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How I Paid Off My Student Loans In 1 Year
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- Опубликовано: 18 авг 2024
- Ok paying off debt is not an easy thing to do. It takes discipline, hard work and commitment to say the least. Now when I graduated from college in 2015, like most of peers, I had student loans and 6 months after graduation I started to pay them back. But I wasn’t aggressively doing it by any means.
Until this last year in 2019 when something hit me. Here’s what I did to 𝗽𝗮𝘆 𝗼𝗳𝗳 𝗺𝘆 𝘀𝘁𝘂𝗱𝗲𝗻𝘁 𝗹𝗼𝗮𝗻𝘀 𝗶𝗻 𝗼𝗻𝗲 𝘆𝗲𝗮𝗿.
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// A B O U T
I'm Ron Banks, a minimalist + creative writer sharing my knowledge and inspiration on living a meaningful life with less.
Ronald L. Banks is my journey through lifestyle habits + personal growth. Follow my journey and learn how you can live your meaningful life.
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Setting the goal is the first step, but learning how to stay disciplined and focused through those hiccups that life throws your way is how you’ll continue to push forward towards achieving those goals no matter what!
Great video Ron and teaches discipline 👍
1. Changing mindset
2. Educate/Inform yourself about money/paying off debt
3. Budgeting
4. Stay disciplined through temporary difficulty/setbacks
5. An accountability partner
6. Creativity/not spending money
A huge problem is that people have to do jobs they hate and spend the little money that's left to consume shit they don't need in order to fill in that emotional hole they have from doing things they hate.
Love it: you said you had extra money that didn't have "an assignment"! Yes! Give every penny "something to do" -- thanks for this video.
Exactly T Wilde. Something I learned from FPU!
T Wilde 😂😂
Paying cash is the only way I've found to stay out of debts. I just spend only what i have. Thanks for this video!
Congratulations! Over the 48 years we have been married, my husband and I have enjoyed many interesting, educational, fun, and free activities. We look through the Sunday paper wherever we live for opportunities. By doing this we have attended free lectures by prominent authors, gone to poetry slams, done volunteer work, visited many museums and art galleries (many of these places will have free admissions days, you just have to keep an eye out for them), taken lots of lovely walks and hikes, you get the idea. We get to learn about the area where we are living at the time, meet new folks, and enjoy time together. That is one of the ways we have been able to live mostly within our means. Thanksfully we have been debt free for a number of years. It really makes retirement so much less stressful.
My plan is to graduate school and pay off all my dept in 1 year..I’ll leave frugally for 1 year so I can take care of all my debt..
I love the plan! Keep growing on your journey!
Email clarasteve0000@gmail.com this organisation help individual to pay their debt and also give individuals funds to start up a business
Really like the whole setup of your lounge.
simon gadd thank you! I can’t wait to share the space with you in a video once the rest of it is put together.
Great video!!! I'll throw one that I did personally: teach myself to cook. Saved so much money & feel good about it too.
Making meals at home has saved me a lot of money. Smart move Scott.
Bonus: eating at home is usually healthier than eating out, too.
@@Lucky-xs1nk I agree
Please tell me how you learned to speak so clear and succinctly, you present information so beautifully 🙂
I completed FPU in 2017 and it was a financial game changer! I'm on Baby Step 4 and I've never felt more confident about life, in general. FPU was fun, enlightening and purposeful... just like your channel. Congratulations and continued blessings!
Thank you for your love and blessings! I’m happy to hear that you’re moving forward and no your wealth building journey. Keep growing!
Congratulations staying focused through the hiccups. It can be very difficult getting back on track when you have unexpected things thrown your way. To all of you out there trying to achieve something... its okay when you trip up, just get back up and continue on in your journey. Be proud that you are taking responsibility for your life decisions.
I love what you said here Claire! Love it!! Keep growing on your journey!
❤️
FINALLY a Black man’s perspective on the debt free journey. I really enjoy your content. Been starting and stopping this journey for about two years now. Third times a charm and I’m going full in!
Congratulations on paying off your student loans! You did a great job! I'm not in debt outside of a car loan but I want to build up my retirement savings as high as I can this year. I'm also about to go back to school so I need to prepare. All the best for your next moves!
We are looking at the last leg of debt payoff. We are empty nesters and want to be debt free! Starting the DR course tonight! 👍😀🌟Great job on your debt!
Thank you Sheryl! I’m excited to know that you’re working towards paying your debt off as well! I’m excited for you!
Congratulations 🎈🎊 on paying off the student loan debt. I also went to FPU classes in 2018 & became debt free in October 2018. What a true game changer. Becoming intentional about my money led to the journey toward having a lot less in my space. My condo feels lighter and freer. Thank you and again congratulations. Nothing feels better than not having to send your paycheck to someone else.
Thank you Robbie and congratulations to you as well! FPU was a try game changer! Keep growing and learning on your journey my friend!
I hadn't taken FP, but I listened to the program and was on step 3 before I became I'll and had to stop working. I'm planning on restarting as soon as I'm able. Thank you for addressing this and talking about how much the program helps.
This is why I love people like you my friend you are very smart to get out of debt don't you feel so free today you feel so free which allows that more money in your pocket.. keep up the good work and don't get credit cards don't you dare get credit cards my friend keep after that I'm doing it you can do it too..
By my own admission, I have a very short attention span ( I think it may be tied to my anxiety ? ) I love Ron's vids cause he boils it down splendidly. I don't owe a lot of money and what I do owe is from a different source but I would listen to the man belching if need be. 👍👍👍
Thank you! I had been going back and forth trying to decide if I should take the plunge and spend the money for the course. Your video convinced me to do it. We are actually facing a car repair that will eat half of our current savings. We are actually blessed to be able to start having baby step 1 already done, until this car issue came up. I guess it's further proof we need the course. Thank you for being real and sharing openly. God bless you.
I hope the course helps you as much as it’s helped us. It’s definitely an eye opener! Just remember to stay focused and work for it! I’m excited for you my friend!
@@RonaldLBanks thank you so much! Your videos always inspire me in some way. You're making a difference in this world.
Thanks for this video Ronald, I graduate this spring and with the pandemic I’ve debated living at home for a year to pay off my loans and this helped me get on track.
Love this video, thanks for the inspiration and tips !
I’ll be graduating in June 2021 with $50,000 of student loans. While in quarantine, I realized this year is the best time to save as much money as I can, since I don’t have to buy lunch or Starbucks everyday, or need to spend money on a new outfit since I won’t be going anywhere. By working and studying from home, my goal is to pay off my loan in full before my repayment date even starts !
Needed to watch this, thank you for posting this bro.
Congratulations to you and Lexi! That must be a tremendous relief.
Thank you Kathleen!!
I have $15k in CC dept and I’m buckling down now to get rid of it. I transferred half to a card with 5.5% interest for the next 18 months and the other half to a card with 0% for the next 18 months. Now is definitely the time for me to start chipping away. Your videos have me motivated.
Great job Ron! Doing a monthly budget is incredibly eye opening. It has made me feel like an responsible anxiety free adult and rediscovered the drive and passion I had in my 20's. My goal for debt i pay off is 12/20 hiccups and all.😎
I love how you set that goal for yourself Maureen! Make sure you come back and let me know once you achieve it so we can celebrate together! I’m rooting for you!
Good to see one of my peers that have the same mindset like me and is also a 2015 graduate!. All my friends are either paying the minimum or is in deferment waiting for a new president lol. My issue is living in nyc with 1700 rent. Considering a roommate tho. Good to hear your repayment story.
Good luck with a new president in the States, apparently Kanye West is in queue 😂
What was your 2011-2015 college student loan rate, I'm a 2010 grad and I had federal subsidized and unsubsidized loans with 6.8% interest rates totaling a little over $55,000. Im a recession grad so given the fact that I had no real stable salary initially up until 2015 paying this much off in a year really depends on job salary and living arrangement. Homeboy here in this video doesn't mention those details he just tries to sell some university bs which I assume sponsored him.
@@chiragpatel8597 mine varies from 3.4%-4.5%... I wouldn't take his situation and compare it to your own though. He said he didn't spend any money. He had helped from some where to make that comment. My parents died at a young age and I know tons of people that lived with their parents and paid down debt. I was on my own since college. Just pace yourself and you'll finish on your time. If no hiccups in life comes my way, mine should be paid off by the end 2021 or beggining of 2022... Goal to have it out my life before I'm thirty lol. Also look at what works for you. Some people go the roommate route. Not for me, but it saves you tremendous amount of money. Not eating out as often. Not going on as many vacation or extravant vacations for that matter. You have to figure out what works best for your situation. He gave a cookie cutter Google search list, but you'll manage
Bro this is awesome! Dope video! Also congrats on paying that mug off!!
I’m definitely motivated by your story!
Thanks for sharing!!!
Thanks Aaron! Keep growing on your journey my man. I’m happy that I motivated you! 🙌🏾
That is true but it's also true all you got to do is take your time it's a mindset.. but most people don't have the power to keep out the debt not to mention most people don't even save..
Somehow you're videos are always on time with what I need to hear. It's amazing how the universe works. Thanks, Ronald.
Wow great work man!!!! I’m sure it wasn’t easy but you got it done. Thanks for making the video and inspiring people.
Contact john_mcnees on Instagram or mail him on johnmcneese067@gmail.com or +12512396384 on WhatsApp(he does not take upfront payment) if you need help about forex trading , Bitcoin, hacking your PayPal,credit score fix, bank account,western union hack,money gram,credit card hack,instagram verification, facebook and many more.. you can as well check his website newtomorrow.net
His fast and reliable .
We paid off the same amount! Congrats!
Thank you for the encouragement. We are working on our debt. Thanks again.😀
Keep working and stay focused Samantha! I’m rooting for you!
Great advice! The borrower is servant to the lender. Proverbs 22:7
I started the Dave Ramsey’s baby steps 2 years now, and OMG the money I saved and my mindset now is totally different
Keep growing on your journey!
I’m graduating in May and hope to do the same. Thank you for the steps and advice!
Perfect timing for you Mark! Attack those student loans early and get them out of your life! I’m rooting for you!
Well done buddy. Should be proud of yourself
Frank Hogarth thank you my friend! Keep growing on your journey!
I love Dave Ramsey as he believes in living well WHEN you can afford it. I remember a young person who called and wanted to go to a wedding a friend was having in Hawaii as they were doing the Honeymoon there & it would cost $2,000. Dave asked about student loan debt, etc. and then said "You can't afford to go to this expensive wedding (the couple lived here)" and then he told this guy to get a 2nd job since he didn't have children to take care of and pay off his debt. Glad u paid off yours.
Motivated! Thanks!
I’m happy you’re motivated Corey! Keep growing on your journey my friend!
Loved this!! Thank you Ronald!
Talk more about the creative part.
I wan’t to know.
As always.
Brilliant video ❤️
Thank you Jennifer and yes I’ll definitely share more soon!
Great achievement! Congratulations!
Thank you Daniel!
Nice job!!!! You're an inspiration to everyone. I did that kind of thing with my first mortgage. Bite the bullet and pay that bitch off.
Hi Ron great video.
Thank you Cathy!!
Thanks, brother!!!
Well done Ron. Peace man.
Thank you Ricardo!
I cannot wait to start mine when I graduate, I should have to pay back 35k & I’m going to try to finish them in 1 year, $1250 every 2 weeks!
Love FPU and Dave Ramsey!!
Welcome to the tribe
In the 1 year club too! Love it and great job. Dave Ramsey is a jerk but he help me get out of debt. Happy for that an now looking for other resources for future wealth building and lifestyle balancing
Thanks again. I’m gonna try.....
Stay focused on your goal and continue to push towards it regardless of the hiccups that come your way. You’ll get there, I’m rooting for you!
Congratulations! 🎉🎉🎉🙌
Thank you so much! 🙌🏾
@@RonaldLBanks Absolutely. I'm inspired to take care of student loan debt too. It's hard to even try when it seems like a losing battle. But it can be won. Kudos to you guys for showing it can be done. I would love to offer the next generation a more affordable and empowering route than we were had but I'm grateful for my education just the same.
awesome video!!!
hattice taylor thank you!
Love this
I got a Dave Ramsey's ad before your video.....
Im on my 2nd yr of paying off my student loans...still a long way to go but im giving myself 3-5 yrs 💙
Yes I'm early.. ish 😂.
Great vid btw
Yes! I’m on baby STEP 2. Hoping to wipe that out in 2021. 🥰
I love how you set your goal! You’ll have to come back and let me know once you achieve it so we can celebrate! Keep growing on your journey!
where did you get your couch?
I might need to face my approach as well
I just started with baby step 1 I am half way there but I am so motivated to payoff my student loan as I know it will be not an easy journey.I need as much information as possible on how to attack the student loan.
I’m excited for your debt free journey. I know you can get it out of your life!
Contact john_mcnees on Instagram or mail him on johnmcneese067@gmail.com or +12512396384 on WhatsApp(he does not take upfront payment) if you need help about forex trading , Bitcoin, hacking your PayPal,credit score fix, bank account,western union hack,money gram,credit card hack,instagram verification, facebook and many more.. you can as well check his website newtomorrow.net
His fast and reliable .
In Europe, we don't have student loans. Why? Because education is free of charge for anyone willing to go to the university and study. The education fees in U.S are outrages and constructed to make an average person start their life with a huge debt. Oh yeah, we also have a superior healthcare system that will not bankrupt you. Did I also mentioned that everyone has an healtcare insurance? And we have Freedom as well.
Why I am watching that, I study in Germany without any study fees so I could study in 3. Countries without any debt at all.
Glad to live in Europe once again!
Theres inconsistency in this video, you paid what 200 ish a month and quadrupled payment by saving, ok ii can buy that to a point but 8oo X 12 does no equal 23000 dollars in loan payoff lol. What was your loan interest, I assume you took savings + additional income and included that into your repayment scheme to make up the difference bc I'm paying 700 a month during covid while squeezing every cent where I can and 8400 dollars is what that amounts to. I assume you had outside income beyond your day job in the form on investment, sharing an apartment or living at home bc budgeting and discipline do not make up that big a gap in wasted income. Call me crazy but this make no sense.
🙌
Did you take from someone
What is your yearly income and itemized expenses? I think if you are going to be giving this type of advice, it should be qualified with numbers...
He's given the advice to make it work ...for you. Mindset, budget, educate yourself etc etc. Someone else's income and expenses is irrelevant imo.
Alexxxis W The advice is pointless if the equations don't work, sweetie. I teach calculations all day long... This advice is USELESS if your income is not high enough. He went from paying a $250 a month student loan to $1000 a month. That in and of itself speaks to discretionary capacity of $9000 a year. The data I have says most Americans don't have that, let alone native Black folk. How much did the Course cost? Again, whatever you say, this is disingenuous advice to sell courses. UNTIL I see calculations, I'm calling BULLSHID!
Please. You just wanna be nosey, if you know calculations then you know how to budget your own finances and if it would be feasible with your income, reoccurring costs and amount of debt within a year.
Sounds like you have more work to do on the Mindset step then. The amount of people stuck because they're waiting for higher income, new job, etc, and telling yourselves that it's about the calculations. No one's said you have to follow the same path, because, obviously it depends on your own income, spending and the level of sacrifice you're willing to make. So, could take someone else 3 yrs or 5, compared to 1 if they make less but are dedicated nonetheless. Still beats the hell out of being stuck paying minimum payments for 10+ years. I mean, that surely is understandable as a concept.
Also, Dave Ramsey is available on RUclips, Spotify for free if anyone is really interested to see what it's about. I'd recommend a listen, main lesson is, it's not about the math, if it was everyone would be out of debt and rich. It's mindset, motivation, behaviour and a freaking budget.
I don't even have "debt" to be honest but I want to pay my boyfriend back for paying for my school tuition.
Good video & cute guy☺
Personally, there's a lot of finance people out there besides Dave Ramsey. I had to unsubscribe after his random rants about Obama care and socialism. I don't have time for peoples political objectives when I'm only here for finance