Getting out of debt.

[SeoProMatt]

Alright guys hey!

So I'm graduating in 3 months with a degree in Operations Management with almost $100,000 in student loan debt.

I will be making about $80,000/year with my full-time job and my side gigs.

Here are my two courses of actions.

1) Move back in with my parents and attack this thing full on. I'm talking working 70-80 hours a week to increase my income to $100,000. I will also save every penny, not go out with friends, no vacations etc. so that I can pay it off in 1.5-2 years.

or

2) Take my time, enjoy life. Get my own place. I'm still going to be attacking it but pay it off in 6-8 years. Still go on vacations, go out with friends, etc

What are your thoughts? I know this is a very subjective question there is no "right" or "wrong" I'm just curious about what others in the BHW community think.

 

[Shwepps]

2
You won't buy this time ever again even if you became millionaire

 

[Titanitex]

I agree with 2.

Restricting your young days is a bad idea, and It's time that you can't get back.

Enjoy life, make sure you are reducing your debt and not building more to it, and you will be fine.

 

[JWASQ]

If there isn’t any interest on your student debt or it is very low. Invest the income and depending on a few factors and of course the investment vehicle, the return could pay it off over some years at an average rate. This would allow you to live and pay off the debt at the same time.

If your not comfortable with investing but the interest is still very low - enjoy your life, money can buy happiness but can’t buy time.

If it has a high interest rate, try and pay that bitch off asap

 

[jamie3000]

Enjoy life mate. Responsibilities creep up on you very quickly.

 

[mhtro]

DO NOT & I SAY DO NOT, hear anything that anyone here says. Get a profesional to help you, thats the BEST way.
I would suggest something like https://clarity.fm/richardcooper/expertise/debt-settlement-coaching(dont let the price fool you he is a expert)
or read some books about it.

 

[BrandingCat]

Find a way to be balanced.

 

[Tarpeery]

I would go with 1.. I hate living with a debt on my shoulder i can barely breathe properly, but that's just me..

 

[wilber21]

Alright guys hey!

So I'm graduating in 3 months with a degree in Operations Management with almost $100,000 in student loan debt.

I will be making about $80,000/year with my full-time job and my side gigs.

Here are my two courses of actions.

1) Move back in with my parents and attack this thing full on. I'm talking working 70-80 hours a week to increase my income to $100,000. I will also save every penny, not go out with friends, no vacations etc. so that I can pay it off in 1.5-2 years.

or

2) Take my time, enjoy life. Get my own place. I'm still going to be attacking it but pay it off in 6-8 years. Still go on vacations, go out with friends, etc

What are your thoughts? I know this is a very subjective question there is no "right" or "wrong" I'm just curious about what others in the BHW community think.

You're not the first person trying to get out of their student debt, this might inspire others that are going through the same as you and even those who are choosing not to study because they don't wanna own someone $100k.

I would suggest you make this a Journey and who knows possibly change someone else's life?

Best of luck getting out of debt brother!

 

[SeoProMatt]

2
You won't buy this time ever again even if you became millionaire

I agree with 2.

Restricting your young days is a bad idea, and It's time that you can't get back.

Enjoy life, make sure you are reducing your debt and not building more to it, and you will be fine.

Enjoy life mate. Responsibilities creep up on you very quickly.

This is what my parents recommended. I just feel like that If I finish paying off my debt by the time I'm 23 (Graduating at 21). I could retire much earlier. BTW not all the debt is federal, so some of it has an interest rate of 7%-10%. That I'm going to rush through either way.

DO NOT & I SAY DO NOT, hear anything that anyone here says. Get a profesional to help you, thats the BEST way.
I would suggest something like THIS(dont let the price fool you he is a expert)
or read some books about it.

Those are the two options my loan consultant gave me. Trust me I'm not going to make a decision based on what other think on a marketing forum. I would just like to hear the opinion of others.

 

[mhtro]

This is what my parents recommended. I just feel like that If I finish paying off my debt by the time I'm 23 (Graduating at 21). I could retire much earlier. BTW not all the debt is federal, so some of it has an interest rate of 7%-10%. That I'm going to rush through either way.


Those are the two options my loan consultant gave me. Trust me I'm not going to make a decision based on what other think on a marketing forum. I would just like to hear the opinion of others.

Get a opinion from another consultant IMO. Plus jeez your fucking degrees in America costs you your entire life.

 

[SeoProMatt]

I would go with 1.. I hate living with a debt on my shoulder i can barely breathe properly, but that's just me..

You're not the first person trying to get out of their student debt, this might inspire others that are going through the same as you and even those who are choosing not to study because they don't wanna own someone $100k.

I would suggest you make this a Journey and who knows possibly change someone else's life?

Best of luck getting out of debt brother!

Yeah I feel like I would enjoy my 20s much more if I was not under someone thumb. Yeah once I graduate I'm starting a getting out of debt journey. Only If I decide to go with #1 though.

 

[SeoProMatt]

Get a opinion from another consultant IMO. Plus jeez your fucking degrees in America costs you your entire life.

Yup, ridiculously expensive. Most people spend 10-15 years paying off their student debt because they only pay the minimum payment. They end up paying like 150% of the value of the loan by the time they are done. Dumb asses.

Even if you want to take your time, don't do it over 15 years, the amount you pay in interest is scary.

 

[SEOzack]

I would go with paying it off.

By the time you've paid it off you will be about 23 and will likely have learned how to increase your money even more. And you've learned you're capable of saving 100k within two years.

From that point forwards your money should only increase, so start investing.

Thats just me though.

 

[Tarpeery]

Yeah I feel like I would enjoy my 20s much more if I was not under someone thumb. Yeah once I graduate I'm starting a getting out of debt journey. Only If I decide to go with #1 though.

100% behind you mate! this would be an interesting journey.. made me think of a "building a new home" journey when i have found something that will make me money

 

[Tarpeery]

I would go with paying it off.

By the time you've paid it off you will be about 23 and will likely have learned how to increase your money even more. And you've learned you're capable of saving 100k within two years.

From that point forwards your money should only increase, so start investing.

Thats just me though.

OMG Yes!!!

 

[Andzej]

Choose the second options but still try to save more money. Sometimes say no to friends or to anything else.
First option is good too but you will lose 2 years and only one thing in your life you can't buy and this thing is - TIME. Good luck.

 

[Botoshima]

Go for 1 full speed, it's just a year and btw this will motivate you and you'll work harder and become a more competitive man. Take one day off every week to relax and you'll be fine. It's so hard to work to pay debts when you have one or more girlfriends , wife, kids and dreams.

 

[SeoProMatt]

My loan consultant asked me what my long term plan was. I told him I wanted to retire in my late 30s or 40s. He said "You absolutely need to go with #1 then".

 

[belg]

I'd go with 2. 70-80 hours a week doesn't sound healthy to me..

Yup, ridiculously expensive. Most people spend 10-15 years paying off their student debt because they only pay the minimum payment. They end up paying like 150% of the value of the loan by the time they are done. Dumb asses.

This just blows my mind every time.. I went to college for 600$ a year.. My GFs college is 50K a year..