When unpaid student debt leads to a smaller Social Security check

[dfrecore]

If only he had traveled in the future and picked up Dave Ramsey's book - The Total Money Makeovrr and applied the key principles he would not be in debt.

For example Ramsey says "hey dude don't take out a loan, wait until you have the cash and than consider buying it."

"Oh but Ramsey I really want it"

"Listen Youngblood if you take out this loan your potential Return on Investment will be less than your monthly interest rates making you a slave to the debt collector, do you want to be a slave?"

"Okay I understand I'll work 2 jobs, and not have a social life, and I'll spend my money at Aldis, I will meal prep and prepare all my weekly meals. I'll be debt free, and in two years when I save up 10,000 in my emergency fund and an additional 12,000 I'll be able to go get my masters degree."

"Yes and spend your money at my seminars, and buy my next book that will repeat the same thing over again."

"Wait what is debt?"

Anyway I'm being facetious, debt and interest is a serious matter but this article has made me realize that I should probably not invest in a masters unless it's free or it's free.

Maybe I'll hit the jackpot and Stanford will call me and say hey YB1 congratulations we need you to become a teachers assistant, and will pay for your own apartment, and give you a stipend, oh and btw we will give you free access to the gym and the cafeteria 3-5 meals a day.

Oh and if that's enough to entice you let us know because we have the option of plan b. I can't disclose what plan b is but it is entirely different

- sent from phone

Actually, this is pretty good advice. If the dude is still making payments out of his SS check 30 years later, obviously that degree was not the best use of his money. And if he had saved up for 3-4 years to pay for the degree, he'd still be a lot better off than he is now. People act like waiting for a little while to save money and pay for things is some kind of wacky thing that no one could POSSIBLY do. It's what got people into the trillion dollar student loan crisis that we have now, or the housing bubble that burst because everyone wanted a no-money-down loan on a house. Sometimes patience is a very good thing.

And, I've been to a Dave Ramsey seminar, it was a whopping $49. It's not like he's telling you to spend thousands of dollars on a seminar, he's putting them on for cheap, and you don't HAVE to go to one, or buy his book (they have them at the library and you can get them free on Amazon once in a while). Or you can just listen to his show for free whenever you want to.