Taking Out Student Loans To Buy Fast Food 3 Times A Day

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1:10Yeah, so I am a management assistant for a local nonprofit here in the city, but we have offices throughout the state and our work impacts multiple cities. Okay, how many hours a week do you work? I work about 25 hours a week. Okay, and what's your salary hourly? Hourly. How much? $25 an hour. Okay. Do you think you hit that 25 every time or is that just about an average? It's pretty much every time. My paycheck's pretty consistent, like give or take an hour or two less. What's your paycheck, biweekly or what? Twice a month, yeah. Okay, so before taxes, you're probably making about$2 ,700 on a monthly basis on average.

1:46I would say more closer to$2 ,500. Okay, so you don't always get 25 hours? Not always. There's maybe like one paycheck or two that I do like maybe like an hour. Not less than five or hours at most, but it's in that range. Usually my paychecks are relatively the same though. About$1 ,000 after taxes. Okay. Wait,$1 ,000? $1 ,032. It's like usually what I... Wait, what? It doesn't get cut in half. Oh, I mean by paycheck. Like paycheck is$1 ,000 and then per month it's$2 ,000. It goes from$5 ,000 to$2 ,000? Where are you getting$5 ,000? You said your weekly paycheck is like$2 ,500. I'm sorry, I'm part-time.

2:32I'm working part-time, so I only work 25 hours a week. You said you make$2 ,500 bi-weekly. I meant monthly. Okay. Okay. So it's probably what after taxes on a monthly basis? $132. $1 ,032. $1 ,032. too why is it a 50 i'm not sure what you mean like my monthly it goes from two thousand five hundred hours a month to a thousand dollars gross yeah that's gross twenty five hundred gross and so after taxes it's like a thousand dollars a month per paycheck dude you keep switching between a month and bi-weekly what is what well i get paid twice a month so yeah That's usually twice a week. So not twice a week.

3:21I'm sorry. Twice a month. So I'm not really sure. My monthly gross is$2 ,500. Okay. Monthly gross. What's your monthly net? Monthly net is roughly$2 ,000. There we go. That makes so much more sense. You kept switching between biweekly and monthly when describing yourself, but without the context of switching. But that is okay. $2 ,000 a month. First of all, that's incredibly low. It is, yes. So what else is going on? I mean, that's pretty much my income source. I don't have any other side hustles or anything like that. I have a relatively low housing cost, so that helps out. But I mean, I'm pretty much living off of$30 ,000.

4:10What are you doing for the rest of the hours of the week? I'm a student. Oh, you're a student? I'm a grad student, yeah. Okay, where do you go? UT. Oh, okay. Where do you study grad student? Community and regional planning, urban planning. Interesting. Okay. What year are you? Finishing up the semester, actually. Graduating in May. Graduating in May. Okay. Very cool. So what do you plan to do with that graduate degree? Plan to stay here in the city and probably work for the city or some governmental agency or possibly stay in the nonprofit sector. what's like the position you would get um really depends on i guess what i decided to pursue after like i'm right now in the advocacy space so do you know what you want to pursue for the most part i think i definitely want to say within um local politics and governance like whether that be with the city i don't know i'm kind of any job specific though that's what i'm trying i'm trying to yeah no i don't have like a clear you know like a planner job like i want to like i'm comfortable where i'm at right now and i can transition from the role i'm in where i'm a non-profit at to like a more hands-on direct role which is i think what i'm gonna do but i don't have like well i'm trying to see like what a position is that you'd want and like what that pays okay um like for an average planner i would say like a good job out of out of grad school probably range anywhere from like 60 to 80 okay that's good kind of what i'm shooting for are you cash flow in school right now my what cash flow in school cash what flowing cash flowing school oh as in like um debt like my pain how i paying for it uh yeah i took out student loans a lot of student loans well i assume you went to undergrad as well yeah did you student loans those yes okay and i graduated during the pandemic so that's another reason why i started grad school because i was in kind of like a limbo state and know what to do well that's not a good reason to go to grad school well i knew i was interested in the field i'm in but i just i needed more and more education and more um knowledge of of of planning and I didn't get that in undergrad.

6:11So with this program, I definitely got what I wanted. But obviously that is... You look like that dude that's on TV in a bunch of different sitcoms. Do you not know who I'm talking about? I don't watch TV that often. Well, neither do I, but I've just seen pictures of them. What show? I don't know. You look like Max Greenfield. I've never heard of this man. A picture of his on screen right now, but you look like Max Greenfield. Doesn't he? You know? ugly Betty yeah you look like the guy from New Girl so before we go into your money I want to hear from your own perspective as honest and transparent as you can what does your financial situation look like from your perspective yeah so my financial situation right now is definitely not great I know I have a pretty bad spending habit and I want to kind of rein that in but also just start saving for an emergency fund but also possibly for a car if that's something that i could do not have a car right now i do but it's paid off my mom it was a gift from my mom like like um a few years ago so like i don't pay actively for it but it's well it's a good thing yeah but i do just like an a newer car i guess what's the car it's a 2017 nissan centra okay it's not a bad you know car or anything i just would prefer something that's maybe electric and maybe you were nice.

7:37Okay. Well, don't have to rush into that. I don't think that's on the priority list of things in grad school. Let's take a look at your stuff then. We have a Chase checking account. So, yeah, only 1 ,382 went in and more went out. This is a real good story about Bronx and his dad, Ryan, real United Airlines customers. We were returning home and one of the flight attendants asked Bronx if he wanted to see the flight deck and meet Captain Andrew. I got to sit in the driver's seat. I grew up in an aviation family, and seeing Bronx kind of reminded me of myself when I was that age. That's Andrew, a real United pilot.

8:15These small interactions can shape a kid's future. It felt like I was the captain. Allowing my son to see the flight deck will stick with us forever. That's how good leads the way. 400 went out, ending with 216. Kind of, you know, one big thing could hit that and then overdraft. or denied depending what the situation is but yeah you get paid in cash because you put in 700 bucks of cash oh it was just a deposit like a random like a well like where'd you get 700 bucks from it's kind of a long story but um it's it was just a cash deposit that i had from that was transferring from another bank account to this bank account do you have a sugar daddy No.

8:57No, I guess I'll just come up front and say right now, as far as like, because this has to do with my other bank account, my UFC account. I basically got scammed last month in that sense, in the sense of like it was a check deposit. And I think it was just, you know, my own kind of.

9:16No, the reason why I asked if you had a sugar daddy is because daddy cashed after you 400. And that's the person who I sent it to. That was his username. i know that's one of those things i was just like i was it should have been a red flag right then and there but i mean at that point i was already too deep in that i couldn't like you know not do it because it was 400 right yeah that was like half of what i've like cashapped him and that's kind of where i've been kind of dealing with that like it was it was just like a straight up scan like this guy was i was trying to help him out as far as like he came up with this story nigerian prince no it was just like um like a i one of those things they were just like trying to help someone a stranger out kind of thing where it was like oh i need money like my my i need to pay my rent and my kids are like hungry he came with this story and i was like okay well where did he approach you how did he get in contact it was like a random person but it was just like i don't want to go too much in the dis i don't want to go too much in the details but basically it was just like a cash mobile deposit thing where he had a check and i knew i knew like the situation was very sketchy going on, but I was just...

10:24Well, that's fine. You went into a guest scam. I'm just very curious how he got in contact with you in the first place. It was a friend of a friend. I didn't know the person. You took out$300 from an ATM. Who knows where that went? You took out$600 from an ATM. Who knows where that went? Spicy Boys, going to Spicy Boys, Lucky Lab Coffee, Spotify subscription. But actually, not too much in this overall state. Really not too crazy, but... That was the older one. No, it was the updated one. Oh yeah, that was the new one But there's I mean There's not really an opportunity for a lot of money to go Because not a lot of money came in So I'm glad I wasn't spending But crazy Then Acorns, you have an Acorns subscription Yeah I have an investment There's like$100 in that account So that's not really something I'm Using too often Okay I think I have like a$5 deduction every month Or something like that But it's just kind of a good set aside Capital One another checking account?

11:27Yeah Okay I don't have an updated one for that Yeah that one's like monthly So I wasn't able to pull a new one Okay So for the month of February

11:38Dude it started with$100 Ended with$100 That's yeah Sketch That's usually like my primary checking account right now And I know some people are really good out there with having low balances because they manually pay everything. But most of us were on automatic payments. So that's where it automatically sketches me. Ooh. Okay. So from here, let's see what we got going on. We got Kirby Lane going out to eat there. The Grackle. El Dorado Cafe. Now when you add these together, it's a lot more. Lots of parking. New coffee. Tiff's Treats. Potbelly. Summer Moon coffee. so now we're paypaling out again now it's really starting to add up PayPal or I'm sorry P Terry's Texas low income that's my paycheck oh okay raising canes UT food top notch coffee dude okay for someone who barely makes anything and you're living in one of the more expensive places in the United States and you're taking out student loans to go to school.

12:45You're basically, you know, in a way, you are taking out student loans to pay for all this. Not necessarily, just because my student loans paid directly to my tuition. But do you understand what I'm saying? Yeah. If you weren't spending all your money on this bullshit, you could put it towards school, but since you did not do that, you had to take out student loans. It's mostly food, so I have to eat. I just need a... Yeah, you have to eat. You can get groceries. I could, yeah. Okay. That just paint my brain. Chipotle, Summer Moon Coffee, P. Terry's, First Watch, Lucky Lab. No, you don't have to go to Lucky Lab.

13:20No, you don't have to get burgers and fries from P. Terry's. No, you don't have to go do this. That is not the kind of calories you need to have. Summer Moon Coffee. And Zilker Brewing. Yeah, is that necessary for your caloric intake to survive on a monthly basis? Whataburger, Medici, Spicy Boys. Love Spicy Boys. I don't think that's necessary for you to survive. Potbelly, Thundercloud Subs. Oh, good, because Thundercloud subs absolutely suck. They're horrendous. I don't know why people like them, but it wasn't that. It's actually Thunderboard Coffee. Sourduck. What's going on? I'm Arch Manning, Viore athlete and college quarterback.

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14:29orders over$75 and free returns. Have a great day. Level credit. What is that? Level credit? Oh, that's like my reporting credit agencies. Like a 695 is what the charge is. I report my utilities and stuff too. Probably rather you use something like Fizz, but that's fine. PTR is food service. So this is almost like every day going out to eat. So first checking account, I was like, now I'm like death. And we're borrowing because we can't afford to go to school somehow. I wonder why. Okay. And then we have university credit you savings. Okay. So we put in 800 bucks. Well, then we took out 700. Then we took out 800.

15:19Okay. Then we put in 500. Then put in 83. I'm very confused. It has to do with the check. The situation. Any balance,$109. Yeah. Okay. So you don't have savings. No.

15:33Okay. There's nothing left other than credit cards. There's no more checking accounts, right? What did I see? Or savings? I believe there was one more tracking account. Do you know what it's called? First National Bank. But that one's not really used too often. I don't have First National. But it's not used much? No, not really. Okay. Yeah, I don't have it. Not in the first batch I sent you? If it's called First National, I don't have it. Convenience? Nope. All right. Well, yeah, there's usually like$100 in there. So it's not really much. All right. discover card let's see what's going on here well i don't see the balance or anything all i see is this is just your purchases yeah so that's like the first i think that's the first built but the updated version i seen you has the charges on it because that for that no balance what it just has the charges but no balance oh okay yeah yeah so this is the updated version so um yeah the balance it's the way it came out what's the balance what's owed i'm assuming there's that yeah well i mean i I just paid it off.

16:38I can tell you right now, though. You just paid it off? Not entirely, but most of it, yeah. Yeah, because the first Discover bill I sent you, it was just me making one debt payment. And then I racked up those charges, which I just paid off. What's the balance on your Discover card? Right now, my balance is$130. Oh, okay. Have you been paying any interest? Yes, but it's like a couple dollars. Still not good. And then if we weren't going out to eat enough, we have Chick-fil-A, Spicy Boys, Benu Coffee, and Lucky Lab Coffee, Benu Coffee, Chick-fil-A. I remember coffee. You're relentless. Dude, I make better espresso out there than all of them.

17:22I need to invest in a coffee machine. I definitely... You can get a great Brewville... Thank you, Mom. Espresso machine that is perfect for starting espresso,$500. Not that you can afford that right now, but with all this coffee adding up, I bet it gets the$500 real quick. And then you just have to get beans. Chase. Oh, no, that's the chicken. Capital One Quicksilver. Balance,$100. Okay. Yeah, you paid this one off. Good. Good. So there's not outstanding debt on there. Again, were we going out to eat enough? I don't know, but we're definitely adding Domino's, Eldorado Cafe, Bird Bird Biscuit. I've wanted to go there.

17:59The new coffee, Bird Bird Biscuit, Medici, Top Notch, Bird Bird Biscuit, and Pinero Bread. Bird Biscuit's really good. You should try it out. I want to, but I'll be doing it without any bad debt or without trying to borrow money to go to school. Blue cash every day from American Express, New Balance, 126. You paid this off as well, so it's the New Balance. So I'm assuming you're paying it off. Yeah. Buddy, what are we doing? Whataburger, Medici, Uber Eats, a food service, tacos, tacos, summer moon, Klarna. Oh, yeah. It's like a finance. I know what it is. What's financed? It was my cousin's wedding gift.

18:44I already paid it off. It was just like 50 bucks. You can't afford to get it. If it's 50 bucks and you can't afford to get it, then you don't get it. I had to get him a gift. If you can't afford it, you don't do it. Lucky Lab Coffee. And you're also paying for it on a credit card, by the way. You're paying your debt with a debt. The new coffee, Burr Burr Biscuit, and some lounge, 30 bucks. Dude, you're obsessed with spending money. You go out to eat twice a day plus coffee at this point. That's pretty much right, yeah. I mean, right now I don't have a lot of time to cook, which is one reason why I don't.

19:17Oh, fuck off. But I mean, I definitely know that my spending food habits is something I really wanted to address. There is time to meal prep once a week. there is time to push brew on a$70 Keurig machine. Fuck you. You have time. Don't bull**** me. If you bull**** me here at the table, we're not going to make any progress. Don't bull**** me. So I've looked at Discover, Capital One, and Amex. So let's go back to your previous email. Dude, you have so many different things. It's absolutely wild. Chase Freedom. Let's see. You didn't fully pay this one off But Yeah and you lost$2.77 in interest Making just small It's kind of small purchases but across a bunch of cards Whataburger Banu Coffee, Banu Coffee, Medici Medici, those are coffee by the way And El Taquerido Oh it's tacos Here's another so Southwest Let's see what you did here You did pay that So I'm glad you're paying it off.

20:28I'm not going to beat you up for that, but I'm going to beat you up with just AustinPolitics.net. What even is that? Mine's the neighborhood,$20? Mine's my neighborhood association. And then the insider newsletter for city politics. Did we look at Capital One? Was that one that we looked at? Venture One. I have Venture and then Quicksilver. Okay. We looked at Capital One, Amex, Discover. I have two. Okay, so Capital One Venture. Again, within the$150,$200 range of purchases, you didn't fully pay this one off, so interest charge$315. With these small little interests, I wouldn't be surprised if we were losing like$50 a month on interest, bringing in only$2 ,000 on a monthly basis post taxes.

21:12Guess what? We're going to Madrid Street. We're going to Bird Bird Biscuit. Haven't had enough of those birds in their biscuits, and Cabo Bobs, and Lucky Lab Coffee, and P. Terry's, and Summer Moon. This is like a Austin wish list of just spending endless money on here. Apple credit card. $277. That was like a refund for a hotel for my cousin's wedding that was refunded and put to another card. So it was put on my car, but we put it on a different car, so it was refunded. Okay. I do see that. Automotive something. Oil change. My car. Brake. replacement. Then you have a few subscriptions it looks like.

21:54Yeah. What are your subscriptions? Three subscriptions. One of them is like an Apple Watch Care and then Paramount and then I forget what the other one is. How much? I'm not sure. Mine is always like. A KFC tale in the pursuit of flavor. The holidays were tricky for the colonel. He loved people, but he also loved peace and quiet. So he cooked up KFC's$4.99 Chicken Pot Pie. Warm, flaky, with savory sauce and vegetables. It's a tender, chicken-filled excuse to get some time to yourself and step away from decking the halls, whatever that means. The Colonel lived, so we could chicken. KFC's Chicken Pot Pie.

22:35The best$4.99 you'll spend this season. Prices and participation may vary while supplies last. Taxes, tips, and fees extra. Hinge premium plus. Yeah. Because I'm desperately listening. Okay. And... Lowe's credit card? Do you have a Lowe's credit card? Yeah, so my I bought a condo last year and it had a refrigerator so I financed a refrigerator on that Lowe's card. You're not fully paying this off. You're only putting 100 bucks to it. It's almost paid off. It's almost paid off, but why not just pay it off? Didn't have the money. You know why you didn't have the money, Bird Bird Biscuit? Because I'm poor.

23:14No! What are you talking about? What do you mean? That's going to piss me off. because you're poor. You've spent more than triple what the balance is on here on bulls**t. On food. On bulls**t. That's bulls**t. I mean, to some degree. What do you mean? Well, I need food to live. How do you just say that again, even though we've clearly talked about last time how you can meal prep for a fourth of the cost on a weekly basis, maybe a fifth or a sixth of the cost on a weekly basis? What is this? You need food. You did not need bird bird biscuit for your caloric intake on a daily basis to survive. That's fair.

23:54Thank you. So, no, you don't have this because you're poor. You have this because you're prioritizing your spending on what you're throwing down into your gut three times a day. Coffee in the morning, then you're getting lunch, and then you're getting dinner. Usually I'm angry at the debt, but I'm angry at you for saying that. What is this? What is this? Chase Freedom,$2 ,515.

24:23Yeah, is that correct? That's the updated version. I mean, I paid it off. Oh, it's paid off. Oh, because we looked at the Chase anyway. Yeah. Oh, God, how's it about to just die? Then we have lots of student loans. Are those all the student loans? Yeah, to my knowledge. 3 ,500 plus 2 ,253 plus 4 ,500 plus 2 ,200 plus 5 ,500 plus 2 ,137 plus 5 ,500 plus 2 ,032 plus 14 ,000 plus 12 ,000. Oh, buddy. That's a lot of student debt you got there. 3 ,622. I can't see what the interest rates are. Oh, of course, at the top of the page it says what the current balance is. I was going to say it has it on there.

25:14Okay. Great. Because they're deferred right now, I can't see what the interest rates are. I'm very curious. Yeah, they kind of vary. I think some of the unsubsidized ones are like maybe 2 % or 3%. They're not anything ridiculous, but they're not being paid. Well, it's like the highest. I really don't know. They're all federal. That's a lot, though. They're not going to be forgiven. Probably not. And you also have a mortgage, which is very curious. I do. It's a very cheap mortgage. Where is this condo? Yeah. So I actually got this condo last summer, um, through the city smart housing program. I think I saw one of your videos, the one on here said that they were in a smart housing rental, but this is a ownership unit.

25:58So, um, yeah, so basically it's just subsidized housing and it's income restricted. Yeah. It's income restricted. So you can't make more, less, more than a certain person like threshold. old where in town is it ish allendale kind of burnett 2222 current that's cheap i mean it's a studio it's a 400 square foot studio so it's like anything like super purchase you think a studio is a good purchase out there i mean i lived in the studio literally across the street and it was fine and i actually no i know i just wonder if you're gonna get like a return on this investment i'm not looking for a return all the way out there no i'm not really looking for a return like and i can't really make a return off of like a income restricted unit just because it's of its nature like it's um it's only it's um there increases like 2.5 percent every year so it's like not appreciated huh it appreciates 2.5 percent each year instead of like the market what do you mean guaranteed how does that work because the city has certain guidelines regularly say it's worth 2.5 percent more than it was last year no it's just like you It can't appreciate more than 2.5%.

27:07So, I mean, for instance, like this unit was first purchased by the second owner. It was purchased for$99 ,000 and was resold to me for$106 ,000. So, in those years, it's... I would not have put my money in there. Why did you do this? Because I was paying$1 ,200 for rent in this subsidized unit and I found this place. This is cheaper, but now you have money locked in there as something I cannot appreciate. with where I am bullish on Austin in the long-term future, not within the next year or two, but locking your money into something that is not giving you a good return and not even keeping up with inflation barely in normal times, you know, on like that 3%.

27:49Yeah, I mean, the main thing for me was just trying to secure housing, but also affordable housing. No, I get that. I do. I just wonder if like the temporary thing. Also, you could have easily paid your rent if you weren't doing all that crap with coffee. And again, it comes down to just where you're allocating your money. Your budget has to be like 75 % Medici coffee, bird, bird, biscuit. Yeah. Yeah. $733 a month per month per payment. That's fantastic. I mean, that's fantastic for the area. I mean, it's unheard of. It is, unfortunately, 36 % of your income. So it's still way too high. And you're locked in it.

28:28But we need to get your income up. you're about to graduate that'll help with things what is the interest rate on this thing though like 3.85 oh yeah yeah 3.875 okay good i'm happy you're able to walk in there dang i'm very iffy about this how much did you put down not a lot i mean this episode is brought to you by nba on prime this tuesday at 8 30 eastern It's the Emirates NBA Cup Championship game on Prime. This year's quest for the Cup has been building to this, the championship game, live from Las Vegas. Not a Prime member? Sign up for a 30-day free trial to get started today. The Emirates NBA Cup Championship game, this Tuesday at 8.30 Eastern, only on Prime.

29:13Restrictions apply. See amazon.com slash amazonprime for details. Definitely a couple thousand dollars. I'm trying to think back to the exact numbers, but... Interesting. Maybe like 5 ,000. It wasn't really, like I said, a lot. It was just enough to qualify. I really didn't know this was a thing. This was really curious, in Austin specifically. My realtor said that she had never seen a unit that low. As someone that has worked in real estate and helped people find housing, I never found a price at it. That's why I jumped on it. It was just like, yeah, why not? I do see your point as far as investment.

29:51I never came in with that mindset as far as where am I putting my money at. You only have a few thousand dollars locked in.