The other day, I read a proposal about the government (taxpayers) giving newborn babies anywhere from $20,000 to $50,000 to help fund their future. I am not going to comment on the politics of this proposal, but it did get me thinking about how to set your kids up for financial success. Give Your Kids […]
Don’t Buy Stuff You Can’t Afford
We have a problem If you haven’t noticed, Americans love debt. The average household has around $130,000 in total debt, including $50,000 in student loan debt, nearly $30,000 in auto loans, and $16,000 in credit card debt. With an average credit card interest rate of 15%, that would be $2,400 in interest per year. With a student loan […]
Pay Or Be Paid
At the height of my debt debacle I owed over $400,000 at 6.8% interest. That amounts to nearly $30,000 per year just in interest. Let me say that again. I was paying $30,000 per year and getting NOTHING. Someone was getting rich and it wasn’t me. It Could Be Worse The student loan arena isn’t […]
Wait, You Still Haven’t Refinanced Your Student Loans?
If you have student loan debt, you are losing money every day. For example, if you have $100,000 worth of student loan debt at 6.8% interest, you are paying $6,800 in interest every year, or around $20 per day. Of course, the best solution to this travesty is to annihilate your loans as fast as […]
Should You Go for Public Service Loan Forgiveness?
There are only a few ways to eliminate your student loan debt without actually paying off the entire balance. One method is to die, which is not particularly appealing. A more feasible method is to enter into a program called the Public Service Loan Forgiveness (PSLF) Program. Public Service Loan Forgiveness Program Under the PSLF […]
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