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pay your student loans or wait for forgiveness ?

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Wise Phenomenal
Wise Phenomenal
20 Jan 2021

Now obviously the rumor is that they might forgive up to 10k of your current student loans. Plus interest and all payments have been stopped until January 31, 2021, and have been stopped for well over 5 months now.

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1. My Rule when it comes to Paying off Debt ( Avalanche Method )
- In this method, you have to pay the high-interest debt first and the low-interest debt last
- And this usually means paying credit cards, car notes, and personal loans first before the student loans debt
- So currently obviously if my next debt is student loans, it means I no longer have any other debt personally

The reason I use this method:
- It saves me the most money on interest mathematically and it's also pretty simple
- Pay the person that wants to make the most money from you

2. Pay The Student Loan Or Wait
- I agree that these are special times
- But no time is special enough to depend on the government to help you
- You never want to put your eggs in that basket bureaucracy

Here is exactly what I’m Doing:
- I remember from warren buffet: ner rely on the kindness of strangers and also be ready at all times.
- So if all your other debt is paid for except this one ( start saving up the money to pay it off but don’t pay it yet ) – that’s exactly what I did ( currently I have enough money to pay off all my student loan debt )
- But if I’m not being charged interest and have no required payments ( then its not necessary for me to it yet )

Disclaimer:
- This means while waiting to find out, start saving up a ton of money to pay for it in full ( this way you are not relying on anyone, just waiting to see )
- However, if they announce payments are back on, and you’ll start paying the interest again
- Go ahead and pay it off in full and start paying for it asap ( that’s exactly what I'm going to do )

3. Invest Or Debt
- This is the number one objection I hear when it comes to paying off student loan debt or any form of debt ( I can invest and make the money back ) – more like invest and hope to break even
- After taxes, inflation, and opportunity cost with payments being made to debt ( paying debt is going to best option )

SO Overall:
- My first priority would be to be debt-free
- That free’s up a ton of income for me invest for money
- And imagine investing, but not owing anyone money ( it’s a great feeling )

Ps. Warren, Benjamin, Peter, Phil, and Charlie ( always make jokes about margin calls, credit cards, and borrowing way to much money )
- Because they have seen how people lose everything trying to play the OPM game
- Don’t do it
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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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