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Tagged With "repayment"

Tagged With "repayment"

  • Debt Management
    Hi! I'm a recent undergraduate college grad, and I want to go to medical school. I graduated in May 2019 with $65k debt and as of today it stands at ~$22k. I should be able to pay off the rest before April (Thankfully) My complication with medical school is this: I have DACA, which exposes me to deportation, especially if the new supreme court reverses the decision made earlier this year to protect the program. If that happens then whoever cosigns my med school student loans (my family) will...
  • Topic Reply
    Sorry to hear there is so much uncertainty for you! I hope everything works out. Things to look out for when selecting a 529 plan are the tax benefits, types of investments, and associated fees. Every State in the US have their own 529 plans and the rules can vary with each State. One of the biggest benefits to the 529 plan is that the money can grow and be used tax-free on the federal level but of course there are some exceptions on the state level. Not all states offer a state income tax...
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    Thank you Landon! I appreciate your advice, and I looked into the state income tax implications for my own state and found no benefits in sight hahahaha, yeah it might be better to just throw whatever I would've contributed into a savings account and collect the 1-2% interest. Also you'd be surprised, from what i can see, and have heard, Med school is more about sustaining an uncommonly high work ethic over a period of decades than it is about being smart.
  • Topic Reply
    😀
    Great topic question, I will bite: As you go down the rabbit hole of researching the topic of 'Getting Out of Debt' you will surely find that there are a few approaches to consider yet, the conclusion will be that the path chosen is simple to understand but very hard to stick to. My recommended approach to tackling debt while not having enough means (low income) are as follows. 1. Know Your Numbers: You have to know how much money is coming in and how much money is going out. Have a record...
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    Let's say you have 2 debts: A $2,000 car loan at 6% and an $11,000 credit card debt at 18%. While continuing to maintain minimum monthly payments on both, it makes mathematical sense to use any extra cash and apply this to the credit card debt since it has the higher interest rate. However, psychologically, it has been found to be easier if you apply any extra cash towards paying down the car loan since the balance is lower and you will see it paid off much sooner than the credit card debt.
  • Topic Reply
    There's an old saying that is always painfully true: it's not often about the income but always about the outgo! Be very familiar with every cent you spend. If you are living as frugal as possible your success is assured. Above all, the simplest way to feel accomplished, along with what @Knightlight said, is to pay yourself something FIRST! No matter the amount, put something aside just to tell your brain that you have it.
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    SGLeavitt357's mention about paying yourself first is a good tip. I would recommend reading the book "The Richest Man in Babylon" as it goes into this and more. It is not too long of a book, but if you don't have time to read it you can see the themes summarized in Wikipedia. One of the themes involves how to cure a lean purse. The first cure is titled: Start thy purse to fattening . Arkad advises on saving 10% of your annual income to start building up your wealth (or purse): "For every ten...
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