Baby steps - Starting the journey to 'unscripted'

[jmin]

Hi guys,

I've been on the forum for a couple of weeks now and I'm halfway through reading Unscripted . I've been reading a lot over the past year, it's definitely helped to shift my mindset but I'm ready to stop being a 'wantrepreneur'.

I just finished university (£80k debt, uh-oh) and my best experience there was in running a nightlife events business. I've always been motivated by independent work and making my own way in life, but I've definitely been an action faker many times - 'talking the talk but not walking the walk'.

I want to start actually creating a business(es) but first I need to get out of debt. I have around £7k in short term debt I need to clear, so I've moved back home to live with my parents to keep costs low.

I'm due to start a job next week at a small digital marketing agency. I'm the agencies first hire, so it should be a great experience in a growing agency environment where I'll be exposed to a variety of different work. I'm feeling optimistic as, worst-case scenario, at least I'll learn digital marketing skills to market my own ventures in the future.

As soon as I've cleared my debt I have another friend who wants to try working on a business together. We're not bothered about finding something amazing, just actually starting something so we can get experience in running a business (probably online products).

Long story short - I'm bored of reading and ready to start acting, but first I need to get out of debt, which is a frustrating feeling! In the meantime, I'm going to get involved with communities like TFF to surround myself with like-minded individuals

Really happy to be here, thank you @MJ DeMarco for building such a community-led platform.

 

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[MJ DeMarco]

Welcome my friend, appreciate the intro. Hope you enjoy the rest of Unscripted .

 

[jmin]

Just calculated my finances based on the salary of my new job.

I should be out of [short-term] debt in 5-6 months. That's not including any potential bonuses at work.

That gives me more than enough time to research products and collate an idea for a venture to launch next spring (once I have some capital). I've always been quite impatient, so at least being aware of this time frame provides me with some context as not to rush things.

 

[Odysseus M Jones]

Long story short - I'm bored of reading and ready to start acting, but first I need to get out of debt...

No you don't if the ROI from your venture exceeds the debt interest.

Also you'll only have to worry about your student loan above a certain income level, and in the UK isn't it amortised after a set number of years regardless of amount repaid?

In my experience, the best way to pay off debt is by increasing income.

Debt is a great motivator.

 

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[jmin]

No you don't if the ROI from your venture exceeds the debt interest.

Also you'll only have to worry about your student loan above a certain income level, and in the UK isn't it amortised after a set number of years regardless of amount repaid?

In my experience, the best way to pay off debt is by increasing income.

Debt is a great motivator.

I don't mean student loan debt - I mean my credit card and bank overdrafts.

Currently have 0 capital - I start work next week so I'll receive my first paycheck next month.

I'm not worried about clearing student loan debt before starting a venture. If anything I'll be starting a venture to pay that crap off!

Student loan debt in UK is written off after 30 years. And you only pay it back when you're earning £23k+

 

[Odysseus M Jones]

I don't mean student loan debt - I mean my credit card and bank overdrafts.

Currently have 0 capital - I start work next week so I'll receive my first paycheck next month.

I'm not worried about clearing student loan debt before starting a venture. If anything I'll be starting a venture to pay that crap off!

Student loan debt in UK is written off after 30 years. And you only pay it back when you're earning £23k+

What is the interest on a student loan nowadays?
The UK govt offer startup loans up to £25k @ 6 or 7%
That's daylight robbery LOL

 

[jmin]

What is the interest on a student loan nowadays?
The UK govt offer startup loans up to £25k @ 6 or 7%
That's daylight robbery LOL

5.4%
(for me - on £77.5k....)

Wouldn't be surprised if they put interest rates up to be honest. Apparently they were privatising some of the debt which is why rates went up. Although I'm quoting a friend there so I may be wrong.

The worst thing is I was blindsided by "ah it's fine, we'll probably never pay it off anyway".

Still, I feel confident in my ability to pay it off easily without it impacting my life. So I wouldn't change my decision to go. But for people going down the slow lane? Damn... I can imagine that's gonna be one resentful debt in 10 years time

 

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[Odysseus M Jones]

5.4%
(for me - on £77.5k....)

Wouldn't be surprised if they put interest rates up to be honest. Apparently they were privatising some of the debt which is why rates went up. Although I'm quoting a friend there so I may be wrong.

The worst thing is I was blindsided by "ah it's fine, we'll probably never pay it off anyway".

Still, I feel confident in my ability to pay it off easily without it impacting my life. So I wouldn't change my decision to go. But for people going down the slow lane? Damn... I can imagine that's gonna be one resentful debt in 10 years time

It's not that bad, except it's supposed to be an inventive to get a higher education yet it's 5x the current mortgage interest.
And that's under the Tories, supposedly pro business.
Heaven help us if Labour get back in.

"ah it's fine, we'll probably never pay it off anyway".

^^^ that's hilarious, who wants to earn under 23k forever?
I'm praying for a million dollar tax bill LOL