Students Find Secret to Eliminating College Loans Overnight
Who needs a job when you can do this instead?
Ric Edelman: It's Monday, April 1st. On today's show, what young people are doing in a desperate effort to pay off their college debts. There are 45 million Americans who owe a total of $1.7 trillion to student loans. How desperate are these people to pay them off? Pretty desperate judging by the experience of Jamie Regan.
He owes $50,000 in student loans and he posted a video on TikTok saying that he's going to start gambling. His plan was that he'd win enough money to pay off his entire 50 grand debt. His video got a million views. No doubt from other people who also owe student loans. They were all hoping he'd succeed so they could learn from him. They were all hoping he'd succeed so they could all learn from him and do the same thing. And guess what? It worked! Jamie jumped into sports gambling and within a month he won so much money he paid off not only his student loans, but his house, and his mother's house, and his car.
April fools. Of course it didn't work. After three months, Jamie ended up with nothing but gambling losses, and he killed his TikTok series that was following his escapades. Instead of paying down his debt, Jamie threw away his money on a stupid betting scheme, and now that money's gone too, and he still has all of his student loan debts.
Just look at how desperate these young adults are. They're trying anything, and sports gambling has skyrocketed. One in three US adults now admits to betting on sports. Among Millennials, it's 50% of them. And among Gen Z, it's 60% percent of them. Sports betting is legal in 38 states now, plus Washington DC, and people with student loans are jumping at the opportunity. Problem Gambling Network says call volume is up 55%, mostly men ages 25 to 34. These people are fools, and that's got nothing to do with April 1st.
On tomorrow's show, for financial advisors, the biggest practice building opportunity in a decade. And an important opportunity for anyone who owns GBTC.
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