I Finished Paying #SallieMaeBack: How Dee-1 Manages His Own Money and Went Viral

If you've ever paid down student loans – or know someone who has – you know the joy that comes with submitting your final payment. That's why everyone at Earnest loved finding Louisiana native Dee-1's "Sallie Mae Back" video, which is all about paying off the last of his student debt with an album advance (talk about financial responsibility!) It's understandably gone viral, having put a catchy and inspirational twist on something effecting 44 million Americans. 

We sat down with him to discuss his money mindset and how he lives his values last week. The following are excerpts of that conversation, which you can find in whole here.

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We know about your student loans, but do you have any consumer debt like credit cards, mortgage, or other?

No, I don’t. At this point in my life, I’m only buying stuff that I know I have the money for. I do have a credit card. I use it every month to build my credit, but I pay the whole balance off at the end of every month.

Can you share some advice for today’s graduates? The average student loan debt is over $30,000.

You have to be conscious when you’re taking out the loans. Is it worth it? Is the amount proportional to what you plan on making? Some people go over $100,000 in debt, but they know their graduate degree can get them a job that pays six figures. It can pay for itself in the long run.

Ask yourself, how much debt is worth it? You don’t want to drown yourself in debt, but you also don’t want to deprive yourself of getting an education because you’re afraid to take out loans.

Also, know that education is a hustle. What I mean is, [even when] you get an education, you still have to hustle to get a job. It’s about who you know and how marketable you make yourself … it’s a complete package that people are looking for. Use the knowledge that comes from education, but understand that it’s all a hustle and you have to play the game, or you’re going to get played.

I don’t think I’ve told anyone this, but part of what I did with my student loans was to start different businesses ventures while I was in college. I was trying to be an entrepreneur, and literally my startup money was partially coming from my student loans.

For some people, that’s the smartest thing in the world. You get access to capital that you can use to fund something. Other people might speak against that, but that’s what I did with part of my student loan money. I had about 10 different businesses: a clothing line, I sold Lamborghini-like car doors, I sold shoes. We started all types of random businesses. Everything made money except for the music.

Do you ever splurge?

Outside of investing in my business, I don’t mind paying for experiences. Experiences are priceless and make life worth living. Whether that’s live concerts or vacations, if it’s actively doing something that will enrich my overall life I don’t mind paying for that. I love to have the money to be able to do that when I want to.

Do you have any other money-related tips or recommendations?

Living within your means is the key to everything. Once you can break free from trying to impress people or trying to fit into what people want you to do, be, drive, wear, or where they want you to live, you’ll really find yourself able to comfortably live in a lot of instances.

A lot of people who are struggling financially have a better car than I have. Well, they have a more expensive car than I have. But, I have thousands of dollars in the bank that they wish they had. It’s a difference. Both of our cars get us from point A to point B, so who’s really winning?