Couverture de Saving with Steve, October 27, 2026

Saving with Steve, October 27, 2026

Saving with Steve, October 27, 2026

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 Saving With Steve with Steve Sexton Student Loan Traps, Gig Economy Blind Spots and Buy Now, Pay Later Pitfalls with Stacey Black Steve Sexton talks with BECU lead financial educator Stacey Black about the mistakes new graduates make with student loans, the hidden costs of gig work, and the real price of buy now, pay later plans, closing solo with a warning about Treasury yields and market diversification. Welcoming Stacey Black To The Show Steve Sexton opens the Saving with Steve Show by thanking his audience and introducing Stacey Black, BECU's lead financial educator, who has worked for the credit union for nearly thirty years and teaches thousands of people through webinars, seminars and in-person classes at Financial Reality Fairs. He lays out the hour's agenda: avoiding the mistakes new graduates make when taking out and repaying student loans, the pitfalls of working in the gig economy, and the real cost behind buy now, pay later plans. Black says the topics are right up her alley and that she loves talking about them. Sexton notes that many borrowers do not realize at the outset that a student loan must actually be repaid, often for twenty or thirty years, setting up a conversation about what people should weigh before signing for a loan and how that choice follows them long after graduation. Choosing A Loan With The Future In Mind Black urges listeners to research thoroughly before taking out a loan rather than fixating only on a career's eventual paycheck, since bonuses, benefits and realistic starting pay all shape what someone can actually afford to repay. Sexton shares listener emails, including a public-sector worker with roughly three hundred thousand dollars in loans earning about sixty-five thousand dollars a year, and families where a student attended a school costing eighty thousand dollars annually and ended up owing four hundred fifty thousand dollars at a high interest rate. Black agrees that passion for a career matters, but so does the ability to support oneself, noting people often expect to earn big money quickly when most professions start lower. Sexton adds that some parents report adult children returning home for years because student debt makes independent living unaffordable, reinforcing that the choice of degree and lender terms carries consequences long after the ceremony. Budgeting Conversations Parents And Kids Avoid Black advises parents to sit down with students before applying, mapping out projected income against real costs like housing, food, utilities, travel and retirement savings, even if parents feel unqualified and must research the fine print together. Sexton describes walking his own son through a hypothetical budget covering a mortgage-equivalent, health insurance, a car, an apartment, food and entertainment to show what a starting salary must actually cover alongside loan payments. He relays a lawyer's warning that children who have only ever seen mom and dad as the bank, upon receiving an inheritance, often buy an expensive car first and later face a tax bill they cannot pay. Black shares that she works with many students who ask only which job pays the most, without considering whether a dream career supports the lifestyle they expect, reinforcing that realistic planning, not just passion, should guide the decision. Income-Driven Plans And Balloon Payments Returning from a break, Sexton and Black turn to repayment mistakes, starting with building a realistic budget around take-home pay rather than gross salary, since taxes and deductions surprised even Black's own son when he first calculated his paycheck. Black recommends separate savings accounts for specific goals, describing how she saved monthly for a trip to Sweden the way she would budget for a bill. Sexton raises income-driven repayment and SAVE plans, where borrowers often choose the lowest monthly payment without realizing a large balloon payment can follow, sometimes around one hundred thousand dollars, forcing a costly refinance that cuts into retirement savings. Black says the big print giveth and the little print taketh away, urging families to read every option's fine print together and ask questions neither parent nor student would otherwise think to raise before signing anything. Gig Economy Risks People Overlook Shifting to the gig economy, Black explains that self-employed workers must plan for taxes, medical coverage and income swings that traditional employees rarely consider, sharing that her cousin, a gig worker bitten by a rattlesnake while on location, had no insurance and faced a bill running into hundreds of thousands of dollars for antivenom. She stresses keeping personal and business accounts separate, setting aside money from strong months to cover leaner ones, and understanding that gig workers pay both the employer and employee shares of Social Security taxes, effectively twelve percent. Sexton adds that many self-employed people keep paying an underperforming vendor ...
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