1229: Tackling $650,000 in Student Loan Debt
So Money with Farnoosh Torabi
Farnoosh Torabi
4.7 • 2K Ratings
🗓️ 21 July 2021
⏱️ 32 minutes
🧾️ Download transcript
Summary
Imagine having $650,000 in debt? What would be your game plan? Amber Masters joins to talk about how she and her husband plan to squash their massive student loan debt (mostly from his schooling) and how, along the way, she's building an app to help others become debt free.
More about Amber: She is an attorney turned entrepreneur. She is the founder and CEO of the app, Paidback, which makes debt payoff simple and fun. While practicing as an attorney, Amber created the website deeplyindebt.com to document her journey paying off $650,000 in student loans. She's been featured on CNBC, ABC, and Yahoo Finance.
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Transcript
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| 0:00.0 | So money, episode 1229, Amber Masters, founder and CEO of the mobile app, paid back. |
| 0:08.4 | You're listening to So Money with award-winning money guru, |
| 0:11.6 | Farnoosh Karabi, each day in a 30-minute dose of financial inspiration from the world's top |
| 0:17.2 | business minds, authors, influencers, and from Farnoosh herself. Looking for ways to save on gas |
| 0:24.3 | or double your double coupons? Sorry, you're in the wrong place. Seeking profound ways to live |
| 0:29.6 | a richer, happier life. Welcome to So Money. We've gotten through about half of our debt payoffs, |
| 0:37.2 | about $300,000 of debt. We paid off and we felt comfortable, like we have a plan that's working, |
| 0:43.3 | we're doing things that are working, and we can help other people do this, I think. And this was |
| 0:48.0 | right around the time the pandemic hit and then had this idea for this app. Welcome to So Money, |
| 0:52.9 | everybody. I'm your host, Farnoosh Karabi. Today we're in conversation with an attorney who became |
| 0:58.0 | an entrepreneur in the pandemic, Amber Masters. She is the founder and CEO of the app, paid back. |
| 1:06.8 | It makes debt pay off simple and fun, and she and her husband would know, as you just heard, |
| 1:13.0 | the little snippet. She is currently $300,000 out of debt, but has still another $300,000 left. |
| 1:21.1 | She and her husband have a total of $600 plus $1000 in combined debt, mostly, |
| 1:26.8 | selling from her husband's education loans. Her story is one of determination and strategy and |
| 1:33.6 | tenacity, how she was able to build this company while trying to get out of debt in a pandemic. |
| 1:39.2 | She's also a mom, quite inspiring. She's also started the website deeplyindead.com to document |
| 1:45.7 | their journey of paying off the student loans. Amber has been featured in places like CNBC, |
| 1:51.2 | ABC, Yahoo Finance, and now on So Money. Here we go. Here's Amber Masters. |
| 1:58.9 | Amber Masters, welcome to So Money. Hi, Farnoosh. Thank you so much for having me. |
| 2:03.9 | Thank you for reaching out with your story. I want to begin in like eight different places. |
| 2:09.3 | It's going to be hard to figure out where to begin. You are the founder and CEO of an app called |
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