All language subtitles for Going From Broke s01e01 The Sneakers Made Me Do It.eng

[MUSIC PLAYING]

My name is Obi Nwankwo.

I am 23 years old and I live
in Marina Del Rey, California.

I went to school
at Boston College

and I was a Finance, Management,
and Leadership major.

I was on the track
and field team.

I ended up setting about
10 overall records.

I was named MVP my junior year.

I was on the ACC honor
roll team all four years,

which is given for students who
maintain a grade point average,

but also excel in sports.

So I got out of school and I
started my own talent business

out of Los Angeles, California.

At my company, we
manage a wide array

of clients from
actors to actresses

to NFL athletes, artists.

We're really just
helping to cultivate

just great talent overall.

On a professional
level, I see myself

trying to grow my business
as great as possible.

Only problem is, I'm broke.

[BELL DINGS]

DAN ROSENSWEIG (VOICEOVER):
Here are the facts.

The numbers are massive.

44 million people have
borrowed over $1.5 trillion

in student loan debt,
and it doesn't end there.

My name is Dan
Rosensweig, and I'm

the CEO of the multi-billion
dollar company Chegg.

This is my mission--

with the help of my financial
expert, Danetha Doe,

we're going to
help young people--

- The walls are closing in?
- Yeah.

DAN ROSENSWEIG
(VOICEOVER): --who

are drowning in extreme debt--

Uh--

How many credit cards?

10, 11, 12--

12.

[SIGHS]

DAN ROSENSWEIG (VOICEOVER):
--to build a life

of financial independence.

I just want to get out of
debt, and I want your help.

When the world is pushing
down on you, it's very hard.

DAN ROSENSWEIG (VOICEOVER):
This is an economic crisis

of epic proportions.

I don't use that much.

DAN ROSENSWEIG (VOICEOVER):
And we have to fix it.

No, come on.

[SCREAMS]

DAN ROSENSWEIG (VOICEOVER):
They're going to hate it.

But when we're done, they're
going to be on the road

to financial freedom.

You feel good about
what we've done so far?

I do.

Thank you.

DAN ROSENSWEIG (VOICEOVER):
This is "Going From Broke."

[MUSIC PLAYING]

DAN ROSENSWEIG: As
usual, another day,

another dollar somebody owes.

Who we going to see today?

We are going to go see Obi.

He's 23 years old,
went to Boston

College, a fantastic athlete.

He ran track and field,
broke 10 records.

He graduated with $75,000
in student loan debt.

Wait a minute.

So he was a Division I athlete,
set records for the school,

and they still made him pay?

Exactly.

I'd be pissed if I were him.

If you take a D-I athlete
who runs track and brings

in great recognition
for the school,

they may get financial
aid, but it will never

be enough to cover the
expenses for school

and the expenses for living.

Unfortunately, Obi created
more value for the school

than the school created for him.

It's not right.

He started a business,
and he's making

$4,800 a month in income.

OK, hold on, you
got a D-1 athlete,

$4,800 a month, has your
own company at 23 years old?

Mm-hmm.

I don't get it.

Must've called for
a reason, and I

think we're going to have to
dig down and find out what

does it he's not telling us.

Something's not right.

Exactly.

[BIRDS CHIRPING]

Hey, how are you?

DANETHA DOE: Hey.
- Obi, nice to meet you.

It's a pleasure to meet you.

Well, come on in.

Thanks.

Thank you.

Make yourselves comfortable.

So I have to say, we've
met with lots of people.

I'm shocked we got
a call from you.

On paper, you look great.

Yeah.

Most people would
look at you and say,

how do I become that guy?

Yeah.

So you've got some
blind spot that you're--

Yes.

DAN ROSENSWEIG: --need
to share with us.

Why don't you tell
us what it is?

Just to kind of break
down how I see it.

I moved to Los Angeles,
where the cost of living

is definitely
significantly higher.

So that's a choice you made.

That's a choice, yeah.

Just paying bills, rent,
paying a security deposit,

getting couches, getting chairs,
like a new bed, room decor--

I just thought that
all came with it.

[LAUGHS] Just in terms of
the rent-- $1,600 a month.

Mm-hmm.

In terms of how much
you're paying on your student

loans, how much is that?

OBI NWANKO: Roughly cover
around $400 a month.

And then I have a
little brother who

just committed to a prep school
for high school for basketball.

And who's paying for him?

It's mostly, like,
me and my mother.

DANETHA DOE: How much is that?

OBI NWANKO: About $600 or $700--

it usually varies.

Does mom know you're paying
$1,600 a month for rent?

Yes, she wasn't happy with
that when I first moved out.

But I wasn't living
an ego life, so I

wanted [LAUGHS] [INAUDIBLE]
like, live in a nice place.

understand because
good-looking guys like us,

we have to struggle
with that life.

OBI NWANKO: [LAUGHS]

So keep going.

So you got loans.

You got rent.

And between the two of them,
that takes up $2,600 a month

so far.

You're a CEO of your company.

As I understand it, you're
making $80,000 a year--

should not be a problem.

Mm-hmm.

DAN ROSENSWEIG: I'm going
to repeat my question.

Why are we here?

Yeah, I would say
clothes and I would

say entertainment, going out.

I would say that's where
everything really goes down.

I want the shoes.

I want the clothes.

I want to go out and when
people are out with me,

they're like, oh, yeah,
like, they're with Obi,

who's going to spend money.

So I'm not going to
go out unless I'm

going to call the car, I'm
going to get the drinks,

meet a nice female.

I'm not going to do it
unless it's on that caliber,

so it's not a really good
way to think about things.

One my vices is definitely
shopping, something

that at every internship
that I ever had in the past,

I'd get the check
and I'd spend it.

DAN ROSENSWEIG: So in
your athletic career

and your academic career--

discipline, discipline,
discipline, discipline.

Yeah.

Give you money--

Not so disciplined.

DAN ROSENSWEIG:
--not so disciplined.

You were a star athlete, so
you know what it takes to win.

Mm-hmm.

But you also know the high
stakes of being an athlete

is you can put
everything into it,

and it can all go
away the next day.

What Obi needs to learn is
to be successful in business,

especially when
you're starting, he

needs to pay down
his personal debt

and invest every other
incremental dollar back

into his business.

If Obi's going to survive
in the business world,

he's going to need a
serious wake-up call.

As fast as you are, you
can't outrun your debt.

Maybe Los Angeles isn't for you.

So you know what
it takes to win.

As fast as you are, you
can't outrun your debt.

And so maybe Los
Angeles isn't for you.

It's just so sunny every day.

How sunny does it get
when you're going broke?

That's very true.

You ready to go
through the numbers?

Ready to go
through the numbers.

Let's go sit down and do it.

My philosophy is very simple--

you have to be the CEO
of your own life, which

means you have to run a
large part of your life

like it's a business.

Have you ever done a
full PnL on your life

before, and a balance sheet?

But you've done one
for a company, right?

I've done it for my company.

You don't avoid it when
you run your company, do you?

No, I make sure it gets done.

A PnL is known as the
Profit and Loss statement.

And it's a way for you to
measure and see exactly how

much money is coming in,
how much money is going out,

and hopefully, there's
some money left over.

It helps paint a
clear picture of your

entire financial situation.

We did ask you to
do some homework

and the numbers do not add up.

All these monthly expenses,
including his $1,600 in rent

and minimum student
loan payments,

add up to a whopping
$5,500 each month.

And he's only bringing in $4,800
per month, which means instead

of paying down
his student loans,

he's sinking $700 further
into debt each month

and then paying
interest on top of that.

So the first expense is rent.

Yeah, it showed me
that I definitely spend

way too much money on rent.

DAN ROSENSWEIG: You
know, you're paying

more in rent than
most 23-year-olds

earn in their first year.

I'm just going to
point that out to you.

Hm.

How much are you spending
on enjoying yourself

being 23 in Los Angeles?

In the last month
I was definitely bad.

I bought an $800 pair of shoes,
which wasn't really necessary.

And that's--

DAN ROSENSWEIG: For anybody.

Yeah.

Smart guy, CEO, building a
company, generating revenue,

and thinks $800 shoes
are a good idea--

you must be competing
with somebody.

So I hang around, I would say,
like, more high-profile people,

so I always make
sure my appearance

is on point wherever I go.

So--

DANETHA DOE: And you
need $800 pair of shoes

to be able to do that?

I-- I--

I thought I did.

You know what
would impress them?

A 23-year-old CEO that's
paying down their loans.

A 23-year-old CEO that built
a business from scratch that's

generating enough income
for not only himself,

but other family members.

You're spending way
over $1,000 a month

on entertaining yourself, which
means by the end of the year,

you're not only going
to have your loans,

but $80,000 a year that
you're paying yourself

is not going to be enough.

DANETHA DOE: Yeah, let's paint a
picture of if you continue down

this current path, how
much you'll end up spending

paying back your student loans.

So right now, it would take
you 20 years to pay off,

and you're going to end up
paying $109,000 in interest.

$109--

DAN ROSENSWEIG: So let me
explain the way banks work.

They don't want you to
pay back the money fast.

They're minting money.

So if you just increase
it to $600 per month,

so an additional $200
per month in payment,

not only will you be able to
be done paying your student

loans in half the time, but also
you'll save $33,000 in interest

by doing that.

DAN ROSENSWEIG: That's a choice.

Would you rather have a $800
pair of shoes every month,

or would you rather pay $800
more month to pay this down?

See, I need people
like you in my life

because I studied finance
and I did not even--

I don't know if--

yeah.

DAN ROSENSWEIG: Look,
you're not alone.

We've got a plan for you.

There's homework that we're
going to give you so you can

stop wondering and start doing.

So the first step that
you're going to take

is to start documenting
your expenses.

Every dollar that goes
out, you need to track it.

OK.

And then how much you want
him to cut in the spending.

Cut out all of the
going out when it comes

to entertainment and food.

That's money you're
wasting instead of investing

in your own future.

Wow, that's definitely right.

Is that going to
be worth your time?

All my time.

When this debt is
paid, I can put my full

all into the business
and so it can

grow the way it's supposed to.

But that student debt
kind of makes things hard.

Sound like a deal?

Can we shake on it?

We can shake on it.

So this is the start-off to
the day, at the barbershop,

'bout to get my haircut.

The haircut was
about $40, and then I

wanted to get some new water.

It's called perfect hydration.

It is incredibly good for you.

So I'm already at $45 today.

So I'm at FedEx, shipping
something to my mother--

almost, like, $20, so this
is another expense for today.

I'm just scanning
through all this--

all the junk food that's
here and everything's really

overpriced, but
I'm staying strong

and I'm not getting any of
it. (SINGING) Starbucks.

Finished up the day, it's
been a long day at work.

Today, I really
focused on actually

documenting my expenses.

And it was pretty
eye-opening because once you

write everything down,
you actually realize

how much you're spending.

It definitely adds
up, so definitely

shows me I have a lot of work to
do, but I'm making the effort.

How do you separate
your personal expenses

from your business expenses
like Obi is trying to do?

First, separate your accounts.

You need checking for
yourself, but you also need

checking for your business.

You should have a separate
credit card for yourself

and for your business.

There are also a few
good apps for keeping

track of business expenses.

One I particularly like
is called Expensify.

It not only tracks
your expenses,

it can track your mileage
and your billable time,

and you can use it to
scan receipts and sync up

with your credit cards.

If you can be diligent about
using an app like this,

tax time is going to
be a whole lot easier.

DAN ROSENSWEIG: When you think
about which athletes have made

a successful transition
over a long period of time,

one of the greatest mentors
of mine and a Hall of Famer,

is Ronnie Lott--

four Super Bowl championships,
a Rose Bowl championship--

OBI NWANKO: Hey.
- How you doing?

How you doing, Mr. Lott?

All right, a real
pleasure meeting you, man.

DAN ROSENSWEIG:
--perfect situation

for Obi to hear his
story so that Obi

can see there's a path.

Why don't we go
for a little walk?

Yeah, let's do it.

First of all, Obi is
a special young man.

He has that charisma that
you need to have in life.

Think about winning, sometimes
winning is also in saving.

Mm-hmm, it's true.

And I've heard that maybe
you don't like to save.

[LAUGH] I like to win, but I
don't like to save sometimes.

He's got to be very, very
diligent around not doing

something that can hurt him.

We all learn.

We all have film.

We all look at the film.

And then when we
look at the film,

we critique it with
the idea of knowing

that we have to get better.

The first thing
you do is you make

that sacrifice, doing something
that you don't want to do.

Yeah, exactly.

Right?

If you're going
to be a champion,

I mean, yeah, you look the part.

But now we got to talk
about making a sacrifice.

Mm-hmm.

Everything that I really
do is for my family.

I just want to set them
up for a better future.

Yeah.

You know, hearing him is
like hearing his soul.

And when you listen
to it, you realize

that he really wants something.

I love that man
and I cannot wait

to see how he is able to help
his brother and his family.

I was a CEO when I was playing.

I was out there trying
to protect my brand,

and I had to make
sacrifices early on.

And I had to represent a lot
of family, my mom and dad.

Yeah.

And I had to lace them up.

[CHUCKLES] Exactly.

And so here we are, we're
talking about shoes, right?

And yes, shoes matter.

There are some guys that
will tell you that they love

the fact that they
had to go through what

they went through wearing
the old shoes to get better.

Obi will win.

He now knows that one of the
great tools is sacrifice.

He's brought it out
when he's played sport,

but now he's going to
bring it out and use

it as a tool in his life.

I want to hear about
how you are saving

and how you are
making sacrifices.

And if that means that
that's giving up some shoes,

if that means that you got to
do certain things to change

your environment, do it.

Yeah.

Do it.

It's a must.

And more importantly, man,
when you see Dan, man,

get him to start
running some laps.

- [LAUGHS]
- Right?

DAN ROSENSWEIG: If Obi's going
to survive in the business

world, he's going to
need to learn to channel

his ego back into
his business and not

into his personal spending.

That's how you get
yourself in debt.

Today is the first step
in getting out of it.

It's a cool-looking place.

Wow.

Got a lot of shoes in here.

This is the stuff you collect.

OBI NWANKO: Yes.

These are the babies.

I love them.

So let me ask you a question--
all the stuff that you

brought in here, everything--

I have some shoes
in here, as well.

All right, so what'd
you pay for all of it?

I would say about $2,000.

Probably a little more--

OBI NWANKO: Yeah.
- --if you were being honest?

Give or take.

DAN ROSENSWEIG: Let me
ask you a question--

for what benefit to you?

This is as much an indication
of who you want to be

instead of who you've been.

I'm ready for the change.

DAN ROSENSWEIG: Tell
me what works for you.

$1,000 mark.

All right, stay
focused and be a CEO.

Yeah, confident.

We're going to negotiate
and you're going to do it.

You ready to go?

Let's go.

Let's do it.

Hi, guys, welcome.

DAN ROSENSWEIG: How you doing?

Welcome to Zero's.

We specialize in, like,
the limited, collectible,

unforgettable kicks.

DAN ROSENSWEIG:
All right, so Obi

has an incredible
collection of sneakers.

I definitely enjoy
collecting shoes.

Sometimes I'll just buy them
without really wearing them.

But I just wanted to have them.

Yeah, I'm guilty
of that as well.

All right, so
should we unpack?

Yeah, please.

DAN ROSENSWEIG: All
right, let's do it.

Let's do it.
ZERO: Thank you.

DAN ROSENSWEIG: You need help?

OBI NWANKO: No, I got it.

DAN ROSENSWEIG: All right.

ZERO: Well, starting
here, these are NMDs.

These are pretty cool.

It is something that I carry
and do pretty well with,

so I'll make you
an offer on those.

This is something that
you would exercise in.

This isn't really
what I do here.

DAN ROSENSWEIG: We'll put
it them back in the bag.

OBI NWANKO: So put them--
- Put them down for now.

OBI NWANKO: Put them down.

This is the Yeezy Beluga.

It's the original
colorway of the V2.

It's, like, one of
the most popular

silhouette in the entire game.

The Huaraches are cool, but
again, in used condition,

it's not really something
that is saleable.

This is just kind
of a weird colorway.

It's nice.

I think I could probably
do something with it.

These foam posits
are really beautiful

and they're in great shape.

These are the brand new
Yeezy 500 Supermoons.

OBI NWANKO: [INAUDIBLE]

ZERO: Yeah, these
are fly as hell

and they are
everywhere right now.

So this is the stuff that
I'm genuinely interested in.

And in order to get
it at the right price,

I'll take on these lesser pairs.

So 830 dollars total--

DAN ROSENSWEIG: OK.

--for everything.

And that's where I need to
be to take this product on,

to be totally honest with you.

DAN ROSENSWEIG: So let
me ask you a question--

ZERO: Sure.

--the ones on his feet.

I think he should
be selling them.

ZERO: Oh, yeah, I saw them
right when they walked in.

Yeah?

Now that's a different story.

Those could bump
it up a little bit.

If you throw those
on the table, I'll

give you an extra 400 bucks.

OBI NWANKO: $1,230?

DAN ROSENSWEIG: $1,230.

ZERO: Call it 1,200 bucks.

DAN ROSENSWEIG: Talk to the man.

He'll give you 1,200
for the whole thing.

OBI NWANKO: I think
for the whole thing,

I'll take about $1,333.

My final offer is
$1,250 for everything

you see here on the table
and what's on your feet.

DAN ROSENSWEIG: Your
call, my friend.

All right, I think
you have a deal.

My man.

DAN ROSENSWEIG: A
good CEO would sell

the shoes off his own feet.

They'll build his business.

And that's what you
just did, so today marks

a big change in who you are.

That's a big-- that's
a really big day.

Dan was amazing.

It just showed me the
type of mindset you have

to have when you're successful.

Instead of spending my
money so frivolously,

I could just erase my debt and
just be completely debt-free,

and be able to do what I need
to do in life where I can

be investing my
money into my future

and not be worrying about
things, that quite frankly,

don't really matter.

You all right?

Yeah, I'm just breathing.

[LAUGHS]

There you go, sir.

Thank you.

ZERO: Thank you so much.
Thank you.

DAN ROSENSWEIG: Zero, thank you.

I appreciate you
both coming in.

Thank you, Zero.

DANETHA DOE: Once
someone like Obi

takes control of their
spending in the present,

it's time for them to start
thinking about their future.

That's where Acorns comes in
with a feature called Roundups.

You just link your
credit and debit card

to Acorns, and for every
purchase that you make,

Acorns will round up
to the next dollar

and invest those
pennies on your behalf.

All that small change adds up so
that you can change your future

without changing your present.

Hey, hey, hey, Dan.

[CHUCKLES]

How are you?

I'm great.
Thanks for having me.

It's great to see you.

Darn, you look good.

Hey, I'm trying to
look as good as you.

I was really excited to
have Obi come on up so he can

visualize what his
future might look

like by seeing our
offices, and sitting down

and just talking CEO to CEO.

So catch me up.

Have you been doing your work?

Yeah, I definitely
have been doing the work.

OK.

So I decreased my expenses--

Fantastic.

I found a new place.

You moved out?

Yeah, I moved out.

Because what you were
paying was ridiculous,

and all to what--

to feel important, right?

Exactly.

And at the end of the day,
that wasn't really helping you.

OBI NWANKO: Mm-hmm.
- So that's great.

- And--
- And?

--I sold my shoes.

I sold some with you.

And I really feel bad.

I thought about it.

I was like, I actually
asked you to sell

the shoes off of your feet.

But it wasn't just because
they were the most valuable,

which they were.

Mm-hmm.

It was because,
you know, if you're

going to found a company,
you're going to be CEO,

you're going to
put down a marker

and say this is the moment
where I'm really going to change

my behavior, taking
something off that you value

as much as you do, and say,
I'm willing to sacrifice that

in favor of something better--

that's a big moment
in any CEO's life.

Huge moment.

Honestly, very few people your
age have come out of college,

started a company, moved
across the country,

and generated as
much income as you.

Your problem wasn't
income generation.

Yeah.

Your problem was
you wanted to live

larger than you had earned yet.

There's a time for that.

Now's not that time.

With Obi's new-found
spending habits

and his downsized
apartment, his expenses

have decreased to $3,400.

And at least this month,
Obi was able to raise

his income to $6,050 by selling
some of his sneaker collection.

That means Obi will
have $2,650 this month

to put towards his
student loan debt.

We all believe
you have a chance.

You have a chance to be the guy
that you said you wanted to be.

You have the right values.

You have the right work ethic.

You just got a little caught up.
Thank you, man.

[INAUDIBLE]

It is great to see you.

OBI NWANKO: This whole
experience with Dan and Danetha

has been extremely incredible.

Mostly, it's been, really,
the awareness because now I'm

conscious of ways to actually
save more money in the future,

ways to actually make
more money in the future,

and really gave me the
blueprint to do everything.

So yeah, it's been, really,
a life-changing experience.

To check out how Obi is doing
now and to get some helpful

tips on how to better
manage your student loans,

visit goingfrombroke.info.

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