My wife sold her engagement ring to pay for our tax bill. This led to my doctorate and my career to tackle the student debt crisis

The only reason I went to university, honestly, was football. I was fortunate to obtain a sports scholarship that covered half of my tuition fees. My family has not talked much about money by growing up much – unless it is in the context of an argument. So when I arrived at university, I decided to specialize in finance, trying to catch up with lost time. I was taught everything that people should do to develop healthy financial habits, but I still had trouble implementing these practices in my own life. I ended up contracting much more loans I needed. Even with a scholarship, I have always obtained my diploma in 2008 due to about $ 60,000 in student loans. At the time, especially in the Midwest, it was an important sum.

I started working in insurance sales after graduation. I had a credit card and I said to myself: “Great, I can buy all the nice things that I have never had.” I thought it was like free money. I knew it was not the case, but it was right there. And coming from a humble environment than my peers, I overcompensored by spending on things that I should not have, like expensive clothes and exchanges in my car for a BMW. Ironically, my former colleagues would probably make fun of me now because I don’t care what I wear more, and I drive a Bronco, but I was doing it.

The great recession has marked a pivotal moment in my financial life. It was not too bad at the beginning, but once we were in the thickness, my salary fell considerably. My expenses did not do so. It continued for a while until I have what I call “come at Jesus moment”. As an employee of 1099, I was responsible for paying the payments to the IRS, then the balance remaining on the day of the tax. But, I received a reversal from the important commission just before the taxes were due, and I had not saved enough to make the difference. It was really the worst timing. With hindsight, I realize that it was not bad luck. I brought it to myself.

Given my credit card debt and the lack of emergency savings, my decision has happened: do we owe to the IRS a huge amount with penalties and interest, or do we find money wherever we can? At that time, the only thing I could sell was my wife’s engagement ring, which for those who have already bought a wedding ring can cost you some payroll checks. She had a beautiful ring, and she sold it without telling me because she knew I would be too selfish to let it happen. She has just done so. This is how we left the tax situation.

After that, I was devastated. I realized that I brought it to myself. I knew what people should do, but I still haven’t done it. It was then that I started to observe and study people’s relationships with money and how their underlying habits affect their finances. I was deeply interested in the behavioral side of personal finance. My own experience and the sacrifice of my wife gave me empathy for those who have financial difficulties. It pushed me to want to help people. So I obtained my certification * CFP®, a master’s degree and finally a doctorate. I focused on how people make decisions and how we can all be guided to healthier habits.

There is often a lot of judgment with regard to money. And honestly, it’s not just people who judge each other, professionals also judge people. I’m sure my doctor judges me, thinking: “Dude, you have to fire these burritos. This is just a matter of time before it catches up with yourself. ” And he’s right!

But when people fear being tried, they do not ask important questions. According to new research from Sofi, 44% of students and parents do not feel informed about student loans, but are probably too afraid to ask questions. I never wanted to be the kind of professional who judged people. Instead, I wanted to train people and give them the means to find solutions.

Today, I work with many young people confronted with financial challenges. After the period of grace of the five -year pandemic, the collections on student loans resumed, putting millions at risk of defect. In the first quarter of 2025, nearly 6 million people who borrowed were at least 90 days late or already in default. More than 2 million have seen a drop of 100 points in their credit scoring during this same period – with more than a million drops of drops of more than 150 points. In addition, our data tell us that 93% of borrowers say that they would have discussed university funding differently if it had another chance.

The key to a vision for a better student loan is simple: people should only borrow what they can reasonably afford to reimburse. And our system should be set up to strengthen this. Student debt can be a positive tool. But that requires being honest with yourself about your finances and the number of loans you take. Liberal majors and entertainment arts, for example, should think twice to borrow hundreds of thousands of student loans if their median wages within five years of graduation is around $ 38,000. This advice seems obvious. But as my own story shows, good advice is too easy to ignore.

But it goes beyond borrowers. The government can play a central role by establishing clear directives on the alignment of the amount of the debt that students assume with their reimbursement means and by setting reasonable limits on the amount of available government loans. Private lenders also play a role by offering alternatives that meet the unique needs of different people. At Sofi, we offer student loan options that allow recent graduates to make payments only in their first nine months in the “real world” because they accumulate their emergency savings and get started.

Finally, educational institutions can work to match tuition fees and costs with the economy of real people. Currently, they have no incitement to control the cost of education if there is an unlimited money of money borrowed available. Limiting debt levels could encourage colleges to correspond to the cost of tuition fees to the value of the diplomas they offer.

Collectively, these steps can help create a more intelligent way for young people to avoid the traps of walking – and not to make the same mistakes as me when I was younger. This is how we can help the next generation get their money.

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In May 2025, Sofi commissioned a study of 3,500 potential and current students, graduates and parents of students to assess their perspectives on the value of higher education and payment methods. All current students and graduates included in the sample must have financed at least part of their education through student loans or other educational funding. The sample has thought about the national scale in the aforementioned parameters, including a balanced sample of sex, race and ethnicity, geography and income.

Sofi Technologies (NASDAQ: SOFI) is a one -stop shop for digital financial services on a mission to help people achieve financial independence to achieve their ambitions. More than 11.7 million members trust Sofi to borrow, save, spend, invest and protect their money – all in an application – and have access to financial planners, exclusive experiences and a flourishing community. Fintechs, financial institutions and brands use Sofi Galileo’s technological platform to create and manage innovative financial solutions out of 160 million world accounts. For more information, visit www.sofi.com Or download our iOS and Android applications.

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