Paying Off 6-Figure Student Loans, Learning To Network, & The Singles Tax: A Money Conversation

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[@fairytale143]

The accountant has it good! Over 100k salary and only pays 870 in rent. I make half that and pay more rent. LIving is a struggle

[@acivilright]

Well when your partner is picking up half/a portion, things look good. I am single and I live outside NYC. Mortgage 2200 on a 130k salary. It's tight. The single tax is very real.

[@shelbseroo]

It's not unreasonable to have anxiety about your student loans - 96k is INSANE. Your ability to save is impacted forever.

[@Knightwrath333]

I feel for the PA. It's such a demanding, important job and the debt to income ratio is insane. I came out of physical therapy school in over $134,000 dollars in debt consolidated to 5.75% interest. The min payments were around $800 a month. My first job I had to negotiate up to $27 dollars an hour, which meant that the minimum payments were 30% of my salary after taxes. It was so difficult to save. It took the debt pause to allow me to move to a higher paying area (but higher CoL) and be able to save a 6 months emergency fund. I just now started paying 40% of my salary into paying it off, which means I can be done in about 6 years if I stay steady. Otherwise, just paying min payments, it will take until I am 56. I've started saving and investing a little, but that amount of student loans is like a house hanging over your head at all times of the day, and I don't want to pay 800$ a month for 25 years to keep it from falling

[@Tayzaisa]

Being single in NY is so tough financially. The singles tax is definitely real and then on top of that showing up for all your friends as they go through milestones like marriage and building a family and trying to contribute while also just being financially stressed out is frustrating.

[@WatermelonSugar1209]

Sharing an apartment with someone?

[@shakenbacon-vm4eu]

Ive been hearing people talking about partnering up or marrying simply for tax and rent reasons. I’m all for it, but damn the loss of independence for our generation compared to priors is so sad.

[@vulpixelful]

I mostly agree, but I don't think previous generations were all say independent. Norms like the process of buying a home are clearly optimized for one full-time earner and a part-time/SAH partner that has time to house hunt, organize the inspection, and repeatedly gather documents for underwriters on a random Tuesday afternoon 😂 I think it's more that more people don't see pairing up as a high priority when they are younger. But our wages aren't keeping up with inflation so singles have even less of a chance.

[@shakenbacon-vm4eu]

@@vulpixelful for real? So boomers had millennial level student loans? Boomers needed a college degree for any job like us? Boomers had astronomical housing prices like today? I call cap.

[@shakenbacon-vm4eu]

@@K-wx6ki I think you missed my point, or are trolling. My bad for not being clear.

[@vulpixelful]

​@@shakenbacon-vm4euNone of that changes the fact that single people rarely bought homes or lived alone back then. People have always been pairing up for financial reasons

[@shakenbacon-vm4eu]

@@vulpixelful ok, you trollin. That’s fine. I a guess you didn’t catch the ‘financial independence’ theme of the whole video? That we are living together now out of financial danger and not love and roses and Prince Charming? Can’t afford kids today? Can’t afford a wedding? Heck, can’t even afford dating? Hello? Earth to vulpixelful? Why you even watching this channel anyway?

[@tristanrodenhauser5267]

US culture does not prioritize work life balance

[@mirandataylor6385]

That’s by design.

[@deepakmarandi9829]

Neither does Indian culture. The more hours you can put in, the better for the company

[@MzShonuff123]

Nope. Just money for the rich

[@hannah60000]

Few cultures do and that’s across most of human history.

[@xcitipopx]

always appreciate these! these conversations bring me a lot of comfort

[@WatermelonSugar1209]

Student loans are insane 😮

[@WatermelonSugar1209]

Rent should not be increasing at that rate! Like wth! No salary increases are that much

[@shakenbacon-vm4eu]

Healthcare worker here, also prioritized student loans over everything. Healthcare just somehow has super high loans but then not very high salary compared to the loan level (compared to say engineering, finance, business). No wonder we are all quitting. 507K med school, can’t wait to never being a doctor ever again. Get ready US. You’re about to lose a shit ton of very angry poor and tired doctors.

[@KatelynAnn710]

That’s scary :( I wish that it wasn’t like that because we NEED doctors. I hope things are exciting for you in ur new future!!

[@shakenbacon-vm4eu]

@@KatelynAnn710 late stage capitalism working as planned! Doctors, nurses, PA’s, teachers, social workers. You know, truly essential people are undervalued in worship of the all mighty dollar. You know society is in trouble when teachers are learning how to code so that they can escape teaching.

[@tristanrodenhauser5267]

The PA is under paid for the area, NC rent and Taxes?!

[@JauntyCrepe]

This is a great video. I like hearing about people’s situations in different industries and areas

[@ruled_by_pluto]

I like hearing at the end how TFD has influenced both these women to discuss money more openly in relationships and change their relationship to money. Also thanks to TFD and other personal finance educators I have started to have some of those conversations. Some people are very closed off to them but other people are really happy to have open conversations and I have learned a lot.

[@ivanpadilla4479]

21:08 I had a similar problem, thinking that if I’m good enough things will land on my lap. Looking back I definitely would’ve hustled in a different way.

[@verysmarrname]

Imagine going through your childhood without the constant conversation about money struggles…

[@DiamondFlame45]

Love these videos! Also, thank you Mei for saying not to be afraid to ask for a promotion and raise after a year into your role. I started my new role in February of 2023 and I plan to take your advice lol

[@Animefreak242]

Thanks for sharing this. I'm single and without student debt, but looking to network and pay off my mortgage and reno debt as soon as possible

[@nataliepyn1]

I love these conversations!

[@AC-yt4kk]

I like this!

[@221bumblebeeee]

Good topic idea!

[@did-you-know-00]

Great video about important topic as always 👍

[@Darwin_is_my_copilot]

What income bracket are these two salaries in compared to the average TFD viewer?

[@jillpruett4772]

One point re: health and any other kind of insurance is that of necessity the total premiums collected by the insurance company must exceed the cost of claims paid plus the selling and administrative costs. Insurance should only be purchased for risks you cannot bear. One other service insurance companies provide is putting a lid on the costs of claims. Using these principles, this year I decided to cancel my medigap cover and strictly save the premium in a sinking fund for medical decisions. I trust CMS to keep a lid on medical costs and expect that I will be able to accumulate signicant savings this way.

[@smy250]

But with your Medigap plan, you had an out of pocket maximum. There is no oop max if you just have Original Medicare. This could become quite costly if you suffer a major health setback. You could find yourself paying several hundred thousand in medical costs versus several thousand in premiums and deductibles.

[@aarongober-xu6ot]

I bought the membership but I don’t see the members only video listed on this video

[@zabmcauley5647]

Are there no general rent control rules in New York?

[@MzShonuff123]

There are not. Some places are rent-controlled but they’re few and far between; if someone does have a rent-controlled unit, their landlord may commit devious tactics (like doing construction around them all day and night or neglecting the building) to force people to move out so they can charge exorbitant rents

[@TRC643]

I love these conversations! But I do typically feel bad for one of the participants - here especially, there is such a clear difference in circumstances financially. But you could make the argument that one is making an actual difference in peoples lives so I guess that levels out.

[@acivilright]

It really doesn't level out. I'm also a Healthcare worker by training. Many of us end up leaving patient care for higher salaries ND more stability in other roles. And the student loan debt is a zombie unless you have the patience of Job and are doing public service loan forgiveness post-covid. My heart is with the PA. Single/ being solely responsible for everything and being in such a heavy professionis tough.

[@louisachalarca6494]

I love realizing oh these people are taking the housing I should have available and I’m taking and overpricing the housing I’m in now for those lower income than me. I make 24k I can’t imagine making this much and being that secure

[@Claudiassilverguitar]

❤

[@freshfreshfreshfresh]

These NYC salaries vs rents don't sound bad at all. I make less in Toronto and pay significantly more for rent than either of these girls (or the other guests in previous episodes for that matter)

[@acivilright]

It's not Manhattan, so that definitely helps.

[@ambition112]

0:01: 🎥 The video discusses the accuracy of portrayals of working for high net worth individuals in TV shows and the personal experiences of the speakers. 4:14: 💼 The speakers discuss their job search experiences and workplace struggles. 8:34: 💰 The speaker discusses their investment strategy, including buying stock twice a year and allocating funds towards savings goals. 12:06: 💰 The speaker discusses their experience paying off student loans and using their aunt's money towards their education. 15:57: 💰 The speaker asked for a raise and promotion at their current job, but the raise wasn't satisfactory, so they received a job offer for a higher salary and brought it to their employer, who was able to match it partially. 19:51: 😔 The speaker reflects on their financial mistakes and missed opportunities for promotion and raises. 23:29: ! The speaker's parents had limited knowledge of personal finance, so they had to learn about it on their own and now advise their parents on financial matters. Recap by Tammy AI

[@fab9db]

Taking your sister's money without her knowledge is wild. She would have likely helped willingly...

[@danielacervantes5487]

True but it was probably the aunts decision