Five ways to get out of student loan debt without moving home

Last week I had the pleasure of interviewing Candice Marie.  Candace paid off $47,000 in student loan debt in two years by hustling and becoming uncomfortable.  When I mentioned that I would be interviewing Candice I received a few comments from people with the “how long did she live at home” line.  These are the same people who made the excuse for the other young African American woman who paid off her home with rental income she earned from a property she inherited.

I point this out because there are always going to be people who think greatness can’t happen to them and those that dispute the greatness bestowed on others.  A true winner will instead look to get their own life and see HOW they can fit in the things that those people did.  Instead of saying how easy that had it, do what they did that made it look easy.  It won’t look pretty but student loans aren’t that attractive either.

Just last week a stat showed up that black students are likely to die in debt. I reject that thinking.  This blog will discuss how our guest Candice Marie, and others, have successfully accomplished what many think is impossible.

  1. Invest

You can’t just destroy debt, you have to build wealth.  The very first thing that Candice mentioned is that she focusing on building her net worth before she even focused on destroying her debt.  In America we are fed this lie that if you are debt there is some sort of a scarlet letter on you.  Meanwhile the biggest billionaires are swimming in debt.  There is a reason they call it NET worth. The net, is the amount of assets less your debt. It is actually presumed that you have debt to even have any worth. It is also presumed you will DIE in debt. Wow.

I always encourage people to start investing now because the mentality, habits, and skills you learn are going to help you win the game of life not just get debt free.  The bonus is that the sooner you learn the skill of investing the more time you have to practice.  The more practice you get the more money  you make.

What most people do when they pay off their debt is then realize they have no assets.  Unfortunately, not only do they lack assets to retire on they also lack assets that could have expedited the debt pay down process via cashflow and capital gains.

A better way is to buy something that is going to cashflow you and pay down your debt without you working at all. A duplex, a fourplex, a business, something.  Then, after your debt is gone, you still retain that asset.  You also retain the skills that likely let you level up into even more wealth.  Thinking debt reduction keeps you small.  A better idea is to expand yourself to the point that you are bigger than your debt. You do that by investing, accumulating and growing yourself.  Invest now, not later.

2) Get in a better circle 

One of the biggest takeaways from the interview with Candice was that she purposefully created a group that would help her accomplish her goals.  When you are on a wealth walk you gotta get around folks that talk wealth, breathe wealth and think wealth.  You don’t want to feel like the odd man out which will then pressure you into missing your goals to take that trip or buy those shoes.

This isn’t about friendship this is about your goals.  You are an average of the five people you spend the most time with.  Additionally, we are competitive and driven people. If you get around people who want to invest and save you will compete to see who can invest the hardest and save the hardest.  Your bragging rights will be who invested the most and saved the most.

Candice did just that and this is exactly what happened.  They hold the person that was debt free out of the group in high regard.  There is no mention of sneakers or cars.  Those aren’t the bragging rights in that group. You need to get in a circle full of people bragging about the things you want in life.  If you do that, the majority of the work will be done.

Whenever I speak to a young college aged man I ALWAYS tell him to get into a good circle of friends.  I saw how my circle of friends changed my life.  I know the same is true from a wealth conscious aim as well. Don’t think you can hang with hoes and be the lone non hoe. You might be a little less hoeish but you are still… well..

3) Work a part time debt reduction job 

You have to get other streams of income into your life.  One job is not enough.  One product is not enough.  I implore you to sacrifice your weekends, your evenings and any other free time  you have.  This is Juan Pablo’s mantra: Use your spare time to become wealthy.  Also, use your spare time to become debt free.  Other people might not be doing it, but other people won’t be debt free.  You don’t want to be like everyone else.

4) Your ideas are going to get rid of your debt and create wealth for your family

Another idea is consulting.  In this era of social media it is up to you to announce yourself and do work for the rest of the world not just the clients you are tasked with working on at work.  Create a logo and advertise what you can do.  You will find that usually your clients will determine what products you should really be offering.  These aren’t things you will realize until you start doing though.  It is the intellectual ideas and products that you create that will get you out of debt. Not hours on your job.  So create, distribute, and get full market price for your skills not the discounted amount they kick to you.

5) Give up your comfort

Last but not least, you have to give up the idea of comfort.  There is a quote that change occurs when the pain of change hurts less than the pain of staying the same.  You have to wan’t to get out of your loans as bad as you want to breathe. When that occurs you will live on a couch, you will punt vacations, you will give up fake luxury items that depreciate and do nothing to advance you.

Comfort is the enemy of progress. Comfort is why most people die in debt. They weren’t willing to work, create, think, hustle, etc etc.  You have two choices. You can get uncomfortable and do all of the above. OR you can be comfortable, complain and die in debt.  If we keep it 100, everyone in America who struggles knows that they need to do.  Its no secret.  The only thing we have to do is be willing to do.  I hope you are going to take action and not sit around talking about whats too hard, what someone else has easier or what simply can’t be done.  Join our investment club family by emailing today.

Be great, invest well,

Todd Millionaire

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