All language subtitles for Going From Broke s02e03.eng

Hi, I'm Tina and I'm
from Kingston, New York.

I have an amazing little house.

I have a great daughter.

I have two chickens, two dogs.

I absolutely love my life.

Going through divorce and
having to become a single mom

has been extremely empowering.

I'm a high school social
worker by day and a health

and wellness coach by
evening and weekends.

I've lost 116 pounds.

I play ice hockey on
an all women's league.

I like shoes,
specifically booties.

[LAUGHS] I have
about 17 pairs now.

I spend a lot of
money on Amazon.

I have bought about
five Apple Watches.

I love to travel--

going to Mexico this
summer for six weeks.

The only problem is I'm
broke, just a little bit.

A lot a bit.

[LAUGHS]

[MUSIC PLAYING]

DAN ROSENSWEIG:
Here are the facts.

The numbers are massive.

Over 45 million people have
borrowed over $1.7 trillion

in student loan debt.

And the COVID-19
pandemic has only

made the situation more dire.

My name is Dan
Rosensweig, and I'm

the CEO of the multibillion
dollar company Chegg.

This is my mission.

And with the help of my
financial expert, Tonya Rapley,

we're going to help people who
are drowning in extreme debt

build a life of
financial independence.

This is the year.

DAN ROSENSWEIG: It's
not going to be easy.

I can't do it.

DAN ROSENSWEIG: But
if they do the work,

they're going to go from
being in the red to becoming

the CEOs of their own lives.

This is Going From Broke.

[MUSIC PLAYING]

TINA DIERNA: Hello, hello.

It's Thursday afternoon.

In the car with G. Say hello, G.

Just left the nail salon.

Super excited for this adventure
that's about to happen.

So I decided to also
go ahead and get

a pedicure because my
tax check is coming soon.

What do you think?

Good morning, Tonya.

How are you today?

I'm great, Dan.

How are you?

I'm actually feeling
very energetic.

And I think it's because
the young lady that we have

today, as I understand,
is a spitfire,

is like a bundle of energy.

You know, we got to
bring our A game.

So I'm excited about it.

Yeah.

We have Tina, and
I'm really looking

forward to helping
her figure out what's

best for her situation.

Tina's finances are a
bit of a mess right now.

Every month she
brings in $4,400.

But she spends around $5,400,
putting her about $1,000

in the red.

Between student loans and
$20,000 of credit card debt,

Tina's total debt is $140,000.

[MUSIC PLAYING]

TINA DIERNA: I'm feeling
a little anxious about it.

This man has a lot of money.

How is he going to help me?

And there she is.

Hi, everyone.

Hi, Dan.

Hi, Tonya.

Hi, Tina.

Tina, so great to meet you.

It's so nice to meet you.

Welcome, welcome, welcome.

It's gonna be a
lot of hard work.

But based on your background,
it feels like hard work

is not a problem for you.

I've been a single mom
for the last five years,

and I've kind of felt like
I've always done it solo.

I started my family young.

I bought my house
at a young age--

I was 24.

And I went back to college when
my daughter was 10 months old

and I got my masters.

I never had a
problem with spending

until I got into my marriage.

We were living off
of my credit cards.

I ended up getting
a divorce and taking

on all of our
financial debt just

so I could live peacefully.

Mm.

I feel like the world is just
on my shoulders all the time.

You have accomplished a lot.

I was raised by a
single mother so I

have unbelievable
admiration and respect.

You seem to want to explode
with emotion right now.

And it's just us.

Let it out.

Yeah.

My daughter is 11.

She's on the autism spectrum.

G, dinner is gonna
be ready soon.

She is a great kid.

She's very difficult, though.

And oftentimes, I
just feel very alone.

Gia, what did you get?

Slides.

TINA DIERNA: Let me see them.

No.

And her medical expenses
are, are a lot as well.

And it's just taken a toll
on what I feel like I can

continue to provide and give.

And I just stopped
up at Rite Aid,

got my daughter's
prescription for the day.

$50.

Look, I-- you're remarkable.

So take a breath.

So you've already
shown a willingness

to take on tough challenges
and the discipline it

takes to do it.

But you've also done
something else in your life.

I was always a yo-yo
weight gainer, I call it.

Not really a yo-yo dieter,
but, like, I'd gain weight,

lose weight.

And I also got so lost within
my weight loss journey,

just feeling really
depressed and like there

was something wrong with me.

I ended up having the
gastric bypass in 2015.

And at that point I
said, if I don't really

make a real lifestyle
change, then I'm

going to gain all this
weight back that I just lost.

And I've lost a
total of 116 pounds.

I've kept it off since 2015.

[MUSIC PLAYING]

I play hockey.

It's a big part of my life.

Just being able to
come here and exercise

at the end of a really long week
is a great way for self care.

[CHEERING]

And I started weight
lifting as well.

And during the pandemic, I
started to up my running game.

So the good news is you have a
proven track record of changing

and sustaining the
changes, because money

is the same darn thing.

It's math.

You had to lose 120 pounds.

Here, you need to
lose $120,000 in debt.

We know that the biggest burden
for you is your student debt.

I am on the public
loan forgiveness program.

So after 120 payments,
the rest is forgiven.

That's huge.

Like, Dan and I, when we
were looking at your numbers,

we were really excited
that you qualify for this

and that you've been
taking advantage of it.

You are 60 payments in,
you have 60 more to go

and then you can literally
wipe this slate clean.

And so my first
question for you, Tina,

we ask you to outline, you know,
how many credit cards you had,

and your response was six-ish.

What is ish when it
comes to a credit card?

We need to know that.

[DAN LAUGHING]

Oh, the credit
card information.

I have, like, 15
to 20 credit cards.

I was taking from this
card, paying down that card,

moving all my money around.

Debt in America is
a chronic illness.

And if we don't cure it, the
economy will not survive.

Here's the Target, my Amazon
Prime, my Sam's Club card.

People are playing credit
card roulette with their lives.

They're getting 15 credit
cards where they're paying more

and more interest on each one.

Citibank.

There's the Best Buy one.

I need to get a
dishwasher before--

before I get told I
have to cut that up.

I'll use it, pay
it, use it again.

Now, I have to
pay the other one.

Old Navy-- I haven't
been there in awhile.

I think Big Lots cut me off.

They didn't like
my credit score.

TONYA RAPLEY: Tina
likes her things.

Tina has a mild
shopping problem.

Is that an Apple Watch?

It is an Apple Watch.

This is my fifth Apple
Watch in three years.

Uh, how much does
each Apple watch cost?

$300 to $500.

You've spent nearly
$3,000 on watches.

Let's talk about Amazon.

Amazon.

I think I employ a
whole person there.

TONYA RAPLEY: Now is not
the time to spend the way

that Tina has been spending.

All of these things Tina's
buying, Tina doesn't need.

You had about six or seven
Amazon purchases in one day.

I got a new
package in the mail!

They're totally adorable.

DAN ROSENSWEIG: You
do love to travel,

and I know you have
a trip planned.

I'm taking that trip.

I-- I-- look, I--

I-- if I have learned
anything in life,

it's me telling people, uh,
what to do has never worked.

What we want to do
is prepare for it.

So tell us why the
trip is so important.

I'm traveling to Mexico for
six weeks with my daughter.

Um, we love the beach.

[MUSIC PLAYING]

I see a different child
when we're at the water.

My kid is a fish.

And she smiles.

This is not something that
I usually get to see in her,

so the smile is really
important to me.

I love that you shared
that because I don't think

most people really understand
how much work it takes to do

what you're trying to do,
that these are not luxuries,

right, that these are choices.

So being in a place where your
daughter is going to smile

means everything.

Thank you so much, again,
for sharing that, because we

can only see so much on paper.

And it gives us
even more ammunition

to really figure out,
you know, how to best

help you in your situation.

[MUSIC PLAYING]

How can we turn your
home, which is an asset,

into an actual asset?

Right now, it's not an asset.

Right now, it's a cost.

But things like Airbnb
can make it an asset.

Yeah, I started to do a
little bit of the research

on how to go ahead
and rent my place out.

I like the idea of sharing
my space and my home

with people from all over.

So I think I'm OK with it.

So that's gonna be one
of your homework goals

is to get your home
listed on Airbnb

and take your first renters.

You're getting
yourself into a position

now where you're connecting
the dots of physical health

and financial health.

Well, financial health is more
dollars in, fewer dollars out.

We just need Tina to
understand that right now she

needs to focus on
paying off her debt

so that she can then do things
she wants to do with her money.

But she can't do
them both right now.

The way to win the credit card
game is not to pay interest.

DAN ROSENSWEIG: So we're
gonna look for the loans

that you have with
the highest interest.

It may be the student
debt, it may be paying down

the mortgage, or
it may be getting

rid of those smaller loans.

We're gonna line up and do math.

Which one hurts you the most?

Get rid of that one first.

OK.

What I want you to do is
essentially a spending diet.

I don't want you making
any Amazon purchases,

at least for the next two weeks.

Do you have the Amazon
app on your phone?

I was just gonna say,
I'll delete it right now.

TONYA RAPLEY: And
then, also, you're

going to delete your card
information so that we don't

do those one-click purchases.

And then, we're gonna
go a step further,

because it's not just Amazon.

So we're gonna freeze
those cards, too.

Put them in a gallon Ziploc
bag or whatever it may be,

and we're gonna
freeze those cards

so you don't have
access to them.

Another opportunity
I see for you

is really scaling up your side
hustle of health coaching.

You have a lot that you
can teach other people

who are struggling with that.

If there was somebody I
could have talked to about

the different options
other than a surgeon,

I would have really liked that.

So, are you ready
to do the work?

Yes.

I'm ready to do the work.

I totally just had my first
meeting with Dan and Tonya.

I'm feeling pretty amazing.

He looked like my dad.

They gave me great confidence.

[MUSIC PLAYING]

OK, Tonya, I got my wallet
and I'm ready to freeze

all of my credit cards.

Oh, there's only 11.

All right, I thought
there was 12.

It's going to allow
me the time to say,

is this purchase
really worth it?

[SQUEALS] Goodbye,
beautiful cards.

Hey, Tina.

How are you doing?

Hi, Tonya.

I'm doing really well.

I love this dress.

Thank you.

I got it from Amazon, but
my mom bought it for me.

OK.

[LAUGHS] All right, loop me in.

Let's go ahead and get into it.

So what have you
accomplished and what

have you been working on?

I called up every
company to find

my balance due and the APR.

I had to go through my credit
cards and all of my debt

and write them down.

AUTOMATED VOICE (ON PHONE):
Your current balance is $986.79.

My Prime card, $464.

I'm not really sure
what I spent on it.

I've never looked
at my APRs before,

and I probably would have never
done that before meeting Dan

and Tonya, but I
think it was really

an eye-opening experience.

TONYA RAPLEY: We asked Tina
to organize her credit cards

from highest to lowest
interest rate using

the debt avalanche method.

With a debt avalanche, Tina
will pay all her minimums,

but throw all her extra money
at the card that is costing her

the most in interest payments.

Once that card is paid off, she
will tackle the second highest

APR and so forth, until
an avalanche is created

and her debts are paid off.

I have to get
through Target, work

myself all the way up to here.

All right, that's it.

The next time I'm
in a jam, I'm--

I'm definitely going
with the 12.99.

[LAUGHS] But hopefully, I never
have to be in a jam again.

I was really surprised by
how much Tina accomplished.

Just paid off Target.

Woop woop!

Tina really committed
herself to this process.

All right, paid off Amazon.

TONYA RAPLEY: I think this is
going to be one of the biggest

challenges for her is staying
off Amazon and just not buying

things that she doesn't need.

Just saving money the
good old fashioned way.

[CHANGE JINGLING]

These are all of my
frozen credit cards.

I'm gonna be good.

I have someone
here who can help

you with a few of the side
hustle questions you have.

I'd like to introduce you
to Dr. Lynn Richardson.

I'm so happy to
be here to help you.

Tell me what's going on and tell
me what your main question is.

As a side hustle,
I am into, um,

health and wellness coaching.

I've lost 116
pounds, and I wanna--

Woo hoo!

--share with other ladies.

And I'm not 100%
sure where to go

and how to get my
clients to come to me.

First of all, congratulations
on your massive weight loss.

I lost 100 and something
pounds about 13 years ago,

so I know that that takes
hard work, it takes grit.

Now, fortunately for you, you've
already learned how to hustle.

And it's gonna take that
same hustle in order for you

to achieve the
things that you want

to achieve in your business
and also financially.

You know, some say money talks.

But I say money walks
away from you quietly

and you don't know
where it went.

So what happens is you
spend $10 here or $20 there,

and all of a sudden,
all of your it's just

has taken up all of your wealth.

How are you going to get to
the next level financially?

Well, there are many
different ideas,

but there are
three basic things.

The very first thing you must
do is to spend less money.

The next thing you must
do is get more money.

Why?

Because one stream of income
is hazardous to your wealth.

So the third thing you have to
do is to get your money back.

There are hundreds of deductions
for home-based business owners.

You can get a percentage of
the rent that you pay back,

they'll give you a percentage
of your total housing expenses.

What about when
you drive your car?

You get to run off the mileage,
the gas, the registration,

the maintenance.

And the other thing I'm going to
tell you here is a huge bonus.

You can hire your child to work
in your home-based business.

You get to pay each child
up to $12,400 a year.

That's awesome!

[LAUGHS]

Now, the money that you
just paid your daughter,

it's a tax write-off.

You get that money back.

They can use that
money for school

clothes, school supplies, ballet
classes, football, basketball.

These are things you were
going to spend money on anyway,

but you don't get it back.

You don't get a tax
refund for those things.

But now, if you hire them
in your home-based business,

you do.

Oh, thank you so much.

I'm kind of crying a little
bit because I really find this,

like, to be so important
for my daughter

to be on board with me.

She's my sidekick in
everything, and I'm

hoping that this
will just really

help her understand that money
doesn't grow on credit cards.

[LAUGHS]

Dr. Lynn Richardson,
you delivered

like I knew you would.

Thank you.

I thought the idea
of having my daughter

participate and be,
like, a paid employee

is a really good idea as well.

I didn't know I could do that.

I'm not 100% sure she's
going to buy into it,

but money talks, so we'll see.

So I've been thinking about
ways that I can hire you.

What do you think about that?

No way!

[MUSIC PLAYING]

So what do you want to do with
your-- with your paycheck?

Spend it on Roblox.

OK.

Spend it on Rolex.

GIA: And candy from around
the world, because why not?

So this is some flyers
that I had made up.

I thought maybe you would be
able to help me fold them up.

This, this, and this way?

TINA DIERNA: Yeah, like this.

What if you were in charge
of doing all of my mailings

every week?

Yeah.

TINA DIERNA: Yeah?

Going into today, I was
still a little apprehensive

about having Gia help me,
and I wasn't sure if she

would be willing to help.

But I was actually impressed
by her folding skills.

She did a really good job.

There we go, yes!

I'm gonna go ahead and
list my place on Airbnb.

I'm feeling a bit nervous
about this, but oh my gosh,

there is my house.

This is crazy.

Hi, Dan, how are you?

I am great, Tina.

So catch me up.

I did go ahead and I
listed my property on Airbnb.

Congratulations.

That's amazing.

What's one little
step in getting

your house ready for Airbnb?

And that's fixing all
the little things that

bother you around your home.

Hello, Hello.

Good morning.

Today, I have a pretty busy day.

Got a ton of yard
work done yesterday

in preparation for Airbnb.

I'm just under so much
pressure and stress.

So I have started my side
hustle and one of the biggest

struggles I have is
asking for money.

That's, like, hard for me to do.

Do you not think
you deserve it?

I feel like sometimes
my qualifications just

aren't enough.

A little bit of
imposter syndrome?

Yeah.

I feel like that's
probably one thing

that I still
struggle with is just

toxic or negative thoughts.

So you've made
a lot of progress.

And it seems like
the biggest battle

you have is in your head.

If we gave you the opportunity
to talk to one of the world's

most successful entrepreneurs
about how to overcome

the imposter syndrome
and build your business,

would that be helpful?

That would be amazing, yes.

Good.

And if you could
talk to somebody

about how to optimize around
Airbnb, would that be helpful?

That would be amazing.

Then, I'd like to bring in
a very good friend of mine

who I think is one of the
greatest entrepreneurs

that I've ever
met, and he's built

one of the most
successful businesses

in the world, the founder and
CEO of Airbnb, Brian Chesky.

Hey, Tina.

How are you doing?

Hey, how are you?

Nice to meet you.

And Dan, good to see you again.

I've been listening
to your story, um,

and I'm really
excited to meet you.

Thank you so much.

Um, I'm kind of like
in shock right now.

[LAUGHS] I didn't know
this was coming, so--

You and I have
actually a lot in common.

Um, I am also from
upstate New York.

You also play ice
hockey, I understand.

I play ice hockey.

So I just could not believe
the number of parallels.

And of course, you know,
you're an Airbnb host.

I don't know if you
know the story of how,

uh, my friends and
I started Airbnb,

but I was very much like you.

It was 13 years ago,
13 1/2 years ago, and I

was actually in debt myself.

Tens of thousands of
dollars in credit card debt,

as was my friend, Joe.

And a design conference was
coming to San Francisco,

and all these hotels for
the design conference

were sold out.

And so we had an idea.

What if we just turned
our house into basically

like a bed and breakfast.

And so Joe said, well, I
have three air mattresses.

We called it
airbedandbreakfast.com.

Nobody thought 13 years
ago that I would be here

we'd be having these
kinds of conversations.

What does it take to be a
great entrepreneur knowing

you have imposter syndrome?

Every entrepreneur I know has
had that same feeling as well,

or they're kind of jerks.

So there's like-- there's
really one of the two.

[DAN LAUGHING]

I think a lot of people hear
stories of entrepreneurs

and they're not relatable.

They're like, wow, they had
a skill set I didn't have,

they had a confidence
I didn't have.

And I gotta tell you, most of
that's revisionist history.

In hindsight, we all
like to rewrite stories

of how brilliant
the founders were,

how they were different
than everyone else,

I saw something special in them.

I mean, you know, all my high
school teachers now say they

saw something special in me.

They just didn't when
I was in high school.

[TINA LAUGHING]

Hey, girl.

You wanna feed the chickens?

Yeah.

Here.

Some worms.

[LAUGHS]

BRIAN CHESKY: I think
you're probably more

interesting than you realize.

And one of the things we found
is the more unique the better.

What are these chickens names?

Do you remember?

Nugget and Tender.

[LAUGHTER]

People really wanna
have an experience.

And I think people
want something

that's real and authentic.

And we wanna match two people--

a guest and a host--
to have the most

unique sensibilities together.

So what I would say is
be as personal, unique,

and individual as possible.

I like to take old
furniture and fix

it up and put it in my home.

Side hustle number three, maybe.

Eventually, I wanna give back.

My mission in life
is really to create

a space through my
income with Airbnb

to give back to homeless youth.

Wow.

Based on what I'm hearing,
you're very well on your way.

And one of the things
we're gonna do,

I'm gonna pair you
with two people

that I think are gonna
be able to help you, um,

with your, with your Airbnb.

The first is an Airbnb
Superhost named Noel.

She's been a Superhost for
over 10 years in Airbnb.

The next thing is
we want to make

sure we merchandise it correctly
and it really shines through.

So we're going to have a
professional photographer

come and photograph
it, and I think,

really let your Airbnb shine.

I'm just so proud of
what you're doing.

I think your vision
is beautiful.

And you're well on your way.

The number one
reason entrepreneurs

fail is they stop.

So don't stop.

Brian, I love you.

Thank you, my friend.

This was unbelievable.

Thank you, Dan, for helping
me and bringing him on.

I was not expecting that.

And I'm feeling, like, very
emotional about this because--

just being a single mom,
getting professional photos

for an Airbnb could
cost money, you know?

And being able to meet somebody
who, at some point, I was like,

gosh, who created this platform?

And Airbnb has become
a huge part of my life.

Um, and it's allowed
me to start getting out

of that dark, dark
hole, that dark place.

Oh, my goodness.

I cannot believe that I
just got a request to book

the Airbnb for an entire month.

Hey, mom.

TINA'S MOM (ON PHONE): Hey, T.

I wanted to call to ask if
it would be OK for Gia and I

to come stay with
you for a month,

because I just got
a booking on Airbnb.

TINA'S MOM (ON PHONE): Yeah,
I think we could do it.

TINA DIERNA: All right, yes!

Thank you so much!

I'm gonna be out of my
house for an entire month

and I'm feeling super anxious.

This is the most
anxiety-provoking thing ever.

Today is, like, the final day.

The car's pretty much all
packed up with my stuff,

and I've probably been
crying most of the morning.

Oh, I got a message
from Dan that says

I have to watch this video.

Hey, Tina.

It's Lindsey.

Just wanted to
send you a message.

I know things are
really hard right now.

You're trying to overcome debt,
you're working your tail off,

and I know things
are really hard.

But I will say one
thing that's helped

me is just focusing on putting
one foot in front the other.

You know, small goals every day.

Just chip away at it.

Always think about
the long-term goal,

but still take it day-by-day
and keep it simple.

And eventually you will
get to where you wanna go.

So good luck.

I'm pulling for you.

Aw, that was awesome.

I thought that was
so amazing to have

a little inspirational message.

Thank you, Lindsey!

Got my room all set
up, ready to go.

I'm taking my lamp with me.

This is the real deal final
walk through at my house.

Bye, home.

Let's get going.

[MUSIC PLAYING]

All right, so
let's bring in Tina.

Hello, Tina.

Hi, Dan and Tonya.

How are you feeling today?

TINA DIERNA: I'm
feeling amazing.

I feel like I have pretty
much accomplished everything

you've asked me to do.

[APPLAUSE]

Can you just let
us know what homework

you accomplished this month?

I went ahead, I listed
my house on Airbnb.

I made an extra
$2,150 with that.

Wow.

I know.

That makes me feel like
the ultimate hustler.

[LAUGHS]

Which is what
you wanted to be.

So I gave up pretty
much all shopping.

I also froze my credit cards.

I haven't used a single
credit card at all.

And I said goodbye
to Amazon forever.

Wow.

Like, everything we asked.

Everything.

Tina rocked this challenge.

She rented out
her home on Airbnb

and raised her income
to $6,500 this month.

By freezing her credit cards
and skipping Amazon altogether,

she reduced her
expenses down to $3,700,

putting over $2,800
into her bank account.

We hear you paid
off some credit cards.

Yeah.

So I've paid off all of
my small credit cards.

And I only have one more to go.

How much money were
you paying per month

towards all those debts that
you now no longer have to pay?

Probably $1,500
or more every month.

You just gave yourself
an $18,000 a year raise.

TONYA RAPLEY: Tina
reduced her total debt

by using her tax return
and stimulus check

to pay off her credit cards.

Now, she plans to
eliminate her consolidation

loan within the year.

And after 60 more payments, her
student loan will be forgiven

and Tina will be debt free.

I'm feeling pretty
darn proud of myself.

Tina, do you remember
that when we first

met you pointed your
finger at me and you said,

I'm not canceling my trip.

[LAUGHS] I'm not
canceling my trip!

So Tina, if we gave you $1,000
to help you pay down your debt,

would you cancel the trip?

No.

[TONYA LAUGHS]

Well, then, you know what?

When you look at the
progress that you've made,

we would like to give
you that $1,000 anyway.

We only ask that
you do two things.

70% of it should go to paying
down debt and 30% of it

should go for doing
something special

with your daughter on the trip.

I can definitely
agree to that.

I knew you weren't
gonna cancel that trip.

I told Dan you weren't
gonna cancel that trip.

[TINA LAUGHING]

TINA DIERNA: We came across
this awesome fitness place

right here.

So I'm gonna go see if I might
be able to advertise there.

Hey!

Good.

How are you?

I think I nailed it.

The biggest lesson
that I have taken away

is that I am capable of
anything I put my mind to.

I love hearing all of that.

Thank you, Tina.

Good luck with life.

Please keep in touch with us.

If you're looking to build or
rebuild your financial life,

we've got tools and
resources to help.

For more on debt, student loans,
earning more, spending less,

and dozens of
other money topics,

go to chegg.com/goingfrombroke.

Repair and Synchronization by
Easy Subtitles Synchronizer 1.0.0.0