how to pay off student loans | getting out of debt

how to pay off student loans | getting out of debt

alright so in this video I’m gonna be
telling you about my plan to pay off my student loans and what I have done so
far in the last six months this is destiny with free-spirit finances I make
videos about money investing finance and how to spend and invest your money in a
way where you actually feel the most alive and the most satisfied and how you
handle your money alright my student loans I started off with nineteen
thousand two hundred and forty-five dollars in student loans and yes I know
all of you Dave Ramsey fanatics out there about to stone me going how can
you take out student loans I did I’m not scared of them it is what it is I took
up stood alone and I only took out I took out under twenty I didn’t take out
two hundred thousand five hundred thousand dollars in student loans I took
out something that was very manageable I started off with ninety thousand to
forty five I over borrowed just in case if I didn’t get other financial aid
during a semester that I could continue finishing my degree finishing it up I
wanted to continue I didn’t want to stop school so when I graduated this last
December I had about four thousand dollars in the in my savings that was
out set aside for school I was graduating no more classes I took the
four thousand and paid off four thousand dish or four thousand to two forty five
gone before I even graduated so when I graduated with my bachelor’s degree I
had fifteen thousand dollars in student loans no interest because the grace
period I had a six-month grace period so what did I do from there it is july 2019
I graduated December 2018 so what have I done in the last seven
months well what I have done is I have been doing a lot of mystery shopping a
lot of side jobs a lot of side hustles to knock out these student loans
I also have a regular day job and I also tutor finance during the semester I’m a
busy woman yes but I have paid off five thousand of the fifteen thousand I’m
sitting at ten thousand in student loans right now it’s been coming out to about
four to six hundred dollars a month extra now when I was tutoring it was
about eight hundred dollars a month extra so you know give or take I’m out
first I’m not during the summer but I was getting
extra income other than my day job so that money was going to student loans
plus I also took a little bit of a portion from my paycheck to also knock
out the student loans as well and and I am getting married this year so I’ve
been putting money toward our small wedding but I was still able to pay off
about five thousand of this-this-this student loan debt in this last year now
the exciting part about it guys is that this July I have a special thing that
I’m gonna be doing with my investments in this month looks like it’s gonna
happen this month it has to do with a stock that I own I’m going to be selling
that stock and I’m going to be wiping out a huge chunk of my student loans
it’s not it’s gonna be over a thousand so I’m gonna be telling sharing that
with you in another video when it actually happens I’m waiting for this
company’s quarterly earnings to come out because it comes out every April every
July every October and then January like it that’s the you know when quarterly
earnings come out so usually when a quarterly earning comes out for a
company that’s when the that is when the stock spikes a little bit so I do have a
limit order set on this particular stock so when it hits a certain number it’s
gonna sell for me automatically just because I’m at work all day I don’t have
time for it like when it hits a certain number that sweet spot that I chose like
this is this is the number I want it to sell at it’s gonna sell and I will have
a good chunk of cash that I’m going to throw at that student loans oh and my
lion grace period ended June 15th I have so far
collected about maybe 20 dollars in interest on this student loan I know
that’s not like a lot in two weeks it comes out to about thirty-six dollars a
month at the rate that you know I have my student loans that I have them it
like under under five percent a piece for each one like more like four percent
but it comes out to about maybe a dollar a day that I’m getting an interest but
so far I’ve only paid about twenty percent
every time $20 in interest I’ll be updating you in another video of where
that progress is I only have 10 grand left guys
this is gonna be fine I’ll probably have it done by the end of this year if not
the beginning of next year so this is destiny with free spirit finances and I
will see you again in another video thank you

2 thoughts on “how to pay off student loans | getting out of debt

  1. My plan is to wait for the fall of the economy. I took a lot but I was young and didn't know what I was doing. I was told I would be rich/richer if I went to collage. haha it made me POOR. I don't plan on paying.

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