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$82,000 Debt Free Lessons You Should Know (student loan debt credit card debt) - YouTube
Channel: Jarrad Morrow
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welcome to my eighth month debt-free
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update video if you and I are meeting
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for the first time my name is Jared and
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I'm gonna give you a quick rundown as to
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where my debt free journey started where
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it ended and what's changed in my life
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since I've become debt-free before we do
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that I do plan on making a lot more
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debt-free videos like this so hit that
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subscribe button and also sign up for my
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email list if you want to link is in the
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description or somewhere around my head
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wherever I decide to put it it all
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started when I accumulated a little over
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$80,000 in debt that's 70,000 from
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student loans another 10,000 in a car
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payment and then roughly two thousand in
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credit cards now if I would have paid
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minimum payments on just my student
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loans it would have taken me 20 years to
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pay off now my interest rate on my
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student loans just my student loans
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we're between six and a half percent and
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eight and a half percent which is fairly
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high and it kind of sucks but what can
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you do
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sucks to suck I guess now if you're not
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good at math because I'm not that good
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at math if you add the $80,000 in
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interest for my student loans plus the
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$70,000 principal that's $150,000 that I
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would have paid over 20 years damn I
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know I just threw up a little bit too
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it's crazy I paid all of my student
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loans off and everything in a little
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under five years and that was working
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two to three jobs seven days a week for
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that amount of time and in case you
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think that I was making a whole bunch of
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money out of college my first job out of
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college I was making $30,000 fast
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forward to when I paid all my student
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loans off how did I feel when I click
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that button the last payment of my
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student loans you think I felt like a
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million dollars how could I not I didn't
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I didn't at all it was the weirdest
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feeling ever I felt almost empty and
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disappointed because I clicked that last
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payment button and I didn't get those
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feels like I thought I would I spent all
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that time trying to pay off all my loans
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expecting this I don't know what I don't
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know what I was thinking or expecting I
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don't know if I was expecting like a
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band to start playing and streamers to
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go everywhere and cake and ice cream
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I think
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because I was down in my office by
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myself when I click that button I didn't
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feel anything it didn't really hit me
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that I was debt free until the next
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month when I was putting my budget
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together I was putting it together
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putting this together and I realized how
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much extra money I had leftover that I
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didn't have a name for and I was like
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what the heck what do I do I was kind of
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scared and nervous I was like I've never
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had this much money free money or you
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know cash to kind of go to wherever in
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my life literally in my life I've never
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had that before
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you might be saying well Jared what was
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your first purchase was it like a huge
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nice house was it like a brand-new shiny
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car was it some sweet new clothes some
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sweet new gold jewelry some polished
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shoes did you go have a night in the
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town where you just made it rain no I
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bought a watch that was my biggest
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purchase now don't get me wrong it's
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it's an expensive watch it's not gold
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it's a functional watch though I don't
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do just for show I'm not trying to
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show off it's a functional watch that I
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really wanted for the longest time
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that's a $400 watch but you got to give
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me a break because I had the same watch
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which was like a $95 watch for seven
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years straight and I was like you know
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what I deserve something like this I'm
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just gonna buy the freakin watch it was
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kind of expensive but I was like I've
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been doing this for five years and this
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is what I want I'm gonna freakin buy the
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wash folks and this is actually the
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biggest purchase that I've made since
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I've become debt-free I know I'm real
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flashy
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don't judge me how has life changed
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since I became debt free what have I
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learned is there any kind of new things
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that have happened in my life because of
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being debt-free well let's get into
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those things right now everything looks
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different to me now every day is almost
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better than the last and I would compare
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it to almost hiking up a mountain a
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really high steep mountain and you're
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just chugging away for days and days and
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you get to the top and you're just
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you're so beat down and you're out of
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breath and you can barely breathe but
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then you look up you look up and you
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look
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out at that landscape button you see the
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beauty of that landscape and your jaw
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just drops that's the feeling that I get
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every single morning that I wake up now
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it's almost like I was living life
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before with with a filter over my eyes
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and my brain and my whole body I just
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wasn't seen everything as clear as I
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could have I appreciate the hell out of
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everything now not that I didn't before
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but a lot more now than before because I
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was always worried about my debts I
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always had that debt weighing on the
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back of my mind and and if you've always
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got something like that weighing on the
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back of your mind it's very difficult to
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appreciate what's present what's in
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front of you right now so I've noticed
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extreme appreciation from myself I don't
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have any boundaries this is one of my
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favorite feelings since I'd become
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debt-free
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so before I almost felt like a caged
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animal like somebody else owned me and I
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couldn't step too far out of line
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because guess what
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I still had to answer to my master the
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people who basically owned me the people
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who I owed money to and if I didn't pay
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my master every month the master would
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get angry and that wouldn't be good well
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guess what now nobody owns me
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I owned myself they're not my masters
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anymore because I got everything paid
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off and that's one of my favorite things
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they can't tell me that I can't step out
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of line or do something wild and crazy
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and go out and just have fun they can't
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tell me that anymore because I gave them
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the boot you know what I said to them I
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was like booted and they're gone
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experiences have become way more
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important to me than things and buying
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stuff I don't need stuff I don't need a
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really nice flashy car or clothes or
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jewelry or really huge house to try to
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prove something to someone else do I own
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a house yeah I bought a house but guess
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well it's it's a very modest house I
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don't need anything to show off because
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I don't care what other people think
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I really don't and it makes me a lot
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more happy so I'm not chasing this stuff
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except this this was the only thing I
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was chasing but I'm chasing experiences
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and
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spending time with other people and
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going to different places that I haven't
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been able to go to in my life it's way
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more important man it's one thing I've
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learned since I've become debt free and
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my favorite thing about being debt-free
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is that I'm able to give not just your
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normal monthly giving because I do that
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anyways but I'm talking to random acts
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of giving that's one of the best things
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about this whole debt free thing is I
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have free cash to where you know if I
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see somebody in need at a random time I
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can give him some money that I know will
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help for example my sister she came into
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town was flying in and she thought that
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she was gonna have a car to use but she
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didn't
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I felt bad and and I was like you know
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what when you come into town I was like
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let me just buy you a rental car let me
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pay for your run a car she was like no
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you don't have to do that and I was like
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listen you better let me pay for this
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rental car see I spent almost five years
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paying off all my debt so I can do that
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kind of stuff because I wanted to be
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able to do that kind of stuff and it's
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the best feeling it was only like 200
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and 250 to $250
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it's not that much money but it means so
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much more to the other person I didn't
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want her to have to even bother worried
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about how am I gonna get around out
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there no just take this round car and do
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what you want I don't care but it's one
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less thing for that person to worry
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about and when you could do any kind of
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giving like that
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I'm just getting goosebumps just talking
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about it it's it's amazing that's
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definitely one of my favorite parts of
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this whole thing so far it's being able
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to give and especially the random acts
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of giving I've got two more things of
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what I've learned since I've become
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debt-free that I wanted to add into this
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video but I couldn't so I added them to
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the blog post that I wrote about this
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hit that link in the description to go
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to that blog post to see the last two
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things and then also hit that subscribe
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button sign up for my email list so
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you're not left in the dust and I've got
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a lot more videos coming out like this
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I'm really really excited to start this
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whole new series for you hopefully this
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video helped you gave you some
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motivation a little push to get started
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on your student loans get everything
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paid off or continue to pay off your
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loans I love y'all
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all y'all we'll see you later
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[Music]
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