This episode of the Finance Flash Go! podcast is about maybe the most important and also intimidating part of your financial plan…student loan management!
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So, we will now address debt pay-down and student loans.
I’m going to start generally by emphasizing that paying off debt is the most important thing that you can do to boost your financial well-being and advance towards financial freedom.
Why?
That’s because this really is the first step to financial freedom.
You need to stop taking on new debt and get rid of any and all debt you have.
Look, when you are in a hole the first step is to stop digging. Then start climbing out. You can’t run until you get out of the hole.
So, this is a huge thing that should definitely be at or near the top of your financial priority list that will go in your financial plan.
Each $1 you use to pay off debt is $1 that your net worth increases.
So, that’s what I am doing now. Every month, I throw huge sums of money at my debt.
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I don’t think this is universally applicable.
My student loans are at <1% (consolidated before the universal 7.8% rate was passed by Bush the 2nd).
That's almost free money. My money is better sitting in a high-yield savings account with zero risk while paying down my student loans as slowly as possible.
I do understand that but I’ve never met anyone disappointed that they paid off their debt and they are debt free