I Make $100K and Live Paycheck-to-Paycheck

[Music] brought to you by the every dooll app start budgeting for free today well I called in because I'm just uh tired of toiling in debt I have been a single mother of six and my youngest is now 21 you got them out you did it Mom you did it I got them out did they all survive way to go into the next bedroom no they they all do really well um very well um however except for the youngest one he's still finding his way but uh you know during the course of this I find myself in close to $100,000 in debt I am still paying my youngest car note I'm paying one of my children's uh college debt deal uh she graduated NYU um so I have a little bit of debt there and I'm back in college so I'm I I just don't even know where to start to to attack these these bills with me already from paycheck to paycheck okay why do a 21y old need his mommy to pay his car payment because it's in mommy's name and uh she did not he's not working yet well he was working but they just laid them off so um I bought it for him as a graduation gift you bought him a car payment okay how much do you owe on your car I owe now about 12,000 what do you owee on his oh on my car I owe nothing on his 12,000 oh I see okay so what's the other 88,000 in debt NYU yeah it's NYU and then of course credit cards how much is credit cards oh gosh credit cards is around three or 4,000 the rest is in yu so you got $84,000 for one kid yes wow yeah was it a Parent PLUS Loan Samantha is it in your name in her name it's it's a Parent PLUS Loan um and she does work for I mean she work she's in a situation where her loans can be forgiven you know after so long um I'm not parent plus you're on the hook for nope you got to pay it yeah so what do you make well I make just under 100 but with bonuses I make about 110 115 a year what do you do I work in healthcare what are you studying I am studying to get a my bachelor so I can move into a um higher position in healthcare into a director's role and what are you paying for that you know the company does reimbursement so and I'm doing sopia credit so that's really I'm I'm not really paying for that just taking up time okay just just just opportunity very wise good for you uh how long's the program Samantha oh gosh if I keep doing the Sophia credit I'll be done by mid next year okay excellent great great excellent yeah I'm trying to FasTrack that yeah what will you make if you're at about 110 with bonuses for the new position what are you expecting well with this company um you know it'll probably start around 1 120 without bonus probably 130 140 with Okay good well you're making progress good for you how old are you 55 uh you're good I'm 53 I'll be 54 in sep well I mean you told me your story your story leads to that um okay good good okay well you're a warrior princess I mean you fought through raising six kids by yourself you're amazing you could fight through a lousy hund Grand in debt you could do it lifetime okay are are you ready are you ready to get after it because you know you're used to fighting battles and I'm getting ready to put you on the front line again draw your sword you ready to go I am so ready I got my pen and pad and I am so 100% ready I'm tired I mean the first thing I would do Samantha is I'd cut up your credit cards today I'd get rid of and I would force yourself to live on less than you make with the income you have and that's going to include these debt payments staying current but it's going to force probably a different lifestyle to a degree I know you're I know you're not out there all bougie and glamorous and stuff but I mean it's going to be like hey I'm going to be eating in more um I'm going to be cutting out I'm going to be cutting subscriptions extras like it's going to be putting you on a tight budget living below your means without credit cards because the credit cards have become the slippery slope for you they're kind of your your safety net and I want Samantha to be my safety net yeah no life life and then I have I mean and then honestly Samantha the the car loan for the Sun and that's going to be a really hard conversation but it's but it is a hey we're either transferring the loan in your name son or or I don't even know I wouldn't even do that I think I would just sell it I I mean I would get to a point where you're like no no I say listen honey you got you got 90 days to get your button Gear with this car and Uber Eats and everything else anday off CU otherwise I need to sell it CU I'm getting out of debt okay that was my question I give him a little time to pay come up with 12 Grand and if he'll work 247 for about till between now and Christmas he can pay that car off and then keep it how easy is it transfer the T I mean he'll have to pay it off though but if he gets behind on payments if he gets behind on payments he's done done instantly right right right he's either paying the payments starting today Ready set go or we're selling the car and he's going to pay it off and get out of your name cuz we're getting you out of debt cuz this is a this is a a at best a contingent liability meaning you have to pay it if he doesn't uh at worst it's just straight up you owe the money on the car so Rachel's right about that but what I want you to do is get on the every dollar app we're going to put you into Financial Peace University I know you're already in class but I'm going to put you in another one and show you and teach you how to handle money properly I'm going to pay for it cuz I think you're cool oh I think you I think a woman that can raise six kids as a single mom's a freaking hero and so I want you to go win it's time for you to go win for you but that's no eating out no vacations no whining no life until we get this stupid NYU thing off the books we're not waiting around on her to work a stupid horrible Backwoods job so she can maybe get forgiveness that doesn't come through most of the time on the loan instead I want you to just pay it off fast I want this loan all these loans gone in two years oh wow okay yeah oh that would be great yeah well I'm talking about $4,000 a month GOP yeah okay yeah that gets you out of debt in two years and that means you have no life you're working all the time and you're you're you know you're eating tuna fish sandwiches at work hello and if there's by way I hate tuna fish yeah why the doctor's l so I'm good with that I used to eat it when I was broke and when I smell tuna fish I smell broke I can't stand it so santha is there is there a lot of opportunity to pick up overtime a lot of healthc care in that industry we find a lot of people are able to get some great overtime opportunities is there well I'm salaried and um you know I'm a department head patient access care department so it is a little different okay is there anything you can think of as a side hustle while you're going to school that is possible I have truly sought that up and I really don't the only thing I have is like you know reads or something and I can't really you know I I can't do that you got to get through school I want you to get through school I think that's important cuz that's a better future play but I I don't I think you can do this if if a boy child takes care of his own car and um and you lean into this and you chop up the credit cards like Rachel said and we get you on an every dollar budget I think you can do this in about two years I really do and then you're going to be up another 40 Grand in salary that can be thrown to this next year when you get your new position so that's going to help that's going to help you do it even faster hang on Christian's going to pick up and we'll get you signed up for Financial Peace University we'll show you how to do this kid it's what we do create your free every dooll budget today the simplest way to budget for your life