Eff them loans

I was scrolling down my timeline and I saw a post from IG that was similar to many of the DMs I get and similar to a conversation that I have had online. The conversation was about student loans. The particular person was asking Asia Denson whether she should invest in real estate or pay off her student loans. This is a question that I get ALL THE TIME.

The person who DMd Asia was a nurse making 70k/year with 100k in student loans. Asias response was “[eff] your student loans” and I couldn’t agree more.

I have been telling people to invest first and figure out the rest later for some time now. I want you to get rich not just get out of debt. We need to learn to be more asset minded and not just “get out of debt” minded. You can’t pass down “debt freedom” to your kids. A lot of our grandparents didn’t have student loans but they also didn’t have wealth….

Now that I think about it. My mom actually paid off her under grad loans from SDSU with appreciation from her first home. She still has the degree and makes a great income. Working income should be used to build your asset column not just pay and get by. That is what they want from you. It keeps you trapped, it keeps you attached to their wage exploitation where they bill you out for 200 and pay you 80.

The analogy that I use is that investing brings in income to pay off your debts. Nobody would tell you to pay off your debt before you got a job because the job funds the debt paydown. Well guys, there are other ways to make money that don’t include working for it. Investing is one of them.

I find it interesting that the people who tell you to “handle your responsibilities” and pay your loans before you advance your finances don’t actually own rentals. While the people telling you to “[eff] your loans” do. I am of the type that likes to take advice from people who I would trade places with. If your goal is to be at zero then take advice from them. If your goal is to build and then double back as an owner, in the words of nip, take advice from the nips of us.

Don’t neglect

Its important that we understand that nobody is telling you to default or neglect your loans. Doing so would be counterproductive as doing so would kill your personal credit. I believe that you can do more than one thing at a time. I do not believe that you should hold off on bringing income into your life while you slave away for five years sacrificing for some dumb debt.

Ill never forget when Dr. Boyce was on the Breakfast club and he made the point that if Donald Trump’s son needed money he wouldn’t tell him to go get a job, he would tell him to find a deal or to start a business or buy one. This is rich dad thinking. Poor dad thinking is the thinking that tells you to go to school and get a good job. We see how that worked for people.

I like to take the hybrid approach. The approach where you work your good job while you build your freedom.

The thing about this is that it doesn’t even take money to really get into real estate. It takes creativity and partnerships. The student loan question isn’t a real one. It is an excuse rooted in fear of taking action. It is a way for people to procrastinate and avoid doing what they should be doing. This is why we say f the loan. Not because we really mean eff the loans but we mean eff letting anything get in your way of getting started.

So in sum, your investments, properties and business will pay off your debt for you. But the beautiful thing is that they will keep paying you and your family forever. It would make more sense to build your asset column that to just tackle your liabilities. Again, one rental can make your student loan payment for you. A house hack can free up the income to allow you to aggressively use all your working income and money you would have spent renting on attacking your debt. A flip could cancel out all your loan in one swoop. A business can do the same. It isn’t either or it is both. The rich don’t believe in trade offs and neither should you.

Eff them loannnnnnsssssss.

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Thanks for reading!

Be great, invest well,

Todd Millionaire

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