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Dave Ramsey
Americans owe $1.66 trillion in student loan debt. World record achieved. Guys, I think we can stop here. So today I'm at Arizona State with the loudest truck known to man. Isn't that what OJ Used? Hug your kids, dads or otherwise. That happens. Dear Lord, help us all. So today I'm at Arizona State, the largest public university in the country, to ask students one simple question. How much debt do you have? Before we hop in, allow me to flip my tassel and throw my cap to delete me for sponsoring this channel. May your hats fly as high as your dreams. Let's get to it. Tell us how much debt you're currently in across all types of debts.
Student Entrepreneur
About $20,000.
Dave Ramsey
Okay, break it down for us.
Student Entrepreneur
I got about $12,000 on a car loan and about $8,000 to my parents.
Dave Ramsey
What was the eight grand for?
Student Entrepreneur
They helped me purchase a car a few years ago that I've kind of been chipping away. I've kind of taken taken a break on that recently. But I do a relationship.
Dave Ramsey
Like you guys are taking a break. It's not going well?
Student Entrepreneur
No, no, no. It's. It's fine in that sense. I just haven't been making. We don't really have a set, consistent payment that I've been making.
Dave Ramsey
Oh, you're not paying mom and dad back. They're just like, hey, when you can one day maybe pay us back?
Student Entrepreneur
Yes.
Dave Ramsey
They don't need. They're not hurting for the money.
Student Entrepreneur
No. I mean, they bug me about it all the time. I just thought, life happens, and I'm a college student.
Dave Ramsey
Do they believe that?
Student Entrepreneur
Yeah, I mean, they.
Dave Ramsey
They regret lending you money?
Student Entrepreneur
I don't think they regret it, no.
Dave Ramsey
Okay.
Student Entrepreneur
I bought a car for 16, so that's where they helped me out with the other eight grand.
Dave Ramsey
Okay.
Student Entrepreneur
And then that car that I sold for 16 grand, I spent that money to start my business. And then I also got this new car on a business loan, on an auto loan. So it's kind of a whole shuffle.
Dave Ramsey
You sold that car?
Student Entrepreneur
I sold that previous car that they helped me with the eight grand on.
Dave Ramsey
And you used the money.
Student Entrepreneur
Sixteen grand. To help start my mobile detailing business.
Dave Ramsey
Okay.
Student Entrepreneur
And then I also bought a car. Car on an auto loan for my mobile detailing business.
Dave Ramsey
Got it. What kind of car is that?
Student Entrepreneur
It's a 2014 BMW touring wagon. So out of a wagon.
Dave Ramsey
That's fun. Okay. How's the business going? It's good.
Student Entrepreneur
I've been making good money. I really enjoy doing it, which is the biggest thing.
Dave Ramsey
What do you charge per car? Like on average, a sedan versus SUV.
Student Entrepreneur
My typical starting rate is between 190 to 230. I would say average. Sometimes I'll sell higher packages. I'll do also maintenance clients for cheaper. So it averages out to probably about 250 a car.
Dave Ramsey
What do you do with that money that you make?
Student Entrepreneur
I mean, living expenses. I pay for all my food, my. My rent and stuff.
Dave Ramsey
There's no more to pay back mom and dad at the end of that?
Student Entrepreneur
No, that. Yeah, that's all just money for me. I obviously still have to pay them back the 8 grand, but dang.
Dave Ramsey
Okay, so 20k all in. Does that stress you out at all?
Student Entrepreneur
No. I mean, I'm making the monthly payment on my car with the payment. 257.
Dave Ramsey
And how long? What's the term?
Student Entrepreneur
It was a. It was a five year, but it's only. It's at a. Probably about six. Six and a half percent interest rate.
Dave Ramsey
Okay. Have we done the math on this yet? Should we? Shall we, my good sir? Okay, so here's. Here's the napkin math I'm working with.
Military Student
All right.
Dave Ramsey
You said it's 257.
Student Entrepreneur
Yep.
Dave Ramsey
For five years.
Student Entrepreneur
Yep.
Dave Ramsey
Riddle me this. 60 months. $15,420 for a $12,000 loan. So you paid $3,400 in interest?
Student Entrepreneur
Yeah.
Dave Ramsey
Does that hurt?
Student Entrepreneur
Yeah, a little bit. But I know that I wouldn't have been able to start my business with the 16 grand buying a car and the equipment. So I know that that's a little bit of the.
Dave Ramsey
You couldn't have used the car. You had to start the detailing business.
Student Entrepreneur
No. It was a 1990s BMW coupe.
Dave Ramsey
That can't fit all the detailing equipment in there.
Student Entrepreneur
Exactly.
Dave Ramsey
Okay, well, let's play this game. Let's just say the interest that you paid you had instead put into an investment account and let it ride. How much you think that could have turned into?
Student Entrepreneur
What course are we talking?
Dave Ramsey
3400 bucks invested from your age to retirement until retirement. You never touched it again.
Student Entrepreneur
Oh, I mean, it would easily be six figures. I know that.
Dave Ramsey
Let's find out. So how old are you?
Student Entrepreneur
I am 21.
Dave Ramsey
Now let's go to 61 and even 40.
Student Entrepreneur
Perfect.
Dave Ramsey
How's that? All right, let's do the 3400 bucks sitting in there. You. You never contribute again. Hit calculate for me. 182 grand.
Student Entrepreneur
Yep.
Dave Ramsey
That's pretty nuts.
Student Entrepreneur
It is.
Dave Ramsey
That 98% was growth on that.
Student Entrepreneur
Yeah. I'll counter. You with that, though, that without that 3400 bucks of interest to be able to purchase this car, I wouldn't have been able to start my business. And if I scale my business to, you know, having a shop, having people work under me, I would say that I could make more money than just that 182 grand by doing this business, which I wouldn't have been able to if I didn't have that auto loan.
Dave Ramsey
Got it. Okay, I see your logic here, but what if you had just paid, saved up, and paid cash for a car that was, let's say, $5,000, $6,000. You could not have done this business with a $6,000 car.
Student Entrepreneur
I could have. You're right.
Dave Ramsey
That's the going theory is, I think if you get ahead of it, instead of being reactive, which is most people, right, for sure, they never have the money because they're making payments. But if they save that payment, they. They'd have, you know, 6 grand a year, 10 grand a year just from that car payment being saved. So is that something you want to get out of that cycle of car payments?
Student Entrepreneur
Yeah, for sure.
Engineering Student
I don't.
Student Entrepreneur
I don't want to be stuck in car payments my whole life. It's definitely something that once I'm a little bit more consistent with it, obviously I'm still in college, so it's. College is taking up a lot of my time. I can't go fully on my detailing business.
Dave Ramsey
That thing freak you out?
Student Entrepreneur
No, they. They annoy me a lot.
Dave Ramsey
Are they being controlled by somebody?
Student Entrepreneur
No, they're too stupid.
Dave Ramsey
Sir, sir? Sir, do you have a moment? Talking about your Lord and savior, Jesus Christ. Okay. Where are you from?
Financial Planning Student
I'm from Phoenix, Arizona.
Dave Ramsey
And what are you going to school for?
Financial Planning Student
Financial planning.
Dave Ramsey
Financial. Oh, we're going to have a good time. I think we're going to be good friends. Okay. What do you want to do with a financial planning major?
Financial Planning Student
Right now? I'm really interested in the insurance side of financial planning, but also estate planning, too, so I'm very delving into both of those.
Dave Ramsey
That's exciting.
Student Entrepreneur
Okay.
Dave Ramsey
What kind of insurance are you excited about?
Financial Planning Student
I mean, insurance is not fun, but probably like life insurance.
Dave Ramsey
Oh, is that because that's where the money's at?
Financial Planning Student
That's because it kind of deals a lot with estate planning, too, so I kind of want to, like, do both. Yeah.
Dave Ramsey
I'm guessing you're talking about whole life insurance.
Financial Planning Student
Yes, whole life insurance or term insurance, too.
Dave Ramsey
What do you know about index universal life insurance?
Financial Planning Student
Index Universal. Probably not Actually, no. Universal is the one where you're like investing into like different accounts on your end, right?
Dave Ramsey
You tell me. You said you love insurance. I wanted the people to learn today. Okay. How much debt are you currently in as a financial planning major?
Financial Planning Student
Probably like $900.
Dave Ramsey
What kind of debt is that from?
Financial Planning Student
Credit card.
Dave Ramsey
Credit card debt. Okay. What kind of credit card is this?
Financial Planning Student
Discover student one.
Dave Ramsey
Discover student. Okay. When did you open that?
Financial Planning Student
I want to say when I like, freshly turned 18.
Dave Ramsey
And how long ago was that?
Financial Planning Student
Three years ago.
Dave Ramsey
Three years. Okay. So you're 21 now?
Financial Planning Student
Yes, 21.
Dave Ramsey
Congratulations. Very exciting time. What caused you to open up that card?
Financial Planning Student
Wasn't able to open 1 in 16, and I really wanted to buy a house. Me freshly 18 was like, the world is full of possibilities.
Dave Ramsey
Wow.
Financial Planning Student
So I was like, let's start building my credit as soon as possible. So that was when I did a little couple of research and found that the student one had the best, like, amenities for freshly starting out.
Dave Ramsey
Okay.
Financial Planning Student
Credit. So that's the reason why I opened that one.
Dave Ramsey
So you're practicing going into debt now with your $900, so eventually you can go into a really big one for the mortgage.
Financial Planning Student
Oh, for sure. Yeah.
Dave Ramsey
Practice.
Financial Planning Student
Yeah. And was just talking about it, I was like, I don't think a car loan would be smart either. So that's not the type of debt that I would be.
Student Entrepreneur
Well, you.
Dave Ramsey
So you're okay with the credit card debt versus car payment?
Financial Planning Student
Yeah.
Dave Ramsey
What's the APR on that Discover student card?
Financial Planning Student
I want to say it's 26. I think it ranges from 26 to 29 a year.
Dave Ramsey
That feels steep.
Financial Planning Student
It's steep. But I'm very on top of like, payments and like making sure I don't go above the okay.
Dave Ramsey
But you're carrying, you're carrying the balance though, right now?
Financial Planning Student
Sure, yeah.
Dave Ramsey
You're on top of the payments for the balance. What's the minimum payment right now?
Financial Planning Student
It's like $35.
Dave Ramsey
Okay. So you're like, that's chump change for you. How are you paying for school?
Financial Planning Student
I'm on scholarship.
Dave Ramsey
Full scholarship?
Financial Planning Student
Yeah.
Dave Ramsey
How do you get a full scholarship to asu?
Financial Planning Student
So I was at Phoenix College for a little bit for my first associate's degree and then I got connected with one of my counselors with a counselor at PC and he's a part of the next generation service corps, so got connected through there.
Dave Ramsey
And then they just gave you a full ride.
Financial Planning Student
Yeah.
Dave Ramsey
That's amazing. Do you know what that package is worth? Full ride to ASU it's gotta be
Financial Planning Student
a lot of money.
Dave Ramsey
Like 50 grand plus.
Financial Planning Student
I want to say.
Dave Ramsey
Yeah, okay. That tracks. That's pretty impressive. So you're really smart then. To get a fool's ride. Don't just hand those out.
Financial Planning Student
I want to say so.
Dave Ramsey
Okay, you're being humble now, but I mean, no. So modest.
Financial Planning Student
I wish I was because I couldn't even tell you what an index. Universal life insurance.
Dave Ramsey
I mean, that's pretty nerdy. They don't teach you that stuff until you really start scamming people. You know what I mean?
Financial Planning Student
Yeah, yeah, yeah.
Dave Ramsey
How much do you think you'll graduate in debt with?
Financial Planning Student
Probably zero when I pay off the 900. But with the graduation timeline, I want to say hopefully zero.
Dave Ramsey
That's. That's a good goal. I like that goal. Okay. And then how much do you think you'll be making as a financial planner out of college?
Financial Planning Student
I want to be modest and save more than 60k a year.
Dave Ramsey
Okay.
Financial Planning Student
But being on LinkedIn, it can go a little bit higher.
Dave Ramsey
Well, I wish you the best with graduation and becoming a planner. Is that next year or two?
Financial Planning Student
Yeah, it's next year. May 2027. So. Yeah.
Dave Ramsey
Where do you want to work specifically?
Financial Planning Student
I don't have any specifics. I'm tried to apply for like Northwestern Mutual. Couldn't get accepted through an internship there.
Dave Ramsey
They wouldn't take you at Northwestern Mutual?
Financial Planning Student
They wouldn't take me.
Dave Ramsey
They would take a sewer rat. How are they not taking you?
Financial Planning Student
I don't know.
Dave Ramsey
Have you seen the guys that work over there?
Financial Planning Student
No, I haven't.
Dave Ramsey
Okay.
Financial Planning Student
I probably.
Dave Ramsey
You're better than them. I'm just saying. And I think you can do better than Northwestern. I hope Northwestern burn. We do that a lot on this channel. I'm a huge fan of Zander insurance because they only sell term life insurance, which is the only one I recommend.
Financial Planning Student
Yeah.
Dave Ramsey
Because it's a fraction of the cost. You get a way higher death benefit. And it doesn't try to mix insurance and investing into one complicated product with crappy returns. Would you agree?
Financial Planning Student
I definitely agree with that. I prefer term insurance because it's easier to like, remember.
Dave Ramsey
But it's simpler.
Financial Planning Student
It's simpler too. Yeah.
Dave Ramsey
Yeah. And you know why the insurance people would rather sell whole life they get
Financial Planning Student
the premiums are rich.
Dave Ramsey
Bigger commissions, baby. Do you think that's a good reason to sell that to a customer? That you get a bigger commission? That feels kind of dumb.
Financial Planning Student
You know, that's the hard part about working in insurance because you're not really Acting as a fiduciary. You just kind of want to be, you know. What's the highest commission that I can get?
Dave Ramsey
Now we're talking. I like that. $10 word fiduciary. That means you got to act in the best interest of the client versus what's best for your wallet.
Financial Planning Student
Yeah, I think that. Especially with insurance. I think being a, like. I mean, I'm aspiring, like, to be like a certified financial planner and you have to work out as a fiduciary. So, like, I feel like that would close the door for me in insurance because, like, it's a lot of commission based.
Dave Ramsey
Yeah, that's going to get icky. That's why I'd avoid Northwestern because of that. They sell other stuff, but they want you to pedal the whole life.
Financial Planning Student
Yeah.
Dave Ramsey
How much debt do you currently have?
Mechanical Engineering Student
None.
Dave Ramsey
Zero.
Mechanical Engineering Student
Zero debt.
Dave Ramsey
School paid for.
Engineering Student
Yeah.
Dave Ramsey
How? Parents, like, they saved up in a college savings account. How'd they do it?
Mechanical Engineering Student
They just paid it off. They didn't tell me.
Dave Ramsey
It's a secret.
Mechanical Engineering Student
Secret.
Dave Ramsey
But you didn't. You were like, I'm not asking questions.
Mechanical Engineering Student
I'm not asking questions.
Dave Ramsey
Room, board, everything's covered.
Mechanical Engineering Student
Yep.
Dave Ramsey
Wow. How do you get spending money?
Mechanical Engineering Student
I work. I have a job.
Dave Ramsey
Where do you work?
Mechanical Engineering Student
I work at an IT company.
Dave Ramsey
Oh, nice.
Mechanical Engineering Student
I do, like, an internship there.
Dave Ramsey
That's cool. Okay. How about you?
Engineering Student
I'm taking student loans, but I'm, like, paying them or my dad's helping me pay them, like, every. Every semester or so.
Dave Ramsey
What's the current balance of all of
Engineering Student
your debt per semester? Like two and a half thousand. So, like, so far, I'm first year, so only like four and a half thousand.
Dave Ramsey
Okay. So that's five grand in debt.
Engineering Student
Yeah.
Dave Ramsey
Yeah, five grand in debt. And student loans? No car payment, no credit cards, nothing.
Engineering Student
Nope. Yeah, no, I have a. Well, I'm not working right now, but I had a job, so I have savings, so, you know, I have money to, like, go on spend. And then my car is paid for by my parents, though, so I'm really lucky for that.
Dave Ramsey
Nice. So parents helped out along the way. How about you? Got a car?
Mechanical Engineering Student
Yeah, I have a car.
Dave Ramsey
Okay. Who paid for that?
Mechanical Engineering Student
My parents did.
Dave Ramsey
Nice. Who's got the nicer car?
Mechanical Engineering Student
I do.
Dave Ramsey
What is it?
Mechanical Engineering Student
BMW.
Dave Ramsey
He's got the shirt. Do they give you that when you get the car?
Mechanical Engineering Student
No, I got that myself.
Dave Ramsey
M. Sport Guy, huh?
Mechanical Engineering Student
Oh, yeah, I love M. I thought
Dave Ramsey
M was a randomly assigned letter. I had no idea it stood for. What do you have exactly?
Mechanical Engineering Student
I have a 535.
Dave Ramsey
What year is it?
Mechanical Engineering Student
2013.
Dave Ramsey
Okay, so that's still a pretty good ride. It's held up.
Mechanical Engineering Student
Oh, it's held up a lot. I take care of it really well.
Dave Ramsey
Okay. That's good. How about you? What are you driving?
Engineering Student
I Drive a 2017 Corolla.
Dave Ramsey
That might outlast you.
Engineering Student
I commute, so.
Dave Ramsey
Oh, yeah? You're a commuter and you live on campus?
Mechanical Engineering Student
No, I commute as well.
Dave Ramsey
Oh, nice. Does that save you guys money? You living at home or what?
Mechanical Engineering Student
Yeah. I mean, it costs in gas, but I don't have to pay a dorm, so.
Dave Ramsey
Mom and dad.
Engineering Student
Yeah, I stay with my parents. Yeah.
Dave Ramsey
Better food, too. I'm guessing 100%.
Mechanical Engineering Student
Yeah.
Dave Ramsey
Are you Middle Eastern? Yep. You get that Middle Eastern food at home every day. What are we making? What's mom cooking up? Tabbouleh. Let's go. Kafta. Yep.
Mechanical Engineering Student
Fasulia.
Dave Ramsey
Oh, don't get me started on the fasulia.
Mechanical Engineering Student
That's what I could think of right now.
Dave Ramsey
Betanjan. What are we.
Mechanical Engineering Student
Oh, Betanjen.
Dave Ramsey
For sure we can go. You want to speak some Arabic? I don't know. Can you spit bars? No, you're good.
Financial Planning Student
You're good.
Military Student
I don't know.
Mechanical Engineering Student
What do you want me to say?
Dave Ramsey
I don't. Let's just talk. Let's have a conversation.
Mechanical Engineering Student
I don't know.
Dave Ramsey
Very good. We nailed it. I understand it. I can't speak it. We sold it, I think. Yeah, we know more than these people. Okay, that's great. How much do you guys think you'll be making out of school?
Mechanical Engineering Student
I hope for at least six figures by the time I'm out of school.
Dave Ramsey
At least. Bare minimum. Yeah.
Mechanical Engineering Student
I mean, you know, for this degree, I think six figures is fair.
Dave Ramsey
Mechanical engineer making six figures. That tracks. Yeah. Okay. How about you?
Engineering Student
I mean, I feel like it kind of depends what experience you get in school. Like, I'm trying to. I'm doing a summer internship. So I hope, like, know, out of school, I can start making around six figures. But I know a lot of jobs, like, for engineering, a lot of them start, like, 70, 80, so it's not, like, you know, guaranteed, but it's kind of just on what. What you've done in school and, you know, how. How ready you are when you graduate.
Dave Ramsey
Yeah. You gotta stay competitive.
Engineering Student
Yeah, definitely.
Dave Ramsey
Okay. In America, way too many people overpay for two things. Their education and their cell phone bills. And for the second one, I've got a solution for that. It's Boost Mobile. A Sponsor of today's video. You see, you can unlock savings every month because you'll pay just 25 bucks a month forever on their unlimited plan. And if you think, how can it get better? Oh, it gets better. There's no contracts, there's no hidden fees. The price will never change. And you can bring your own device and keep your number. How's that? Switching is super simple. All you gotta do is go to boostmobile.com Ramsey $25 forever requires customers to remain active on Boost unlimited plan. Most of us have some memories from college we wish we could delete. For me, it's. It was my ill fated day playing intramural football. This guy should not be doing any of that. And listen, I can't help you delete the memories, but delete me can help you remove your digital footprint from the Internet. You see, they scour hundreds of data broker sites, remove your info, and send you a custom report every few months to show you what they removed and how much time they've saved you. Which means they're gonna help protect you against things like scams, spams, phishing, fraud, and more. So go check it out. And save 20% off their annual plans@joindeleteme.com George. All right, back to harassing students. All right, how much debt are you currently in across all types of debt?
Military Student
All types of debt? I'll probably say about $2,000, not that much.
Dave Ramsey
Okay, what kind of debt is that? Two grand.
Military Student
Mostly credit card debt.
Dave Ramsey
Okay, what kind of credit card is it?
Military Student
It's just like a travel card.
Dave Ramsey
Now, when you opened this card, what was the purpose?
Military Student
The purpose was just to build credit and accumulate travel points because I love traveling.
Dave Ramsey
Have you built the points?
Military Student
Yeah, I've built up some points. Not much, but some points.
Dave Ramsey
Don't you think it's been negated by the 27% APR you're paying on the $2,000?
Military Student
Most likely, yes. That is true.
Dave Ramsey
500 bucks a year in interest, correct?
Military Student
Yes.
Dave Ramsey
Singer. Really? You opened it to make these credit card companies a little money? They were a little. They were broke. Get them some new furniture in their
Military Student
buildings if we veered that way. That is true, yes.
Dave Ramsey
Would you consider paying off the card today if you had the money?
Military Student
Most definitely. Yeah.
Dave Ramsey
Do you have the money?
Military Student
I have the money, but I don't have money to pay it off. You know, like, it's there, but it's not there to pay it off.
Dave Ramsey
Okay, how much do you have in savings right now?
Military Student
Actually, I don't really have much in savings. I Don't believe in saving money.
Dave Ramsey
You don't believe in it?
Military Student
Belief is not acceptable evidence. I don't believe in saving money because of inflation and things like that.
Dave Ramsey
So how does that work with debt? Isn't debt like compounding the inflation at this point?
Military Student
Yes, because they do them. Because as an engineering management, actually that's one of the classes that I take that helps us understand that kind of equation and what's going on. So I usually don't save my money just in one place. I rather put it somewhere where it grows over time as well.
Dave Ramsey
Where would that be right now? Do you have any money invested?
Military Student
Yes, right now I have just like random. Just random. Let's say like Coca Cola. Not that much interest, but not that much. Like return on investment, but somewhere safe.
Dave Ramsey
Do you use an app to invest?
Military Student
I use Robinhood like everybody else.
Dave Ramsey
Like I don't have Robin. I don't know, it's too. I don't like it. I don't like being marketed to. To make another trade. You know, they want you to buy these single stocks and do the riskier investing versus the boring stuff. Yeah, I know.
Military Student
I wouldn't say that's much risk because of. It's simply. It's literally just Coca Cola.
Dave Ramsey
Do you have crypto?
Military Student
Definitely not anymore. Not after 20. Not after 20. 21.
Dave Ramsey
Okay, so how much do you think you'll have in debt when you graduate?
Military Student
In debt? Unfortunately enough. My tuition is already paid for by the government. So most likely.
Dave Ramsey
How does that work? So with GI Bill or what?
Military Student
Yes, exactly.
Engineering Student
That.
Dave Ramsey
Is that family member?
Military Student
No, currently serving.
Dave Ramsey
Oh, amazing. Well, thank you for your service.
Military Student
Thank you.
Dave Ramsey
That's impressive. You're doing that while in school.
Military Student
Yes.
Dave Ramsey
Okay. Would you recommend that as a way to go to school debt free for people?
Military Student
Just depending on what type of person you are, I would say I would
Dave Ramsey
recommend that you're that kind of person.
Military Student
Yes, I made myself that kind of person.
Dave Ramsey
That's a good life hack. How much debt are you currently in across all types of debt?
Financial Planning Student
None.
Dave Ramsey
Zero. How'd you do that?
Financial Planning Student
Well, my grandpa got made a 529 plan for me when I was born. Yes. So I don't pay for anything relating to school.
Student Entrepreneur
Wow.
Dave Ramsey
And how old are you?
Financial Planning Student
I'm 20.
Dave Ramsey
So you're talking 2006. Grandpa was like, hey, I'm gonna open up a college investing savings plan. And he put some money in there.
Financial Planning Student
Yeah.
Dave Ramsey
Like every month or would he just like every month? Do you not remember how much?
Financial Planning Student
I don't know, but it Was a lot.
Dave Ramsey
Enough to get you through college debt free in 2026. That's pretty amazing.
Financial Planning Student
Pretty crazy. Yeah.
Dave Ramsey
Wow. Did anyone else contribute to it other than Grandpa?
Financial Planning Student
Just my grandma and grandpa.
Dave Ramsey
Wow. Are they still with us today?
Financial Planning Student
Yeah.
Dave Ramsey
Nice. Are they proud of you?
Financial Planning Student
Yes, they're so proud of me.
Dave Ramsey
I love it. All right, so you're gonna graduate completely debt free? For sure. Do you know how much money's in the 529 account?
Financial Planning Student
I don't know, per se. Maybe, like, $80,000.
Dave Ramsey
Nice. So, like, who writes the check from the 529 to the college? He handles it all. This guy's a stud.
Financial Planning Student
He is a stud.
Dave Ramsey
Are you gonna do the same for your grandkids?
Financial Planning Student
Yes, I am. And my kids. And my grandkids.
Dave Ramsey
I love it. So you're gonna pay for your kids, and who knows? By the time your grandkids are going to college, it's gonna be like, a bajillion dollars. Will college even exist?
Financial Planning Student
I was gonna say there might not even be college.
Dave Ramsey
I mean, AI is doing graphic design now. Does that scare you?
Student Entrepreneur
Not really.
Dave Ramsey
It sucks at it, though, to be fair.
Financial Planning Student
It's terrible. It's horrible.
Dave Ramsey
It's the worst.
Financial Planning Student
Yeah. I'm not scared.
Dave Ramsey
No, you can beat Canva in a heartbeat.
Financial Planning Student
Oh, yeah, for sure.
Dave Ramsey
Well, I gotta say, I was encouraged by a lot of the conversations I had today and discouraged by many others. I guess, all in all, you could say I was couraged. But here's the deal. A lot of people are going to school debt free, which is amazing. Maybe it's a GI bill. Maybe Grandpa saved up the 529. Maybe they worked their tails off to get some scholarships. And on the other hand, a lot of these kids have some debt and they're pretty nonchalant about it. They opened up the credit card to get some points and travel miles, and all of a sudden, they're 2 grand in credit card debt at 27% APR. Gone. Nah, I'll pay it off one day. Or they got a car payment that's just sitting around while they have the money to pay for it and they're choosing not to. That part breaks my heart. Because if they get these principles early, their financial future will be so bright, as you saw when I cracked open that investment calculator. So if you want to see for yourself what your debt payments could turn into if invested, I'll drop a link below to that calculator I used. It's completely free. Go enjoy. If you enjoyed this episode where I talk to college students. You're going to love this one. Coming up, where I talk to high schoolers. Call it the Prequel. Click here to watch it next or click the link in the description below. Thanks for watching. We'll see you next time. It's a dry heat, they said.
Podcast: George Kamel (Ramsey Network)
Episode Date: May 18, 2026
Host: George Kamel
Location: Arizona State University
In this episode, George Kamel takes his microphone to the campus of Arizona State University—America’s largest public university—to ask students a pointed question: How much debt do you have? Through candid, sometimes surprising street-level interviews, Kamel explores the complex, varied, and often emotional financial realities facing today’s college students. With humor, snark, and practical wisdom, he brings fresh insight into student attitudes toward debt, spending, and money management—illuminating both the pitfalls and possibilities for young Americans striving for financial independence.
“Does that stress you out at all?”
“No. I mean, I’m making the monthly payment on my car...”
—Student Entrepreneur [02:44]
“3400 bucks... invested from your age to retirement... 182 grand.” [04:02]
“Don’t you think it’s been negated by the 27% APR you’re paying on the $2,000?”
“Most likely, yes. That is true.”
—Military Student [15:49]
“You know why the insurance people would rather sell whole life—they get the premiums are rich... Bigger commissions, baby.”
—George Kamel [10:21]
“I know that I wouldn’t have been able to start my business with the 16 grand buying a car and the equipment. So I know that that’s a little bit of the [cost].”
—Student Entrepreneur [03:17]
“That feels steep.”
—George Kamel [07:43]
“I don’t believe in saving money because of inflation and things like that.”
—Military Student [16:23]
“My grandpa got made a 529 plan for me when I was born... So I don’t pay for anything relating to school.”
—Financial Planning Student [18:06]
George Kamel blends practical financial advice with snarky humor, never shying from calling out flawed logic or industry practices, but always rooting for students to break the cycle of debt. The conversations are frank and unscripted, highlighting both success stories and cautionary tales.
For listeners:
If you enjoyed this episode’s ground-level look at college finances, don’t miss the sequel: George’s upcoming conversation with high school students about their expectations and plans for borrowing.