Personal Finance

Guy pays off $26500 student loan in less than 2 years

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  • Nov 24th, 2013 12:32 pm
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[OP]
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Guy pays off $26500 student loan in less than 2 years

I thought this was a good story... guy graduates with $26,500 in student loans. He finds a job paying $13 dollars an hour and lives really cheap and puts all his money toward the loan, later finds a better job for $25/hr but still lives really cheap and puts all his money toward the loan, and his entire debt is gone in less than 2 years. Meanwhile we have people here going "wahh I have a student loan and I'm making the minimum payment and I'll never pay it off, help!"

http://money.cnn.com/2013/01/08/pf/debt ... index.html
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We live in a materialistic world where every twenty something year old has to wear a goose, eat out every other night and drive a white 3-series.
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Feb 10, 2007
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yolo !

what's the point of living cheap ? you don't bring money with you to the grave
[self promotion rule violation, removed twice already][self promotion rule violation, removed twice already]Trolling or Threadcrapping Trolling - woooooooo 3k on a laptop woooooooo 3k on a laptop woooooooo 3k on a laptop woooooooo 3k on a laptop
[OP]
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sexyj wrote:
Jan 12th, 2013 12:17 pm
yolo !

what's the point of living cheap ? you don't bring money with you to the grave
Cause if you live cheap when you are young, pay off your debts and start investing for the future, you will be living the good life down the road. It's about delayed gratification.
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Oct 7, 2010
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Yes, or the guy in the article finds a 30/hr job and pay it off within a few months. What is your point Bao.

Or the guy would have parents pay their way, and be putting all their money earned into the market or real estate and making it big. What is your point?
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Jun 6, 2007
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The point is goals can be met with discipline. The guy in the article is setting a good & motivating example for others with similar goals.
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Xiaohaibao wrote:
Jan 12th, 2013 12:05 pm
I thought this was a good story... guy graduates with $26,500 in student loans. He finds a job paying $13 dollars an hour and lives really cheap and puts all his money toward the loan, later finds a better job for $25/hr but still lives really cheap and puts all his money toward the loan, and his entire debt is gone in less than 2 years. Meanwhile we have people here going "wahh I have a student loan and I'm making the minimum payment and I'll never pay it off, help!"

http://money.cnn.com/2013/01/08/pf/debt ... index.html
Even while working 10- to 12-hour shifts, I'd skip meals -- eating a protein bar or drinking Ensure shakes to get me through the day. The occasional "splurge" entailed spending $5 at McDonald's for a Sunday breakfast of hotcakes, sausage and two hash browns.
His body is still in debt though.
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dgodsell wrote:
Jan 12th, 2013 12:52 pm
The point is goals can be met with discipline. The guy in the article is setting a good & motivating example for others with similar goals.
except that is rare, regardless of the generations.

anyway, good for the guy in the article, hope there is more like him.
insert witty comment
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Nov 30, 2009
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LoL, dude got lucky and scored a $25 hour job through CNN. $26,500 is not that much to be honest. Everybody has the goals, like this guy I paid off my student load earlier, albeit much less than his; however, I saved and still enjoyed life.
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??? dumb i say... took risk on his health (could have been much worst) for some debt... not impressed. I had about 18k of osap myself... took about a yr and half to pay off, was living w parents though.
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manixc wrote:
Jan 12th, 2013 1:02 pm
except that is rare, regardless of the generations.

anyway, good for the guy in the article, hope there is more like him.
On the contrary, in order to keep yourself ahead of the game you need less people like him.
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LostInTruth wrote:
Jan 12th, 2013 1:03 pm
LoL, dude got lucky and scored a $25 hour job through CNN.
$25/hr is about 50k a year, that's just an average job, not like he's pulling in 6 figures.
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Xiaohaibao wrote:
Jan 12th, 2013 1:11 pm
$25/hr is about 50k a year, that's just an average job, not like he's pulling in 6 figures.
Single guy; can be done, 50k is not brutal. He works at CNN and the story is from CNN, meh
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zilber wrote:
Jan 12th, 2013 1:05 pm
On the contrary, in order to keep yourself ahead of the game you need less people like him.
that's true in the short run but when ***** hit the fan, the gov still have to bail out the irresponsible ppl.
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Oct 12, 2011
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Well one of my teachers in HS didn't finish paying for their loan till they were 35... alot of the times people have soo much on their plates they literally don't have money to save or to pay for extra stuff.
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