66% of the American millennials are DEBT Free, are they not schooling? Or do they have a technique for paying down school debt quickly? Subscribe to see More:
Welcome to my channel, I’m Gerald and today, we’re gonna be covering secret tips or hacks to pay off that student debt quickly as well as how I’m actually paying off my student debt. It’s a long video because I’m going to go into a lot of DETAILS but it’s Very worth your time, and it's free to learn! I only ask that you subscribe and hit the like button if you found this video helpful.
First, let’s talk about the basics of $$ management. Why? Without the ability to manage your money, no debt repayment plan is going to work. So commit and be disciplined! #facts
Basic Rules
1) Number 1 basic rule - save as much as you can! The general advice is to put aside at least 20% of your income for long term retirement plan. If you want to stay ahead of the game, you'll need to side aside 20% + monthly debt repayment in order not to delay your retirement age. But general advice is not for everybody so adapt accordingly! #money
2) Read the terms of the loan very CAREFULLY.
3) Next Setup auto-debit loan payment.
Why? For credit rating, it saves you money & gives you apeace of mind.
4) Pay the highest interest rate debt first - Logically the best way to save money. The alternative is the snowball method, which is paying the smallest debt first.
1) Scholarships
Why is this underrated? Few people understand the extent of the available scholarship, and even fewer people bother applying for all of them! Not to mention that there's are other benefits such as access to mentorship, scholars' network, jobs, and having a scholarship under your belt as a resume!
1a) Company scholarships
1b) Religious scholarships
1c) Co-curricular scholarships e.g leadership scholarship such as YPG, which is global by the way! Sports scholarship
1d) Foundation scholarships
2) Bursary
Usually, your family needs to be below a certain threshold of income. On the upside, the chance of being awarded is significantly higher!
3) Interest rate arbitrage
If you’re worried about University debt, don’t worry, you’re not alone! There’s lots of help and ways you can pay down those debts. I hope this video is helpful, be sure to subscribe to see more videos like this!
If you have any questions, leave them down in the comments section and I’ll get back to you! Chao Chao!
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