Perhaps the most important thing people are terrified of is debt and particularly student debt because it sets you behind even before you even start your work life.
According to Harvard Business review the student debt is estimated to grow exponentially over the years which is tragic. This is the reason that you as a student need to learn how to get out of student loan debt fast.
Luckily for you I have never been in student debt because I am always cautious when it comes to finances and this is why I was even able to fund my online business which has helped me quit my job in 2019.
In this post I will be giving you tips on how to get out of student debt the fastest using practical ways that are easy to follow.
Before we begin you may be interested in checking my # 1 way of making money online.
You can also watch the video if you prefer watching
Step 1 Start with being aware of your expenditure
When it comes to getting out of any debt it is vital to first know how much your expenses as this will help you know how to save.
Let’s face it, there are things that we buy on a daily basis which does not even make sense why you might be buying them.
The more you are aware the more you will be able to control the urge to keep spending and rather start saving.
I learn this act when I was young and I think for me it has always been ingrained in my mind.
I would recommend you have a dairy or an excel spreadsheet to help you track your expenses on a daily or weekly basis (depending on your preferences).
Step 2 Save any penny wisely
I already did talk about saving a bit, but saving should also be something like a planned event not something you do because you have money left over.
Rich people spend after they have invested/saved while the poor i save after they have spent. Again this is just the opposite of how things work.
If you are struggling to save luckily we now have apps which help you save and have a good budget.
The above saving apps are what I am familiar with and which are reputable so you can choose one of these with confidence when you start your journey in making money and paying off debt.
Step 3 Find one vehicle (other than your job) to make money and learn it hard
The next step after you have accumulated money in the bank is to save it is to look for a financial vehicle which you will put it under.
This means you need to invest in vehicles which will give you a good return.
Now the internet is filled with those and I recommend you choose what you love doing and you can check these opportunities on a post called how to make money online without any investments.
These do not require any upfront costs and will cost you nothing to start however you need to invest your time in learning about the opportunity you like.
Give yourself at least 4 months to learn the business. This is key as you need time to go through the process.
Most people do not like the process and that is why they end up staying broke forever.
Step 4 Use a portion of your savings to put in your financial vehicle and put another portion to your debt.
When you have learnt now it is time to put your money in and start making money. You will see that with almost all opportunities you may need to inject some sort of cash to make it grow more.
When I started with affiliate marketing I started with little to no money but I had to add so more when I wanted to scale my business.
For example I had to put better looking themes for my website and paid to get into premium membership to be trained by top online business owners.
This is the reason I was able to quit my day job o work online for myself.
If you are interested to joining this free training you can join where I learnt affiliate marketing and you will be ready to start and make money.
I only recommend serious people who would love affiliate marketing (making eCommerce or any online stores) to join the Wealthy Affiliate platform.
While you are investing in your business you should also be paying off your debt with the other portion of your savings.
This will accelerate the process of you paying of the debt and you will be doing two important things.
1. You will be paying off your debt and not just sitting there and just doing nothing about the accumulated debt interest.
2. You will be creating another stream of income which will come in a few months or years, which you would never have got otherwise.This is important to do since inflation is growing more than your savings so if you just save an to pay debt it may take so long.
Step 5 Rinse and repeat
The next step once you have found and started your online business is to keep doing step 4 to make your vehicle grow and start making money.
With these opportunities they only work if you are willing to work. So make sure you put in the needed time to make this work as this will be your future job, hopefully
My story of overcoming debt
When I started working I did know about saving and investing and so what I did was invest in property on my first year of working and that property was 100% financed by the bank.
As the years went on I accumulated debt since I was doing many things such as travelling for my sport (dancing) and I was trying to start businesses.
All this left me with a huge debt quickly without realizing.
In 2018 I decided to sell my property as I wanted to get rid of debt I was shocked to see that my property had given me $20 000 in just 3 years.
This helped me pay off all my debt and I was left with more money to invest in my financial ventures such as affiliate marketing and Forex.
This is what I am talking about when I say you must educate yourself about a financial vehicle you are looking to venture into.
Had I not invested in property I would still be in big debt.
Paying of student debt should not be a huge burden if you are clever about and you actually plan for it.
Most people are in student debt due to circumstances however they do not want to take control of their finances by becoming more rather than being a victim.
Once a person realizes they do not want to be victims there are many financial vehicles waiting for them such as Affiliate marketing, E commerce, Trading, YouTubing, property investing etc.
I do recommend you start out with as little money as you can because at the end of the day you do not want to put yourself into more debt while you are still building your other stream of income on the side.
Having said that I do advice you follow the steps I talked about above such as being aware what your expenses are and developing a saving plan and then creating another stream of income next to your job.\
I hope this article was helpful and I hope you benefited from it. If you have any questions or comments to add you are more than welcome to leave them below.