“Going From Broke’s” Danetha Doe’s Tips For Millennial Money Management

Bossip Video

Play

Finance Expert Counsels Millennials In Debt Crisis For New Show

Danetha Doe’s new show, “Going From Broke” sees her swooping in to change the lives of young people who have crippling student loans.

On the show, set to debut Oct. 17 on Crackle, the financial expert and founder of money management blog “Money & Mimosas” works to change people’s attitude toward their debt, helping them to create budgets, cut back on spending and most importantly, believe that there was a way out of their downward debt spiral.

“I felt that the conversation around money and millennials needed to be had,” Doe told BOSSIP. “I wanted to participate because I believe having more conversations around money is the key to financial success for the individual and the collective community.”

More than 44 million Americans owe a total of $1.5 trillion in student loan debt – and 40 percent are in default, Doe said.

Executive produced by Ashton Kutcher, the show follows debtors like a husband and wife who have a baby – and a dozen credit cards between them. And another young man is living in his car after his debt got out of control.

Source: Courtesy of Crackle / Crackle

“It’s a problem that we all need to discuss,” Doe said, “and I’m looking forward to showcasing the real lives of people living with financial struggles. This has a real impact on people’s emotional health, psychological health (and) their marriages.”

Doe also revealed her top three tips for millennials to get into better financial shape:

“Have a vision for what financial success looks like for you. Without that foundation, it’s harder to implement practical things.”

“Know your numbers. Know exactly how much money is coming in. If you’re a freelancer or independent contractor…be very clear on how much money is going out. Look at where your money is going. Subscription payments, eating out? Those things really start to add up.”

“Set up a daily reminder with our bank – a foolproof reminder of how much money you’re spending. Let’s say if you go over $20 you get a text message. You always need to be aware of where your money is going.”