it s not just the miles and the hits on the field, it s the stress and the impact off the field. this has been a year unlike any other for tom. tough on the field, a lot of emotional baggage off the field and really is compounding interest at this point. he s stepping off an unbridled champion in every regard. ten super bowls, seven rings. he s unquestionably the best to ever do it. neil: one of the things i think of and you know about the money thing that it s not as big an issue as it might be for others. but that thing that had me thinking he would never quit, at least without a shot at making playoffs again and maybe another super bowl again, which is why some of the teams i mentioned prior had come up, that he wants to go out a winner. not that he went out a loser. he still made the playoffs even with an 8-9 record for his team. i wonder what changed there. because that seemed to be what was driving him.
i ve been making all my payments. i ve been doing it on time. and yet, i owe more now than i did at the beginning. what is that? - that is the phenomenon of compounding interest. - okay, let s stop here for a second, because compounding interest can be pretty tricky to understand. here s what you need to know. while most loans make you pay a small amount of interest, compounding interest charges you interest on interest, making your balance grow exponentially and quickly get out of control. - if i were the only person with student debt, i may say, you know, gosh, i really messed up here. but then when it gets to, like, 45 million people, you re like, okay, maybe this is systemic. maybe this isn t just a couple of people who made bad decisions. maybe this is actually an orchestrated scam. - i m convinced that the system was rigged to create the very crisis that we re in today. - that s when i learned about a piece of this puzzle
- okay, let s stop here for a second, because compounding interest can be pretty tricky to understand. here s what you need to know. while most loans make you pay a small amount of interest, compounding interest charges you interest on interest, making your balance grow exponentially and quickly get out of control. - if i were the only person with student debt, i may say, you know, gosh, i really messed up here. but then when it gets to, like, 45 million people, you re like, okay, maybe this is systemic. maybe this isn t just a couple of people who made bad decisions. maybe this is actually an orchestrated scam. - i m convinced that the system was rigged to create the very crisis that we re in today. - that s when i learned about a piece of this puzzle that got very little attention but would change everything. if you could point to one thing about the student debt system, one thing you would change, what would it be?
i was very young when i had her. i did not know she was going to go on for her masters. i wasn t prepared for that. i did not know she was gonna want to go to law school. but when she told me about it, i just encouraged her. yes, okay, great. what do you need to do? - what marcella s daughter needed to do was take out a $46,000 loan. - i m trying to work as hard as i can. because then after she finishes, it s gonna be over $200,000. - wait a minute. marcella started out with a $46,000 loan and now it s $200,000? - most of my salary is going into paying off my student loans right now. but even with that, after four years of residency, i m gonna basically be in $50,000 more debt. - i ve talked to people where they say, i ve been paying my student loans for years. i ve been making all my payments. i ve been doing it on time. and yet, i owe more now than i did at the beginning. what is that? - that is the phenomenon of compounding interest.
- okay, let s stop here for a second, because compounding interest can be pretty tricky to understand. here s what you need to know. while most loans make you pay a small amount of interest, compounding interest charges you interest on interest, making your balance grow exponentially and quickly get out of control. - if i were the only person with student debt, i may say, you know, gosh, i really messed up here. but then when it gets to, like, 45 million people, you re like, okay, maybe this is systemic. maybe this isn t just a couple of people who made bad decisions. maybe this is actually an orchestrated scam. - i m convinced that the system was rigged to create the very crisis that we re in today. - that s when i learned about a piece of this puzzle that got very little attention but would change everything. if you could point to one thing about the student debt system, one thing you would change, what would it be?