Education

50+ Best Finance Podcasts You Should Be Paying Attention To – PART 1

July 24, 2019 By Kathryn Vercillo Leave a Comment

If you’re not listening to these money podcasts, then you’re missing out on a lot of education and entertainment. They run the gamut from basic personal finance tips to advanced investing suggestions. Together they include interviews and information about frugal living, budgeting, talking about money, taxes, retirement savings, spending, and more. Here is part 1 of 50+ of the best finance podcasts to listen to.

1. 2 Frugal Dudes

These two “regular guys” discuss a lot about frugal living. Moreover, they break down complex financial topics so that just about anyone can understand them. Recent episodes include:

Life as a Renter
How to Market Your Business on a Budget
How to Survive with Only One Car

2. Afford Anything

Paula Pant shares her advice about how to “afford anything,” even though you can’t “afford everything.” This is all about making the most of your life, escaping the 9-5 grind, and figuring out how to make smart decisions with your finances.

3. Bad With Money

If you’re looking for an interview-based podcast headed up by a queer, feminist comedian then this is the podcast for you. Gaby Dunn is the host and she covers topics that other money podcasts just aren’t talking about. For example, recent topics include:

The “Women on 20s” campaign to get Harriet Tubman’s face on the 20 dollar bill
Currency created by the Nazi party during The Holocaust
Debunking myths about poverty

4. Bloomberg Surveillance

Learn about what’s happening with the global economy through this podcast. This is a serious podcast rich in news and analysis.

5. ChooseFI

Two guys discuss all aspects of financial independence. For example, they talk about living frugally, saving intelligently, investing wisely, and adding income through side hustles.

6. Couple Money Podcast

This podcast provides financial tips for growing your net worth as a couple. It’s not easy to make money work together, so this is helpful information for anyone in a relationship.

7. Death, Sex and Money

Anna Sale interviews celebrities (and others) about the many different money issues we all face. In addition to money, it includes information about family and work.

8. Debt Free Guys / Queer Money

Queer Money is the podcast hosted by the duo known as the Debt Free Guys. As the name indicates, the podcast covers financial topics as they relate specifically to the LGBTQ community. In fact, it’s really a one-of-a-kind podcast. There are more than 150 episodes, plenty of which are relevant whether you identify as queer or not. Recent queer-specific topics include:

The State of LGBTQ Financial Wellness
How Queer Entrepreneurs Can Grow Their Business
7 Surprising and Affordable Gay Wedding Tips

9. Financial Freedom

This is a FIRE podcast. Therefore, if you want to retire early, then you’ll want to make sure you’re listening to this podcast.

10. Financial Independence Podcast by Mad Fientist

Here’s another FIRE podcast. This one is rich in interviews with people who are living financially independent lives.

11. Financial Rockstar / Scott Alan Turner Show

Most people call this podcast the Financial Rockstar podcast. However, it’s officially named the Scott Alan Turner Show. Of course, that’s the host’s name. He shares the tips he’s figured out on his own journey to becoming a financial rockstar.

12. Financial Symmetry

Certified financial planners provide information about “financial opportunities missed by most people.”

13. Frugal Family Home

This podcast is for SAHMs who want to find ways to save money. For example, post topics include “how to save money on a road trip” and “how to spring clean your finances.”

14. Function with Anil Dash

This podcast isn’t strictly about personal finance. In fact, it’s really more about the impact technology has on culture. However, that does intersect with money. For example, one episode is about the effect personal finance apps ahv

15. HerMoney

Host Jean Chatzky believes that women have specific financial needs and challenges. Therefore, she offers direct advice for women.

16. InvestED Podcast / Rule 1 Investing

Where you put your money matters. This is an investing podcast with insights into aligning investments with life values.

17. Journey to Launch

This is a female-hosted podcast about aiming for financial independence by age 40. Jamila Souffrant, the blog’s host, is also a personal finance expert on Making Cents with Kristie.

18. Life Kit Money by NPR

Life Kit is a series of different guides with tips about various important aspects of life. Obviously, Life Kit Money is the set of guides relating to personal finance. Post topics include student loan debt, credit score tips, and budgeting advice.

19. Lifelong Learning with Kate Nesi

Kate Nesi is a “frugal wife, mother, runner, and librarian.” Her podcast is primarily about frugal living and making the most of your money. However, she also touches on other life topics including diet and exercise as well as family and home.

20. Listen, Money Matters

This is a lively podcast about earning money in smart ways so that you can retire early if you want to do so. Recent episodes include:

Zero to FIRE Using AirBnb
How to Get Rich Without Getting Lucky
Paying Off Your Mortgage Strategically

21. MapleMoney Show

This money podcast is unique because it’s for Canadians. Of course, many of the basic personal finance information will apply to anyone. However, if you’re looking for something a little different, then this could capture your attention.

22. Meb Faber Show

Meb Faber is the CIO of Cambria Investment Management. Therefore, this podcast is all about investing. If you want to delve deep into the world of investing then this is a good place to start.

23. Millennial Money

Shannah Compton Game and co-host Jeff Game talk about the basics of personal finance for the millennial generation. If you’re interested in fresh tips about paying off debt, budgeting for your income, and starting a first business then this podcast has episodes for you.

24. Mo’ Money Podcast

This podcast by Canadian personal finance expert Jessica Moorhouse has more than 200 episodes. Therefore, it’d be hard not to find something to learn here. She shares a lot of her own smart advice. However, she also interviews a diverse array of people who know different aspects of money. Recent episodes include:

Your Investing Questions Answered
Solutions for Your Student Debt
Why You Need to Make a Will
How To Level Up Your Money (panel discussion)

25. Money for the Rest of Us

This is a weekly podcast about understanding your money. There is a lot of information about investing. However, it also covers other relevant topics including cryptocurrency and FIRE topics.

Note: This is Part 1 of a 2-part series. Make sure to check out part 2 of the best money podcasts for a complete list of more than 50 money podcasts you don’t want to miss out on.

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24 Best Money Books By Finance Podcasters

July 23, 2019 By Kathryn Vercillo 1 Comment

If you’re trying to make an income through working online, then it’s smart to diversify. Take the content that you’ve created in one format and grow it into other formats. Therefore, many professionals who share information about money and personal finance do so through multiple content forms. For example, the 24 people on this list are all known for their money podcasts. However, they’ve also pulled from their content, experience, and education to write books about money.

1. Bad with Money: The Imperfect Art of Getting Your Financial Sh*t Together by Gaby Dunn

Gaby Dunn is a comedian who brings humor, edge, and sage advice to her podcast Bad With Money. Her book of the same name is geared toward Millennials and GenZers who will appreciate the way she brings fun to learning about money. The book is available as a paperback or ebook as well as in audio version.

2. ChooseFI

The podcast brings together three dads with varying levels of experience in personal finance. They share ideas and information about how to gain financial independence. Moreover, they’ve put that information together in a co-authored book due out in Fall 2019. It’s available for pre-order now. Furthermore, if you pre-order, you get access to some extra swag.

3. The Four Principles of a Debt Free Life by John Schneider

This book grew out of the Debt Free Guys website, whose co-founder husbands are also the hosts of the Queer Money podcast. If you’re interested in the true story of how a real couple got out from under debt then this book will appeal to you. Obviously, it also offers tips on the four biggest things that you can do to eliminate debt.

4. Financial Freedom: A Proven Path to All the Money You Will Ever Need by Grant Sabatier

There are all different types of books about money. Gaining financial freedom is obviously one important subtopic. Author Grant Sabatier reached financial independence by age 30. He co-hosts the Financial Freedom podcast to help others learn how to do the same. This book is the next step in that journey.

5. How to Save $1,000 This Week: Easily Save BIG Money on Everyday Expenses Without Giving Up Your Daily Coffee by Scott Alan Turner

Can you really make changes to your life right now that would quickly save you $1000? According to this book, you can. If you’re interested in reducing expenses, then this is a good book to read. It comes from Scott Alan Turner, also known as The Financial Rockstar, who has his own podcast. He’s also authored 99 Minute Millionaire: The Simplest and Easiest Book Ever On Getting Started Investing and Becoming Rock Star Rich. Even better, he’s authored Money A to Z which is a children’s book about personal finance.

6. All of the Books by Jean Chatzky of HerMoney

Jean Chatzky’s podcast HerMoney is one of the most recognized, outstanding podcasts specifically dedicated to personal finance for women. She’s got a straightforward, practical approach that helps women take charge of their financial lives and futures. In addition to the podcast, she shares her insight on a large number of books, all of which have value. Those books include, but are definitely not limited to:

AgeProof: Living Longer Without Running Out of Money or Breaking a Hip
Make Money, Not Excuses: Wake Up, Take Charge, and Overcome Your Financial Fears Forever
Money 911: Your Most Pressing Money Questions Answered, Your Money Emergencies Solved
Money Rules: The Simple Path to Lifelong Security
Pay It Down!: Debt-Free on $10 a Day
Talking Money: Everything You Need to Know About Your Finances and Your Future
The Difference: How Anyone Can Prosper in Even The Toughest Times

Additionally, Chatzky has a new book coming out next year that looks really great. It’s called Women with Money: The Judgment-Free Guide to Creating the Joyful, Less Stressed, Purposeful (and, Yes, Rich) Life You Deserve.

7. Rule #1: The Simple Strategy for Successful Investing in Only 15 Minutes a Week! by Phil Town

If you’re interested in learning the basics of investing your money then this is a good book for you. If you love money podcasts then you might know Phil Town from InvestED: The Rule #1 Podcast. He’s also authored Payback Time: Eight Steps to Outsmarting the System That Failed You and Getting Your Investments Back on Track.

8. The Best Investment Writing Anthologies by Meb Faber

If you want to get really varied perspectives on investing your money then be sure to check out The Best Investment Writing – Selected writing from leading investors and authors. So far there are two volumes each featuring dozens of essays about the topic. They’re edited by Meb Faber, who hosts The Meb Faber Show podcast. He’s also individually authored several other books including Invest with the House: Hacking Top Hedge Funds.

9. Money for The Rest Of Us: 10 Questions to Master Successful Investing by J. David Stein

If you enjoy podcasts about investing then you might already know Money for the Rest Of Us. The podcaster’s first book, of the same name, comes out in Fall 2019.

10.The Motley Fool Investment Guide for Teens: 8 Steps to Having More Money Than Your Parents Ever Dreamed Of by David Gardner

The Motley Fool team has authored quite a few money books. The reason that this one stands out about the rest is because of the target audience: teenagers. We as a society are becoming increasingly aware that children need education in personal finance. Therefore, this book fills an important need. Parents of those teens might want to check out a different Motley Fool book, though: The Motley Fool’s Money After 40: Building Wealth for a Better Life.

11. The Side Hustle: How to Turn Your Spare Time into $1000 a Month or More by Nick Loper

If you’re interested in earning part-time money then you should listen to The Side Hustle Nation podcast. Furthermore, you should read this book by podcaster Nick Loper. It’s all about how to get that extra income. Loper has authored a large number of other personal finance books, as well, including:

Buy Buttons: The Fast-Track Strategy to Make Extra Money and Start a Business in Your Spare Time
The Small Business Website Checklist: A 51-Point Guide to Build Your Online Presence the Smart Way
Virtual Assistant Assistant: The Ultimate Guide to Finding, Hiring, and Working with Virtual Assistants
WORK SMARTER: 500+ Online Resources Today’s Top Entrepreneurs Use to Increase Productivity and Achieve Their Goals

12. Superfans: The Easy Way to Stand Out, Grow Your Tribe, and Build a Successful Business by Pat Flynn

Pat Flynn’s podcast is Smart Passive Income. Of course, one of the biggest challenges to growing passive income today is figuring out how to cut through the noise of online marketing in order to grow your fan base. That’s what this 2019 book is all about. Flynn has also authored Will It Fly?: How to Test Your Next Business Idea So You Don’t Waste Your Time and Money. Plus he has a memoir, called Let Go, that’s available on Kindle (including an updated second version).

13. When She Makes More: The Truth About Navigating Love and Life for a New Generation of Women by Farnoosh Torabi

So Money is Farnoosh’s podcast about money and business particularly as it applies to women. This book addresses the common problems that women face when they earn more than their male partners. It’s practical, contemporary, and interesting to read. Torabi has also authored other books including You’re So Money: Live Rich, Even When You’re Not and Psych Yourself Rich: Get the Mindset and Discipline You Need to Build Your Financial Life.

14. The Book on Investing in Real Estate with No (and Low) Money Down: Real Life Strategies for Investing in Real Estate Using Other People’s Money by Brandon Turner

The author of this book is from the BiggerPockets podcast, which is all about earning money through real estate. He’s authored other books that are worth checking out as well. However, this is the cut-and-dry guide to getting started in real estate even if you don’t have a lot of your own money to invest.

15. Everyday Millionaires: How Ordinary People Built Extraordinary Wealth―and How You Can Too by Chris Hogan

The Chris Hogan Show is one of the podcasts in the popular Dave Ramsey podcast network. Hogan’s book is one of those books that gives you inspiration. It provides tips and advice, but more than that, it uses personal stories to show you how to build wealth. Hogan has also authored a book about retirement: Retire Inspired: It’s Not an Age, It’s a Financial Number.

16. Love Your Life Not Theirs: 7 Money Habits for Living the Life You Want by Rachel Cruze

Rachel is also a podcaster within the Dave Ramsey network. In this book, she provides concrete tips not just for personal finance but specifically for using your money in ways that support a life you’re happy to wake up to each day.

17. The Total Money Makeover by Dave Ramsey

Of course, we can’t keep mentioning the Dave Ramsey Network without talking about the books he’s authored himself. This is the most famous of his books, and there’s a workbook to go with it. It’s one of the most popular guides to managing your money. Of course, he’s authored other books as well, including Smart Money Smart Kids, which he co-authored with Rachel Cruze.

18. Work Optional: Retire Early the Non-Penny-Pinching Way by Tanja Hester

Many people want to retire early, but they don’t want to sacrifice their quality of life in the present to make that happen. This book comes from the perspective that you don’t have to. The author is one half of feminist financial podcast The Fairer Cents.

19. The No-Spend Challenge Guide: How to Stop Spending Money Impulsively, Pay off Debt Fast, & Make Your Finances Fit Your Dreams by Jen Smith

If, on the other hand, you are willing to cut down your spending drastically then this is the book for you. The author co-hosts The Frugal Friends Podcast, which is all about frugal living. She’s also authored another book about planning meals on a budget.

20. Everything That Remains by The Minimalists

The Minimalists podcast is all about simple living. It’s not necessarily about frugal living, although that can be an aspect of minimalism. It’s more about quality of life. They’ve authored several books, including Minimalism. Everything That Remains is the memoir of how major loss led one of them, Joshua, to embrace simplicity. The other, Ryan, shares his own insights as the author’s best friend of two decades.

21. The 4-Hour Workweek by Tim Ferriss

If you read personal finance books, particularly those about financial independence, then you’ve probably already read this bestselling book. If so, read it again. Then check out Ferriss’s other books which include Tools of Titans: The Tactics, Routines, and Habits of Billionaires, Icons, and World-Class Performers and Tribe of Mentors: Short Life Advice from the Best in the World.

22. You Can Retire Early!: Everything You Need to Achieve Financial Independence When You Want It by Deacon Hayes

This book comes from the podcaster of Well Kept Wallet. It’s all about paying off debt and earning more than you spend.

23. Business Boutique: A Woman’s Guide for Making Money Doing What She Loves by Christy Wright

This book grew out of the Business Boutique podcast, another of the Ramsey Podcast Network shows. Like many of the books on this list, it’s available in print or as an ebook, and in audiobook format. After all, the people who listen to podcasts often like to listen to audiobooks as well.

24. Rock Retirement: A Simple Guide to Help You Take Control and Be More Optimistic About the Future by Roger Whitney

Who is Roger Whitney you might ask? Well, he’s not actually a financial podcast. However, this book makes the list because the forward is written by Joe Saul-Sehy of the Stacking Benjamins podcast. Moreover, this is a smart guide to the financial aspect of retirement.

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Finance Movies: These Are the Best Films About Money

July 17, 2019 By Kathryn Vercillo Leave a Comment

Mostly I like to watch documentary films to learn about everything from money to relationships. However, fictional films that are well-researched can also provide a terrific education. There are some great movies about money. Some of them are dramatic. You definitely have to take them with a grain of salt as far as financial education goes. But they’re well worth watching for both entertainment and information. Here are some of the best finance movies to check out.

1. The Wolf of Wall Street

It may be a few years old now, but this is one of my favorite movies about money. The acting and directing are stellar, so it’s enjoyable to watch even without the financial education. But I actually learned a lot about money from this film. It’s the true story of Jordan Belfort, a door-to-door salesman who got into penny stocks and ended up making a fortune on Wall Street. However, he let greed and power get the best of him, committing fraud and various other crimes, and ended up in prison. This is one of those movies about money that perfectly highlights how it’s all too easy to get wrapped up in the chase for the rich life. It’s a good warning to anyone about focusing too much on investing and wealth.

Wall Street Insanity highlights several things we can learn from Wolf of Street, including:

Avoid investing in IPOs if you’re not familiar with them.
Rely on brokerage firms you’ve heard of and do your research.
Remember that there is no such thing as a sure thing in investing.
Trust your gut and take your time.

2. Wall Street (I and II)

Of course, there are quite a few other films about Wall Street. Many of them offer these same messages. And some of them are quite good movies about money. For example, check out the 1980’s movie simply titled Wall Street. Then follow up with the 2019 sequel to that film Wall Street: Money Never Sleeps. Both films reveal more about the dark side of investment banking. They show that there are pros and cons to risk-taking, of course, and you need to think carefully about the consequences of financial risks. That’s not to say that you shouldn’t take them, just that you should do so with a plan in mind.

There are several other great films that have similar themes. I won’t list them all but if it’s a theme that you love then be sure to check out Boiler Room, Limitless, and Glengarry Glen Ross.

3. The Big Short

This film is set during just before The Great Recession. It’s a dramedy featuring intertwining stories about investors and the choices that they made related to subprime mortgages during this particularly tricky time in recent US history. This is one of the best movies about money because it actually does a fairly good job of defining some complicated financial terms for the audience. Various characters speak directly to the camera to illuminate what went wrong financially and educate viewers about mortgage investments.

Inc.com notes that the biggest takeaway from this film is to get smart before you invest your money, even in a home mortgage. Do your research. Don’t just trust what someone else is telling you. Read and understand every document that you sign. The film shows us what happens when you don’t.

4. Margin Call

There are actually a lot of movies about money that are set around the time of the 2008 financial crisis. This is another of those films. This one is interesting because the film spans only 24 hours. It follows a day in an investment bank at this time.

The name of the film speaks to something you can learn about money. An investor has a margin account filled with borrowed money. When that account falls below the required amount by the broker, the broker can demand that the investor put extra money in there. That demand is a margin call.

VICE News aptly describes what this can lead to financially, and what the crux of the movie is about:

“Should they hold on and try to mitigate the damage, or sell all of the bad assets before the market learns of their worthlessness?”

VICE highlights a number of financial tips we can glean from this film, not the least of which is the understanding that if you borrow money for investments, then you could end up in very hot water.

5. Pursuit of Happyness

I’m not typically a fan of Will Smith movies, but I like this one. And if you look up lists like this one with movies about money that can really teach you something, then you’ll almost certainly find this one on the list. It shows up everywhere. That’s because it’s a heartwarming movie about a dad who wants to provide for his kid and works hard to figure out how to do so. It’s based on the true story of a man who was homeless for a time but persevered. Ultimately, he begins working at an investment firm, and he ends up financially successful. It’s a story about how money isn’t everything, but it’s important, and how working hard through the most challenging times with an eye on the prize and hope in your heart can help you figure out how to do more than just make ends meet.

6. Jerry Maguire

Thinking about the lessons from Pursuit of Happyness made me think about this film. Of course, it’s a movie about money; it’s most memorable line is “show me the money!” Maguire is a sports agent who is very successful but eventually realizes that he’s begun to care about profits at the expense of caring about people. He quits and decides to start his own agency. It’s a love story and a comedy, but it’s also another movie that reminds us that earning money can align with the rest of our values in life.

7. Brewster’s Millions

This is a 1980s comedy that takes a completely different slant from any other movies about money that I’ve ever seen. The idea is that the person has to spend $30 million in 30 days. He discovers that it’s actually pretty hard to spend that much money. Moreover, spending like that is draining and frustrating. It’s not necessarily joyful. In a world of rampant consumerism, when it can feel like we never have enough to spend on what we need, it’s interesting to think about how hard it can be actually to spend money. It’s one of those films that at first glance just seems silly but can really get you thinking about finances in a completely new way.

8. Molly’s Game

Some of my favorite movies about money are the ones that have nothing to do with a life I will ever lead. Even though they don’t teach me financial lessons that apply to my own life, they open my eyes to different aspects of money in the larger world around me. Molly’s Game is one of those movies. It’s the based-on-a-true-story drama of a woman runs underground poker games. To think about money on that level – the amounts, the stakes, the risks, the world around that money – is all just hard to imagine. But some people deal with money this way every day.

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7 Free Online Courses to Improve Your Financial Literacy

June 7, 2019 By Tamila McDonald Leave a Comment

Managing your personal finances and understanding the concepts is critical if you want to maintain your financial well-being, so holes in your knowledge can come with serious consequences. Luckily, there are plenty of free online courses that can help you improve your financial literacy. Here are seven free online courses that everyone should consider taking.

1. Personal Finance 101: Everything You Need to Know – Udemy

If you want to get a grip on the basics, this course is ideal. It covers basic concepts in key areas like debt management, credit building, planning for retirement, understanding credit cards, and more. The class even teaches participants how to file tax returns.

This online course has three hours of video and 52 downloadable resources. When you sign up, you get lifetime access to the materials. Plus, it is mobile-friendly, so you can even squeeze in a lesson while on the go.

2. Personal & Family Financial Planning – Coursera

A University of Florida creation, this online course is approximately 13 hours long, covering critical topics about financial planning. Everything from budgeting to taxes is reviewed in the class, and you have access to videos, reading materials, and even quizzes to help make sure you absorb the information.

The class is highly accessible, and the information is easy for beginners to digest. If you want to build a strong financial literacy foundation, this option is worth checking out.

3. Finance for Everyone: Smart Tools for Decision-Making – edX

A course from the University of Michigan, this class focuses on how to make sound financial decisions during your daily life. The class takes about six weeks to complete (five to six hours each week) and only requires an understanding of basic math and high school-level algebra.

Some of the information focuses on key life decisions, like whether you should rent or buy a home, how to evaluate buying a car and dealing with student loans. It also dives into other more advanced areas, like investing in stocks and bonds and resource allocation, ensuring you can make wise decisions over the long-term.

4. Financial Literacy – ALISON

This six- to 10-hour course concentrates on the basics of personal finance. From budgeting and saving to debt management and retirement planning, this class aims to improve your overall financial literacy to ensure you can manage your today and plan for tomorrow.

The class also covers a few additional topics, like insurance options, wages, and taxes. Each main point is its own module, making the content highly digestible and each learning session short enough to fit into nearly any schedule.

5. Personal Finance – iTunes

For those who want to be able to learn while on the go, this course from Missouri State University features seven sections, each one covering a primary topic.

Unlike some other options, goal setting is the first subject in this course. This allows you to determine where you would like to be in the future and use that information to shape your choices along the way. However, it also delves into critical areas like budgeting, credit, and investing, ensuring you get a well-rounded understanding.

The class doesn’t make any assumptions about a person’s knowledge level, making it ideal for genuine beginners. However, those with a basic understanding of personal finance can also benefit, and you can always choose to focus just on the lessons that cover your knowledge gaps.

6. Introduction to Managing Your Personal Finance Debts – ALISON

If your primary financial literacy goal is to learn more about debt management and elimination, this course is for you. It takes approximately one hour and helps you learn how to prioritize payoffs and take control of any debts that are causing you stress.

The goal of the class is to help you plot a path for becoming debt-free. It presents multiple methods for reaching that objective, allowing you to determine which option is right for you while still guiding you to a better financial future.

7. Investment Vehicles, Insurance, and Retirement – Khanacademy

Another more focused course, this class focuses on investing, insurance, and retirement. It discusses how mutual funds work, who the various forms of IRAs differ from each other, 401(k)s, hedge funds, life insurance, and more.

While the information is valuable for anyone, the course doesn’t aim at true personal finance beginners. Instead, it is best for those who have basics like budgeting and debt management down and want to secure their financial future through smart planning and choices.

Ultimately, all of the free online financial literacy courses above are worth checking out. Since they won’t cost you a dime, there is no risk in signing up and seeing if what they have to offer can help you get your financial life on track.

Do you know of other free online courses on financial literacy that are worth exploring? Have you tried any of the courses listed above? Tell us about your experience in the comments below.

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Paying for College: Is It Affordable Without a Scholarship?

May 30, 2019 By Tamila McDonald Leave a Comment

For the 2018-2019 school year, the average cost of college was $9,716 at in-state public colleges. During that same year, private colleges cost an average of $35,676. Over the course of four years, incoming college students could spend $38,864 to $142,704 based on those averages. Plus, since over 100 private colleges charged more than $50,000 for one academic year, that four-year total can cross the $200,000 mark. With the cost of higher education so high, paying for college without a scholarship can be overwhelming.

The Benefits of Scholarships

Scholarships are an excellent way to help make college more affordable. If a student receives a scholarship, they can use the money to handle tuition costs and possibly more, depending on any restrictions associated with the award.

Like many grants, scholarships are not debt. The money does not have to be repaid by the student as long as they use the funds in accordance with the rules.

However, not every student may have access to scholarships. Institutional scholarships are usually only given to students with significant athletic, academic, artistic, or other forms of achievement. Scholarships from other organizations, ranging from private companies to nonprofit organizations, can be highly competitive and may have rules that limit who is eligible.

Affording College Without a Scholarship

Whether college is affordable without a scholarship depends on a few factors. First, the cost of the college plays a big role in overall affordability. Paying the in-state public college average of $9,716 a year may be much more manageable than $35,676 a year at a private college.

Additionally, going to a two-year community college can reduce the total cost even further. For the 2018-2019 school year, community colleges came with an average price of just $3,660 a year. If a student went to a community college for two years and then did two more years at an in-state public college, four years of education could come with a price tag of $26,752.

College tuition, fees, and other expenses vary from one school to the next. If a student is flexible about where they go to school, they can hunt down a lower-cost option that makes paying for their education easier from the beginning.

There are Many Forms of Financial Aid

Second, there are many forms of financial aid that can help pay for college. Lower income families may qualify for the Federal Pell Grant based on the student’s FAFSA, which can equal up to $5,920 a year in funds that don’t have to be repaid. Some schools also offer grants to make college more affordable for student’s who may need more financial support based on their household’s income.

Financial aid packages that include work-study options can also help reduce the need for student loans. This makes college more affordable over the long-term and allows college students to avoid debt.

Jobs and Work-Study

Maintaining a separate part-time job if a student isn’t eligible for work-study can also make paying for college easier. That way, if the student needs student loans to cover the difference, they can be as small as possible.

Ultimately, college can be affordable without scholarships. However, not every college will be affordable for everyone. If the cost of college is a potential issue, examining low-cost in-state schools is a great place to start. Similarly, keeping community colleges on the table is a must. By doing that and optimizing other financial aid options, it is possible to send a child to college without breaking the bank.

Do you think you can send a child to college without a scholarship? Share your thoughts and experiences in the comments below.

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Can Senator Warren Really Really Wipe Out $640 Billion in Student Loan Debt?

May 9, 2019 By Tamila McDonald Leave a Comment

As April 2019 drew to a close, Senator Elizabeth Warren revealed an ambitious plan to help American families overcome student loan debt. If the plan was implemented, about 75 percent of Americans with student loans would see their debt vanish. For another 20 percent, at least some of their student loan obligation would disappear. But can Senator Warren really pull it off?

Senator Warren’s Student Debt Cancellation Plan

Senator Warren – who is also campaigning to be the next president of the United States – has a bold plan for tackling the student debt crisis in the United States. She wants to cancel up to $50,000 in student loan debt for any American household earning up to $100,000 a year. For approximately 75 percent of student loans holders in the U.S., that would mean cancellation of all of their remaining student loan debt.

However, 95 percent would at least get some degree of relief. If a household earning less than $100,000 had over $50,000 in debt, the plan would dismiss at least $50,000. For example, if a qualifying family had $65,000 in student debt, only $15,000 would remain after $50,000 worth was canceled through Senator Warren’s plan.

Additionally, partial debt cancellation for households that earn between $100,000 and $250,000 a year would also be available. The value of the cancellation would decrease by $1 for every $3 earned over $100,000. For example, households with incomes of $160,000 would get $30,000 of their student debt canceled. At the $190,000 annual income mark, the family would see $20,000 of their student loan debt wiped away.

Households with federal student loans wouldn’t even have to take action. Since the government has access to their loan and income data, it could be handled without the family having to take any steps. Private student loan debt would also be eligible in the plan, but the government would need to work with borrowers to get the loan details and coordinate the debt elimination with the lenders.

Many lower- and middle-class families struggling with student debt would get some relief, especially since the debt elimination wouldn’t be taxed as income. Senator Warren equated the plan to “an enormous middle-class stimulus that will boost economic growth.” And she didn’t stop there. If her plan was implemented, about 42 million Americans would at least get partial relief from their student loan debt.

Senator Warren’s Free College Plan

Another part of Senator Warren’s policy that could have a massive impact on American families is her plan for universal free college. She wants to make two- and four-year public colleges available without any tuition or fees, significantly limiting how much a person would have to spend while pursuing higher education.

While that plan might not bring the cost of college to zero – as it does not address other expenses like room and board or supplies – to say it would make a substantial difference would likely be considered an understatement.

The Drive for College Degrees

Many Americans believe that a college education is critical for their future success. One 2012 Pew study showed that 94 percent of parents with children under the age of 17 expected their kid to go to college.

Additionally, it is widely known that individuals with college degrees generally earn more than those who stop going to school after receiving their high school diploma. Those who have a four-year degree earn about 26 percent more than those with two-year degrees and college graduates bring in 56 percent more than high school graduates.

Employers are also increasingly seeking out workers with college degrees. One study by Georgetown indicated that 65 percent of jobs in the US would require at least some level of higher education by 2020.

Paying for Senator Warren’s Plan

Most who oppose Senator Warren’s plan first point to the price tag, which is estimated at $1.25 trillion over 10 years for both the debt elimination ($640 billion) and universal free college components. To put it simply, eliminating that much student loan debt and making college free wouldn’t be cheap. However, Senator Warren says she has a plan for that too.

She would like to fund her plan through an “Ultra-Millionaire Tax.” Families with $50 million or more in wealth – a total of about 75,000 households – would be subject to a 2 percent annual tax, which Senator Warren says would cover universal free college and the debt cancellation.

However, many legislators believe that Senator Warren’s plan is just too expensive. Additionally, some think it would be unfair to erase student loan debt when so many others have already paid off their hefty loans.

Concerns about ensuring schools would control their costs have also been expressed. Since 2001, tuition at four-year institutions has risen over 100 percent (including after being adjusted for inflation).

Can Senator Warren Wipe Out Billions in Student Loan Debt?

In her position as Senator, she does not have the power to move ahead with this plan alone. She would need significant backing from Congress and the President to turn this vision into reality, as it would have a massive impact on the budget.

If Senator Warren was elected in 2020 to become the next President, she could also then try to push this plan forward. However, since it would involve updates to the tax code (to implement her Ultra-Millionaire Tax), changes in the US educational system and funding dedicated through the federal budget, putting it into motion without the support of Congress would incredibly unlikely.

Now, if Senator Warren did garner enough support – either while in Congress or if she becomes President – then wiping out that student loan debt isn’t impossible. Similarly, making public college tuition and fee free is technically something that could happen. It’s just important to understand that there is a long road ahead if that is a plan she wants to implement and, without the proper support from other key government officials and legislators, it probably won’t become a reality.

Are you struggling with student loan debt? Do you think Senator Warren’s plan is a good idea? Tell us about your experience an share your thoughts in the comments below.

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