How To Escape College Debt 5 Ideas (and How To Avoid It)


Manage episode 269465957 series 1922965
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Watch the video version on YouTube: Trying to get free from college loan debt? Well, it comes down to... paying it off FASTER. Because there’s no way to ‘erase’ it. So all we can do it try to pay it off asap so you avoid the most interest charges possible. So that basically comes down to down to a mix of MAKING MORE MONEY, and DECREASING your monthly expenses. *Please share your tips and stories!* 1. Reduce Expenses — do an audit and cut out all unnecessary money flowing out. And sell anything you don’t need. 2. Refinance Loans — help reduce monthly spend 3. Increase Job Income — Do an audit. Can you ask for a promotion? Switch positions? Re-strategize your sales game? Or, maybe you can switch to a higher paying job. 4. Increase Side Income — Look into making other sources of income — side hustles. Freelancing? Tutoring? Dog walking? Babysitting? Uber? Ways to create more income: 1. Online businesses: Amazon private-label business, drop shipping site, kindle/audible business, build a SMMA Social Media Marketing Agency. These all take 6+ months to first $1k profit. 2. Freelance: many have made their first first $1k in 90 days – if you can write. Or offer other freelance skills. Create an and account to get jobs. And, post on IG & FB and LinkedIn, that your agency (just you, for now) offers this services. 3. Long-term passion business: start a blog around your passion and/or expertise. Write a blog post at least 1 per week. Create IG, YT, Pinterest pages around it & post 1 per week. Build traffic over 2-5 years and monetize thru ad networks, reviewing products (affiliate commissions), and making your own info products that your audience asks for. 5. Alternatively, do an ‘alternative’ education to avoid college loans. Learn more: The Top 10 Online Business Models to Start in 2020 Explained → How to AVOID College Debt: Well it comes down to.. don’t take college loans! You can either pay cash, or don’t go to college! Luckily, if the former isn’t an option, there are more ‘alternative-education’ options than every before. But if you HAVE to go to college (why? Because of your parents? If so, you should question that, and focus on what YOU want - it’s your life and you are in control, not your parents or grandparents) you can go to a less expensive one. 1. Two year community college — less expensive than Uni. 2. Two year trade school — less expensive and Uni and potentially more equipped, if you know for sure you want to do a trade (*do a job shadow first so you know!) What do you think? Share your tips & experiences in the comments! Follow Eric of Nomad on FIRE Podcast: __ My Links: • Launch an Amazon Business in 90 Days 💵♻️ → • Best 10 Online Business Models to Start in 2020 Explained 💻 → • INSTAGRAM 📱→ • Weekly Podcast 🎙→ • Best Online Tools & Resources ⚙️→

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