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After five years and 130k dollars, I made an investment that transformed my life—the Tom Brady of investments. I never would've thought $8.50 would have had such an impact. The Millionaire Fast Lane (which led me to Unscripted and then The Great Rat Race Escape ) has changed my entire outlook on everything.
I had my sights set out for the slow lane, scripted path until I was rescued by some random guy on Reddit who recommended TMF . I honestly knew no other way. I am surrounded by people who spent their lives doing the exact things you describe.
I wish I had come across the Reddit post five years earlier, but here we are. That being said, I graduated college in 2020 with an Economics degree and landed a typical rat race job in the insurance industry about a year later.
Since then, I've started my own little E-Commerce thing that I work on after 5 PM. It's still in the early stages, and I know it's definitely not my ticket to the fast lane, but I feel it's what I needed to stop action faking and actually do something. I realized I was in a state of analysis paralysis.
I do have to say, I am incredibly grateful for you, @MJ DeMarco. For all of the time you spent writing these books. For building a community of like-minded individuals who all help each other reach a common goal and for still being active in the community ten years later! I am very excited to be here.
So that's my brief introduction, but I also would love to hear people's thoughts on my current dilemma:
I answered my own question as I wrote this next part, but I figured I would include it anyway, just in case someone wanted to offer some insight into debt.
I'm in the process of refinancing my student loans. They are federal parent plus loans in my dad's name. I was approved for three different terms. The first is a high monthly payment and would have all of my student loans paid off in 10 years. The second is to have a lower monthly payment, but it would take 20 years to pay off the loans. The third is right in the middle of the two.
Do you think it's best to pay down the debt as soon as possible and have less to spend on my business? Or would it be better to have a lower payment, so I have more money to spend on my business?
I know this should be based on my own personal preference and whether or not I can handle the cons of either situation. The higher monthly payment now vs. the debt looming over my head for 20 years. But I have now realized that if I pick the 20-year option, I will have more money to invest in my business now and, at some future date, a life-changing amount of money that I could use to pay off that remaining debt.
Also, I remembered that MJ mentioned something along the lines of after basic living expenses, if it cant be re-invested into the business, then it should go to reducing high-interest debt. I've realized that I could invest the difference between the highest monthly payment terms and the lowest terms into something I feel will increase the bottom line of my business. I feel this would be more beneficial than paying down the debt earlier. Plus, if I don't feel that money could be used for something that would increase the bottom line, I could always pay more than the minimum if I wanted to. I am open to any thoughts and have until April 3rd to agree to the terms.
I had my sights set out for the slow lane, scripted path until I was rescued by some random guy on Reddit who recommended TMF . I honestly knew no other way. I am surrounded by people who spent their lives doing the exact things you describe.
I wish I had come across the Reddit post five years earlier, but here we are. That being said, I graduated college in 2020 with an Economics degree and landed a typical rat race job in the insurance industry about a year later.
Since then, I've started my own little E-Commerce thing that I work on after 5 PM. It's still in the early stages, and I know it's definitely not my ticket to the fast lane, but I feel it's what I needed to stop action faking and actually do something. I realized I was in a state of analysis paralysis.
I do have to say, I am incredibly grateful for you, @MJ DeMarco. For all of the time you spent writing these books. For building a community of like-minded individuals who all help each other reach a common goal and for still being active in the community ten years later! I am very excited to be here.
So that's my brief introduction, but I also would love to hear people's thoughts on my current dilemma:
I answered my own question as I wrote this next part, but I figured I would include it anyway, just in case someone wanted to offer some insight into debt.
I'm in the process of refinancing my student loans. They are federal parent plus loans in my dad's name. I was approved for three different terms. The first is a high monthly payment and would have all of my student loans paid off in 10 years. The second is to have a lower monthly payment, but it would take 20 years to pay off the loans. The third is right in the middle of the two.
Do you think it's best to pay down the debt as soon as possible and have less to spend on my business? Or would it be better to have a lower payment, so I have more money to spend on my business?
I know this should be based on my own personal preference and whether or not I can handle the cons of either situation. The higher monthly payment now vs. the debt looming over my head for 20 years. But I have now realized that if I pick the 20-year option, I will have more money to invest in my business now and, at some future date, a life-changing amount of money that I could use to pay off that remaining debt.
Also, I remembered that MJ mentioned something along the lines of after basic living expenses, if it cant be re-invested into the business, then it should go to reducing high-interest debt. I've realized that I could invest the difference between the highest monthly payment terms and the lowest terms into something I feel will increase the bottom line of my business. I feel this would be more beneficial than paying down the debt earlier. Plus, if I don't feel that money could be used for something that would increase the bottom line, I could always pay more than the minimum if I wanted to. I am open to any thoughts and have until April 3rd to agree to the terms.
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