Financial Planner SHOCKED At Princess's Spending Habits - Prince$$ - 110 - Cortney

i've been helping people with money for

more than 20 years

but no one stumped me more than the

princess my retirement plan is to marry

rich

i'd get a quality man in that dress for

sure i'm here to help this princess take

control of her money and her life

over the next six weeks she'll live on a

strict cash diet

and complete weekly challenges when it

comes to your line of credit you're an

idiot

if this princess has what it takes i'll

transform her from splendor to save her

and i'll give her up to five thousand

dollars to help repeat on her debt i

don't

appreciate being controlled what's the

point of this

no changes no money she's a princess

[Music]

meet courtney my name is courtney and

i'm 29. this princess is truly

one of a kind she's not quote unquote a

true princess she won't spend

three thousand dollars on a handbag but

she will spend

large amounts of money pursuing her love

for the outdoors she's involved in every

activity you could possibly think of

mountain biking basketball squash

indoors

kayaking camping indoor rock climb beach

volleyball i go to the gym

take yoga courtney's an environmentalist

who loves the great outdoors

while courtney says she respects the

environment she doesn't extend the same

respect to her friends

you have to be generous being friends

with courtney definitely i'll pick up

more checks than her

you go to the bar she falls a little

short or her paycheck hasn't come in

time

she's got and it all comes out in the

wasp kind of attitude and it doesn't

always

over time it ends up being pricey i'm

not one of

her rich ex-boyfriends if she goes out

on a date

she expects him to pay and she doesn't

want to go to

the corner restaurant she wants to be

wined be dined

my retirement plan is to marry rich

she's fixated on a cottage

living rich guy i'd get a quality man in

that dress for sure i'll marry for love

is the second time and

marry rich the first time the search to

find mr wright is a time-consuming

project

so much so that she won't spend a moment

alone this is a girl that would go out

and buy a kayak

for a date i think that this search for

true love is uh

costing her some money courtney's

self-absorbed attitude

seems apparent to everyone except her

don't act annoying and spoiled i hope

not i hope none of my friends describe

me like that

she's spoiled she does maybe feel

entitled she wants to be the princess

of a different kind of fantasy according

to her close friends

it's now or never she can't go on living

life the way she is

i don't want to lose her as a friend

over anything like money she needs to

start realistically looking at her

lifestyle

there definitely has to be a voice in

the wilderness saying girl like enough

camping pay your bills

push to the limit they've decided to cut

her off and they've called me in to

confront her about her financialness

but you really can't afford the big life

you have i guess not

and you make good money so how come

you're always in the red

i don't restrict myself too much when it

comes to entertainment

and uh enjoying sports and clubs and

things like that

so what magical thing happens one day

that makes the debt disappear if you

just keep racking it up i have no idea

we saw from a few of your friends that

they're pretty annoyed

because you bum stuff so

do you consider yourself a mooch i don't

i actually think that's a pretty

one-sided account of things you actually

even expect

other people to pay for you when you're

traveling together

um i know where this is going yeah of

course you do let's hear from val

in costa rica i spent more money than

she did i keep paying for stuff that

you're not paying for

i'd say she's impulsive frivolous a mile

wide an inch deep

[Music]

being described as a mile wide and an

inch deep or whatever

sounds pretty derogatory so um

definitely it wasn't a high point of my

day can we see craig please

she comes over to my house a lot for

dinner and

um usually eats a lot i do eat a lot

courtney will benefit

if she realizes the rule of reciprocity

if someone invites you over for dinner

maybe have them over for dinner to say

thank you

holly please i've really had to distance

myself from her

in certain respects because when we hang

out it ends up costing me far too much

money so while i'd love to be hanging

out with this wonderful woman

i simply can't afford to and i'm afraid

for courtney

if i have to keep putting this space in

between us and if other friends have to

keep putting this space

she might end up in a very lonely place

there's a theme that runs through

all your friends comments poor people

say you're a mooch then i guess you're

the problem right

i'm disappointed with all of my friends

and what was said in unison

i mean those are those are pretty pretty

big things to say now that courtney's

heard the hard truth

it's time for her to see the hard

numbers the reason holly has joined us

is because you have been mooching off of

friends

and so she's here to represent that

everybody's sort of drawing a line in

the sand

so you have 22 000 worth of debt

15 000 of which is student loans on the

payment system you're on

this is going to take you for freaking

ever to get out and by the time you're

done

you'll have paid an additional five

thousand dollars in interest

this is how you have been spending your

money

a whopping zero percent on savings yeah

you're not surprised to hear that right

you're spending just around

16 on debt repayment which is in line

with what i say you should be spending

on debt repayment

except that it's totally irrelevant in

your case because you actually have

more debt than is sensible and so that

actually is not going to get the debt

paid off fast enough

i was startled because i just thought

she had she had it all you know she was

the career woman with everything but

it's an illusion you're spending about

39

of your income on your needs that's it

that's it

and 48 of your income

almost half your income is going to your

wants

i'm overwhelmed by what i want i don't

know what i want i don't know what i

need

that's a lot 48 and that's what makes

you a princess

yeah that and the fact that that is only

the stuff we can track it doesn't cover

this stuff you emoji

i don't restrict myself very much i

suppose i have some entitlement issues

with

my frivolous activities and whatnot

you're earning right now

3 200 a month net which works out to

about 47 000

a year you would have to make 70 000 a

year

to live that life and get your debt paid

off

really yeah should look for a new job

you'd have to make 83

000 a year to have your life get your

debt paid off

and do the traveling you like to do and

if you were actually

using credit to fill the gap you'd

actually be going into debt to the tune

of 2 000

every month so are you actually prepared

to cut her off

yeah you're sure i'm sure now it's just

a matter of whether you want to be

sensible

i don't have your money i do yes no

bitching

no whining this is about taking control

of your money

and your life do what i expect you to do

and i'll give you up to five thousand

dollars to help you meet one of your

goals

don't do it you don't get the money loud

and clear

over the next few weeks you can learn to

stand in your own two feet you're going

to learn to live within your means

and you're going to learn to have the

things you want without tapping somebody

else

[Music]

[Laughter]

and now comes the time to put your

plastic where your mouth is

i want your debit cards on your credit

cards because you're going on a cash

diet there's one

two coming up can i put a dent

in courtney's indifference i want

physical proof

to satisfy me what if no one what if no

one comes you fail the challenge

[Music]

courtney is a 29 year old

environmentalist struggling to live

within her means so she gets

other people to help make ends meet she

doesn't buy a drink

the whole night i think everything does

even out generally

her tactless behaviors pushed her

friends to the limit

there's a price tag to being with her so

you don't hang out with her she has to

prove she can curb her selfish ways

and stand on her own two feet since i

took your debit cards on your credit

cards

you have to live on cash that's your

variable spending that doesn't cover

your rent and stuff like that those

fixed costs okay

this challenge is called your get real

challenge okay

make a budget you're gonna make a debt

repayment plan

and you are going to

throw open the doors of your life

to your friends they may come when they

wish they're always welcome

they may eat what they want keep in mind

that you will only have a hundred and

twenty dollars for the month for

entertainment

compared to the 490 dollars you have

been spending

the challenge isn't changing my

lifestyle not in the money

what if no one what if no one comes you

fail the challenge

it has come to my attention through some

harsh words on camera that i have taken

or do take advantage of my friends in

the spirit of repayment i'm extending an

invitation to everyone

to drop by my house for tea dinner games

or a visit anytime

you can do this every saturday morning

if you want also if you need a ride

please let me know in advance and i will

see what i can do

if you'd like to borrow my bike kayak

clothes or cds

or anything else no problem you're all

very dear to me and i hate the idea

of me being thought of as a mooch

week one gets off to a good start but if

she wants my five thousand dollars

she's going to have to start looking at

some hard facts

and opening up some unpaid bills this is

my filing system

and i go through it i guess less than

once a year bank statement

bank statements bank statement take

another parking ticket never open these

car repairs this is important documents

that fills they just

bleed you dry for parking tickets

student loans hydro

car insurance electricity bill health

insurance what a mess

step one was the easy part step two

means figuring out how to pay off those

bills

it's not bad i'm just you know

procrastinating

so how much do you owe total i don't

know

you don't even know you don't even know

how much you want let me get the let me

get the bill i just i totally ignored my

student debt

but having to sit down and look at it

again

has taught me that i do want it out of

my life

okay well this one's four thousand

dollars if i want to pay it off

in six months then i have to pay 314.83

that's not bad this is one of the amount

of money yeah

i don't want to be giving them any extra

money if i don't have to

so i should you know up my payments and

get it off my plate

you know she's playing hardball yeah

definitely three years to pay off my

student loan

i don't have my head in the sand like i

did before

i've managed to open all of my envelopes

and read my bills i used to just ignore

them and throw them in heat

now i definitely take responsibility for

all of it

so i looked at your debt repayment plan

what was the big shock in doing this one

i really didn't consider that i would

have my student loan paid off in

three years i thought it would just hang

over me like a storm cloud

the problem with the student loan

program and the repayment schedule

is it's designed to keep you in debt for

10 years i know

yeah i learned that three repayment

schedules are to pay off my student loan

in 36 months

my line of credit in 24 months and my

car in six months

this works so i think you did a great

job can you live like this

i'm definitely going to try and live

like this yeah has this been a big

eye-opener for you

i thought i didn't make enough money to

live on and i do

i'm pretty satisfied i think you did a

great job great thank you

[Music]

and now we come to your less is more

challenge so

your computer broke and you don't have

the tools you need

to manage your money electronically

one of the barriers to getting the

computer is probably the price you think

you have to pay for the computer so what

do you think you have to be for a

computer

1500 your challenge this week

is to get the computer for less

so you think you need 1500 to buy a

computer i'm gonna give you half that

okay okay sounds good coming up don't

try this at home okay

she's a princess

she's a princess courtney is just about

to turn 30

but according to her close friends she's

far from adulthood

she doesn't know how to say no to

herself a whack of her income goes to

extracurricular activities

shopping and a fancy nightlife and when

her paycheck can't cover it

she gets other people too if she pays

for the bar tab she won't be able to pay

for her car

insurance just a lot of little things

here or there with over twenty thousand

dollars in debt

her friends have decided to cut her off

nobody wants to feel like they're being

taken advantage of for their kindness

they've called me in and i have six

weeks to get this princess

living a life she can afford i sent

courtney to meet with an expert to see

if she could find a reliable laptop

priced within her budget so check this

out it's nice nice and light right super

light okay now don't try this at home

okay

and you want to be interested in three

things in here one is the hard drive how

big is the hard drive

all your movies you want to watch movies

and tv it's going to go in here the

microprocessor tiny chip

big brains of the operation right and

then of course the optical disc you know

if you want dvds cds you want to burn

stuff

and ultimately the key piece of it which

everybody cares about

is the ram now the ram the chips the

thinking part of it where all the work

gets done

what does ram stand for random access

memory kind of a goofy geeky term

but really what you want to do is buy a

good computer and add ram maybe a year

into it

to stave off obsolescence so you can run

bigger faster better

programs okay so let me tell you how to

shop at big box store

you go and you look at the laptop aisle

you look at the most expensive

you can take note of the price look the

cheapest no to the price

and then you aim for the guy in the

middle that'll give you really good

value

you won't be paying for cutting edge

technology and you probably can get a

competent computer

well priced out of that it's worth doing

your research

i definitely don't need the best

computer out there because i'm not going

to be doing some of the things they're

designed for

so it wouldn't be the right fit so i

could save money that way

so you had to go out and get yourself a

computer and you thought you were going

to have to spend 1500

on a computer and you ended up spending

480. show me what you got um i got this

laptop it's exactly what i need it's not

the highest end it's not the lowest end

no it's right in the middle

but it shows that you can shop smart get

what you need for less

later i met up with courtney and her

nominator holly here

to assign courtney's next challenge

i bet you're wondering why we're

standing in a kitchen this is your

giving back challenge

i thought i gave back already no plenty

more giving back to do yet

i am going to make you have a dinner

party

it's a dinner party where you have to

give a seminar

on debt repayment specifically

around student loans and why sticking

with the minimum payment on your student

loan is such a bad

idea so you're going to show people not

only your culinary skills but how to

chop the interest

on their student loans so that they

don't end up in the mess

you were in okay

[Music]

and that just about does it thanks for

coming i love free dinner

you guys don't know this but i'm going

to be giving you a presentation on

student loan debt repayment nice we'll

get through dinner and then

oh is it post-dinner thing it's cheesy

hope it's cooked i like that

by staying in and cooking courtney spent

a grand total of sixty dollars

a fraction of what she would have spent

at a restaurant or bar

yum it actually is really good

good job i've never eaten courtney's

food before it was it was pretty good

cheers

cheers i'm more cognizant of

giving back directly to people that have

given to me

so now the time you've all been waiting

for i'm going to give you my

presentation on

student loans the good the bad and the

ugly the bad thing is that most students

don't plan for it you need to plan

before you go to school

you should know how long you want to be

in school for and you need to know how

much money

you need to make at the end of your

education so you can pay back your debt

so the biggest thing to know is your

interest rate if you had a twenty

thousand dollar loan at eight percent

let's say

then your monthly payment would be 643

over three years and you'd pay a total

interest of thirty one hundred

dollars roughly nine and a half years

270 a month

not bad right reasonable you're paying

10 grand in interest

here's what's interesting the repayment

term with national student loan center

is nine and a half years

wow that's actually that is actually

really good research

they should show you that in high school

rayleigh that should be your last year

totally

yeah i thought it was great and it

seemed to make sense and she actually

seemed to understand what she was

talking about

coming up my final verdict to be quite

frank i wasn't convinced you were doing

this for the right reasons

[Music]

courtney was an impetuous princess whose

hobbies and travel plans took priority

over everything and everyone around her

being able to have

pretty much whatever i want whenever i

want high priority

is doing something fun every day when

her own income fell

short she turned to friends and family

but she overstayed her welcome she needs

to think about money because there's not

going to be anybody left at the end of

the day

that wants to go to the bar with

courtney if they're

always footing the bill for courtney i

made courtney live on a strict cash

budget

and experience what it was like to be

used and i challenged her to shop smart

so how far has she come i actually

really believe that

i just didn't make enough money to live

as a single person

in the city and i realized that i do

make enough

i just choose not to spend wisely

before i give my final verdict i wanted

to check in with holly

to get her thoughts on courtney's

transformation

so have you seen a big change yeah i've

seen a huge change i've watched courtney

taking

the bus more i've watched her counting

her pennies using

cash i've heard her say she can't afford

to go out

so you can actually spend more time with

courtney now

because she's not quite as obsessed with

spending money on activities there are

things you can do together

so maybe she learned some lessons i

think she's learned quite a few

she's a smart cookie courtney come and

join us

i have 500 in my savings account so even

if i get nothing then i've still got

something courtney did break the mold on

the princess because while she was not

obsessed with how she looked

she wanted whatever she wanted whenever

she wanted it and she didn't mind who

else had to pay for it

i think you did pretty well you know

pretty well you think you did great

yes when i got here

you thought you were entitled to spend

money you didn't have

and you were a little bit delusional

about what you thought you could afford

and you were mooching the other thing is

to be quite

frank after my first day with you i

wasn't convinced you were doing this for

the right reasons

i thought maybe you had signed up for

the entire process because that five

thousand dollars

looks so attractive to you that you

could just rope a bunch of people in

and get them to support you in this

endeavor to get the five thousand

dollars

i think we have moved way beyond that

you had a huge

eye-opener when you did a calculation on

the student loans

and you thought to yourself oh my god

that's two degrees

absolutely yeah so the whole process

emotionally had a bigger impact on you

than initially you thought it would

that's fair okay stay on track with the

budget

make sure you stay focused on the debt

repayment because as long as you're

wasting money on interest

that's less money to go towards your

goals and keep up the good work

at your next big birthday you will be

amazed at what you've accomplished

okay good it comes time for the check

while you may still maintain some of

your princess characteristics

you know i want things my way that's

okay if we're prepared to work really

hard for it

and that's what you get you get a reward

and even though there were some

difficult moments you persevered thank

you

i think courtney will follow through on

living on the budget i think it came as

a huge awakening to her that she could

actually manage on her money

i think often the barrier to people

making a budget is they're afraid that

the numbers are going to show

they can't have the life they want and

courtney has now discovered she can have

the life she wants

and if she does it right she can also do

it without debt i've saved a lot of

money i have a budget now

i'm very proud of myself i think it's

invaluable what i've learned and learned

about myself

[Music]

he's a princess she's a princess

modern-day princess