back up to 10k in one month! It goes to show how all these payments eat up so much more than you realize.
I've felt this intial pain of paying all debt. But don't worry. All your money you earn will now be YOURS! The weight of the world will be off your shoulders.
I waited and got 29k forgiven. I’m writing sleepy Joe a letter thanking him. 18 years a public teacher! I have no guilty feelings whatsoever. I work my tail off. Everyone can jump in a lake. People make millions off of laws and tax loopholes. It finally helped me. Go BROWNS!!!
Consider this with your struggle, until you recently received the huge bonus at work, your savings was actually much lower. You still have $13 K to work with and no debt!
Extending a pause is far from something that should even phase you. The pause just helps you not pay interest and not have to budget money for repayment now. The only thing you could have legit regret is if you missed out on forgiveness that would erase debt and that isn’t even in play so he has no actual reason to be annoyed at paying it off.
He has attained financial freedom! Woohoo! Start banking that studen loan payment and you will have a ton of money while your friends will continue to student loan anchor. And.. he should bank more since he is living in his parents house.
Let's recap the story. "I'm a lawyer but when I gave my word that I would pay off student loans that word really meant nothing and wish that I could have gone back on my word and maybe not paid that off. And I'm pretty sure I will great with contracts and agreements in my current job."
I pray for confidence brother. I hear hesitation and anxiety , Lord still his mind and thoughts. You got this man, you're a lawyer that's debt free and young& able to build, and you're sharing your story to help others
If you qualify for public loan forgiveness, DO NOT pay on your loans! You don't have to pay right now and it counts towards your 120 months! My wife had her loans completely wiped. DO NO PAY RIGHT NOW!!!!
For all those wondering why he's so bummed after he paid off his loans, it's psychological thing and has to do with how people have been conditioned to look at debt vs any assets. When it comes to debt, we only tend to focus on the monthly payments vs what we may have in the bank. It keeps us from seeing the bigger picture. The caller rationalized (after being shamed by his friends) that his payment was manageable (and could be forgiven) and he could have still had his savings... even though he STILL has savings AND he could easily rebuild it if he was a little more patient. Also... if you're not used to having money and then spend a LOT of money on something and go down in savings, psychologically it's a painful thing... even if you have money leftover.
While I have a difficult time with the caller experiencing payor’s remorse on paying back something for which he’s responsible, it would be unfair to not point out that the caller did make the right decision despite bad external influence from his circle of acquaintances.
I paid off mine in January. I am debt free now. But, I do not feel better or more secure in any way. I regret paying my debt early. I am not enjoying life now any more than I did when I was in debt. I really miss my Challenger, too...
OMG what a miracle sir just keep working sweetheart it's about to pay off stay out of debt keep working you did the right thing I wish this could happen to me
paying a thousand at a time hurts me every time i do it, i can't imagine that much all at once. glad he did it though. its like ripping off a bandaid, or getting orthopedic surgery on a minor tear lol.
The longer you wait the more it will cost! Be glad you paid everything off! I wish I wouldnt had been dumb in my 20s and 30s. Im in my 40s playing caught up now.
Do you have a solution? We are looking at millions of people going broke if payments continue again. Yes some of them will never get out of this mess, but this pause has already saved 195 Billion dollars in interest payments. I rather let them have a chance to climb out of the hole rather than letting them go homeless. What money will you get then?
I can understand how he feels frustrated but he was in such a good spot to get such an unexpected bonus. He knocked out such a significant amount that would have been a burden on him if he kciked the can down the road. He can really take the lawyer salary and invest it while being debt free. I am in a position where my company pays into my student loan balance which I appreciate. Once forebearance is over though I am knocking the suckers out. I will capitalize on the benefit when there is no interest but after the pause is over it's game time.
Good advice George. This call proves how ridiculous attorneys are, no personal responsibility. His job will replace that money quickly, plus extra! Wow just wow… quit trying to impress people and celebrate financial freedom or be a morally broke attorney.
With his take home, there's no reason he can't invest $2,000+ per month. I gross about $3,350 per month and I invest $1,000+ of that. EDIT: Whoa whoa whoa..his expenses are only $1,600 per month? That means he should roughly be able to invest $3,600 per month. This man could crush it and he doesn't even know.
I just recently paid off my student loans. I had to make some sacrifices but I don’t regret any of them. Now I’m *officially debt free* Hopefully the student loans get canceled because it’s people out there that really need this relief.
I think his gripe is that he now is kind of starting from zero and may not be able to move to his own place as quickly as he could have if he put that money toward a down payment or something.
I owed $60k in student loans. My husband and I sold our house and made a profit of $40k. We put it all towards the student loans, and we paid that other $20k ourselves. We don’t regret writing over that $40k at all! Like George said, there’s no point in kicking the can down the road! We are now 100% debt free, and it feels amazing! We now can make our money go towards OUR goals instead of the LENDER’S goals!
Congratulations!!! Do you own multiple homes or you all just decided to move? If I may ask
And now when you buy a new home you will pay $50-100k more for that since housing has skyrocketed. You robbed Peter to pay Paul.
Congrats!!! This is the mindset and mentality I wish more people had
@@user-wq5ws1qs7x $50-100k??? More like $150k+ as prices are going up by the day! Homes purchases in 2010-2015 have nearly doubled in price!
@@sharishines99 Military required move. It was our only home and we now live in another state in military housing.
The poor guy was just shell shocked because he wrote a massive check. He just needs to take a few weeks to come to terms emotionally with the new reality that he is debt free. Writing a big check like that is scary. When I paid off my house, I was kind of weirded out the same way he was. A couple of weeks later, I felt great, like a weight lifted off my shoulders.
I'm sure there's alot of false security in having that much in the bank. My wife and I are going through the same thing right now
@@caseyb2598 I agree completely.
@@caseyb2598 100%. Being debt free is the best feeling
I’m preparing for that same feeling when I make my huge payment on my student loans.
You get use to writing big checks like this when you become wealthy.
Investment property, stocks, paying off personal mortgage, etc
All payed with big checks. It becomes just business
We borrowed, we owed, we paid, we are done, we are debt free. You did the right thing, YOU are DEBT free. Congratulations Gerard!!
Your doing good asf! No debt and you walk away with 13K to start up again. Bro your blessed af.
Good on this guy, but he's a perfect example how comfortable with debt our society has become. He has $13k left, more than enough to get out of his parents' house and rent a place if he wants to do that. He made it sound like he had nothing left in his accounts.
Exactly
In defense of this guy. It's his mindset about money. Letting go of 100K is like losing his life savings; you have to adjust your way of thinking.
@@vickiewilkins1579 that's one way to look at it. The other way is that he didn't really have 100k in savings because he was also 100k in debt.
I'm happy for him. He has 13K in his bank account, I wish I had that amount of money.
@@nic_ccc3366 good point.
Hahaha…..a $91k BONUS?!?!? I’m lucky to get a $50 gift card as a BONUS.
Or a mug 😂😂😂
Can't beat a quarterly pizza party lol
Lol same
@@shauns06rubi Dominoes pizza at best...
Lol
We kept paying down my wife's federal loans from medical school the whole time. With debt, the only way out is through.
Yep, the modern mentality is to kick the can down the road indefinitely. You actually have to do the work/sacrifice and pay it off.
So right. The only way out of debt is to get through it.
Yep! Amazing to pay it through everyone should have used this time to do it before interest came back
Is he serious?! Umm you’re debt free and you make $80k, single, no kids?! Is this a prank?!
He just wants an extra pay on the back.
The call was literally pointless 😭 1st world problems for sure
@@mksuprxme foooooorrrrrr ssssuuuurrrreeee!
It has to be; absolutely unbelievable!🤣🤣🤣
Lol
If you really regret not having payments you can just send me money monthly. We are both happy 😊
@@JedIsTheOne snitch
He doesn’t regret having no payments. He regrets that you and I, and other tax payers, didn’t pay off his debt so that he has no payments.
Send some my way too I'm next in line
Right! I’ll take it!
Me too! Send it my way, if you're giving away free $$$.
What he really wanted to say was "I am bummed out because what if they do eventually forgive $10K or $50K of student debt". Being debt free really is liberating so I encourage all to try to get to that point.
I liken it to waiting for your deadbeat dad to pick you up for the weekend. He may come, he may not. However, it's probably best to manage expectations and to move on emotionally. I know, it's grim and nuanced, but point remains.
@@MikeThePike316 while I get what you're saying . Technically the best possible move is, set aside the payment each month to collect interest. If they come asking for the money you have it. If they pay it off you have a nice stack on the side now. Truly that's the smartest play for someone with 10k or less
I get what he is saying as well. Being debt free is the way to be. I've taken big risks with my money before to make more money so i wouldn't have to empty cash reserve and pay off student loans. Luckily it has paid off. However, there is always a risk involved whenever you take chances like that because you can put yourself further in the hole.
Was just about to write this
Being rich is better than debt free imho
This guy needs to revamp his perspective completely. $100k in the bank means nothing if you owe it all to somebody else.
100k with 100k in debt equals $0 net worth. Guy can play it anyway he likes, still equals out to be the same.
@m ph Yup, like I've heard Dave say before, "You already spent the money, you're just admitting it when you pay off the debt."
Lol. Guy’s a lawyer, not an accountant.
100k in high interest account or mutual funds > 100k frozen student loan losing 7% a year due to inflation.
@@RichV20 1) It's not frozen forever 2) inflation isn't 7% 3) It causes stress to not repay loans
You did the right thing. You can start off fresh now. No debt.
I have found the hardest thing about following the plans is dealing with other peoples opinions on it. Glad he did the right thing
Never talk to anyone outside of your spouse (and he didn't have one) about money! Quickest way ever to depression. Keep your smart money decisions to yourself. And get some better friends asap!
The caller did the right thing. I’d rather have no debt.
the cash has way more leverage and potential than being debt free does
If he gets another similar bonus next year then he can put that towards a down payment! you did the right thing!!
I was rejoicing when I paid off my student loan debt. I hope Gerard can turn his perspective to find massive joy.
Me too. Best day of my life … still smile when i think of that day
Me, too. I overpaid by a penny, so they sent me a check for 0.01. I still have it.
My goodness. I feel this dudes pain. I paid off the rest of my student loans out right couple years ago and i paid off $13k in one check. I felt elated and sick to my stomach at the same time to give up that much money at once. I cant imagine giving up 100k.
Kind of had the same situation when I sold my car back to a dealership to get out of debt and bought a much cheaper car. I felt free but sad, because I felt like I lost some status.
@@theblackknight9783 Have you finally realized you never had that status because you were driving a fancy car you didn't own. So the status was a facade. Much better to have a lesser car you own outright than to have a fancy car you're paying someone else hundreds of dollars a month for the privilege to drive. Accentuate the free and forget the sad. I've lived with debt and now live without it. In my world, there is NOTHING sad about being debt free. I drive a 20 year old car with 177K miles on it. I'll drive it until the wheels come off because I'm old and don't drive much anymore. If I need another car to get me to the end of the trail, I'll buy a used car for around $15K for cash.
Dude you are in a good spot. You paid off your debt and are now building for your future.
Don’t take financial advice from your broke friends. I love my main group of friends but they can’t seem to understand why I downgraded myself and sold my newer model car and bought a cheaper car and put the extra money in mine and my wife’s Roth IRA. My advice is don’t take financial advice from broke people.
If you are the smartest guy in the room, you are in the wrong room.
Yeah I have seen friends with fancy cars and cloths but living paycheck to paycheck. I am worth $4.5M+ and the most expensive car I have bought was $35K in 2017. I don’t need to show people how rich I look.
@Prey R depends on the location. If this were in Cali, the statement can still hold true in a class full of toddlers.
@@anthonyvanburen3998 It’s usually my wife that’s the smartest in the room. I’ll have to keep that a secret though. Lol
This guy isn’t even thinking ahead.
He will have so much money in no time now that he is debt free.
Imagine the next bonus he gets and not owing anyone.
Hope he doesn’t mess it up going back into debt to look good to his buddies.
Some people don’t know how good they have it. If I were him I wouldn’t discuss finance stuff with those goofy friends of his.
Exactly.
Man, all the cash in his pocket vs it going to the lenders? My eyes are turning to dollar signs 🤑
It's worth mentioning that even in a scenario where some debt cancellation occurs, it will almost certainly be a small amount per borrower and high earners, i.e. this guy, will be ineligible. Essentially he is upset about the loss of a very outside chance of a 6.9% savings on his original loan balance. I know lawyers are detail oriented, but this is asinine. At least he didn't let himself be talked out of paying it off. Kudos!
Not only that, but I doubt graduate level degree loans will be eligible.
And I am sure they will tax it as well lol
@@xterra4hireAnd those of us who have grad loans for something that pays well will just end up paying our loans plus the loans of someone who got a degree in sociology and works as a barista at the local coffee shop.
@@aina3387 yep don’t I know it
What is wrong with this caller?! He is bummed out because he PAID BACK his loan??? You owed that money all along! I know it felt good to have that much $$ sitting in your bank account, but it wasn’t yours… If you want to be bummed out, be mad at yourself for borrowing that money 5-10 years ago! He’s looking at it as if someone took his money from him, instead of realizing that it was himself. HE took the money from his future self in order to enjoy his life/ pay for housing and tuition.
Stop acting like a bummed out grump, and go start fresh!
His friends are under the impression that the loans will be written off, and therefore he is stupid to pay off the debt. He absolutely right to do what he did. He deserves better mates, as we say in the UK! 😊
This is incomprehensible to me that this guy is so filled with regret paying back money that he borrowed and promised to pay back. This is a problem in today's world of people not accepting responsibility for their actions.
I think its mostly because he wrote a gigantic check and felt like he didn't get anything. If you write a check for $90k and drive off the dealership lot theres something tangible. Paying off a loan from 5+ years ago just feels like losing $90k.
@@Sizukun1 I think that's the right interpretation
Nailed it! He was such a baby!
I can kinda understand this guy. He will need some time.
@@Sizukun1 valid point. I’d feel way worse about writing that kind of a check for a vehicle if I were in the same financial situation as the caller.
He now has more buying power because of no debt, when it’s time to purchase a house. A wonderful situation to be in.
Your friends sound like they envy you! They should be congratulating in this situation and not criticizing your success. Move in silence. Separate yourself from so called friends who compare the trajectory of their lives with what you have going on. 🚩🚩🚩🚩
Yes the friends are jealous and they try to conceal their jealousy by criticizing him. That’s what jealous people do all the time, it’s psychology 101
You nailed it! He needs new friends and should never discuss money with anyone unless he gets a spouse!
Poor guy🤣 he’s surrounded by broke lawyers and feels bad that he got rid of debt. You are the average of the 10 closest people you hang out with.
The guy needs some new friends.
This bonus was such a blessing, I’m so glad he could pay off his students loans.
God bless you man !
I’m in this exact situation. It’s a bit jarring newly being debt free. Before it was debt debt debt, now its a jarring right turn in my budgetary focus.
The caller and I both need to adjust our new budgeting goals.
great job, proud of you. i got my car to finish and house, i'll be there soon
Congratulations 🎉👏🎉
Way to go!!!!
Student loan forbearance is discouraging people from paying back their loans.
I really think if they wanted to help people they would keep the interest from accruing, but force people to start paying back their loans. That way their payments would just go to the principle and they might actually get somewhere.
I thought they were not charging interest either. If they are charging interest during this moratorium, that makes more sense.
Good
@@aina3387 that is literally what they are doing right now. Any payment you make goes 100% to principal. It’s been that way for 18 months.
@@reaper-sz5tm They are not forcing people to make payments though. Right now there is no interest, so the smart person would be paying down the principle, but if someone wanted to spend that money on other things they can.
Don’t hang around with people who are
JEALOUS of you.
Life is too short. 👍🏼
👍
It's really no different than budgeting. Having thousands of dollars in the bank account doesn't mean you can spend it any way you want. It all has a place in a carefully planned budget. It is a real joy to be able to pay for things and know for sure that you can afford it, because you budgeted and saved for it. For instance, it makes vacations A LOT more fun!
George is right, “you had a facade that you had a lot of money” YESSS
Listening to this was quite refreshing. After putting in so much hard work financially and being intentional with my finances this made me feel at peace with my decisions to keep grinding and delay gratification.
At least you are debt free! What’s to regret about that????
You should be proud of yourself!! Imagine how different this country would be if everyone did this. Do NOT change, but continue putting aside funds for an emergency fund. I’d stay at your parents until you have enough for a good deposit for another condo. Bravo.
Oh man you totally did the right thing!!! It will take a bit for it to sink in but you are very smart. Only up from here.
DUDE - Thank you for the testimony. Next time you tell it drop the mic!!! I can’t wait to be like you. I love to hear the blessings!!!!
Good for you!!!! Finally a financially responsible person. Being debt free is great. Everyone is looking for a bail out. It's time to paid back the student loans.
I want a bail out
What the heck. I don’t know whether to be mad or annoyed at this guy. I hope he’s a better lawyer than how he’s sounding right now.
He might be the backroom lawyer and not the face of the case lawyer lol
As long as he doesn’t work cases involving math, he’s ok. He did end up making the right decision.
@@AaBbCcDdEeF 😹😹
Typical Philadelphia Lawyer
Be happy you paid the loans off! Rejoice! You have no life when an axe is continually hanging over your head. Congratulate yourself, move forward, don't look back, and enjoy your debt free life!
Bless his heart. Gerard had so much regret paying off his loan. Agreed his friends aren't helpful. You're winning!! Great job Geoge trying to encourage Gerard. I hope Gerard looks back at that moment and has abundant happiness. Everyone on this journey is waiting for that day their student loans are paid in full!!
I’m so glad that he paid off the loans because he saved so much on interest. That would have racked up fast without the payment and interest freeze. And he has a great career ahead of him and supportive parents. He’s going to be good to go. Congrats Gerard!
only regret he should have is if he thinks they’re going to cancel all students loans but I don’t see that happening
if they ever cancelled the loans they'd also better pay back people who were diligent about paying off their loans. the gov is great at screwing people but there will be a big outcry in this case.
@@God.Almighty the whole “I had to suffer so others have to suffer” is such a tired argument. Society should strive to make things easier for the next generation.
No one said “I had polio so I’m anti-vaccine”
@@God.Almighty Or how about paying everyone who worked for a few years so they can pay for school with no loans.
We are really blessed to have the interest paused. If you don’t take advantage of that, you are going to be kicking yourself when repayment starts.
I paid my 34k student loans back in August, i have no regrets.
I owed similar years ago and I too was happy to pay it off. I just want a living wage job but even today I have no regrets paying my debt off.
This dude is living his life like Eeyore is his spirit animal... DUDE!! zoom out, see the big picture and know you did the right thing! Net worth helps you see that full world view.
George is really out slaying solo at the studio today. Great to see
That sum of money is very comforting to some people. Give him another month and once he realizes he’s saving a ton of money each month he will be fine.
It’s crazy how fast you can save with no payments.
Truly is amazing! Went from paying all debt, wiping out my savings to nearly zero back up to 10k in one month! It goes to show how all these payments eat up so much more than you realize.
Great point! And he will probably be getting rid of some of those friends as he will be in a very favorable financial situation here shortly.
I've felt this intial pain of paying all debt. But don't worry. All your money you earn will now be YOURS! The weight of the world will be off your shoulders.
This caller should be very proud of himself. Way to go!
I waited and got 29k forgiven. I’m writing sleepy Joe a letter thanking him. 18 years a public teacher! I have no guilty feelings whatsoever. I work my tail off. Everyone can jump in a lake. People make millions off of laws and tax loopholes. It finally helped me. Go BROWNS!!!
He should be sooo happy. Does he also know how much he saved in interest on the student loans most likely thousands.
People who set goals and meet them early....we seem to always be one step forward one step back. Through no fault of our own...
Consider this with your struggle, until you recently received the huge bonus at work, your savings was actually much lower. You still have $13 K to work with and no debt!
I just think that he was shocked at the amount of money that left his bank account at once.
In other words, he was shocked by math?
@@AaBbCcDdEeF 😂😂😂
Some people just need MENTAL help, not financial help. 🤔😴
@@l.t.3857 FACTS!
I think the best point in this video was at 2:50, the net worth discussion.
I would not want this guy to be my lawyer
Extending a pause is far from something that should even phase you. The pause just helps you not pay interest and not have to budget money for repayment now. The only thing you could have legit regret is if you missed out on forgiveness that would erase debt and that isn’t even in play so he has no actual reason to be annoyed at paying it off.
You’re doing great dude!!!!!!!
Being debt free will make you feel more self confident and powerful and will allow you to negotiate better.
Dang... the old quote sure is true: "The trials of one are not the trials of another."
Well put this guy just sounds like he just needed a hug ! Way to pay your debt !
He has attained financial freedom! Woohoo! Start banking that studen loan payment and you will have a ton of money while your friends will continue to student loan anchor. And.. he should bank more since he is living in his parents house.
Let's recap the story. "I'm a lawyer but when I gave my word that I would pay off student loans that word really meant nothing and wish that I could have gone back on my word and maybe not paid that off. And I'm pretty sure I will great with contracts and agreements in my current job."
Not paying in a lump sum doesn’t mean not paying off the debt.
Bingo!
I agree with many of the other comments: getting rid of debt is never a bad thing. George is right.
I pray for confidence brother. I hear hesitation and anxiety , Lord still his mind and thoughts. You got this man, you're a lawyer that's debt free and young& able to build, and you're sharing your story to help others
This guy went to law school but can't figure out this basic concept??? His friends are making fun him and that bothers him?
How do YOU regret paying off YOUR debt??? The nerve of some people
If you qualify for public loan forgiveness, DO NOT pay on your loans! You don't have to pay right now and it counts towards your 120 months! My wife had her loans completely wiped. DO NO PAY RIGHT NOW!!!!
Facts! I am only a few “payments” away.
For all those wondering why he's so bummed after he paid off his loans, it's psychological thing and has to do with how people have been conditioned to look at debt vs any assets.
When it comes to debt, we only tend to focus on the monthly payments vs what we may have in the bank. It keeps us from seeing the bigger picture.
The caller rationalized (after being shamed by his friends) that his payment was manageable (and could be forgiven) and he could have still had his savings... even though he STILL has savings AND he could easily rebuild it if he was a little more patient.
Also... if you're not used to having money and then spend a LOT of money on something and go down in savings, psychologically it's a painful thing... even if you have money leftover.
exactly
If he’s feeling regret now, wait til just before
Midterms when they cancel 10k of it.
that's gotta feel amazing, millions wish we could feel that way.
I just wish I was able to take advantage of the no interest loan repayments.
While I have a difficult time with the caller experiencing payor’s remorse on paying back something for which he’s responsible, it would be unfair to not point out that the caller did make the right decision despite bad external influence from his circle of acquaintances.
I paid off mine in January. I am debt free now. But, I do not feel better or more secure in any way. I regret paying my debt early. I am not enjoying life now any more than I did when I was in debt. I really miss my Challenger, too...
80k is his base salary. 8-900 a month is great but when he gets those big bonuses of 91 K hes going to be flying
OMG what a miracle sir just keep working sweetheart it's about to pay off stay out of debt keep working you did the right thing I wish this could happen to me
paying a thousand at a time hurts me every time i do it, i can't imagine that much all at once. glad he did it though. its like ripping off a bandaid, or getting orthopedic surgery on a minor tear lol.
Find NEW friends without delay😄😄
Dude, stop living in your feelings and caring what your freaking broke friends think. You're ON TOP
Congratulations!
George is so funny and raw! 🤣
Dude is doing better than most people, he is in a blessed position but cannot see it...
The longer you wait the more it will cost! Be glad you paid everything off! I wish I wouldnt had been dumb in my 20s and 30s. Im in my 40s playing caught up now.
Kicking the can and will delay again for midterms
Do you have a solution? We are looking at millions of people going broke if payments continue again. Yes some of them will never get out of this mess, but this pause has already saved 195 Billion dollars in interest payments. I rather let them have a chance to climb out of the hole rather than letting them go homeless. What money will you get then?
How about the colleges pay the loans and not the taxpayers??
More money to save without the student loans to worry about.
I can understand how he feels frustrated but he was in such a good spot to get such an unexpected bonus. He knocked out such a significant amount that would have been a burden on him if he kciked the can down the road. He can really take the lawyer salary and invest it while being debt free. I am in a position where my company pays into my student loan balance which I appreciate. Once forebearance is over though I am knocking the suckers out. I will capitalize on the benefit when there is no interest but after the pause is over it's game time.
you borrowed the money dude, pay that sheit back...
Idk why but this cracked me up. Someone hire this person to be a writer at Ramsey!
Man I’d be so happy to be sent free what an amazing weight to be rid of ! ! that guy just needs to realize how free he is now !
Good advice George. This call proves how ridiculous attorneys are, no personal responsibility. His job will replace that money quickly, plus extra! Wow just wow… quit trying to impress people and celebrate financial freedom or be a morally broke attorney.
If you owe the bank $100, that's your problem. If you owe the bank $100 million, that's the bank's problem.
With his take home, there's no reason he can't invest $2,000+ per month. I gross about $3,350 per month and I invest $1,000+ of that.
EDIT: Whoa whoa whoa..his expenses are only $1,600 per month? That means he should roughly be able to invest $3,600 per month. This man could crush it and he doesn't even know.
I paid off my loan in February
This is proof that sometimes your friends can hold you back because dude is in such a strong position for the rest of his life.
As a fellow Philadelphian, I’m proud of you, Girard! Your friends sound like snobby SOBs. You did the right thing!
I just recently paid off my student loans. I had to make some sacrifices but I don’t regret any of them. Now I’m *officially debt free* Hopefully the student loans get canceled because it’s people out there that really need this relief.
Im a Nurse making 65k what i owe is my car and EMS ambulance bill total $13k. Once i paid it off ill save myself for a house downpayment
I think his gripe is that he now is kind of starting from zero and may not be able to move to his own place as quickly as he could have if he put that money toward a down payment or something.
at his salary, he has to wait like a year. That is literally nothing.
@@dash4800 Might be a lot. We don't know what life might be like living with his parents, or what else he might have going on.
Dudes killing it and letting his friends make him feel bad..
Well said George👏🏼