The Rachel Cruze Show - Can’t Get Ahead Financially? (Here’s What to Do)

Episode Date: May 29, 2023

When it comes to handling money, a lot of us just want to know what’s “normal.” But the truth is, normal isn’t always what’s best. Here’s what you can do to move forward and finally achieve the money goals you always hoped were possible. What You Get in This Episode: Which Generation Feels Financially Trapped? Do You Feel Behind Financially? (With Minimal Mom) “How College Students Spend $100” (My Reaction)   Helpful Resources: Christian Healthcare Ministries Carly Jean Los Angeles with code “Rachel” EveryDollar Enter The Ramsey Cash Giveaway for a chance at $3,000!                                                 Sponsors pay the producer of this show, The Lampo Group, LLC, advertising fees for mentioning their services or products during programming. Advertising fees are not based upon or otherwise tied to any product sale or business transacted between any consumer or sponsor. The following sponsors have paid for the programming you are viewing: Christian Healthcare Ministries and Carly Jean Los Angeles.   Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices

So while I am a huge believer that everyone can take control of their money instead of their money controlling them, regardless of your generation, you can do it. Because if you're someone that feels like your money controls every move you make, we want to change that. Hey guys, welcome to this episode of the Rachel Cruise Show podcast. I'm so glad that you're here. In this episode, we're going to talk about how to get ahead financially when you just feel like you can't. I'll have you guys listen to a video from The Cut on how college students spend a hundred $100 on groceries and what we can learn from it. Then you'll hear a conversation I had with YouTuber Don Madsen, aka Minimum Mom.

We talk about how you can feel behind in life and financially and what you should do to get ahead. So you don't want to miss it. But first, let's talk about what generation is feeling financially trapped right now. Take a listen. A March 2020 survey asked baby boomers, Gen X, millennials, and Gen Z, if they feel like their finances control their lives.

life. And let me just tell you, the results are fascinating. So while I am a huge believer that everyone can take control of their money instead of their money controlling them, regardless of your generation, you can do it. So I wanted to unpack some of these results and talk through some of the solutions to help you get control of your money. Because if you're someone that feels like your money controls every move you make, we want to change that. All right, so the participants were asked to respond to this statement. My finances control my life. 24% of baby boomers responded always or often. 39% of Gen X said always or often. 47% of millennials said always or often. And 44% of Gen Z said always or often. So clearly, the younger half agreed with the statements, but millennials did

the most. And I think there's a lot of reasons to speculate why this is. So, So for one, we all have different money tendencies when it comes to spending and saving, which can be traced all the way back to childhood and the household that you were raised in. I talk about this in my book, Know Yourself, Know Your Money. And if majority of one generation was raised by the majority of another generation, then there's going to be some underlying trends. So when you think about millennials, they had baby boomer parents and Gen X parents. Well, those parents were raised by parents that had very major,

financial hardships like the Great Depression and World War II. So all of that really does stem through the generations, which is pretty wild. So whatever the cultural challenges were at the time, the pendulum tends to swing back and forth because of how each generation was brought up. So millennials are known for having more awareness around mental health and work-life balance and healthy boundaries. But maybe that whole live-to-work mentality that we saw many of our parents take on, maybe it's actually working for them when it comes to their money.

Now, another potential reason for major financial burnout that millennials are feeling is the formula that worked for our parents, but let's be honest, is not guaranteed to work for us because there are factors that we are facing, like inflation and social security and the housing market, all of that is very different than it was in the 70s, 80s, and 90s. Now, Gen Z could be feeling this way for multiple reasons, too. If you think about the pandemic, it interrupted many of their high school and college experiences and student loan debt. The crisis is worse than it's ever been.

And they were the generation that was right in the middle of it. And they're obviously, you know, very real factors like what we just talked about. But I also want to say, regardless of your generation, if you are feeling like money is controlling you, you can take back control. So let's talk about how you can help control your money versus your money controlling you. Well, first is to accept the fact that you can't do it all. So no one can be everything to everyone all the time. And no one can afford to spend their money on everything all the time. So it might sound backwards,

but actually learning how to draw boundaries around your spending brings you a lot of freedom. So you think about spring and summer, things become very social. There's lots of baby showers and birthday parties and weddings and graduation, all this, all these things you're invited to. And while giving is very important, but you want to understand that there's, discipline and stewarding your money intentionally really well internally before going externally

with it. And especially if you feel obligated to participate in something, again, you can draw some boundaries. All right. Number two, budgeting is the next step. So boomers are actually backing me up here. 82% of boomers would rate themselves as intermediate to advance when it comes to their level of managing a budget, which is pretty amazing. it proves what we talk about all the time here at Ramsey is that consistency is key. And I know the word budget can sound intimidating, but I'm telling you, if you have tools around you to help you, put them around you. So like every dollar, for instance, it's our budgeting app. It really does take the stress and the confusion out of budgeting.

And if you've never budgeted before, the app will set you up that you feel really natural and it's very intuitive. It really does help you step by step when it comes to budgeting. Third, develop good habits. the seven baby steps will show you exactly how to do this. So research proves that small, wise habits are the key to positive life change. And this is exactly why we created the baby steps. So taking control of your money is a marathon. It is not a sprint.

It is a process. And like anything, it is worth it. Take time to practice and have some patience. So rather than trying to solve every problem and reverse every bad money mistake at once, just take it step by step. save, pay off debt, save some more, invest in your future, and you will be surprised at how the time flies when you're making real progress. So to learn more about the seven baby steps or where to start, check out Ramsey Solutions.com for articles, videos, and other amazing resources.

And I will put that in the description. And lastly, the fourth step is kind of part of number three what we just talked about, but that is saving for an emergency fund. So one reason you might feel like your money's controlling you is because if something happens in life that you can't control, you feel like, oh my gosh, there's nothing I can do. So whether it's a medical emergency or your house floods or you have a car accident, listen, emergencies are going to happen and they usually come when we least expect them to. But having an emergency fund really takes those unexpected parts of life and it makes it more of an inconvenience than an absolute into the world scenario. So baby step one is to save a $1,000 starter emergency fund.

And this will cover the cost of unplanned things that come up while you're paying off debt. And then after all your debt is paid off, except for your mortgage, you're going to take that emergency fund and bump it up to three to six months of expenses for a fully funded emergency fund. All right, you guys, I hope you found that this study was really interesting. I love when they break things down generationally because you can kind of see how everyone functions and views money. In this episode, I have one of my favorite and your favorite guests on Don,

AKA the Minimal Mom is back with us. So welcome back, Dawn. Thanks, Rachel. It's so good to see you. I know, it's good to see you too. Okay, so I wanted to pick up a conversation you were having over on your YouTube page and your channel all about this feeling of being behind.

And you really hit on this point so well. And I feel like it was such overlap because we talk so much about comparison when it comes to your money and your lifestyle. And so as you were talking, I was like, man, this makes so much sense. So when did you first see like that this is, this is a real issue that people deal with. I think it's actually been, as I've been, helping women

declutter their homes, there's this, women are always, like, defending themselves or justifying, like, well, my basement isn't clean because of this, or I haven't made all of the recipes and the recipe books because of this, or I haven't mended the jeans because of this. And don't even get me started on, like, craft projects, right? And so, but as I thought about it, and I'm like, why don't you just declutter that, right?

But they're like, no, I have to get this done. otherwise I'm behind and I'm not doing all the things that I'm supposed to be doing. And as I looked at it and I'd step back because I'm like, how on earth do I help these women see that they can let this stuff go? Yeah. I was like, oh, like we have this perception that we are so far behind and our house is telling us this. Instagram is telling us this. Other moms and the things they're doing with their kids that we're not doing is telling us this.

But when I stood back and I looked at them like, Rachel, there's actually very few things that we can really be behind on. And like, if we don't pay taxes, okay, there's consequences. If I don't pay my mortgage, if I don't show up to work, like, there will be some negative things. But if I don't read the magazines that have stacked up and I don't finish the scrapbooks that I started four years ago, it actually does not matter at all. Yes, that's so good because I do think we put so much pressure on ourselves. So whether, yeah, you're working or you're, you know, you have friendships or you're a mom,

like whatever kind of role you are in life, there's always going to be people around you and besides you who are doing things that you're not doing, and automatically it's like, oh my gosh, I kind of just, I feel like I should be doing that too, or if I don't do that, people are going to be getting ahead and should I? I mean, I even, I know it sounds so stupid, I feel this was kids sports already. I mean, I have a second grader, a second grader, and people think, I mean, she's a girl, but the ones that are boys are like, oh, they're getting, they're doing travel already. I mean, all this stuff. And I'm like, oh, yeah, and if you feel like you're behind. So it can be in so many areas of our lives. I think it's so interesting how

tactically it shows up in your home when it comes to your job as you help people declutter, then you're like, oh, wow, I see it. So talk about how you realize, like, this isn't a fact. This is just a feeling. It's an emotion we have, but it's not actually true. I think because in my own life, so we became minimalist about eight years ago, and we decluttered, you know, 85% of our stuff now. And what happens when you do that physically, with all of your things, then you just naturally start to do that with your calendar and with the other areas of your life as well. And so I feel like I'm over here on the other side being like, you guys, it is totally okay. Like I got rid of all the unfinished craft projects. My kids aren't in

all the activities. I have not tried a new recipe in months, right? Like, and so I'm like, wait a second. Like, we are living. I just, I actually even just asked our 14 year old, I'm like, do you feel, like, I don't feel like we're missing out on anything. Do you feel like we're missing out? And she was like, no. She's like, I look at some of my friends and they're stressed out. And she was like, why? Like, why?

Yes. So good. And I think asking that question is so huge to be like, why do we feel this need? Because people do this even with their stuff, right? Or, you know, even in my line of work, I'm like, man, they so often can just go into debt just to keep living this life, whether it's, yeah. I mean, you can put on any category. whether it's like the way your home looks, how it's decorated, kids sports, are you doing this? Are you involved in this? Are you doing this? I mean, it's just like there's so much going on.

And when you pause and you're like, what if I don't do it all? Like, am I still going to have a pulse? Like, are we still going to be alive and be okay? And in fact, happiness, just like you find with decluttering, like the less you have and the less you manage, sometimes there's just more peace in that too. More calm because you're not sitting there and chasing and running around constantly in your life. You actually can enjoy it in the present. Yes, absolutely. And I know to, you know, anytime we have kids and life will always get busy, it'll get a little overwhelming. But how I look at it now is that it's okay to visit overwhelmed town, like once in a while, maybe in the fall when school's going going again, maybe around

Christmas, but we can't live there. It's when we live there and we're there perpetually that that's when we not only are we stressed and anxious, but we start to lose hope, right? We don't, we can I mean, the thought of dreaming, when you are just overwhelmed 100% of the time, how can you even, Rachel, getting out of debt? Yeah. Like, that takes a lot of energy. Like, how can I even entertain that? And then what happens?

That just adds to the feeling of being behind again. Yes. No, it's so good. It's so true. It's so true. So how do you help somebody kind of break this cycle? As you've been really kind of diving into the subject a little bit and like realizing, oh my gosh, this is a problem.

This feeling of being behind is a problem. So how do you find to break the cycle? I think that if we feel like we are in a place where we've lost hope, I was just reading a fascinating study that said the majority, 70% of moms that were surveyed recently, they feel behind, they feel overwhelmed. 50% of those say they don't even bother voicing it because they don't think it's going to change anything

and they don't think anyone's going to listen. They also feel like they should be able to do all. all of this, right? So if you are feeling defeated and you're feeling overwhelmed, for me to come along and just be like, hey, well, you just got to declutter your house or, hey, you just got to get out of debt. Like, that's not actually that helpful. But what we can start to do is we can start to surround ourselves with people that have the same goals as us and who have the lifestyle that we want. So do you want the same lifestyle as the mom sitting on the bleacher as you? If so, that's great. Keep spending lots of time with them, right? Or are you like, no, I think I really would like to get my house decluttered,

or I do know that getting out of debt would start to relieve this overwhelm and this anxiety. So I'm going to go through my Instagram account and I'm going to unfollow every single person that makes me impulse by, not makes me, but causes me in the direction of impulse buying, right? I am going to start following people that are on the debt-free journey. I'm going to follow people that are decluttering things, not acquiring new. things. I'm going to follow people that enjoy simple lifestyles that are okay just spending a whole weekend at home. Like what would that look like? And so I'm going to start surrounding myself. And what you'll probably find too is that it's cool. We can create this community online.

But you're probably going to start to find people in your own context, natural context, too, where you could start to find some friends that have these same ideals. And they will start to come around you too as this becomes your goal and your new mindset. Yes, that's so good. And it's so true because I'm like, as you're talking, I'm like, yeah, and then even asking the question, why? Why do I feel the need to keep up? Who am I trying to please? What am I trying to accomplish? What is the thing inside of me that's insecure that's needing to like feel okay? You know, why am I doing all this in the first place? Why do I have so much crap in my house? Why do I keep buying stuff? Why? What put us into debt? Why are we in debt in the

first place? You know, what are these things? So even that why question of getting to that identity, I think it's really big. Because like you said, me and you sitting here on our channels being like, feed up free and you're like, take it out of your house. At the end of the day, it's still you the person. So when you can identify what's going on in you and then you start partaking in this journey, that's the beautiful thing at the end of the day because you're like, oh, yeah, I'm the one that's going through this.

And if I can change even kind of like those ugly parts of me that I don't like and identify those and start to heal and become healthier around that, these things like not going into debt for stuff and being able to say no, actually decluttering and not thinking that stuff is going to be the thing that saves me in my life that I actually can have a lot of peace without it. Like that stuff becomes the byproduct, which is just so beautiful. And then that feeling of being behind, you're like, oh, where was the beginning line anyways? I'm living my own life over here, right? Like, I'm not behind anyone because I'm just in my life. Yeah. And there's just such freedom in that too. So I just think that what you touched on,

I think is so great. So you may be. mentioned this earlier, but for you specifically, how did you feel behind when you were doing your debt-free journey? Did you have this feeling? Because I think, you know, that, again, it's back to that comparison message, but it's just constant and it always creeps in. And so I think it takes a lot of maturity and it takes, I don't know, this level of getting above yourself in a way to put the tunnel vision in place to be like, I really am going to not care what people think and really focus on what's going on. So I, I, I, I don't want to feel behind.

But it can be so easy to feel behind. So what's some encouragement you have in your own story of if you felt that way, how you kind of overcame that in your debt-free journey? Yeah, I mean, I can still tell you exactly where I was sitting. When Tom and I added up all of our debt the first time that we tried to get out of debt. And it was over $100,000. I had student loans. We had medical bills, not including our mortgage, right?

Car loans, a business that had failed. We had all the types of debt. And it was so discouraging. But I'm a fairly optimistic person. And so I'm like, okay, we have a plan. We were doing the baby steps. Like, let's go. Right.

So that was back around 2010. We didn't get super far at that time. I just saw this. So this was hanging inside our, this is hanging inside our wardrobe. It says Operation Lifestyle. The date on it was actually 2018. Oh my gosh. So this was the time then, this was the third time we started to get out of

and this was the time it stuck, though. I was just asking Tom about this morning because I'm like, what do you remember about this? And he said, I remember that I thought you were so irrational, like, that you had just lost it, that you would actually list out these goals and you thought that we could do it. And as I was thinking about it, I was like, I think that it's very natural that some of us are more pessimistic and some of us are more optimistic. I think it's really important that if you are a naturally pessimistic person, that you find an optimist to link arms with. Like, I don't know if we can do it on our own and write out some goals because this hanging in there kept us going.

And so it's so funny though now to look at it. So it's March 9th, 2018, so five years ago. And, well, one thing that was kind of funny, I had forgot this was on here. It was that the Minimal Mom YouTube channel would hit 10,000 views. oh, this is going to make me cry. I didn't think it hit 10,000 views by May 1, 2018. And so, my goodness, like, mind-blown emoji, like how far we've come in that time. We had on here, Tom really did not enjoy his job at the time.

So we had for him to be able to leave his job. Seriously, when I wrote this on here, he's like, Dawn, you're like are so far ever- Mind, Dawn, what are you thinking? Yes. For real. Yes. And he, like, Tom is all into trucks, right?

Like, he is vehicles, all of that. He is on here for him to buy a, at the time we thought a new truck. But since then, we could buy a new truck now. We didn't even choose to buy a new truck, right? Like, he buys used trucks now. Even just to be able to start investing in rentals and different things, everything on here has come to pass since then. And so, again, what's so hard is that when we are so overwhelmed,

we are so hopeless, right? And so to be able to like even think about writing out something like this, I know. Like you've tried and it hasn't worked. It feels foolish to even think about that. At some point, we have to say enough is enough. Like I cannot live like this anymore. And we have to be willing to even write a small goal down and to say buying stuff is not helping.

Living in a cluttered house, my goodness, it is not helping. And to just start doing the little steps moving forward to declutter and to not. and to not buy stuff, which will then help you to be able to start to get out of debt. It is, Rachel, I mean, this is, like, the lifestyle we have now is unreal. And it's not, I'm so fortunate. Everything that has happened with YouTube and everything, but even if YouTube had not come into our lives, I know we would still be living an incredible lifestyle now because we were willing to put, you know, many things we wanted to buy at the time on hold.

Tom, he was reminding me, too, when we were. wrote this. He had sold all his vehicles and he was driving a Prius. Like, and he would get made fun of every day at work. Like, he worked in manufacturing. Like, you drive a cool, like a nice truck. Like everybody there had nice vehicles. And he would say, I would park it up front. He was like, they would literally like look out the window and make fun of me. And like that we were willing to do that. I look back and I'm like, oh my goodness, I'm so glad that we were willing to do that. And I know spouses are not always on board. Again, we started this in 2010. and it took till 2018 when we could really get serious about it.

But you do what you can do, and it is truly just a matter of time before they come around. And I don't think it'll take eight years for you either. I think if you're really consistent and you do your part, I think it'll be a lot faster than that. Yeah. Oh, it's so good, though. But it's just the power, like you're saying, of painting what you want for your future,

that you're not like just sleepwalking through life day-to-day, but you actually look out to the future and say, what do we want as a family? like, let's go after that. And you're proving that point. I mean, it's absolutely incredible. And to the encouragement of, like, even though those people were making fun of him,

what's funny is if you cave to what people are thinking, how you're being perceived, how you're being accepted or not, if that's your motivation in life, that can easily take you down that road of debt. And the truth is that you don't know what those people, those guys, you don't know what car payment they were paying, you know, to pay for those trucks. Maybe, maybe not.

but like you don't know. So even that feeling of being behind, you don't see what's going on. You don't see maybe credit card bills. You don't see maybe, you know, what's not in their retirement or the flip side. Maybe you didn't see the sacrifice that they made, just like your family for years.

And now they're killing it. And you're like, well, I want that now without having to do the hard work. And you're like, you didn't see all the years of the hard work and they're being made fun of. You know, so either end of the spectrum, it's like, yeah, this feeling of like, oh, I'm behind.

If you're doing that against other people, it's not a true measurement. So run your race, live your life, have your goals like you guys did. And that's where you chart to see, oh, so much peace that it's like you're not carrying this weight around. And so it's just beautiful. So incredible. And Rachel, too, I think it's important, too, just to kind of remind everyone, like, we're being marketed to all of the time.

And so as women, especially when we're trying to take care of kids often and run our households and everything. There is so much marketing saying, this will solve dinner time. This will make you look thinner. This will help you have more energy. This will help you sleep better. This will lower your stress. There is so much. So I know sometimes we look around at our cluttered house and we're like, what have I done? Like what is wrong with me that I have bought all this stuff and I thought it would make me happy and we know it's not. Right. And I just want to tell you like, I understand. Like marketing is so strong. And they know. how to hit us at our weak points there, right? Especially if it has to do with like motherhood and

running our households and feeling like a good mom and everything. And so it's okay. It is okay if you have bought things that you regret now. But the only wrong thing you could do moving forward is let that stuff stay in your house or to keep that buying habit moving forward. Instead, start to declutter. I love decluttering because it almost like creates this aversion to buying stuff again because you're like, well, that was a lie and that was a lie and that was supposed to help me and that didn't. And that was going to give my hair so much volume and it didn't. And that was going to make my baby sleep through the night and it didn't. And you're just like, oh my goodness, like this is like it's not true. Like so much of it is so untrue. But it's okay.

Like it happens and we learn from it. And as we begin to declutter, at least for me, it is so much easier for me not to buy stuff now because I'm like, I ain't going through that process again. that was painful. Yes, it's so true. That was horrifying. And I don't want to do it again. Yes. Oh, I love that.

And what's funny is when you start to live without, whether you're sacrificing to get out of debt and you've just cut your lifestyle or you've chosen, like, hey, I'm going to declutter and live a more minimalist lifestyle, you do realize the absence of stuff, like, you're okay. You really don't need it, you know? It's like you almost have to, like, get rid of it to breathe a little bit to realize, oh, yeah.

I don't need all the magic potions. all the things from my kids and whatever, right? I don't have to pull from all these areas. Yeah. I actually am pretty okay without all the stuff. And that's a freaking feeling too. So great. Awesome.

Don, thanks so much for coming on. And where can everyone find you? I spend most of my time on YouTube. So a quick search of the minimal mom and I will pop up. Otherwise, the minimal mom.com. So great, Don. Well, thank you for coming on, honestly. You just always have such great encouragement for people and even the journey you and your

family are walking through. It's literal encouragement because people are doing the exact same walking your path, maybe a few years behind you, so you're kind of leading that way. So I love everything you stand for in your channel and everything you're doing. So thank you again. Today we're going to take a look at how college students are spending $100. So there's a video going around that asks five college students to explain how they've spent $100 on groceries.

And I thought this sounded really interesting and I'm really curious. And we're going to see how these students and their spending habits hold up to budgeting and the baby steps. My name's Ryan and I go to a public university. I'm Dylan. I go to a private university. What's your major? I study finance.

Strategic communications. I am going to be a medical assistant. Trying to be an actor. If you're trying to be an actor, why even go to college? I'm going to college because my parents require that. After having my daughter, that's what really pushed me to continue with my education. All right, so technically they haven't talked about food

yet in the budget, but this is a good example of different motivations. that go on when it comes to going to college. So one girl says her parents are making her go, but she really wants to be an actor. And the other has chosen to pursue a specific degree after her daughter was born. So I think it's important to know the motivation

behind your college degree before you go and apply for college and go down this road and especially, oh, if you're taking out pseudalones, don't do that. But listen, college may be right for you, may not be right for you, maybe right for your child, maybe not. I don't know. It's becoming a question more than ever today.

I think it's a great one to ask that it's not just this assumed thing, but really seeing, okay, where's their heart, where's their passion, what do they want to be doing? And how do we make good decisions and help them make good decisions during this time? All right, let's see you the next clip. We gave you $100. Yes. And this is what you bought.

Yes. I just buy little snacks that I can add to, like, my school day. Usually I spend about $50 on groceries, so I had a little leeway so I could have some fun with it. Oh, I splurged on the honeycomb cereal. I like to cook fresh foods, so we got greens. Okay, so I noticed that the first girl spent $55 over half of her budget on miscellaneous items, which doesn't look like a lot. So I'm just curious where all that money wins.

And the next girl says that she's used to spending only $50 a week on groceries, so she splurged on honeycomb cereal because she had extra to work with. And listen, I love that. See, that is what happens when you budget. You honestly end up getting more for less because you're intentional. And then when you have some margin, you get to treat yourself. Now, I love the last guy saying that his priority is fresh food because there's another myth that goes around that says you can't eat healthy on a budget.

But you can, and he's doing it. So there's proof. I get Uber Eats and stuff sometimes. How much do you think you spend on Uber Eats? Per month? Maybe 150, 200. I don't know. I don't cook. I eat out almost every day. Is that costly? Is that costly? Nope, nope.

I don't come from a family that, like, has a ton of money. So that kind of sucks when everyone else is going out to eat, and you just, like, have to stay home to save money. How much do you think you spend every month on food? Let's just say I spend $1,000, but let's not tell anybody. I'll probably spend around $150 on groceries per month. Oh, wow. Okay, so this is a great example of how people can use the exact same resources

in such a different way. So one guy spends $200 on Uber Eats a month. And just think about it. If he didn't do that and he went and just ate on campus or made dinner at home, where he could have saved that $200. Like, let's just for the fun of it, calculate it. Let's say he's 20 years old. If he started investing $200 a month at age 20 with a 10% return,

he'd have over $2 million at $65. And then next, our sweet actress friend says that she goes out to eat a lot and spends $8,000 on food a month. Oh my gosh. For one person. And the other girl says that she comes from a household that wasn't able to afford a lot of excess. So she actually learned to stick to her food budget,

which was $150 a month. And she says it takes discipline to say no when all her friends go out to eat. But she's doing it, which is incredible. The discipline of what she's doing to stay within her budget, so smart. How do you support yourself? I work about 30 to 35.

I take care of her in the morning, go to school in the afternoon, go to work at night, and then sometimes I'm up until one or two doing homework. Sometimes I'll walk dogs. That pays for rent and for food and everything? So usually most, most, most, okay. Yeah, so my parents, like, pay for my rent. This is getting personal. Do you ever struggle with money?

I have. Yes. This summer, for example. I didn't get two of my grants. I spent all my money in New York City. Had to raise 6,000. I had the best time in my life, but I was not future thinking.

It was hard, I cried a lot, my mom helped me. Okay, so our budgeting girl works 30 to 35 hours a week while in school. Absolutely amazing. And listen, school and work, it's a lot to balance, but it can be done. But then later, she mentions that she is raising $6,000 when her two grants or scholarships saying,

and come in instead of going into debt, which is amazing. And then our other two friends that mentioned that they are relying on their parents for financial support. So if your parents are able to help you out, especially while you're in college, there's no shame in that, but it's not something that you can count on forever. So again, it's just a good reminder to check yourself when it comes to comparison. Like, don't compare your tight budget and 35 hour per week work schedule and having to pay for all your expenses to someone else's parent-paid housing expenses, right? Those are two different worlds.

So that's where comparison is not great. So neither one is right or wrong or good or bad. There's just difference. When you're done with college, how much debt are you going to have? I'll be around $15,000 in debt. About $15,000. $25,000 to $35,000 in debt. But, you know, I'm about to be done, so I don't really want to think about it anymore.

Do you think you'll be paying off your student debt for the rest of your life? Probably. To be honest, I don't really look at debt as like a huge thing. thing because everyone has it. Hopefully I'll just get a really cool job acting in a big movie. Like Marvel, maybe. We'll pay it off. But maybe a coffee shop.

Now student loan debt enters the equation. So it's definitely worth noting that every single one of them says that they'll have debt after they graduates. And our budgeting queen will have the most at $35,000. And I have to admit, our actress friend saying that she's not worried about debt because everyone else has it. It's so normal, you guys. But remember, just because everyone is making a decision with money doesn't mean that it's wise. But she's optimistic, so I guess that's good. All right, you guys, that was a great video. I love hearing people's perspectives, but I think there's

kind of two big takeaways. Number one, it's just being intentional. So whether it's a decision to go to college and how to pay for it or how to support yourself while you're in school or even just as a young adult, you have to have a plan and practice self-control. I promise you will. I promise you will thank yourself later. Number two, quit the comparison game. There will always be other people around you that seem like they have it better off or have more money or having more fun, but you don't know what is happening behind the scenes. They could have family that supports them. They could have a ton of debt. You don't know. So focus on your goals and your budget. To find out more about budgeting for groceries or paying off debt, check out Ramsey Solutions.com. And make sure to send this to a friend

who's thinking about their future, maybe their kids' future. How college students and spending money. You guys, what a crazy video. But I think it was so enlightening. All right, you guys, thank you so much for listening to this episode of the podcast. I want to thank Dawn so much for being on. And if you guys enjoy the Rachel Cruceau podcast, will you please, please leave a review?

It is so helpful for us. We read them. We appreciate them. And it helps even with the algorithm when it comes to podcasts and when people search. So it really is helpful. Thank you guys so much. Make sure to subscribe as well if you have not subscribe to the podcast. And you guys, I'm just so thankful for you and continuing to listen.

And remember to take control of your money and create a life you love.