Debt isn’t always a bad thing.
For the anthropology-minded, one could argue that debt was and is a crucial piece for building modern human civilization.
But, to many of us, debt is one of the scariest four-letter words in the English language. Given the student debt crisis we’re currently experiencing in the United States and the ever-present mountain of credit card debt, it’s not that surprising.
So, we’re talking about how to get out of unwanted debt as quickly as plausible. Maybe we can’t all be debt-free tomorrow, but let’s see if we can bring that magical day as close as we can.
Things mentioned in this episode:
This week’s episode is sponsored by:
- Brilliant: Accelerate your learning in math, science, and computer science. Start learning for free at Brilliant.org/CollegeInfoGeek — and if you’re one of the first 83 people to use this link, you’ll also get 20% off your subscription.
- SimpleContacts – The best way to renew your current contact subscription without needing to see a doctor. Get $20 off your first lens purchase by going to SimpleContacts.com/CIG or by entering the code ‘CIG’ at checkout.
Other things we mentioned in this episode:
- How to Budget Your Money Without Cutting Coffee (Ep. 174)
- A Crash Course on How to Start Investing (Even If You’re in Debt) (Ep. 168)
- Invest or Pay Off Debt? on Listen Money Matters
- Debt-Free U, by Zac Bissonnette
- Debt: The First 5,000 Years, by David Graeber
- Mint (iOS | Android)
- Personal Capital (iOS | Android)
- Thomas’ Budget Modeler Spreadsheet
- SoFi
- Credible
- LendingClub
- Why You Aren’t Successful Yet (Ep. 219)
Want more cool stuff? You can find all sorts of great tools at my Resources page.
Timestamps:
- 0:09:31 – Two different methods for paying off debt
- 0:19:09 – Investing in yourself to help you pay off debt earlier
- 0:32:37 – Sponsor: Brilliant (Learning problem-solving skills)
- 0:35:38 – Sponsor: Simple Contacts (Renewing your contact lenses)
- 0:37:58 – Should you pay off your debt as fast as possible?
- 0:49:04 – How to pay off your debt faster
- 0:52:27 – Taking on new loans to pay existing ones
- 0:57:53 – The money pipeline
- 1:02:59 – Focusing on growing instead of just making cuts
- 1:17:00 – Recap and conclusion
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