Here is how to pay off your debt

[Deleted member 13140]

So I want to share a true life story, not mine, but It happened, and this I think is the best way to pay off debt.
But first, Like Gary Vee use to say before he starts a keynote, Let me give a context of what am going to talk about - .

For many people, one of the biggest reasons they need a side business is to pay off debt. If you're trying to pay off debt but don't feel like you're making any progress, a side business could help.

So here comes the story, am only telling this story because maybe someone would just say that there is no need to get a side hustle if you want to pay off debt.
When he was faced with $85,000 in college loans, a man named Gerald Zingraf resolved to do something about it. Zingraf, 29, works for a technology firm in Arlington, Virginia, as a product manager. Despite the fact that he had always made a good wage, it wasn't enough to pay off his debt, cover his living expenses, and achieve his objective towards becoming financially independent by the age of 35. He crunched the facts, and they didn't lie: (I think this part of the story should really teach anyone preparing for retirement or have some debt to pay, you need to calculate into 50 or 30 years to come) That's what Gerald Zingraf and found out he needed to increase his earnings.

So, on the side of his day job, he created not one, but three businesses between 2015 and 2017. His businesses include two e-commerce sites, one for healthy office equipment like standing workstations and the other for baby things. His third business is a subscription box service that sends couples the "ingredients" (which aren't usually food) for fun date nights. Zingraf was able to pay off his student loans in three years thanks to these companies.

Just start a side hustle.

 

[Abigael]

This is a very inspiring story. Thank you so much for sharing. Indeed starting a side business is a very good option to paying off debts. So many people get stressed by such student loans and they don't know how to pay it back. The salary earned is not enough to pay bills and pay off the debt. Therefore, it is an awesome idea to delve into a side business.

The good thing is that these days, a business does not have to be offline only. You can do what Gerald did and start your online business. Building a website and choosing a good niche is one of the best ways to earn online. In the end, you earn just enough to pay off your debt.

The best thing with this idea is that after paying off the debt, you still remain with an awesome side income earning method. Which will make it even faster for you to reach the financial Independence goal you have.

I also totally agree with you that when planning for retirement, plan so many years ahead. That way, you can start working on it early and when that time comes, you will have truly formed a stable financial status.

 

[Good-Guy]

I think there are various ways you could avoid bad debt and paying the loans at the right time. So first of all, you need to start with basic things. Initially, you must make a plan. You must realize your goals and what will you do in case your loan application gets accepted. But before even applying for the loan you must consider the amount you can easily pay back. This is one of the most crucial things you need to realize. Borrowing an excessive amount of money and risking that money is never a good idea at all under any kind of circumstances. If you borrow the amount which you cannot afford to pay back, then you will definitely get into big trouble. Secondly, you must ask yourself many questions before applying for a loan. Some of those questions include:-

1) Why am I applying for the loan in the first place?

2) How will I actually pay the loan back?

3) If I am borrowing money for business purpose, what are the chances of me making good profits and paying the loan back?

4) Is the lending organization reliable?

There are many other questions and more importantly, it is always better to take interest-free loans. This is because high interest rates usually cause problems for the borrower. In fact, even a smallest ratio of interest is bad.