338: Finance Friday: How to Become Debt-Free 20 Years Faster Than You Thought
Student loan debt—the gift that keeps on giving with interest, stress, and the overwhelming feeling that you won’t be able to pay them off. The larger the loan, the heavier the weight on your shoulders, but in today’s episode, we go over how to start lightening your load. Focusing solely on your debt makes it seem like there's no way out, but financial freedom is always achievable. Today’s guests, James and Bianca, have $278,000 of student debt between them. This debt has followed them for a while, and their original payoff plan would last for another twenty-four years. Despite their debt, James and Bianca have a strong financial portfolio with ten cash-flowing rental units. They make over $17,000 a month with only $7,300 in expenses. Even with a strong financial foundation, these student loans have loomed over them and kept them from true financial freedom. Scott and Mindy introduce James and Bianca to ways they could pay off their debt in the next few years and completely shift their mindset on defeating six-figure debt. Instead of having a burden on their backs for another twenty-four years, they could get their time back and be debt-free sooner. After listening to this episode, there’s a good chance you could too! In This Episode We Cover Living on less than half of your income and how to maximize your unused funds Income-based repayment plans and determining the best loan payoff plan for you Reallocating your portfolio and finding creative ways to pay off your debt Time management and how to know when you should outsource or delegate tasks Preparing for a career shift and how to create a solid financial foundation Getting into a debt-free mindset and finding financial independence even faster And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget BiggerPockets FIRE Planning Worksheet Student Loans Update: Repayment, Refinancing, and Potential Forgiveness w/ Robert Farrington Finance Friday: Using Student Loan Forgiveness to Catapult FI w/ Sammie Paying Off Student Loan Debt with a Median Income and Two Kids in Northern California with Kyle Renke Click here to check the full show notes: https://www.biggerpockets.com/blog/money-338 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices