Jun 1, 2023
While we adhere to strict editorial guidelines, partners on this page may provide us earnings.
If you’re a graduate of higher education, you should have an easy time finding employment and making more money.
At least that’s how it’s supposed to be.
Advertisement
Yet millions of Americans continue to be saddled with student debt that can stay with them for decades, weighing down their ascent to a better life.
And in the case of a Virginia woman who recently called in to The Ramsey Show, it covers multiple generations.
“I’m currently working two jobs to make ends meet,” Larhonda, 59, told host Dave Ramsey. “I currently owe $258,000 in student loans. Is there any way I can make that go away?”
That $258,000 in loans wasn’t just from one degree. Larhonda explained that not only did she pay for herself to obtain three degrees, but she also paid for her son’s tuition through Parent PLUS Loans.
Despite earning three degrees, she says she’s had a hard time making ends meet and paying off her debts. She has a multidisciplinary studies degree (criminal justice and religion), a master’s degree in accounting and a master’s in divinity.
Even after gaining those three degrees, Larhonda stated she’s working in logistics, making around $60,000 per year.
Advertisement
“These are disturbing numbers at 59 years old,” Ramsey said. “The answer to your question is, ‘We have to make more money.’ And we have not monetized your knowledge base very well.”
Ramsey’s advice
Ramsey suggested it’s time Larhonda found a new job. Most people in accounting make $100,000 to $125,000 starting salary, he claimed. However, those figures might be off, with ZipRecruiter showing an accountant would make on average $57,758 in the U.S. as of May 2023. In Virginia, the average climbs slightly to $59,887.
However, as Ramsey went on to explain, you can earn more if you become a Certified Public Accountant (CPA). This would bump the average salary to $93,659, according to Indeed.
Larhonda said when she studied accounting she was taught to do things “the hard way” just with a pair of calculators, but when she went in for job interviews she was expected to know how to use accounting software.
“It’s not rocket science,” Ramsey replied, noting accounting has been performed on computers for decades.
While it’s easy to blame your areas of study or where you live for your financial troubles, Ramsey said, these aren’t usually the prime culprits when it comes to getting paid what you’re worth.
Advertisement
“These don’t matter as much as your attitude towards it,” he said.
As for the student loans themselves, there’s no way for them to simply go away. And if this woman foot the bill for her son’s education, now that he’s older, it may be time to ask him to chip in.
If that’s not a solution that’s available, then Ramsey recommended throwing every single dime available toward the debt. He also recommended Larhonda seek out jobs specifically in accounting and supply chain logistics for higher income.
“If you don’t get above this instead of laying under it, ‘this’ being your career, where the career problems are all happening to you and instead you start happening to the career … the math on this is really not going to go well,” Ramsey said, “That’s called a small shovel and a very large hole.”
More: Take a break from your debt
You May Also Like
- Turning 50 with $0 saved for retirement? Most people don’t realize they’re actually just entering their prime earning decade. Here are 6 ways to catch up fast
- This 20-year-old lotto winner refused $1M in cash and chose $1,000/week for life. Now she’s getting slammed for it. Which option would you pick?
- Warren Buffett used these 8 repeatable money rules to turn $9,800 into a $150B fortune. Start using them today to get rich (and stay rich)
- Here are 5 easy ways to own multiple properties like Bezos and Beyoncé. You can start with $10 (and no, you don’t have to manage a single thing)
Amy Legate-Wolfe is an experienced personal finance writer and journalist. She has a Bachelor of Arts in History from the University of Toronto, a Freelance Writing Certificate in Journalism from the University of Toronto Schools, and a Master of Arts in Journalism from Western University. Amy has worked for Huffington Post, CTVNews.ca, CBC, Motley Fool Canada, and Financial Post. She is skilled at analyzing trends and creating content for digital and print platforms. In her free time, Amy enjoys reading and watching British dramas on BritBox. She is a mother and dog-mom to a Wheaten Terrier.
