Aline took out 80k in student loans to get her MBA and paid if off in 2 and a half years.
This is how she did it:
1 - REFINANCE. Google “refinance student loans” to find the cheapest rates. Aline reduced her 10 year loan with 7% interest to a 5 year 3.5% loan. That psychologically made the debt feel more bearable.
She also recommends setting up auto-pay (most loan processors will give you a better deal if you do this) but actually pay the debt earlier in the month so you don’t have to pay for the extra days of interest.
2 - SAVE UP AN EMERGENCY FUND. Standard personal advice says you need at least $1000 and up to 1 year of your budget (so if youspend $40k in a year, you need to have $40k in a liquid savings account). Aline saved up some money to give herself a cushion.
3 - INVEST TO PAY OFF YOUR DEBT. But don’t invest in what you don’t understand! Aline bet that should would make more than 3.5% off her investments, and she won that bet and used her gains to pay down her student loans.
4 - MAKE MORE MONEY. Aline got a new job making more money - that’s the quickest way to give yourself a raise.
5 - NEGOTIATE YOUR STATIC EXPENSES. Aline negotiated with her landlord to get $500 off her rent because of the pandemic conditions.
Check out the episode to hear more details about Aline’s story!
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Here's all the info on the Business Bootcamp Mastermind:
https://www.splendid.yoga/mastermind
For more info about Morgan, check out:
Here’s the Manage Your Money Yogically FB group.
http://www.facebook.com/groups/splendidyoga
http://www.splendid.yoga/mymypodcast