Tips on handling student loan debt while trying to start my Fastlane Hustle

[TrevorPrice]

Hey guys!

I am, sadly, a recent college graduate. I say sadly because I now have $66K in student loan debt for a degree I don’t plan to use at all because my young mind was molded to believe it was what I needed. Luckily, I am out of that mindset and I am moving to live the rest of my days Unscripted and with the Fastlane mentality.

So, my question is this:
How do I go about handling student loan payments (that due to COVID now begin in September of this year) while trying to kick off my Fastlane hustle?

I want to be investing as much time and money as needed into my hustle, but have this massive debt I also need to worry about soon here. I currently work stocking groceries for a modest $15/h and I’ve been able to survive off of it.

My current plan of attack is to be making minimum payments on my loans to reserve as much money as I can to invest into my ventures. Then, when my Fastlane hustle attracts the wealth I want, I can use that to financially free myself and pay off the loans. I am just very new to all of this and want to make sure I’m putting my best foot forward and doing things right. So I would like to hear from anyone willing to offer advice! Thank you all in advance and have a great day!

PS I know this is not necessarily prevalent information, but I’ve started “Unscripted ” today, and I am loving it already. 8 chapters in and it’s already speaking volumes to me.

 

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[Odysseus M Jones]

My current plan of attack is to be making minimum payments on my loans to reserve as much money as I can to invest into my ventures. Then, when my Fastlane hustle attracts the wealth I want, I can use that to financially free myself and pay off the loans.

That worked for me.

Many will tell you to pay your debts first.

My thoughts are:

1. Cash is king
2. Time has value
3. Money is just a number on a screen
4. Provided you can service your debt & survive who cares about interest if the payoff makes it insignificant

I once ran $75k of credit card debt on minimum payment for a year whilst having $75k in cash. The payoff was half a million, so about $380k profit.
If I'd not had the cash I would have made nothing.

I'm a big fan of debt, especially cheap money.
When banks offer me loans at 2% I snatch their hand off whether I need the money or not.

You have to do what you're comfortable with though.

 

[CorneliusATL]

Hey guys!

I am, sadly, a recent college graduate. I say sadly because I now have $66K in student loan debt for a degree I don’t plan to use at all because my young mind was molded to believe it was what I needed. Luckily, I am out of that mindset and I am moving to live the rest of my days Unscripted and with the Fastlane mentality.

So, my question is this:
How do I go about handling student loan payments (that due to COVID now begin in September of this year) while trying to kick off my Fastlane hustle?

I want to be investing as much time and money as needed into my hustle, but have this massive debt I also need to worry about soon here. I currently work stocking groceries for a modest $15/h and I’ve been able to survive off of it.

My current plan of attack is to be making minimum payments on my loans to reserve as much money as I can to invest into my ventures. Then, when my Fastlane hustle attracts the wealth I want, I can use that to financially free myself and pay off the loans. I am just very new to all of this and want to make sure I’m putting my best foot forward and doing things right. So I would like to hear from anyone willing to offer advice! Thank you all in advance and have a great day!

PS I know this is not necessarily prevalent information, but I’ve started “Unscripted ” today, and I am loving it already. 8 chapters in and it’s already speaking volumes to me.

Hi Trevor,

Congratulations on knowing what you want to do. I was in that situation, I had $73k of student loan debt once upon a time. In my opinion, its best for you to knock out the student loan debt as quickly as possible. The interest on 66K adds up fast. I recommend grabbing a second job ASAP and throw all of your extra income, plus the money you're looking at investing into your business at your student loan. The faster you get that out the way the more money you'll have to build your business. In the meantime, do as much as you can to development the business using a minimal budget but make paying off the debt your priority. Nobody likes to hear the word "wait" but I do believe that would be the best approach in your case.

 

[amp0193]

My current plan of attack is to be making minimum payments on my loans to reserve as much money as I can to invest into my ventures. Then, when my Fastlane hustle attracts the wealth I want, I can use that to financially free myself and pay off the loans.

I did this.

At first, my goal was to scratch together extra money through hustles to pay down loans quicker.

Then I realized I could grow the hustles faster if I put the money back in. And that it was growing at a much higher rate than the interest on the loans.

So my new goal was to accumulate a big chunk of cash and pay off $40k in one payment.


Except shit happens, and you go broke, and mess up and start again, and by the time I finally did make that $40k payment, it probably took longer than my original plan would have.



But I learned some good skills along the way.

 

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