Getting out of debt.

[SeoProMatt]

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.

Haha my girlfriend has been incredibly supportive until now. That year is going to suck for the both of us!

 

[mzonas]

2.

Don't move in with your parents. My parents weren't (I'm sure they still wouldn't be if I still lived with them) strict and I had all the time in the world to work on IM but I still felt restricted. Now that I live on my own (and it has been a huge change in my life), I have become much more responsible with my money and other things in life (I learnt how to cook, wash clothes, etc ...). At first, I was a bit of jerk, having that cocktail in the middle of the week because I wanted to (but now I only drink when I am with friends or visiting my family or on holidays). Now I started to work out, sort of dieting, etc ... my business also skyrocketed because I am no longer surrounded by people who mentally block my success (like my mum used to say that in order for me to make a lot of money I would need to work very hard and many hours per week (in order to travel as much as I wanted to) or if I travel as much as I want to, I would not have the time to work on business to support myself financially. My mom no longer says that ... I wonder why ...

Anyway, now I have a full wall with my vision mind maps, calendars and all other things that I felt embarrassed to have while living with the parents just in case other people saw them. I am free and I do whatever the hell I want, no restrictions, nothing ...

Also, I realised that I am in my full vortex (research Ab Hicks Vortex if you don't know what that is) when I am pooping or playing xbox games. So I have this tradition to play for couple of hours a day (as I can't keep pooping for 2 hours a day) so I get my ideas flowing for business and it works like a charm. If you find what works for you then it's a winner and make it your routine. So, no, games don't waste time.

I hope this helps.

 

[SeoProMatt]

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

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

It probably isn't healthy but it's only two years.

 

[ExperimentalSEO]

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.

That isn't true for everyone, some people will have their loans forgiven after 10 years and not even reach 100% repayment.

 

[SeoProMatt]

2.

Don't move in with your parents. My parents weren't (I'm sure they still wouldn't be if I still lived with them) strict and I had all the time in the world to work on IM but I still felt restricted. Now that I live on my own (and it has been a huge change in my life), I have become much more responsible with my money and other things in life (I learnt how to cook, wash clothes, etc ...). At first, I was a bit of jerk, having that cocktail in the middle of the week because I wanted to (but now I only drink when I am with friends or visiting my family or on holidays). Now I started to work out, sort of dieting, etc ... my business also skyrocketed because I am no longer surrounded by people who mentally block my success (like my mum used to say that in order for me to make a lot of money I would need to work very hard and many hours per week (in order to travel as much as I wanted to) or if I travel as much as I want to, I would not have the time to work on business to support myself financially. My mom no longer says that ... I wonder why ...

Anyway, now I have a full wall with my vision mind maps, calendars and all other things that I felt embarrassed to have while living with the parents just in case other people saw them. I am free and I do whatever the hell I want, no restrictions, nothing ...

Also, I realised that I am in my full vortex (research Ab Hicks Vortex if you don't know what that is) when I am pooping or playing xbox games. So I have this tradition to play for couple of hours a day as I can't keep pooping for 2 hours a day) so I get my ideas flowing for business and it works like a charm. If you find what works for you then it's a winner and make it your routine. So, no, games don't waste time.

I hope this helps.

Thanks man, great advice! It is a trade. My parents are also great but I obviously don't have the same freedom when I'm with them. I'm thinking since It's only two years to put up with it. Its not like I'll ever be home anyway.

 

[Diplomat]

I'd go with second option and figure out how to make more money from money you already have (investing, nearly passive assets, etc).

 

[SeoProMatt]

That isn't true for everyone, some people will have their loans forgiven after 10 years and not even reach 100% repayment.

Yeah some people out there really are just too lazy to run the numbers I guess. I hate owing money to others.

I took a 5 year loan on a car and paid it off in 2 years and 3 months.

This is another reason why I am leaning more towards #1

 

[mhtro]

I suggest you swallow the "self improvment pill", it goes great with starting business.
But IMO I would go with #1 for half a year then slow it down or just #1, it seems better to me plus EAT THE FROG.

 

[SeoProMatt]

My father also had a thought (He is a real estate investor). He was thinking to save my money and buy real estate while making the minimum payment on the loans, then after 5-7 years pull out all the equity on the homes and pay off the rest of the loan at once, thoughts?

 

[SeoProMatt]

I suggest you swallow the "self improvment pill", it goes great with starting business.
But IMO I would go with #1 for half a year then slow it down or just #1, it seems better to me plus EAT THE FROG.

Yeah, I was thinking of going #1 till I get to about $50,000 left then slow down. I just feel like I would have build a rhythm by them and that it would be best just to finish it through.

 

[ExperimentalSEO]

Yeah some people out there really are just too lazy to run the numbers I guess. I hate owing money to others.

I took a 5 year loan on a car and paid it off in 2 years and 3 months.

This is another reason why I am leaning more towards #1

I used to think owing money was a bad thing, but thinking long term(30 years ahead) investing money instead of quickly paying down a mortgage, car loan, or student loan brings in more net wealth.

 

[SeoProMatt]

I used to think owing money was a bad thing, but thinking long term(30 years ahead) investing money instead of quickly paying down a mortgage, car loan, or student loan brings in more net wealth.

That's true on 2%-5% debts. but half my student loans are 7%-10% debts. It's a gamble to try to outperform that with other investments. For those, I will take route #1 for sure.

 

[Shwepps]

To add to what I previously stated, why so strict choice? That only happens in movies when a hero need to choose who's going to live and who's going to die (both are his friends/relatives)

I doubt that any person can work 80-70 hours per day, only if it gives you joy. Otherwise you might get into some health issues/whatever and those 100k become 200k or who knows what. From what I've seen/read a person can't actively work more than 6-8 hours. Other time is spend for some shit like browsing, social etc. So why say no for friends/relatives anyway?

As for the rent, Idk, but IMO living apart from your dad/mod not only motivates more (you gotta pay for the rent etc), but it is also a sort of 'gateway' into adult life. For example, when I made my first money I moved to a cheap place and then when my income increased I moved to a better apartment. You can do the same.

 

[Deleted member 923340]

what happens to student loans when you move to another country?
#genuinequesion #fromtheothersideoftheworld

my vote goes for 2nd

 

[SeoProMatt]

To add to what I previously stated, why so strict choice? That only happens in movies when a hero need to choose who's going to live and who's going to die (both are his friends/relatives)

I doubt that any person can work 80-70 hours per day, only if it gives you joy. Otherwise you might get into some health issues/whatever and those 100k become 200k or who knows what. From what I've seen/read a person can't actively work more than 6-8 hours. Other time is spend for some shit like browsing, social etc. So why say no for friends/relatives anyway?

As for the rent, Idk, but IMO living apart from your dad/mod not only motivates more (you gotta pay for the rent etc), but it is also a sort of 'gateway' into adult life. For example, when I made my first money I moved to a cheap place and then when my income increased I moved to a better apartment. You can do the same.

I've lived alone for the past four years so I'm not concerned with the whole learning to live alone situations, it's purely financial. And if I pick #1 I will be hanging out with friends just anytime they are going to spend money I will bow out.

what happens to student loans when you move to another country?
#genuinequesion #fromtheothersideoftheworld

my vote goes for 2nd

good question.
1. My parents are cosigners so if I leave they will have to pay it.
2. Won't be able to live in the US for the rest of my life, not worth it.

 

[PropertyGrow]

If you can do it, go with option 1. Get free of debt earlier. 2 years is not long at all in the grand scheme of things. Dragging it on for 6-8 years, your expenses will likely increase as you get older, so what seemed like 8 years might become 10-12.

Overall, figure out what works better for your worldview, what you want from life at this moment. Either path can end up being great.

If you have a strong discipline and can do option 1, go for it. You will feel great and it might inspire you to be more successful further in life. To make it not feel like you have no life and time is lost, make sure to feed your mind with positive inspiring books, audiobooks. That can add a sense of purpose to your life during these grind 2 years. A sense that you are doing somethjng great for your future, that you are closer to be financially independent, closer to buying a house, etc if you can free yourself of this debt.

With the right mindset, option 2 can also be great. May be you could consider option 3 where you move with parents for 3-4 years pay off debt, but still spend some money and travel. Depends how good your relationships with parents are.

 

[Kuem]

Why don't you work normal hours while also having another source of income. That way you can work normally and have some time to go out with friends

 

[Zaterdag]

I think I found this thread at the right time in my life lol. I know it sounds weird but thank you OP.

 

[meAmor]

You're still young my friend.. Pay you debt first.. Go for option 1.

 

[ridersark]

Loans are usually designed to be paid off over a period of time. Since you'll just be outta college, don't stress out yourself with the loan now. You will be having an $80k job, try and do your best at work. Two or three years down the line, you might be in a better position deal with the loan. Just bear with it till then.