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Helping you get from where you ARE to where you WANT to be when it comes to your career, money, & lifestyle.
If you’re saving for college, currently in college or making student loan payments, these student loan facts may surprise you. Add large loan payments to basic survival expenses such as rent and many students are put in a position of having to choose to pay for housing or pay their student loans, and housing expenses have to win. If you have student loan debt and are looking for ways to unburden yourself from steep monthly payments, here are some helpful tips for paying your student loans off faster. One way to help people avoid student loan debt is to look for ways to reduce the cost of college.
If you buy a $40,000 vehicle, it may only be worth $16,000 in five years. When you buy a new car according to today’s statistics, you’re not just spending the average price of $40,573. Let’s assume for a moment that you chose instead to spend $5,000 in cash on a quality used car and chose to put the $691 a month you would’ve spent on your new car payment (assuming you put zero down on the car) into a mutual fund instead. If, instead of spending $46,320 for that car with a 67-month loan, the buyer instead puts that money into the stock market each month, at the end of 67 months he or she would have a whopping $61,762 in the bank.
Whether retirement is five years early or 35 years early, the ability to retire when you want brings an immense amount of personal and financial freedom in nearly all areas of life. People often blow all chance of early retirement simply because they are unwilling to make the necessary yet simple steps to get them where they need to be financially for early retirement. Those who retire early (and stay retired early) aren’t generally accustomed to a life filled with lavish material items. Most people make early retirement plans but lose steam in their quest to achieve the ability to retire early.
Reducing your interest rate and monthly payment amount can reduce your monthly expenses. Another option is using a debt payoff app like Tally which can refinance your credit card debt with a lower interest personal loan. Reducing your monthly expenses and paying off debt are two effective ways to reduce money stress. Transfer your extra income into a savings account you don’t use to pay the monthly bills.