WEBVTT - Student Loans Got You Stressed? Here’s How to Navigate the Chaos [BA QA]

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<v Speaker 1>There's seventy eleven different repayment plans. So the opportunity for

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<v Speaker 1>bad actors to call you on your phone and be like, oh,

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<v Speaker 1>have you applied for the federal student Loan Forgiveness program?

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<v Speaker 1>Those types of scams can proliferate. Then no one's making

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<v Speaker 1>sure that loan servicers are giving borrowers the right information

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<v Speaker 1>so they're not getting scammed.

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<v Speaker 2>Yeah, it is. It's like when you don't have a

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<v Speaker 2>trusted source to go to, and even the people working

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<v Speaker 2>they're confused, is what's going on? Like what are you

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<v Speaker 2>supposed to do?

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<v Speaker 3>You got people who go to a school to be

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<v Speaker 3>a teacher and they got one hundred and twenty thousand

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<v Speaker 3>dollars a student loan deb because they, you know, they

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<v Speaker 3>were just told college s Cottage College, college, you know,

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<v Speaker 3>go to a good college, go and get your graduate degree.

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<v Speaker 3>There was never a framework for them to understand like realistically,

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<v Speaker 3>there's a certain amount of money that at that point,

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<v Speaker 3>it's just it's a hard no because financially you're putting

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<v Speaker 3>yourself in the red.

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<v Speaker 1>Hey, ba fam, welcome to the Friday BAQA where we

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<v Speaker 1>take your questions and try to give you some answer. Now,

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<v Speaker 1>just keep in mind because I am not your financial coach,

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<v Speaker 1>your dedicated advisor. I am just your financial bestie on

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<v Speaker 1>these here internet streets. Don't sue me. That would be nice.

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<v Speaker 1>Take everything in this episode with a grain of salt.

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<v Speaker 1>I want y'all to start thinking about some of the

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<v Speaker 1>ideas that I share on the show. But at the

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<v Speaker 1>end of the day, you really want to seek out

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<v Speaker 1>professionals who have a holistic picture of your finances before

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<v Speaker 1>you make some big financial choices. I'm very excited about

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<v Speaker 1>today's episode because it only was a few weeks ago

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<v Speaker 1>that I got together with my girls. Yeah, Nellie Espinal,

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<v Speaker 1>frequent Brown Table guest. She is the author of the

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<v Speaker 1>book Mind Your Money, insightful stories and strategies to help

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<v Speaker 1>you reach your hashtag money goals. And then Nasiman McElroy,

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<v Speaker 1>who is a registered labor and delivery nurse by day

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<v Speaker 1>and financial pro and Mama Bear by day and night

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<v Speaker 1>by all the time. That's because we never take that

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<v Speaker 1>hat off from do we Mama's So anyway, I had

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<v Speaker 1>them both on. We talked a lot about the student

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<v Speaker 1>loan situation right now, because repayments for student loans came

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<v Speaker 1>back after many years of being paused at the beginning

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<v Speaker 1>of May May fifth, to be precise, and at this

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<v Speaker 1>point it's been a couple of weeks, but some stuff

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<v Speaker 1>has changed. So this week, instead of taking a specific

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<v Speaker 1>listener question, I got on the show me and jan

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<v Speaker 1>Nelly and I brought back Chris Browning of Popcorn Finance.

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<v Speaker 1>We all three sort of talked about what has changed,

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<v Speaker 1>what borrowers need to know moving forward, and where some

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<v Speaker 1>of these loan forgiveness programs stand today. So if you're

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<v Speaker 1>someone who has been hit by student loan repayments after

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<v Speaker 1>all this time of not having to worry about it,

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<v Speaker 1>this episode is for you. And also, if y'all have

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<v Speaker 1>specific student loan questions or any personal finance questions, really

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<v Speaker 1>hit us up. You can email me Brand Ambition Podcast

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<v Speaker 1>at gmail dot com or you can slide into my

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<v Speaker 1>dms at Brand Ambition Podcast on Instagram and we will

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<v Speaker 1>definitely add you questions to the list for future BAQA episodes. So,

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<v Speaker 1>without further ado, here is our show all about student loans.

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<v Speaker 1>Have we talked about student loans recently? Y' all like

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<v Speaker 1>the student loans repayment restarting.

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<v Speaker 3>We talked about a little bit Mandy last time you

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<v Speaker 3>and I were on with Nasimo. But really, oh.

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<v Speaker 1>Yeah, that's right. We talked about like getting a student

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<v Speaker 1>loan coach for example. Yeah, that was one of the

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<v Speaker 1>things I was talking to CNBC about and there I

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<v Speaker 1>didn't think of it this way, but a lot I

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<v Speaker 1>think the like the shock of having a student loan

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<v Speaker 1>payment at all for people like coming out of the blue,

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<v Speaker 1>and like how they're not used to doing that, and

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<v Speaker 1>like where are they going to find the extra money

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<v Speaker 1>and their budget with is an even more difficult challenge

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<v Speaker 1>than what I thought was the biggest challenge, which is

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<v Speaker 1>there's seventy eleven different repayment plans. Some of them are

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<v Speaker 1>being ft with by the Trump administration, some of them

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<v Speaker 1>still exist, and like how the hell does one understand

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<v Speaker 1>if they're even in rows a plan?

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<v Speaker 3>Yeah, especially given that the Detro student loan portal is

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<v Speaker 3>a mess right now.

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<v Speaker 1>It's rough.

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<v Speaker 3>You might even just have to get on the phone,

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<v Speaker 3>which I know people hate to do, but you might

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<v Speaker 3>have to.

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<v Speaker 1>But then they're laying people off. I've read that like

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<v Speaker 1>because that was my advice too, which is like get

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<v Speaker 1>on the I remembered from like a decade ago, when

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<v Speaker 1>we were all talking about the student loan bubble and

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<v Speaker 1>the trillion dollar student loan debt crisis and all of that,

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<v Speaker 1>and at the time, experts were talking about how you

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<v Speaker 1>would call your loan servicer and you'd get someone on

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<v Speaker 1>the phone and they would tell you something different than

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<v Speaker 1>the next person. So, like I've talked about calling a

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<v Speaker 1>couple times and then double check, cross checking that with

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<v Speaker 1>what you see on studentad dot gov. But exacerbating that

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<v Speaker 1>is the fact that they are the Department of Education

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<v Speaker 1>is being like systematically dismantled, and then you have the

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<v Speaker 1>consumer watchdogs like the CFPB, which is being gutted. Yeah,

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<v Speaker 1>has it been gutted. It's like a shell of itself,

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<v Speaker 1>if anything at all. So the opportunity for bad actors

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<v Speaker 1>to call you on your phone and be like, oh,

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<v Speaker 1>have you applied for the federal student loan forgiveness program

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<v Speaker 1>that's offered by the US government, Like give me your

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<v Speaker 1>social and five thousand dollars, and it's you know, those

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<v Speaker 1>types of scams can proliferate, and like the no one's

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<v Speaker 1>making sure that loan servicers are giving borrowers the right

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<v Speaker 1>information so they're not getting scammed.

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<v Speaker 2>Yeah, it is. It's like when you don't have a

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<v Speaker 2>trusted source to go to, and even the people working,

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<v Speaker 2>they're confused, So what's going on? Like, what are you

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<v Speaker 2>supposed to do? My brother he has huge student loan

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<v Speaker 2>debt from graduate school and he's like, you know, one minute,

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<v Speaker 2>he's like, I was in the safe program and then

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<v Speaker 2>now it's going away, so now the payments are paused.

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<v Speaker 2>And then he way he was working, he was in

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<v Speaker 2>the process, you know, working towards getting like student with

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<v Speaker 2>a public student loan forgiveness, which you have to work

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<v Speaker 2>there for ten years. Now it's like, is that going away?

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<v Speaker 2>But it's in their contract for where they work, so

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<v Speaker 2>can they take it away? It's like he's just constantly confused.

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<v Speaker 2>He didn't know what's happening, and it's like it's and

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<v Speaker 2>he's just one of you know, millions of people dealing

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<v Speaker 2>with is where you It's so hard to stay on

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<v Speaker 2>top of what's happening when they just keep changing thanks

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<v Speaker 2>constantly without any real reasoning behind it.

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<v Speaker 1>Oh, good old Mark Kantrowitz. Don't you have you guys?

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<v Speaker 1>Do you know that name? Prolific? He must be one

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<v Speaker 1>hundred years old. Yes, of course, He's like, but because

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<v Speaker 1>he's been doing student loan compred right, sorry, like a

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<v Speaker 1>little inside baseball. But yeah, okay, ba fan, We're going

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<v Speaker 1>to take a quick break alol wusaw and be back

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<v Speaker 1>with more of the baqa All right, ba fan, we're back.

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<v Speaker 3>He's the one that made up the one X rule.

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<v Speaker 3>I think if I'm not mistaken, which is when you

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<v Speaker 3>graduate high school and you start to look at student

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<v Speaker 3>loans and you're starting to take him on, you don't

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<v Speaker 3>know like how much is healthy or too much or

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<v Speaker 3>unhealthy amount. And so what he said was to look

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<v Speaker 3>at what your potential industry of work is going to be,

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<v Speaker 3>and how much the entry level salary for that career

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<v Speaker 3>path would be.

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<v Speaker 1>So let's say, for.

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<v Speaker 3>Example, for me, I'm looking at teaching. I became a

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<v Speaker 3>third grade teacher after a graduated college. So as a

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<v Speaker 3>third grade teacher in New York City, I was making

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<v Speaker 3>about forty thousand dollars a year. So that one year

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<v Speaker 3>of my salary as an entry level teacher, forty thousand

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<v Speaker 3>dollars should be the maximum total for all four years

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<v Speaker 3>of college of student loan debt that I am willing

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<v Speaker 3>to take on if I want to have a healthy

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<v Speaker 3>debt to income ratio. And I had never heard anybody

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<v Speaker 3>talk about that. Like, you got people who go to

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<v Speaker 3>a school to be a teacher and they got one

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<v Speaker 3>hundred and twenty thousand dollars a student loan that because

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<v Speaker 3>they you know, they were just told college, Scottish Statish college,

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<v Speaker 3>you know, go to a good college, go and get

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<v Speaker 3>your graduate degree. And they were never there was never

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<v Speaker 3>a framework for them to understand, like, realistically, there's a

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<v Speaker 3>certain amount of money that at that point, it's just

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<v Speaker 3>it's a hard no, because financially, you're putting yourself in

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<v Speaker 3>the red for so long, right, And I think he

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<v Speaker 3>was the one that really coined that, Like the one

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<v Speaker 3>X rule is something that needs to be taught in

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<v Speaker 3>high school students who are considering college so they can

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<v Speaker 3>actually crush the numbers and maybe go dang, it is

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<v Speaker 3>their parents and their parents and the college.

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<v Speaker 1>Counselors the one who may even help us. That's right. Oh,

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<v Speaker 1>this is just y'all's reminder to check out your And

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<v Speaker 1>you know, I just remembered I was interviewed on NPR

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<v Speaker 1>about this.

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<v Speaker 3>Yes, girl, you better go ahead and get on NPR.

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<v Speaker 1>It was very stressful. I'm not gonna lie, I'm a

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<v Speaker 1>pretty cool cucumber when it comes. But I had to

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<v Speaker 1>talk about student loans with NPR and I was.

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<v Speaker 2>Schweting ages so much to know. That's why I.

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<v Speaker 1>Had to be honest. And maybe I'm too honest in interviews,

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<v Speaker 1>but I was like, listen, if you're confused, so am I.

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<v Speaker 1>And I'm willing to admit that because there's a lot

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<v Speaker 1>of stuff going on. The best thing you can do

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<v Speaker 1>is just get on student Day dot gov and keep

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<v Speaker 1>listening to the news and yeah, this time is calling

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<v Speaker 1>a it's calling for a lot from us. We got

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<v Speaker 1>to be able to step it up.

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<v Speaker 3>And at the same time, like, I'm giving so much

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<v Speaker 3>grace to everybody with student owns because I understand in

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<v Speaker 3>tent frustration. And at the same time, I will say,

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<v Speaker 3>be real with yourself about what you can do that

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<v Speaker 3>you're not doing, because that's the one thing everybody needs

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<v Speaker 3>a little tough love. And when it comes to debt,

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<v Speaker 3>it's it's so it's so easy to get tied up

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<v Speaker 3>in the world of like, oh, but but it's the

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<v Speaker 3>debt crisis, but it's the unfair system and all that stuff.

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<v Speaker 3>But be real with yourself, step outside of your situation

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<v Speaker 3>and look at the numbers and look at what you have,

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<v Speaker 3>and look at what's going on, and be real. Do

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<v Speaker 3>you need to downgrade your car? Do you need to

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<v Speaker 3>get a roommate? Like, just be real, because I mean,

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<v Speaker 3>I've been on the debt journey. We've all been on

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<v Speaker 3>the dead journey before. And at the end of the day,

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<v Speaker 3>there were so many sacrifices that I made to pay

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<v Speaker 3>off my credit card debt that of course I didn't

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<v Speaker 3>want to make. But I wanted to be debt free,

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<v Speaker 3>and I wanted to really get on a path where

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<v Speaker 3>I could start generating real value, real like a business

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<v Speaker 3>and actually have retirement money in my retirement accounts like

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<v Speaker 3>I wanted. That was the light at the end of

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<v Speaker 3>the tunnel for me that I knew I wanted to

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<v Speaker 3>get there, and I knew that if I just kept

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<v Speaker 3>living how I was living and just spend more on

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<v Speaker 3>the credit cards, it wasn't going to help.

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<v Speaker 1>Me get there.

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<v Speaker 3>So just try to be real with yourself, Like, yes

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<v Speaker 3>I am, I'm giving you all the grace, but at

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<v Speaker 3>the same time, I want you to be honest.

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<v Speaker 1>And be real.

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<v Speaker 3>Is there or two? Is there two things? Is there

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<v Speaker 3>one thing that you can change that would help you

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<v Speaker 3>just free up a little bit of money that you

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<v Speaker 3>can put towards these loans so that you're not in default,

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<v Speaker 3>so that they're not garnishing your wages, so you're not

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<v Speaker 3>ruining your credit and affecting your home ownership opportunities and prospects.

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<v Speaker 3>Just you know, a little bit can go a long way.

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<v Speaker 2>Yeah, because you know what, I've been seeing a lot

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<v Speaker 2>of the comments and videos online, like TikTok videos when

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<v Speaker 2>ever comes to a student loans, people just like I'm

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<v Speaker 2>not paying this, I'm not gonna pay this, And look,

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<v Speaker 2>I get it. You ever heard of wage garnishment, That's

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<v Speaker 2>what I'm saying, Like.

0:10:30.760 --> 0:10:31.320
<v Speaker 3>Now they have.

0:10:31.440 --> 0:10:34.880
<v Speaker 1>Now they have consequences this generation.

0:10:35.720 --> 0:10:38.120
<v Speaker 2>That's the thing, because you can you can say I'm

0:10:38.120 --> 0:10:40.000
<v Speaker 2>not gonna pay it, and I get it. Like sometimes

0:10:40.000 --> 0:10:41.960
<v Speaker 2>it's unfair, and you know, they get people into the

0:10:42.040 --> 0:10:44.960
<v Speaker 2>income driven repayment plans where they're just they're not even

0:10:44.960 --> 0:10:47.360
<v Speaker 2>making it. The balance is going up every month because

0:10:47.400 --> 0:10:49.600
<v Speaker 2>they're not paying enough and they just don't know that

0:10:49.600 --> 0:10:52.880
<v Speaker 2>that's setting them up for failure. But like, not paying

0:10:53.000 --> 0:10:55.200
<v Speaker 2>is not an option, even if you feel it's unfair,

0:10:55.200 --> 0:10:56.840
<v Speaker 2>and a lot of times of the system is unfair,

0:10:57.559 --> 0:10:59.360
<v Speaker 2>they'll still come for you, and they will come get

0:10:59.360 --> 0:11:02.040
<v Speaker 2>their money one here another and ruin your life financially

0:11:02.160 --> 0:11:04.480
<v Speaker 2>and you can't. I think it's easy to fall into

0:11:04.480 --> 0:11:06.360
<v Speaker 2>that because it's so you know, you like the group

0:11:06.400 --> 0:11:08.599
<v Speaker 2>think of everyone's complaining about it and saying, well, what

0:11:08.640 --> 0:11:11.320
<v Speaker 2>if we all don't pay? Trust me, now, everyone's not.

0:11:11.600 --> 0:11:13.360
<v Speaker 2>You're not gonna everyone's not gonna do this together. It'll

0:11:13.440 --> 0:11:14.800
<v Speaker 2>be people who are paying and the sum of you

0:11:14.880 --> 0:11:16.680
<v Speaker 2>are and the ones who aren't are gonna be left

0:11:16.679 --> 0:11:17.760
<v Speaker 2>in as deaf spot.

0:11:18.040 --> 0:11:18.600
<v Speaker 1>That's right.

0:11:18.720 --> 0:11:22.240
<v Speaker 3>Same thing with taxes. They're gonna get their money. They

0:11:22.280 --> 0:11:23.160
<v Speaker 3>will get it.

0:11:23.160 --> 0:11:24.040
<v Speaker 2>Up, they'll find you.

0:11:24.600 --> 0:11:26.360
<v Speaker 1>Why don't they come up with a different envelope for

0:11:26.400 --> 0:11:28.959
<v Speaker 1>the tax doc for the tax letter. So like, if

0:11:28.960 --> 0:11:31.080
<v Speaker 1>it's just gonna be a letter telling me that you

0:11:31.760 --> 0:11:34.920
<v Speaker 1>received my request to change my address or whatever, like

0:11:35.000 --> 0:11:37.520
<v Speaker 1>that letter should be like, let's say a bright pink

0:11:37.760 --> 0:11:41.199
<v Speaker 1>or a yellow something friendly. Yeah, And then the ones

0:11:41.240 --> 0:11:43.560
<v Speaker 1>that are like, hey, you screwed up, you owe us

0:11:43.600 --> 0:11:46.600
<v Speaker 1>eighteen fifty two, it should have like an envelope that's green.

0:11:46.800 --> 0:11:48.560
<v Speaker 1>Like it's a bit of a mistake, but it's a

0:11:48.559 --> 0:11:52.000
<v Speaker 1>small one, so I kind adjust like my stress level

0:11:52.360 --> 0:11:53.680
<v Speaker 1>before I'm mean, but then.

0:11:53.760 --> 0:11:55.880
<v Speaker 3>But then everybody's gonna see your business. When you got

0:11:55.880 --> 0:12:00.720
<v Speaker 3>a green eyes letter coming to the mail, I don't care.

0:12:00.880 --> 0:12:02.240
<v Speaker 1>I'm streress.

0:12:03.200 --> 0:12:04.880
<v Speaker 2>So much. I've gotten that that I R S. Later

0:12:04.920 --> 0:12:06.840
<v Speaker 2>where it's like, oh, we have dated your address. I'm thinking,

0:12:06.880 --> 0:12:09.520
<v Speaker 2>oh god, the coming for me? What I'm like, you

0:12:09.520 --> 0:12:11.040
<v Speaker 2>could have just said that this could have been an email?

0:12:11.040 --> 0:12:12.040
<v Speaker 2>Why did you need to mail me this?

0:12:12.679 --> 0:12:15.360
<v Speaker 1>Yeah, I just like, why isn't my CFO.

0:12:15.120 --> 0:12:15.800
<v Speaker 3>Hey don't email?

0:12:16.160 --> 0:12:18.000
<v Speaker 2>Don't It's true, they don't email O. Yes, should say

0:12:18.000 --> 0:12:19.319
<v Speaker 2>that they were not. The r S is an email that

0:12:19.360 --> 0:12:21.120
<v Speaker 2>you don't for people.

0:12:21.120 --> 0:12:23.439
<v Speaker 3>They don't call. They don't call you, they don't only

0:12:23.480 --> 0:12:24.719
<v Speaker 3>send you email.

0:12:25.080 --> 0:12:26.560
<v Speaker 2>That's true. Yeah, I r S.

0:12:26.840 --> 0:12:27.000
<v Speaker 3>Oh.

0:12:27.000 --> 0:12:29.079
<v Speaker 1>There's one thing we didn't mention jan Ellie when we

0:12:29.080 --> 0:12:31.120
<v Speaker 1>talked about student loans last time. Well, I did say,

0:12:31.160 --> 0:12:32.800
<v Speaker 1>go to the student a dot cup, But they have

0:12:32.880 --> 0:12:36.000
<v Speaker 1>this loan simulator that you can play around with, which

0:12:36.000 --> 0:12:38.480
<v Speaker 1>will actually so what we talked about getting a coach,

0:12:38.480 --> 0:12:40.199
<v Speaker 1>which is great and all of that, but if you

0:12:40.240 --> 0:12:43.000
<v Speaker 1>can't afford a coach, or you can't find a free

0:12:43.040 --> 0:12:45.480
<v Speaker 1>service and you know, it's not a bad option. You

0:12:45.520 --> 0:12:49.640
<v Speaker 1>can check out the loan Repayment Calculator. There's there's still

0:12:49.679 --> 0:12:52.360
<v Speaker 1>resources that were written by people who did work at

0:12:52.440 --> 0:12:55.000
<v Speaker 1>DO at one point. They may not be there anymore,

0:12:55.040 --> 0:12:58.120
<v Speaker 1>but their resources are there. So I'll about the different

0:12:58.160 --> 0:13:01.400
<v Speaker 1>payment plans. You can even simulate what if I take

0:13:01.480 --> 0:13:03.839
<v Speaker 1>like if you're in college right now and you're needing

0:13:03.880 --> 0:13:07.400
<v Speaker 1>loans to finish your degree, and you're worried that the

0:13:07.440 --> 0:13:10.160
<v Speaker 1>loans you thought you'd be able to pay income based,

0:13:10.240 --> 0:13:13.920
<v Speaker 1>you know, after school, like you're wondering like what would

0:13:13.960 --> 0:13:17.040
<v Speaker 1>that cost you? You can simulate how much more loans

0:13:17.080 --> 0:13:19.920
<v Speaker 1>would impact your monthly payment and the cost of your loans.

0:13:19.960 --> 0:13:22.120
<v Speaker 1>So that's a fun little tool.

0:13:23.559 --> 0:13:25.720
<v Speaker 3>Definitely check that tool out. We actually use that tool,

0:13:25.800 --> 0:13:27.440
<v Speaker 3>y'all know. I work with MGPF a lot to do

0:13:27.520 --> 0:13:31.480
<v Speaker 3>financial literacy curriculum for schools. In the free curriculum, we

0:13:31.520 --> 0:13:33.600
<v Speaker 3>have a unit called paying for College and we actually

0:13:33.600 --> 0:13:36.400
<v Speaker 3>have high school students go in and take on like

0:13:36.480 --> 0:13:39.160
<v Speaker 3>personas in different scenarios to just like role play and

0:13:39.200 --> 0:13:41.439
<v Speaker 3>they go through the simulation and go through the tool

0:13:41.800 --> 0:13:43.920
<v Speaker 3>to actually see how much they would graduate with, how

0:13:43.960 --> 0:13:45.920
<v Speaker 3>much debt, what would that look like as a monthly payment,

0:13:46.120 --> 0:13:48.320
<v Speaker 3>because the reality is is sometimes the first time you're

0:13:48.320 --> 0:13:50.679
<v Speaker 3>looking at that monthly payment amount is when you owe it.

0:13:51.000 --> 0:13:53.600
<v Speaker 3>And that's just that's really a red flag. So trying

0:13:53.600 --> 0:13:55.480
<v Speaker 3>to get them younger and younger to understand what they're

0:13:55.480 --> 0:13:57.360
<v Speaker 3>about to get themselves into is so so important.

0:13:57.480 --> 0:13:58.319
<v Speaker 1>Earlier the better.

0:13:58.559 --> 0:14:00.360
<v Speaker 3>So, yeah, I use those tools, but don't you afraid

0:14:00.360 --> 0:14:03.760
<v Speaker 3>to sit down with your with younger teens and students

0:14:03.800 --> 0:14:05.160
<v Speaker 3>too and do it with them as well, so they

0:14:05.240 --> 0:14:06.840
<v Speaker 3>just see the reality of these numbers.

0:14:07.000 --> 0:14:10.560
<v Speaker 1>Yeah, and y'all are probably wondering too, like what about

0:14:10.600 --> 0:14:13.959
<v Speaker 1>these forgiveness plans? This is changing all the time because

0:14:13.960 --> 0:14:17.880
<v Speaker 1>there are legal challenges against something called the Safe Plan

0:14:18.040 --> 0:14:24.440
<v Speaker 1>and the pay Plan, which basically had a shorter timeline

0:14:24.480 --> 0:14:28.640
<v Speaker 1>to forgiveness something like twenty years versus the up to

0:14:28.680 --> 0:14:33.520
<v Speaker 1>twenty five years that an income based repayment plan you know, offered.

0:14:33.720 --> 0:14:35.880
<v Speaker 1>And I was reading the New York Times, so they

0:14:36.000 --> 0:14:41.680
<v Speaker 1>say that processing income driven IDR income driven ME payment

0:14:41.720 --> 0:14:46.320
<v Speaker 1>plan applications were on hold because of this legal challenge,

0:14:46.640 --> 0:14:50.800
<v Speaker 1>but that as of last week, servicers have begun processing

0:14:50.840 --> 0:14:54.360
<v Speaker 1>applications again, and there's a backlog of one point nine

0:14:54.520 --> 0:14:57.920
<v Speaker 1>million applications, so maybe you can on that program. But

0:14:57.960 --> 0:15:01.560
<v Speaker 1>in the meantime, but still there's income based repayment plan.

0:15:01.640 --> 0:15:03.840
<v Speaker 1>Somebody got to like call your servicer because the income

0:15:03.880 --> 0:15:07.840
<v Speaker 1>based repayment plan is pretty much it's similar to these plans.

0:15:07.960 --> 0:15:10.000
<v Speaker 1>The difference is your loan payment could be as low

0:15:10.040 --> 0:15:13.720
<v Speaker 1>as zero dollars, and the repayment like the amount of

0:15:13.800 --> 0:15:16.560
<v Speaker 1>time you have to make payments not pay them off,

0:15:16.600 --> 0:15:18.400
<v Speaker 1>but the amount of time you have to make on

0:15:18.480 --> 0:15:21.680
<v Speaker 1>time payments in order to qualify for forgiveness is longer.

0:15:21.760 --> 0:15:26.600
<v Speaker 1>It's like that twenty five year mark. But yeah, the

0:15:26.640 --> 0:15:29.600
<v Speaker 1>real like wait and stop before you decide to do

0:15:29.640 --> 0:15:33.080
<v Speaker 1>that moment is when it comes to like deferment and forbearance,

0:15:33.680 --> 0:15:37.320
<v Speaker 1>because when you are deferring your loans or you have

0:15:37.360 --> 0:15:40.440
<v Speaker 1>a temporary, you know, unemployment issue, when you're stressed out,

0:15:41.280 --> 0:15:44.320
<v Speaker 1>then you can end up where you're not making payments.

0:15:44.520 --> 0:15:47.400
<v Speaker 1>You're stressed free because you don't have payments. But because

0:15:47.400 --> 0:15:49.680
<v Speaker 1>you're not making any payments, even if they were five

0:15:49.800 --> 0:15:52.240
<v Speaker 1>dollars or fifty bucks whatever they might have been under

0:15:52.680 --> 0:15:55.800
<v Speaker 1>one of these other repayment plans, you're not making any

0:15:55.840 --> 0:15:59.920
<v Speaker 1>progress toward qualifying for forgiveness down the line, because you're

0:16:00.080 --> 0:16:03.680
<v Speaker 1>in this like I'm not making any payments and even

0:16:03.720 --> 0:16:07.440
<v Speaker 1>then you're having to deal with like interest accruing while

0:16:07.480 --> 0:16:11.080
<v Speaker 1>you're getting by scott free without making these payments, which

0:16:11.200 --> 0:16:17.840
<v Speaker 1>so great in theory, not be good anything else on

0:16:17.880 --> 0:16:19.120
<v Speaker 1>student loans. What am I missing?

0:16:19.640 --> 0:16:22.760
<v Speaker 3>Yeah? If you're stressed out, that's you know, you're not alone.

0:16:22.840 --> 0:16:25.240
<v Speaker 3>That's the other thing is go online and like just

0:16:25.360 --> 0:16:27.280
<v Speaker 3>you know, connect with other people. Don't sit in a

0:16:27.320 --> 0:16:30.080
<v Speaker 3>silo and just go through this and frustration because there's

0:16:30.120 --> 0:16:32.320
<v Speaker 3>a lot of resources online, a lot of other people

0:16:32.360 --> 0:16:35.480
<v Speaker 3>sharing their stories and commiserating together, and that just makes

0:16:35.520 --> 0:16:36.840
<v Speaker 3>it a little less lonely.

0:16:37.360 --> 0:16:39.280
<v Speaker 1>But don't let them. Don't let them talk you into

0:16:39.360 --> 0:16:40.680
<v Speaker 1>not like paying your bills.

0:16:40.840 --> 0:16:44.280
<v Speaker 2>Yeah, exactly. Ignoring you is not gonna make it any better.

0:16:44.240 --> 0:16:49.960
<v Speaker 1>Definitely, I know. Okayva fan, thank you so much for

0:16:50.080 --> 0:16:52.480
<v Speaker 1>listening to this week's show. I want to shout out

0:16:52.520 --> 0:16:57.280
<v Speaker 1>to our production team, Courtney, our editor, Carla, our fearless

0:16:57.360 --> 0:17:00.960
<v Speaker 1>leader for idea to launch productions. I want to shout

0:17:00.960 --> 0:17:05.760
<v Speaker 1>out my assistant Lauda Escalante and Cameron McNair for helping

0:17:05.800 --> 0:17:08.440
<v Speaker 1>me put the show together. It is not a one

0:17:08.480 --> 0:17:11.680
<v Speaker 1>person project, as much as I have tried to make

0:17:11.720 --> 0:17:14.879
<v Speaker 1>it so these past ten years. I need help, y'all,

0:17:15.280 --> 0:17:17.520
<v Speaker 1>and thank goodness, I've been able to put this team

0:17:17.600 --> 0:17:20.439
<v Speaker 1>around me to support me on this journey and to

0:17:20.520 --> 0:17:23.600
<v Speaker 1>y'all bea fam. I love you, so, so so so much.

0:17:24.240 --> 0:17:26.760
<v Speaker 1>Please rate, review, subscribe, make sure you're signed up to

0:17:26.760 --> 0:17:30.400
<v Speaker 1>the newsletter to get all the latest updates on upcoming episodes,

0:17:30.480 --> 0:17:35.600
<v Speaker 1>our ten year anniversary celebrations to come, and until next time,

0:17:36.000 --> 0:17:38.199
<v Speaker 1>talk to you soon via buye