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In this episode, Joe talks all about student loan debt, debt forgiveness, and how to get out of debt. Also, should you invest in a Roth IRA or pay off student loan debt?

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In This Podcast

Summary

I am not a financial advisor, accountant, or attorney, this is all my personal experience and should not be taken as financial guidance, find your own professional if you want one.

Some National Statistics

Average bachelor degree student comes out with $37 000 –> $351 per month.

Average masters degree student comes out with $58 000.

This, combined, comes to $93 000.

Subsidised Loan: the interest is only accrued after you’re done with college.

Unsubsidised Loan: interest starts accruing straight away.

Interest rates: 5-6%.

You can deduct the first $2500 dollars of interest with tax deductions.

Tips & Advice

Here’s an awesome video that gives some great quick tips about investing and making more money, all on an index card.

For information on debt forgiveness www.studentaid.ed.gov (check this link to be sure)

Book: Dave Ramsey’s The Total Money Makeover – http://amzn.to/2rUPxMZ

Book: The Bogleheads’ Guide to Investing –  http://amzn.to/2tRUT8z

Useful Links:

• Essentials For Your Practice Webinar Series: https://practiceofthepractice.com/practiceessentials
• Summer Edition Of The Practice Of The Practice Magazine: https://practiceofthepractice.com/magazine
• Student Loan Forgiveness Program: www.studentaid.ed.gov

Meet Joe Sanok

Joe Sanok helps counselors to create thriving practices that are the envy of other counselors. He has helped counselors to grow their businesses by 50-500% and is proud of all the private practice owners that are growing their income, influence, and impact on the world. Click here to explore consulting with Joe.

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