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@formicaria4304

4 жыл бұрын

Or Take A Loan With Less Interest To Pay Of The Interest. Net Net Less Pay :) Then You Crush That Remaining Dept.

@formicaria4304

4 жыл бұрын

Or Save Money :D

@tialopez7306

4 жыл бұрын

you're so hot...are you single? str8?

@KeithJones31

4 жыл бұрын

Smashed the like button for you Nate.

@attaulhaye

4 жыл бұрын

hi nate, why you remove all of your video about droppshipping?

I said this on another video, and I stand by it -- I love the fact that you aren't yelling or being overly aggressive in your delivery. I find a lot of financial videos to be too abrasive to watch -- because I feel like I am being belittled due to my lack of knowledge and financial savviness. It's almost like sitting in a financial literacy class. You should consider being a college professor!

@letsparchmentitupyo7566

4 жыл бұрын

well said!!

@Irishjay-gu5pb

4 жыл бұрын

yes!!! agreed!!! He's very calm and collected, which makes it that much easier to actually hear what he's saying and understand it.

@samsmusichub

2 жыл бұрын

And in general everyone on KZread or social media talks so loudly just to get your attention. It's kinda weird.

One thing about debt consolidation: if done through a loan, make sure you won't start using the credit cards again because you end up owing 2/3x as much as before. I think this only works for people with enough self-control

@samanthacollingwood8513

4 жыл бұрын

Learned that the hard way transferred one credit card amount to another with a lower interest rate and then ended up racking up the one that I just move the balance from. When from $3,000 in debt to $20,000 in less then a year with a few bad decisions I made with good intentions.

@kroline8

4 жыл бұрын

@@samanthacollingwood8513 I know that feeling. Sometimes you don't even know how much you have spent until it reflects in the balance

@samanthacollingwood8513

4 жыл бұрын

Khareetoh all the time! Look at the balance and think there’s no way I spent that much. I often add it up myself and see the total grow.

@WingoTribe704

2 жыл бұрын

@@samanthacollingwood8513 how did u tackle it? I’m considering transferring all my credit card debt to my bank and just paying it off in one place. I believe I’m 34k in now! I just paid off 15k in June 2021 😩 I lost my house and my wife. 820 credit score at the time and I just went haywire. Hotels, eating out, gas, some clothes here and there and whenever I would have my kids I would take them places to keep their minds off of what me and their mother was going thru. Along with an alcohol addiction. I cut out the booze! That was the number issue after all because it was a gateway to more bad decisions

@samsmusichub

2 жыл бұрын

True!

What if we just like... Push the debt somewhere else

@NateOBrien

4 жыл бұрын

200 level IQ

@JK-Visions

4 жыл бұрын

We push back eventually:p

@twincherry4958

4 жыл бұрын

I can supply the manpower for that 😁

@fredericksharon6908

3 жыл бұрын

Creed braton doesn't pay his debt, he transfers it to himself 😊

Dude, I'm watching you thinking the whole time "Is he even old enough to own a credit card?" You present quite well, and I'm one of the lucky ones! I was able to eliminate over $20k in cc and medical debt in only 9 months. It had nothing to do with budgets and everything to do with the hidden agenda in my own subconscious mind.

omg i need to pay off my debt; this sounds like me I just lost my job a couple days ago and I have to pay for school which starts next month... I'm waiting for my miracle!!!

@chicnoir29

4 жыл бұрын

Sorry you lost your job. ❤️

@multidimensionalnena8404

4 жыл бұрын

@@chicnoir29 thanks I understand that's life; in the meantime ill be looking and working towards making videos :D

@chicnoir29

4 жыл бұрын

Well I’m going to subscribe to your channel and watch videos to help out.

@anosjc

4 жыл бұрын

Me too girl. I was laid off in November and I have to pay my home loan...

@july713x3

3 жыл бұрын

Sorry.

"I just print more money" -Federal Reserve

@NateOBrien

4 жыл бұрын

pretty much

@Irishjay-gu5pb

4 жыл бұрын

yep, if only we could get ourselves one of those printing presses!! ;)

@startenderspacebar

2 жыл бұрын

@@Irishjay-gu5pb wait that’s illegal

You want to be the one that is on the other side of debt, making the interest and getting paid, not the other way around, so the sooner you pay off your own debts the sooner you can focus on investing the extra money to work for you.

@NateOBrien

4 жыл бұрын

Right on!

@samia7756

4 жыл бұрын

Its better not to be on either side of the debt, the entire financial system is corrupt. If you are making interest, that means some one else is falling deeper in debt. Taking loan should not be so easy, I know people are able to take out loan left and right here in Canada, making people work like slave rest of their life to pay it back.

@BackroadMoney

4 жыл бұрын

Great video! You may have said it and I just didn't hear it, when you pay off one debt using either method that monthly payment get rolled over into the next debt. For example if you were paying 500 on your car loan and pay it off, that payment gets added to the next minimum payment so now you are paying 650 to your credit card ot whatever it may be.

@jedistreamz4542

4 жыл бұрын

@@BackroadMoney snowball method

Great video Nate thanks for the tips! When I was paying off my 47,000 worth of debt it was important for me to find ways to make extra money to pay off my debt faster because paying the minimum balance wasn't going to cut it.

The advice I was given growing up is "Work hard now, play later" and that holds true. Work hard on paying off your debts, it will save you potentially thousands in interest.

Good jobs pay your bills 🌐 businesses make you rich 🏧 But it's your investments that make you wealthy✈️

@bobbyjames5414

2 жыл бұрын

People are ignorant of profitability in bitcoin investment and that has been their major issue limiting their investment

@stevekings9460

2 жыл бұрын

@@bobbyjames5414 If you can make one dollar, You can make a million more. Grow your wealth by investing in bitcoin today.

Credit scores are just a form of federal control, so if you want to continue living a good life? it’s important to have a high score. My house and vehicles are paid off, I have one Visa card for all purchases, which gives me air miles, and I pay it off monthly, but my score bounces between 800 and 820 without changing any of my patterns, so it’s manipulated for some reason. COGNITIVEHACKS made it stay at that range and getting it up

This is why I stay as far as I can possibly from debt at all costs. I’d rather penny pinch than go in debt

One method that's interesting is sort of an in between, you start on the lowest payment so you can see your number of payments drop and feel the momentum, and once the first one's paid off and you see a light at the end of the tunnel you switch over to avalanche. I've heard it called blizzard but it might be a better approach for the more emotional crowd.

@Anangelfromabove

2 жыл бұрын

Debt Snowball

I am 39 and I went to college mainly for personal reasons. The reason was deep and it was to prove something to myself. And now that I’m $64 thousand in debit I regret my decision. 😞 I can’t begin how much I love your videos. Thank you so much please don’t stop. I don’t have credit card thank God, but I do have a car loan and student loan. I just need to get better at my budget.

It's insane watching this now at the 2:00 mark where Nate discusses how quickly the economy can change. It was only a month later that the first Covid case was found in the US.

Thank you😊 for this video, do you offer account management or have any recommendations?

Debt on assets that don't make you money is bad debt. Pay off the high-interest debt and you will save yourself a fortune!

@NateOBrien

4 жыл бұрын

Consumer debts kill!

don't forget to create an emergency fund so you don't end up acquiring more debt in the future...

@BackroadMoney

4 жыл бұрын

100% agree! Even if is small at first, usually it isn't large purchases that kill us. Death by a 1000 cuts! Then we feel defeated because we used our credit card, it's a vicious cycle similar to dieting. When you eat something then feel like you already screwed up, so then there goes the whole day.

Spend less. Invest more. Anything that sounds too good to be true, is.

Watching this video now during this Corona Virus mess sure hits different!! 😣

For those affected by COVID19 and any of you who has lost employment, I hope you all bounce back when it is all over. I find myself thinking of my bad habits before the pandemic and watching videos like this are helping me create a plan for the future. Great video and everyone stay well!

This video was timed perfectly after Black Friday 😂

@NateOBrien

4 жыл бұрын

Black friday makes me sad.. so many people spending thousands on items that they don't need

@LeahElizabeth

4 жыл бұрын

Nate O'Brien they need to learn MINIMALISM 🤓

@admiralmurat2777

4 жыл бұрын

Minimalism for my family. 21 about to buy a nice brink ranch. Will own 100% in two years

@thatwhiteguy5541

4 жыл бұрын

@@LeahElizabeth I'm down with ramen noodles too. We should get married!

@LeahElizabeth

4 жыл бұрын

That white Guy haha lets go 😂😊👌🏻

I consolidated my debt into a personal loan and swore I wouldn’t use credit cards again. Sure enough, here I am with credit card debt and a personal loan. It gives you a false sense of security.

"Snowball" method plus discipline of pumping back payment amount(s) made to last debt(s) paid. i.e payment amounts for debt A, B, C are 100 (minimum), 200 (minimum), 300 (Minimum+extra), respectively and C debt had the smallest balance which you just paid off. You would now apply the 300 to next smallest balance debt. Let's say B was next, then B would receive 200+300 as its payment until B is paid off. For A, you would pay 100+200+300. As you can see how each debt progressively gets paid down but require discipline.

Now will there be a video on how to pay off debt 2020?

@nmrincon14

4 жыл бұрын

Get covid and push debt on someone else

Nate: the economy is doing well Me watching this in 2021: oh no

Your tips encouraged me to ask my credit provider questions regarding interest rates on both loans I owe. I have a high credit score and have been paying balances on time, but only covering the minimum payment due. The response I got from them and your tips on paying the loan with highest interest rates were huge. THANK YOU SO MUCH!

13k in debt left. It will be paid off by early 2021.

No shortcuts. Just discipline with money.

I’ve found the avalanche method way more effective but snowball the first few months def helped me get in the groove of things

@NateOBrien

4 жыл бұрын

I agree but both methods work

@CandiceMarieinspires

4 жыл бұрын

Yes getting a groove that works for you is important. The avalanche method deff saves you more in the long run, but I personally used the debt snowball to create those small wins to keep me going.

VERY well done ! I say this with 40+ years in mortgage finance & banking working with credit bureaus. Different models and parameters are used by different industries but COGNITIVEHACKS info is pretty much universal. If you're trying to max your credit scores, there is a happy medium between too many credit cards and none. Too many cards with zero balnce may actually hurt you in some cases. Even if you do not use them, you have a potential. To always pay cash & still have cards doesn't help your scores as well

If you separate your needs from your wants and save up for what you need there should be no need for a charge card. Always every month after the bills have been paid try to take 10% of what you made and save up for a nest egg in case something comes up that way you won't be charging to pay for things. Try to start saving from day one anything Nickel Dime quarter dollar anyting

At 34 years old I finally feel ready to settle down long enough to buy a house. Unfortunately due to previous horrible stupid life decisions, I'm forced to start with a zero balance in my savings account. On the bright side, the huge amount of debt - consequence of those bad decisions will be payed off next month,It's never too late to start saving like there's no tomorrow, and I'm really REALLY excited and motivated. Oh and Graham, fyi my emergency fund is also a done deal! by COGNITIVEHACKS lol, i didn't made it myself

I keep watching your videos because I am an older person with lots of debt you explain things so simply which helps me immensely. Thank you Nate.

@LetsTalkFinanceswithTrayTruitt

3 жыл бұрын

Wilson, if I got out of debt, you can def do it as well. Keep at it.

I am looking for this videos right now. I am going crazy over my debt and I have a baby. Sometimes I think of suicide to end everything but I have a son. Now, I really don't know what to do. I don't have enough money to pay this month's rent... God help me...😭

its hard doing any of these when your bills are the exact same or more than your income....

Someone else commented on this and I believe it's worth repeating, THANK YOU for not yelling and being aggressive as you explain this!! It's so much easier to hear your information and remember it when you're calm and confident while speaking.

Good Stuff, I not only snowballed my debt down but Frosty the Snowmanned it once it got good to me. It is psychological and for me, I only wanted to flow with that momentum.

I just paid off my 12,000 credit debt. I feel free 😌

@LetsTalkFinanceswithTrayTruitt

3 жыл бұрын

Congrats on becoming debt free.

Credit is just too easy to get. Couple that with lack of impulse control, here we are.

As they say, Debt is a double edged sword. It can be a powerful when used smartly or very destructive when not managed properly. Those who achieved financial success often managed to leverage debt in their favour.

@NateOBrien

4 жыл бұрын

Very true

I kinda wanna stay a kid for forever now. ._.

@MrDaltonhudson

4 жыл бұрын

me too brother

@thesyainbrother3028

4 жыл бұрын

MrDaltonhudson But at the same time I hate being in my parents house with all the problems ._.

@MrDaltonhudson

4 жыл бұрын

The syain brother oh no! Things will work out, I promise

@thesyainbrother3028

4 жыл бұрын

MrDaltonhudson Bruh.. My sister got home late her curfew was 11pm it was 11:05 pm she rang the doorbell and there’s a whole argument going on... I’m so over this life and like. My parents.. like I love them and will always love them but they do to fucking much period. I can’t stand them

Do you really believe that the economy has recovered from the 2008 financial meltdown? Why are both the Fed and Central Bank printing money and pouring into banks to shore them up? Why are wages still stagnant? Why is the middle class continuing to disappear and income inequality increasing by leaps and bounds?

I on the process of paying of debt using the snowball effect. Also it should go without saying that you shouldn’t be using your credit cards at all if your paying off debt. Great video!!!

@LetsTalkFinanceswithTrayTruitt

3 жыл бұрын

I could not agree with you more. The debt snowball is a great method to payoff debt. I utilized it myself.

Great explanation Nate. I’m a believer in the debt snowball honestly. As human beings we are very emotionally and behavioral. With that being true that usually throws any logic out the window. To start small and grow while watching it work is probably more motivating in my eyes 😁👍

So many people struggle with debt, thanks for doing this video.

You missed one very important way to pay off debt For people that can only pay the minimum payment! Stop and write down the min payment on you next bill and keep paying that payment! I had a 20k credit limit on a credit card but ended up in a bad way to the point were I could only make the minimum payment every month! A mate told me to stop write the min payment I just paid and next time pay that cos it was higher than the next min payment it really helped me out to the point were I could add a fiver extra every month on and now its paid off!

What a nice video Nate, many are going through emotional stress due to calls from there creditors, I'm going to share how I got off college debt and paid off the morgage on my grandma house 🏠 where I currently live with my wife and kids

"The economy can change very very quickly. People can lose their jobs, people get laid off..." Well that didn't age well did it!

I will start my own Paper Company to payoff my debt. I already have a beets farm.

@NateOBrien

4 жыл бұрын

Did I stutter? - Stanley

@tonycyber

4 жыл бұрын

@@NateOBrien Stanley reminds me of Eeyore from Winne the Pooh

That opening statement about the economy definitely came true..

Where do you find a 10% interest student loan? Even FAFSA loans are 20+ % on average 😱 I need the 10% one.

Great video! I prefer to pay the small debts first, sometimes you take to long paying the big debt and that causing pretty bad feelings, like if you don't advance :(

Thank you very much for sharing ! I feel myself better after watching this video because I have just some thousands that I want to give back to a family member who helped me when I was in need, but don't have % on it or even deadline to give back what is much better than the situation you are describing in your exemples. I guess the best solution is really to increase my income and to keep my costs on the same level as I have now.

Here I am watching this after the 2020 pandemic

I think Snowball works best for most people. Feels good to get a debt completely paid off. Make sure you take the amount you were paying on the debt you just paid off and apply it to the next highest debt. That’s why they call it Snowball. If you have 5 different types of debt by the time you get to #3 or #4 you are really knocking it out quickly.

The fastest way to pay off debt is to stop adding to the debt and solely focus on paying off that debt as quickly as possible. Drive second-hand cars, don't go to restaurants and live below your means. Once the debt is paid off, use debt as leverage, never for consumption.

I was waiting on this video 💪🏻

@NateOBrien

4 жыл бұрын

It's here!

@MM-jx1ov

4 жыл бұрын

Nate O'Brien 😂👍

Yes Dave is a good advisor but if you have low income you cant afford anything more than rent and food and clothes. But getting in credit card loan will still not allow you to get a car or a home. It will stimulate you to work more but will you be able to afford anything? So what to do? Seek for a more paying job or just stop wanting things?

I only got credit card debt and I don't understand how someone could rack up more stress. I would like to keep a job for more than two years but it sucks when people would rather make my day miserable instead of working with me just to get home at the end of it.

This is great, but you should define more what "focusing" means. I assume you mean that you pay the highest amount unto that loan and then when it is paid off, throw that amount on top of the next loan and so on and so on. You are so knowledgeable and speak about the subject with authority. You just need to break it down a little more, without assuming knowledge on the part of your audience.

Thank you so much your videos, 👍🏻 end of this month is my final payment for student loans 😌

Good video yeah I'm kinda using both approaches the issue is it'll take me like 7-8 yrs to get out of student loan debt. Making more income would so sweet but if it was easy we would all be making more.

How you said that the economy could go bad and people be laid off and here we are after the pandemic and so much has changed. We really have to look ahead.

Great video. But, an explanation on fixed interest rates vs simple interest. That mortgage at 4% is not 4%. Simple interest aka credit cards you actually pay a lot less interest because it’s a daily balance and not fix over a year. Most people look at 4% mortgage rates and think it’s low yet over the term of the low you pay close to amount you borrowed in interest. Good thing about mortgage debt is you can move out and rent it out. Credit card debt no so much. Keep it coming!

You should also do modeling

@NateOBrien

4 жыл бұрын

I'm not seeing it

@marinjelcic2691

4 жыл бұрын

I know it sounded superficial, but you really look handsome. Great video btw

@chasingsimpledreams

4 жыл бұрын

@@NateOBrien Smart, good looking AND humble! You have a very classic handsome look to you. The camera likes you. Could be yet one more side hustle for you?! :-)

@domedweller4202

4 жыл бұрын

Yes I agree you are a very handsome young man.You would make a great model.A friend of mine was modelling clothes for a catalogue as a side job, he loved it and got payed well. Just an idea.I love your videos, it's great to see a young person showing so much initiative and taking responsibility of their lives.Well done young man.

@chicnoir29

4 жыл бұрын

I really thought he was a model when he popped up in my suggestions. He has that Calvin Klein late aughts look going for him.

I have placed myself in a good career field...so if another recession strikes like in 2008 I wont get laid off..and even if I did..I could easily find more work no matter where I live. But on the main subject I am using the debt snowball..I could be doing better, but when you are married and have children paying debt is a little more tough because you still have to provide for the little ones..there are some adjustments i could make to get the ball rolling faster..but somehow gotta get the spouse on board with me

@zolozek3327

4 жыл бұрын

Do it now it would only get More expensive as the little ones grow so are their needs 🤔 good luck.

excelente, gracias desde Bogota.

that was exactly what i needed to hear! thanks a million

Nate, you don't seem to mention the differences between credit card debt compared to a mortgage... whilst a mortgage has a much lower interest rate you pay much more on interest since the interest is compounded/amortized... on the other hand, credit card debt is calculated using simple interest... It's not about the amount of interest that you pay, it's really about how the interest is calculated. This should help you to determine your strategy for paying off debt.

Thank you, just trying to figure out if you have 4 cards that are 5000k a piece with high interest and minimum payment is $200, and only have 2500$ a month to pay on debt, my company doesn’t allow you to work overtime

@Meger_tools_on_instagram

Жыл бұрын

🔝🔝🔝🔝 cleared up my 35000 credit card debt I couldn’t afford. I was lucking enough I fond him you can text him for help

Funny thing is that I have balance somewhere worth like 10,000 php. I can afford to pay it but I'm too lazy to go there and process a registration card, affidavit of loss etc. I probably would by December.

My debt makes me wanna cry😞

@donnanjessie4127

4 жыл бұрын

Everliza A cry no more tony is gonna help you

@donnanjessie4127

4 жыл бұрын

Everliza A My debts all got cleared off through the help of tony .. It still all seems like a dream to me my credit is back to zero now text him on +1(2-5-1-3-0-4-5-3-3-2)

This video aged like fine wine, well done lad.

I figured out what my weekly budget was, at the end of the week I would take what I saved by cutting back and pay off debts. It's easies that taking a chunk of money and paying debt once a month. Now I pay credit cards off soon as I use them. Having a balance just pisses me off. lol.

Thank you nate i unsubscribed from Graham because he was selling me a product of his on black friday with a promotion code he was giving away on his videos it doesn't make sense to talk about financial education and how to save money and you star selling me a product.

📺 Love the video about pregnancy is too long.

@RafReyes1993

27 күн бұрын

You're not planning on having more than 5 kids right? This is not just about giving birth. Kids, humans have a lot of needs physical,mental emotional even spiritual and we have to cater to all those needs.

Man! Your delivery is amazing. You are telling and not yelling. I have some debt but I don't feel more stressed after watching your videos. Some of these financial advisors make me feel worse after watching. Good job my friend thank you

You said it and then boom he coronavirus happens I love your videos man they have been helping me a lot your awesome bro

I use the snowball method by Dave Ramsey, payoff the smallest and work my way up to the largest

Great video! I have a question, I have two fraud inquiries on my reports that I would like to get removed. I've seen your video regarding this, but Im still a bit confused. So I know my first step would be making a call with the credit bureau (Experian) but should I also make call what time? And would I be never stop sending a good compny COGNITIVEHACKS to my friends and people I know regarding any credit situations

I'm really happy that up until today, I don't have any student loans and might never get some! Really good video with good strategies on how to actually pay back!

aaaannnddd then fast forward to 2020.. lol unemployment is at its peak, and everyone is racking up debt like its there new best friend lol

Thanks brother my journey starts now !

continuously helped me like you have. I thank God for your presence in my life. Thanks a lot!!!

I have a $12k student loan with 5.3% interest rate. I write off the interest every year so the interest rate is actually a bit lower than 5%. I have the cash to pay it off. Should I pay it off now or continue to make payments and invest my money instead?

@karenwashington8947

4 жыл бұрын

Pay it off and so you don't have to deal with it ever again!

I love your perspective especially minimal thing

is that 15% consolidation accurate? My consolidation loan is only 9%. Its why i always advocate for consolidation IF you cancel/cut up your credit cards as you go. Or if you need the card for travel or date specific bills, leave the card at home so you cant make impulse purchases (if you know the numbers, cancel it and get a new one, set the bills up and leave it home and pay it EVERY PAY). My consolidation has saved me $100 a month in interest easily (so far at $1200 estimated savings), same repayment period, and my repayments dropped.

IMO Avalanche effect is better long term cause high interest rates chip away at you. Snowball effect is good if you want to get debts out the way quickly

My plan for getting out of debt was consolidation loans because then you know for certain it's gone after X many years then transferred the rest to 0% interest ones and put the repayment as the amount owed divided by the months at 0% eg my barclaycard had 20 months 0% and owed 2000 so 100pcm and gone before interest kicks in

There is no left over money!

Hey Nate, i know this video is over 3 years old, but I’ve got a question. Regarding the table at timestamp 6:24, i know that this is supposed to be a sample scenario but wouldn’t the presented scenario be better handled with the snowball method initially? My understanding of APR is that the APR of the account is divided into twelve (for monthly apr) and that quotient is multiplied by the balance at the end of the month for the charged interest. With these example numbers, wouldn’t it save more money to pay off the mortgage as soon as possible? Since 4% of mortgage would be over twice as much as 23% of the credit card?

Don't go into debt. I didn't realise it was that easy.

Great vid, I always got those 2 payoff strategies confused but now I've got them!

*I've been able to save $25,000 basically on low income and minimum wage in 2 years, it is possible* 💪🌚

@NateOBrien

4 жыл бұрын

WOW

@chasingsimpledreams

4 жыл бұрын

Can you explain some of your methods or motivations? Would love to hear them!

@chasingsimpledreams

4 жыл бұрын

@@Je.rone_ Wow, only eating once a day? That is definitely like scorched-earth. And it sounds like since that killed your relationship, she wasn't the right one for you in the first place. I work for myself (as a subcontractor legal transcriptionist), so my method of increasing my income has been to take on more work and rush jobs when they come around, as much as I can. I have also definitely lowered my expenses as much as I can. I read a lot and do other things for free like go to a park, etc. My boyfriend is luckily in the same mindset but we're long distance right now, so that does cost us some $ but we have tried to keep those costs down as well. I have LOTS of student loans, and a small bit of consumer debt so I am focusing on taking care of the consumer stuff first which I think I can get paid off within the next year if not sooner. But I understand about lowering the lifestyle. I consider myself a minimalist and that definitely helps. I've also started using YNAB (on a two month free trial right now) and it seems to be helping me focus a lot. Thank you so much for sharing your story with me. Very appreciative of it.

@Je.rone_

4 жыл бұрын

@@chasingsimpledreams to be fair it wasn't what killed it but more of *a* staw on the metaphorical camel's back but not *the* straw, And yeah sometimes it can be hard to find new ways to lower expenses (and income in the short run) without going to some questionable extremes. But it seems you are focused on bettering and that is all it takes to clean up a mess

@chasingsimpledreams

4 жыл бұрын

@@Je.rone_ I do have a lot of student loans and on the income based repayment plan right now, so I have also started to save money into a Roth. If I don't pay off the loans before the end of that 25 yr period (did I say they were huge yet?!), then I would have the amount that is forgiven be imputed to me as income for that year, so yes, the tax bill would be hefty, but not nearly as much as if I paid all the loans back in full. (To be fair to me though, the biggest loan of them all, I have paid back the principal amount already, which is many thousands of dollars, like almost 100K), and yes, the amount still sits over 100K. So I have money that I am going to put in a Roth for the next 20 plus years which I could then withdraw without having to pay taxes on it and pay the tax bill for that year, which I estimate will be about 60K just for that forgiveness amount. And yes, it is depressing if I think about it for too long. I just try to keep working on the short term, knowing that small changes can add up over time.

Consolidation is nice, but people who don't have the right credit can't do it.

Thank you so much. Really interesting. Blessings.

Such a relevant video, I hope everyone who finds this information utilizes it and share the knowledge to someone else. Financial literacy is sooo important!

I follow u from Domican Republic and i like your videos