Cause ain't nothing but sweat inside my hand
So I dig into my pocket, all my money spent
So I dig deeper, but still coming up with lint
So I start my mission, leave my residence
Thinking how could I get some dead presidents
I need money. I used to be a stick-up kid
So I think of all the devious things I did
I used to roll up. This is a hold-up
Ain't nothing funny
Stop smiling, be still, don't anything move
But the money
But now I learned to earn cause I'm righteous
I feel great, so maybe I might
Just search for a 9 to 5
If I strive, then maybe I'll stay alive" -Eric B and Rakim, Paid In Full.
So...I have officially paid off one of the student loans I took out to study abroad in Jamaica while in graduate school.
Tribe, I didn't know this particular loan was paid in full since January!!! The master plan worked! Thank God for emails and communication with the loan officer! LOL!
How did I pay off that particular loan? I paid twice the amount each month, and in 2012 I spent a Summer as an Americorps Vista (https://www.nationalservice.gov/programs/americorps)! As a Vista, I used my education reward to use towards my student loan payments!
*Loan Forgiveness Programs*
1. Public Service Loan Forgiveness
2. Teacher Loan Forgiveness
3. Teacher Cancellation for Federal Perkins Loan
4. Special Teacher Forgiveness Programs for Each State
5. Forgiveness with Income-Based Payment
6. Americorp Vista *education awards to be used for student loans/tuition assistance*
7. Peace Corps *Pays up to 90% of student loans*
The key to building wealth is paying off your debt, staying current on your bills, using credit responsibly, and investing your money wisely! Sometimes, you have to make sacrifices such as relocating to an affordable city, living below your means, taking another job with higher pay, getting rid of cable, limiting you're eating out/coffee expenses, moving back in with your parents, and starting a side hustle.
1. What financial goals do you have?2. What bill(s)do you desperately need to pay off?
3. How are you going to budget your money?
4. What is something you want to own? Business? House? Property?
Don't forget to pay yourself because you spent 40+ hours a week commuting, pouring your energy and hard work on your job or business!
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