All language subtitles for Going From Broke s01e08 Finances & Family.eng

[MUSIC PLAYING]

I'm Jonas Nadler.

I'm 23 years old.

I live in Orange
County, California.

So I went to a private
Christian college.

Freshman year of college,
I had no idea what I wanted

to do, just like
a lot of students,

so I studied business
and economics.

I graduated in
May, and right now

I work in financial planning.

I've been doing this
sales job for a while,

and I just can't see myself
strictly in a financial realm.

It doesn't make me happy.

[MUSIC PLAYING]

I love music, and
I love working on

and writing music and
just playing songs

and just letting it out.

It's a great way to
express yourself.

I really just want to be working
in the entertainment music

industry.

The only problem is, I'm broke.

DAN ROSENSWEIG (VOICEOVER):
Here are the facts.

The numbers are massive.

44 million people have
borrowed over $1.5 trillion

in student loan debt,
and it doesn't end there.

My name is Dan
Rosensweig, and I'm

the CEO of the multi-billion
dollar company Chegg.

This is my mission.

With the help of my
financial expert Danetha Doe,

we're going to
help young people--

- The walls are closing in?
- Yeah.

DAN ROSENSWEIG
(VOICEOVER): --who

are drowning in extreme debt--

How many credit cards?

10, 11, 12.

12.

DAN ROSENSWEIG (VOICEOVER):
--to build a life

of financial independence.

I just want to get out of
debt, and I want you to help.

When the world is pushing
down on you, it's very hard.

DAN ROSENSWEIG (VOICEOVER):
This is an economic crisis

of epic proportions.

I don't use that much.

DAN ROSENSWEIG (VOICEOVER):
And we have to fix it.

No, come on!

Ah!

DAN ROSENSWEIG (VOICEOVER):
They're going to hate it,

but when we're done, they're
going to be on the road

to financial freedom.

Do you feel good about
what we've done so far?

I do.

Thank you.

DAN ROSENSWEIG (VOICEOVER):
This is Going from Broke.

[MUSIC PLAYING]

Another day, another
dollar somebody owes.

Yes, they do.

And who owes today?

Well, today, we have
Jonas, 23-year-old.

He went to Westmont
College, a really

expensive private school.

It was $60,000 a
year in tuition,

so he ended up taking out
a lot in student loans.

I can imagine.

And his mom cosigned a loan?

Tell me a little bit
about the relationship

between mom and son.

Sure.

So his mom immigrated
here to the States,

and she's been stuck
in-- in jobs that just

don't pay enough to help
keep them afloat really

to make ends meet.

OK.

So Jonas had to grow up
pretty quickly to help her out.

I don't think he
makes this phone

call unless there's
something going

on that we don't know yet.

So we ready?

We're ready.

OK.

Jonas, here we come.

[MUSIC PLAYING]

Jonas?

Danetha.

Jonas.

Nice to meet you.

How you doing?
I'm Dan.

Doing well.
How are you?

Very nice to meet you.

So it'd be great
if we could just

learn a little bit about you.

Yeah.

I just graduated college.

I am working in a
commission-based job, right?

I majored in business and
economics, minored in music.

I play guitar, and I sing.

My real passion is in the
entertainment industry.

And as much as I love finance--

So you want to quit?

I'm-- I'm--

So that's really
the reason you called,

which is you don't--

if you quit, you won't
have enough money.

You have a passion
you want to follow.

So that's really at
the core of this.

Do you live with your mom?

JONAS NADLER: I do right now.

Yeah.

You got a challenging
living situation.

I'm sure no college grad
wants to live with their mom.

Right.

It's a one bedroom apartment.

She rented out that room
while I was in college.

And right now, she's letting
me stay in that room,

and she's sleeping
out on the couch.

My dad actually passed away
when I was two years old,

so my mom is just supporting
me, getting me through school.

JONAS NADLER: My mom had to
take out $80,000 of Parent PLUS

loans to pay for
my college tuition,

and it's just been
an insane struggle

just to get me through school.

And she's just been
putting herself

more and more into debt.

My mom means the world to me.

Ever since I was
born, she's dedicated

her life to raising me.

Feels like the world's
on my shoulders

because I have to figure out
how to pay off all these loans

and support myself, and I have
to be able to support her.

So combined with my mom,
I have around 120K debt

in student loans on top of all
the debt my mom had to take

out to put me through life.

And I called you guys because
I want to figure out how to pay

back the money in
an efficient manner

and just what I can
do in order to be

able to support her because
of what she's done for me.

But you're fighting a
different force, aren't you?

I'm trying to figure out
if there's a way, you know,

to support my mom while
pursuing my passions, yeah.

What does she want for you?

Definitely not to
pursue entertainment.

My dad was a musician, and
she saw how he struggled.

JONAS NADLER: My dad
was exactly like me.

He was a businessman
and a musician.

And my mom saw the struggles
that he went through trying

to get his music out there
and trying to make it,

and he never did.

So she's seen, like,
how hard it is, I guess.

Makes a whole bunch of sense.

You know, there's
a bunch of people

wanting to do a limited field.

So look, you've
got a big burden.

Yes, sir.

The first thing for us to do
is get grounded in the numbers.

All right.

So why don't we
go inside, sit down,

take a look at the
paperwork, and then

start building from there?

Yeah, no problem.

All right.

JONAS NADLER: Trying to figure
out how to navigate all of this

has obviously been really tough.

I haven't had that, you know,
father figure in my life guide

me, so I've had to
figure it all out myself.

So Dan and Danetha
stepping in is great,

but there's a lot of work to do.

You have a financial burden,
and that financial burden

shouldn't be a life sentence.

Well, let's just ground
ourselves in what situation

you're currently looking at.

So are you currently
making the $400

per payment on your
individual student loan?

Not yet, no.

You're not making
that payment.

And then you've got the PLUS
loan that's going to kick in.

And do you have any idea what
that monthly payment would be?

Around 600.

OK.

It'll kick in in two months.

OK.

I want to get a
clear understanding

of your balance sheet
as well, so your assets

versus your liabilities.

Can you confirm you have $8,000
in your checking account?

I do, yes.

OK.

And your investments
are at $10,000?

Sophomore year, I started
investing in the stocks

on my own, and I opened
up a mutual fund last May,

so not this past May.

This is fantastic.

And I don't count
as money I have.

Because you're not
going to spend it.

- Exactly.
- Perfect.

And then I try to make
enough money to pay my bills.

That is fantastic.

I do want to take a moment just
to honor the fact that you have

thought through that and
are making solid investments

into your future.

DANETHA DOE: Most
23-year-olds are

not thinking about retirement.

I certainly wasn't
at the age of 23.

So when Jonas showed me the
amount of money he had already

invested, the amount
of cash that he

already had access to in
his checkings account,

I was very impressed.

The flip side of that
is currently Jonas

is breaking even,
and his student loan

payments have not kicked in.

That means in two months,
Jonas will have about $1,900

in monthly expenses, but
only $1,400 in income.

So every month he'll
be adding $500 in debt

instead of paying off
the student loans faster.

If you look at this,
this is as clean a sheet

as we're going to see
from a 23-year-old

who owes this kind of money.

So this is really
about the struggle

you're dealing with between
your passion and your desire

to have more money.

How's mom with money?

She's part of this equation.

Yeah.

Probably worse than me.

So maybe we should also
have Mom here or talk to Mom?

DAN ROSENSWEIG:
After meeting Jonas,

it became clear that
he's financially

dependent on his mother,
and more importantly,

that his mother is
taking financial risks

on Jonas's behalf.

You and Mom are in this
together because she sacrificed

on your behalf, and you're
willing to sacrifice back

to make sure she doesn't
get into trouble.

I think we should
also work with her.

So what do you say we sit down
with Mom first thing tomorrow

morning and engage
her in this process?

How would she feel about that?

She'd be fine.

DANETHA DOE: Cool.

Yeah.

OK.

Let's do it.
Sounds good.

- Thanks.
- All right.

Thanks, Jonas.

JONAS NADLER: Thank you.

[MUSIC PLAYING]

DAN ROSENSWEIG: How are you?

OLA NADLER: I'm good.

I'm Ola Nadler.

Very nice to meet you.

Sit down.

You seem to be the most
generous mom that we have wanted

to meet, because
as I understand it,

you've been
incredibly supportive,

both emotionally
and financially.

And he owes, thanks to
you, a lot of money.

Yes.

Tell us a little bit
about what you hope for him.

I hope for him to have
a good stable career,

also pursue his passions
along with that on the side.

Do you two talk about this?

It's a very small apartment.

Yeah, we do a lot.

Well, you're
about to have loans

kick in where you're going
to have to start to pay them.

OLA NADLER: Yeah.

And normally, you would
say, look, it's my life,

I want to go live it, but
it's her money and her risk.

So I wanted to
know how that-- how

that plays out in your home.

Yeah.

So you see me
ultimately ending up

and staying in the financial
world, and that's not--

Not necessarily.

You might start
liking it more career,

or you might still just
continue to exercise

your passions on the side.

But I don't want it to be
a side gig my whole life, you

know what I mean?
- No, I know that.

Yeah.

Once we understand
what we need to earn,

then we can focus on getting him
a job that helps him earn that.

Plus, it may be in the industry
that he wants to be in.

But your biggest
concern is that he

makes sure that he
can earn enough money

to not fall further behind.

Is that fair?

Yeah.

OK, so let's--
let's do the math,

and-- and then maybe we'll
see if we can get comfortable.

How's that?

OLA NADLER: That
sounds very good.

OK.

And we can start with the
industries that I want--

We'll go to the
industries next.

Yeah.

No, but I'm saying-- yeah.

I'm-- I'm--

I'm 57, so I'm
listening to Mom first.

OK.

[MUSIC PLAYING]

And we can start with the
industries that I want--

We'll go to the
industries next.

We'll go through this.

No, but I'm saying-- yeah.

I'm-- I'm--

I'm 57, so I'm
listening to Mom first.

I agree.

No, I just--

So-- so let's--
let's do the math.

Let's find out what you--

what you have to earn,
what you have to pay,

and we're going
to figure out what

you may have to pay for
rent in a year from now

when you move out.

All right.

How's that feel-- look it,
it's the first time Mom smiled

since she's been in the room.

Yeah.

And I guess part of my
frustration is because, you

know, like, you make it seem
like I want to be staying,

you know, in-- in the room
at my mom's apartment,

and, like, I don't.

Well, what I'm
saying to you is--

and this will drive you
crazy-- you're in control

of these choices.

Right.

So you're choosing to
not get a steady job.

You're choosing not to.

I'm trying to push you
a little bit to realize

that these are choices.

They're not your destiny.

The goal of this is not
to be a dream crusher,

it's to be a dream creator.

Cool.

All right, Danetha,
take it away.

So we're going to need to
at least bring in $2,038.

Which he can easily do.

There are jobs that you can
get that will pay you enough

for you to afford to
balance these things,

but you're going to have to
make some tough decisions

about timing.

You may not be able to
balance it perfectly at first.

But we got to get
some revenue coming in

on a consistent basis, or
we're going to have Mom

and you having this
discussion every night

for the rest of your life in
that one bedroom apartment,

and that's not good for anybody.

Fair enough?

Fair enough.

All right.

Because you guys have
both been very disciplined

and because there's been
some shared sacrifice

of living at home,
you're not out of control

with your spending.

This is an income situation.

Yeah.

So let's talk about that.

We got to get you a job.

Anything over $30,000 a
year, you're making money.

Yeah.

So I feel like we know
what the primary focus is.

All right, so we're going
to give you some homework.

I'm going to ask
you to come back

with five jobs in the industry
that you want, in the role

that you want.

Right.

Life is long.

We don't have to solve
every problem at once.

This one is the first
one you need to solve.

It may be the way you
learn the things you need

to learn to build
your own career path

two and three years from now.

Yeah.

And it could be in one
of those companies that--

We're going to
look for them first.

Yeah, cool.

OK, we will look
for them first.

JONAS NADLER:
That's a deal then.

You just got to-- you just got
to calm down, open your mind,

and realize Mom loves you.

OLA NADLER: Yeah.

And you got to also-- we're
going to teach Mom to say no,

but you're going to have to
learn to say, no, thank you.

OK?

It's such a pleasure and
an honor to meet you.

It's very nice
to meet you, too.

DAN ROSENSWEIG: We
got this, my friend.

[MUSIC PLAYING]

JONAS NADLER: So Dan and I made
a deal that I would find five

jobs in the music industry.

I'm burning the midnight oil.

I've been searching
all the sites,

asking friends, and contacting
my college for advice,

and I can't find anything.

Finding a job is rough.

Finding a job you
don't think you can get

and you're not sure you
want is even rougher.

[MUSIC PLAYING]

(SINGING) Move the chair
from the bed to the window.

Candlelight flickers
shapes across the wall.

We are here to see
Jonas perform tonight.

I'm so excited that Jonas has
struck a chord between being

financially
responsible as well as

pursuing his passion of music.

DAN ROSENSWEIG: So we thought it
was a good idea to actually go

watch Jonas play to see just
how much he really desires

to be in the music industry.

I'm Jonas Nadler.

All right.

[APPLAUSE]

[MUSIC PLAYING]

(SINGING) Do you
believe there's such

a thing as a soulmate, yeah.

I've been searching for a while
now, been looking up and down.

Where you lying, my
soulmate, my soulmate, yeah.

You got me--

Watching Jonas play,
it was very obvious to us

that this is not just a
professional ambition,

it's a personal ambition.

His father's life was
music, and so clearly

that is part of who Jonas
is and part of something

he feels the calling to pursue.

(SINGING) Are you in bed?

[CHEERING, APPLAUSE]

DAN ROSENSWEIG: We want to
help Jonas succeed in music

because, in addition
to the financial upside

that he needs to
experience, this is

an important emotional upside.

Unbelievable.

Well done, my friend.

Thanks, man.

[MUSIC PLAYING]

You don't have
to quit your day

job to pursue your passions.

And in many cases, you
can turn your passions

into a side hustle.

And if you find your side hustle
with one of Acorns' partners

through the Found Money
feature, they not only pay you,

but they will invest
in your future as

well, helping grow your wealth.

[MUSIC PLAYING]

DAN ROSENSWEIG: Hey, how's Mom?

She's doing well.

All right.

Will you tell her I say hello?

DAN ROSENSWEIG: So as
we've got to know Jonas,

it's very clear that he's smart
and he understands finances,

but his real passion is music.

And so we thought
the best way to help

Jonas was to use the Chegg
team and the Chegg services

to help him connect to
jobs in the music industry.

OK, so we want to find him a
job in the music industry that

can leverage what
he does in finance

and the fact that
he's got a four-year

degree from a great school.

Can you guys help him?

Sure can.

So you have a
great background.

There are a number of
jobs that we've actually

gone out and been able
to match your skills with

the appropriate roles for you.

Yeah, sounds good.

JOHN FABELLO: Great.

Through the data we have about
students and people like you,

we know that graduates from
business at Westmont College

enter into these types of jobs.

They're all in the
entertainment industry,

either media, content,
music specifically.

What do you think of
these kinds of roles?

They're-- they're kind
of finance-oriented.

They are at great companies
that are in the industries that

I want to be in, but I'm
still kind of, you know,

torn because as much as
I know I have the ability

and the qualities needed to
perform a lot of these jobs,

they're not necessarily
where I want

to be long-term
because it's only

looking numbers all the time.

So it is hard for me
to kind of envision

me starting one of these jobs
because I don't know the path

that it's going to lead to.

It's not always the
first job that you get

is going to be your
favorite job, right?

Ultimately, it's that
second, third, fourth job

that you end up having by
meeting people in the business.

You never know where
they're going to end up.

So you're going to be able just
to start building your network,

right?

You're going to leverage
your network at a later date.

You've got to start
someplace, right?

We have other jobs.

Here's one at Warner Music
Group, a financial analyst

entry level position.

You'd be a great fit for
that, especially, you know,

coming from a
financial background,

you have an
economics degree, and

they're looking for
someone with zero

to two years of experience.

It's in the music industry.

You can learn, you can
leverage the skills you have,

and then be able to grow
those skills even further.

The great thing
about this job is

it's really cross-functional.

They talk about
working with sales,

with the legal department,
production department.

So you'll get a chance
to meet a lot of people

and really learn the
business from the inside out

and start that
network for yourself.

That's cool.

Would you be willing to do
the first application with us

so that we can help you take
that first step towards getting

one of these jobs?

That'd be really great.

Let's do it.

OK.

And you focused on
business and economics.

This would be a great
time to call out

your minor in music as well.

You're going to have to
apply to at least five

to begin to hear
back from people,

but applying to the first
job is a great first step.

Are you ready to hit Send?

Yeah, let's do it.

Go for it.

Apply to that job, man.

All right, there we go.

All right.

So the first big
step in hopefully

what will result in a great
career and the ability

to get out of debt,
get off Mom's couch,

and also start to really
pursue your creative side.

I am very thankful that all
of you are working with me.

One of the things that I
want to do for you is give you

a chance, meet with an
executive vice president

coincidentally at Warner Music.

He's agreed to sit
down and mentor you.

Sick.

How does that make you feel?

It feels good.

There's a great leg up that
most candidates don't get.

That's true.

Well, congratulations, man.

Thanks so much.

OK, my friend,
let's go after it.

[MUSIC PLAYING]

At an interest rate
of just 1% or even 2%,

you're still losing money
after taxes and inflation.

So what do you do
with the extra money

that you've got sitting in a
checking or savings account,

more than you need
in an emergency?

The no-brainer move is
to use that money to pay

off high interest rate debt.

That way, instead of getting
a 1% to 2% rate of return,

you're getting a rate of return
equal to whatever interest rate

you're paying off that debt.

And that interest
rate is guaranteed.

[MUSIC PLAYING]

Good to meet you, Jonas.

How are you?
- Doing well.

How are you, Brandon?

I'm doing well, thank you.

I'm glad I could be here.

Dan has told me a lot
about you, and I'm

excited to meet with you.

So why are we here, man?

What's your deal?

What do you want to do in
terms of the music industry,

and how can I help you?

Well, Dan was telling
me that I actually

have to start in
the finance sector

if I want to get
into the industry

because that's what
my background is in,

and it's been
ridiculously hard for me

because I've been
kind of torn on,

like, if that's going to
get me where I want to be.

So I believe Dan is
right, that you need

to use what you've
learned, and that's

going to give you
some background

to be able to obtain a job.

But once you get
into those positions,

I started out doing front
office work as an assistant

and moved from
being an assistant

to running an internship program
over to marketing to sales.

So I've done quite a bit
of-- of different things.

And I think that's the best
part about the music industry

is you can come in one way
and see what's going on

and really make
something happen.

In the music industry,
everybody comes

from different backgrounds.

Right.

Majoring, you know, in
economics and business and then

minoring in music.

So you think I should try
to wrap that around and use

all of it and not just--

Absolutely because you're
competing with everybody

wants to be in the
music industry.

It's very sexy to
a lot of people.

It-- it has a lot of moments
that you could never imagine

you're a part of,
which is amazing,

but that's not limited to
people on the creative side.

It's also people on the--
the business side as well.

It's more about how
can you get the foot--

your foot in the door.

Right.

So that makes a lot of sense.

Do you think I can
send you my resume--

Absolutely.

I'm happy to help you to get
things prepared with you, to--

to help you figure out where
in the business that you could

potentially use your skill set
to get your foot in the door,

and then to be somewhat
of a mentor for you

to help you get into this role.

It's exciting.

You should not
give up your hope.

Even though it's tough to
get in, once you're in,

it's like a family.

Sweet.

Thank you so much for your time.

It was great
meeting you, Jonas.

Looking forward to working
together, my friend.

This has been a crazy journey.

Dan and his whole
team has helped

me take steps towards
finding a career

that I'm going to
love in the future.

DAN ROSENSWEIG: When
we first met Jonas,

it was very clear that
he was a smart guy.

He understood money.

He understood business.

Giving him a chance to
get a job in the industry

and make money and pursue
his dream at the same time,

I just know it's the
right path for him,

and I really see his
energy and his enthusiasm.

I am really, really excited
to get my foot in the door

and to be working in
the industry that I love

and to be paying off
my debt and propelling

myself towards my eventual
goals in my career.

[MUSIC PLAYING]

In this episode, Jonas
learns that you can align

your job with your passions.

Visit goingfrombroke.info
to learn how you

can make your dreams a reality.

[MUSIC PLAYING]

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