June 28th 2024.
Originally Published Oct. 24, 2019.
In today's world, it seems like student loan debt has become a norm. But it doesn't have to be that way, and Anthony O'Neal has the answers. As the author of Graduate Survival Guide: 5 Mistakes You Can't Afford to Make in College and his new book, Debt-Free Degree: The Step-by-Step Guide to Getting Your Kid Through College Without Student Loans, O'Neal has helped thousands of students make smart decisions with their money.
But it wasn't always smooth sailing for O'Neal. He faced financial struggles and even experienced homelessness, losing both his college scholarship and his apartment. However, he didn't let those challenges defeat him. Instead, he fought hard to become debt-free and now travels the country sharing his story and encouraging young adults to make wise financial choices. Recently, O'Neal took some time to chat about the importance of financial education and how it can lead to a debt-free future.
When asked about his motivation to enter the world of finance, O'Neal shared that his lack of knowledge and wisdom about finances during his youth directly impacted the decisions he made in his early adulthood. He found himself in $35,000 worth of debt and homeless at the young age of 19. It was a low point for him, but it also served as a turning point. O'Neal was determined to never be in that situation again and make it his mission to help young people avoid the same mistakes he made.
Finance is a crucial aspect of our lives, yet it's often not taught in schools. O'Neal believes that more can be done to ensure that children are equipped with the necessary knowledge to make sound financial decisions as they enter adulthood. He pointed out that only 25 states in the U.S. require a personal finance course in high school, and even in those states, it's not always seen as a priority. However, O'Neal and his team at Ramsey Solutions are working hard to change that. They have developed a curriculum called Foundations in Personal Finance, which has impacted millions of lives and is currently being taught in one out of three high schools in the country. O'Neal himself also travels to speak to high school and college students, educating them on the impact of their financial decisions and how to set themselves up for success in the future.
O'Neal's first book, Graduate Survival Guide, was co-authored with his friend Rachel Cruze, who was fortunate enough to avoid the financial mistakes O'Neal made in college. Together, they shared their experiences and insights, not only on what to avoid but also on how to thrive during the college years. O'Neal's latest book, Debt-Free Degree, tackles the current student loan crisis in America. While many are talking about student loan forgiveness, O'Neal's goal is to help people avoid the student loan trap altogether. He believes that it is possible to go to college without taking out any loans, but it takes careful planning and a solid strategy, which he provides in his book.
When asked about the root cause of the student debt crisis in the country, O'Neal pointed out that student loans have become the norm. It's easier to sign up for a loan than to work hard, save money, and search for scholarships and grants. Many people are also uneducated about the long-term effects of these loans and how they can impact their future. As a result, millennials are delaying major life milestones such as buying a home, getting married, and starting a family because of the burden of student loans. O'Neal believes that the key to overcoming this crisis is to remove debt as an option altogether. When student loans are off the table, people are forced to find alternative ways to pay for college, such as choosing a more affordable school or pursuing a trade.
For O'Neal, this message of financial success is personal. He has been through the struggles and hardships caused by financial mismanagement, and he knows how overwhelming it can feel. That's why he is passionate about helping young people and their families make better choices when it comes to money. He believes that his experiences have shaped him into the person he is today and have given him the tools to guide others on the right path. When asked about what he would do differently if given the chance, O'Neal shared that he would listen to his mother. He would have never taken out student loans and would have cut up his first credit card when his mother advised him to. It was his debt that led him down a dark path of depression, homelessness, and isolation. But he is grateful that he was able to turn his life around and use his experiences to help others avoid the same mistakes.
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