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America has a college -- loan crisis during last decade US student loan debt has soared.
From more than at 202 billion dollars a decade ago to 848.
-- -- -- as of last year.
Well our next guest has a solution for college kids he says there's a way to be richer smarter -- even better looking than their parents.
Joining us now is that very guy Zach this and that.
He's the author of that very book sell -- as a lot to do with money.
Correct absolutely what we do with -- how we save it for example the so I think I wrote the book to try to do my parents a lot of financial struggles -- growing up I'm -- a book that parents -- give to their kids.
When they're graduating college and say here's how you can avoid making them think that I made the you can have a better life than we had because and that's what every parent wants for their kids -- OK so you've got some tips in particular so that apparent right out of your book which is called.
How to be richer smarter and better looking than your parents they must be delighted.
Hat -- what you should not get -- rewards credit card why not I thought that was going to be great moral right and so it's certain -- -- -- when you're older you have a high income you're not really -- bigger spending it can be fine but here's the problem credit card rewards especially for young people there was study out of Chicago.
That's so that when people switch -- -- rewards credit card for awards credit card.
They're spending in their debt levels rose by about three times the size of the credit cards that they were heard of of the rewards that they -- bonuses which is a really really hard way to get rich.
And then so that's the richer site but I get a new umbrella exactly but on the better looking side this is fascinating study.
That actually shows that wind.
You pay with a credit cards than you action to find on healthier food you know because he's like the plastic feeling I needs an extra cheese -- my -- and so it.
Actually you can get -- her she's crazy exactly you can get -- by the.
And -- stings and that's I don't bank and -- your parents okay.
Because -- with better looking -- data playing rights.
Obviously what should look at what's in loans and that's the music alone why aren't you suggesting that young people do with this and months.
So that he took and you hear a lot of talk but -- income district in plain and all kind of reforms they're talking about in if you're on the verge of default -- that kind of thing those programs are actually worth pursuing.
But for most people if you can possibly do it the best thing to do your student loans is put as much as you possibly can toward every single month.
Otherwise you're just gonna pay more interest over the long term and I and -- -- that automate automatic withdrawals have.
He had an electronic deposit have electronic pushed to the savings accounts to loans -- you can't and in the heated making Smart decisions -- money is to do -- Smart with it before you have a chance to do things stupid -- it.
What I say is as soon as your paycheck comes he'd have it set up for that automatically pays your student loan.
Automatically put -- money in retirement account automatically build your emergency fund and that kind of thing and then live on the rest no matter what isn't getting from -- -- we can't trust ourselves and don't let's not pretend weak and -- if you try to rely on self discipline for money you're gonna end up broke you have to -- and seven systems up for yourself that force you to do things that work Welch.
Get out of the book is called how to be richer smarter and better looking than your parents -- that's meant -- -- And I think what I didn't know what can I otherwise seems like it saves the questions that don't duck -- you a better look I've been looking in your dad.
You know I'm forty years younger he.
He's going to be a matter now -- yeah that's ahead.
Hey good luck excellence advice.
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