In this article I would like to give you my ideas, my techniques to repay a student loan, tell you how I would go about it, I know that there are many people who are rather young, who may be students, who may have a loan Student, so I'll explain to you how to do it. it does not matter the type of your loans. Whether it's a mortgage, whether it's a student loan, whether it's a debt to someone, before start building your new life, you must not have any more debt. Why?
For the simple reason that we Only invest the money, we are willing to lose. So if you have a debt for example of 10,000 $ and you think ah well I'm going to invest a thousand dollars
in something like Bitcoin, it's Great! And then when I made 10,000 $ of capital gain, I repay my loan. It is with this kind of reasoning that we do not care a bit about things, and get into debt even more, because if you lose your 1,000 $, you will be more indebted of 10,000 but Of 11 000. All right?
So, especially, start by paying off your loans. So how? The classic story, you go out of school, you find work as quickly as possible, and with your salary, you put aside and you Reimbursed. That's obviously what most people do. And in general, you will have monthly payments Now, so anyone has had student loans, we need strategies to repay the loan before his term, so faster than expected, and therefore to repay more every month than the simple Monthly.
I have someone who has a student loan, who must repay 500 $ per month. Well, the goal we're trying to reach is to try To repay 1,500 $ per month. Three more times! So how to do? I am going to give you some pieces of advice to reach your goal.
1 try not to go out all the time
try to Put aside on your salary more than the 500 $, so simply. That is Basics, we do not have to eat at the restaurant all the time, we do not have to go out all the time, to pay for glasses, we are In a bar, box, etc ... Well, that's classic, but it does not hurt To call him back. So, here, having a lifestyle a little more economical.
2 start a small passive income business
put a little more side. And then the big, the other solution, the appearance the main principle of this technique is to create what is called a passive income, a "side project", something that is done next to it in addition to its work, on which we can work in the evening, the weekend. We do not need to spend a lot of time there, but with the goal of creating, ben a source of automated revenue. So the muse was Introduced by Tim Ferris in his book "the week of four hours", which I recommend. The idea again is not necessary to mount a box, as soon as it says a box, it scares a lot of people, there are many people who say but me I am not an entrepreneur You do not have to be an entrepreneur, the idea again, it's just a little thing, not a whole box, but a small project, a small website, a little something, that will be, as much as possible, automated, 1 who will turn in your absence the week while you go to work, while you rest because you've worked all day etc ... And who will bring you a little money, it does not need to be much, but the goal is to make a few hundred $ By month, and after of course, once we have managed to make this startup a few hundreds of dollars a month, this money, you will reinvest it, you will not necessarily directly repay your loan, you will reinvest in personal assistants. who is it What is personal assistants? These are people who will work for you, in general, is in countries where the cost of labor is lower than yours, where the price of labor in these countries is lower than the price From where you live. And so, rather than directly repay your loan with, imagine that you make 200 $ per month, and well you will use these 200 $ to have a personal assistant who will be able to devote more Of time. Once again, the goal is that you spend very little time on it.
3 outsourcing is the secret key to save more
You go continued to have your job and live your life otherwise if you have a salaried job the day and you bump the evening and the weekend in more full time on your project, you will go crazy. This is a possibility, of course, if you have the motivation, I advise you to do it, but it's not given to everyone. With this approach that I propose to you, it is much more light. At first, it's you Who do the project to launch it, and as soon as you start to gain a little bit from here, that's it, this money goes into a personal assistant. The goal is to, you just drive the personal assistant, tell him what to do to develop the project, to continue in the same direction of, that what you had already started for that incomes increase even more and you go from 200 to 500, and from 500 to 1 000. And if you put 500 aside a month, and your project yields 1,000, it's 1,500, you can repay your loan at 1,500 $ per month instead of 500, and So you will repay 3 times faster. If it's a student loan, for example, that you had to pay back in nine years, and you'll pay it back in 3 years, which is when even hyper fast, say 4 years because maybe it will take you a year to put all that in place initially. But in 4 years you repay your loan instead of 9 years, and after, you can invest, you can apply all the other tips of this investment chain, you can invest in startups, real estate, etc ... That's all for this advice, do not hesitate Not to tell me in a comment what you think. Does that interest you, is That you will try to do that? I invite you, of course, to read the book of Tim Ferris, "The four-hour week", if you want to know more about the financial freedom.
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