I had managed to get myself into $201k of student loan debt with a teacher’s salary. I didn’t know what to do and I had no idea how I was going to afford my monthly expenses. My debt minimum payments were barely covered by my income. Fast forward 4 years and I’ve paid off 6 figures of debt and increased my income through side hustles. I want to help you do the same for your life.
Paying Off 6 Figure Debt and Still Living Your Life
This post may contain affiliate links. Check out my Disclosure Policy for more information. The thing that I don’t like about some of the personal finance gurus out there is that they tell you to basically stop living your life to pay off your debt. And I do get the reasoning, if you can get it done in a couple of months. If you can buckle down and be debt free in 2 months, absolutely do it! But, what about if you have 6 figure debt and it’s going to take you years to get out debt? Do they seriously expect you to not live your life for years? That would be crazy! And I can speak from experience (approaching the 4 year mark of my debt free journey and still have $66k to pay off) that you will burn out and be miserable if you do this. I’m not saying spend all your money on fun things and have no money to go towards your debt. But, you should be doing things that are important to you on your longer journey. Here’s how I have made it possible to still live my life while paying off $201k in student loans. 1. […]
This post may contain affiliate links. Check out my Disclosure Policy for more information. I say it a lot, 6 figure debt is no joke. And I’m not including a mortgage when I say this. I’m talking about 6 figures of non-mortgage debt. This would be debt like credit cards, personal loans, car loans, student loans, etc. Basically I’m referring to anything that is debt, that isn’t a mortgage. There are a lot of people in this boat. Don’t think that you’re alone. I was there with $201k in student loans to become a teacher, which wasn’t the brightest idea. But, after just under 4 years, I have paid off $134k. I still have more to pay off, but the ridiculous burden is much less now. Because I have experienced 6 figure debt, I know that it is much different than other debt free journeys. From the start, you have to accept the fact that your journey will be different than most people because a lot of people don’t have 6 figure debt. It also is going to be very different if this is your own debt, or if it is you and your partner’s debt. That makes a huge difference. For […]
This post may contain affiliate links. Check out my Disclosure Policy for more information. I remember when I got my first bill in the mail from my student loans. At the time, I was on campus at Syracuse University in my first semester of grad school. My father called me and told me a bill came for me from my private student loans for undergrad. I didn’t even know I’d be getting a bill so soon after graduation, less than a month after. Talk about a reality check for me. My private loans didn’t come with a grace period apparently and they weren’t aware I was a student full time. Panic ensued. Not because I’d need to pay that bill, I knew they would be deferred once I got the right paperwork to them. But because my private loans from undergrad alone were going to cost me $1,400/month in minimum payments. Did I mention I was adding more debt at the time to go to grad school? Yeah. Not the best decisions were being made, but I was under the impression that student loans were fine, it’s how everyone went to college. Did I mention I was going to school to be […]
This post may contain affiliate links. Check out my Disclosure Policy for more information. Student loans are a rare kind of debt. Most people take them out because they figure they’re “good debt,” and they can get a higher income with it post grad. This usually is true and for some careers, you absolutely need a degree. But, you should be very aware of how much debt you are taking on while in school. Of course, this is dependent on the degree you are going after. If you’re studying to be a doctor, chances are you will have a high income post grad. If you’re like me, studying to be a teacher, chances are your income is going to be lower. Don’t make the same mistake I did and take out $201k to become a teacher. It will be nearly impossible to survive post grad, trust me. And you just might find yourself in a situation of having your student loans get larger post grad, even if you’re making your payments. How do student loans increase, if I’m making my payments? I know it sounds crazy, but it’s very true. It happens to so many people. They make their minimum payments, […]