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Managing Student Loan Debt: How to Deal With Student Loans

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The student loan debt in the United States currently stands at around $ 1.6 trillion. This crisis is made worse by the fact that only a small fraction of the 45 million borrowers have been diligent in their repayment plans.

Well, there are varying justifications as to why much of the national student debt loan is still unpaid. Most borrowers remain committed to paying their student loans. However, unemployment and the high cost of living top the list of constraining factors when it comes to adhering to repayment plans.

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My Life and How I Manage Stress

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This post is going to be very candid. I’m going to highlight what’s been happening in my life recently, how I’ve dealt with it, and what habits really help.

Let’s just tackle the last month, shall we?

I had three things going on all at once.

We’re Moving

First, I ran into an issue at my current apartment. When I was shown the unit, I mentioned that I’d have my dog, Mya, a couple of days per week. The remainder of the time, she’s with my ex-wife.

I looked at the unit in October of 2019 and they were fine with it. Come to find out the Condo Association where I rent has a 25-pound weight limit on dogs. Mya is 75 pounds, so there were a few complaints.

I tried to get them to make an exception and my landlord (the owner of the condo) went to bat for me. I was thankful for that but to no avail.

The choice was to part with the dog or find a new place to live. My son and I love Mya, so it was a pretty easy decision. We’re moving.

Thankfully, we were able to find a place pretty quickly. Our new home has more space and a basement, and that’s something I’ve wanted for my son so he has plenty of room to play when the weather is crappy.

Investment Property #1

Second, my old house (the one my ex-wife and I own) is being rented. It’s March 24, 2020, as I’m writing this and our tenants have moved in.

There was a strong push to get everything done sooner than I anticipated because of the Covid-19 situation. They (the tenants) wanted to get as far away from the city as possible, and our house is 45 minutes from the nearest “big” city. They moved in, a week or so ahead of schedule.

I busted my butt to try and get the house ready for them, but that had to be done when I had free time. Outside of business hours and outside of when I had my son. That left me with two nights per week and all day Sunday.

It was a lot of work, but I’m happy to say that I got it all done. The tenants are pleased and I’m looking forward to providing a lovely home for them.

The Market

Third, the elephant in the room. Covid-19. There has not been much of an impact on me personally. My lifestyle hasn’t changed much, though, I’m not sure what that says about my lifestyle.

I avoid going out as much as I can. I also forego taking my son to his favorite play place on Wednesdays.

Outside of that, it’s created an extraordinary amount of volatility in the markets. Thankfully, I prepared clients ahead of time, in terms of proper asset allocation and mentality.

On the other side of things, I’m part of our building’s tech department, so there was a strong push over the last two weeks to set my colleagues up so they are able to work from home if it’s deemed necessary.

I’m not going to lie, things have been incredibly stressful. A lot of work in a short amount of time and a relatively significant change in my living situation. Not to mention, I’m trying my hardest to limit the impact moving has on my son.

What habits help?

I’m meditating more regularly, I’m interacting with people I care about more often, and I’m viewing everything (or trying to) from a positive point-of-view.

The meditation calms me and makes it easier for me to find my “center”. It also reminds me to breathe when I start to feel too anxious or overwhelmed.

With regard to social interaction, I’m just meeting a primal need as a human being. We’re social creatures, not to mention I’m fairly extroverted, so talking with people always gives me a good boost.

The last piece is the x-factor. I’ve shifted my mindset and I have Stoicism to thank for that. If there’s an obstacle or a trial, I’m always looking for the bright side and I’m always looking for a lesson to be learned.

As I dive deeper into Stoicism, I find more value and gain more insight from it.

It’s been busy and challenging, but I’m doing much better from a mental perspective. Keep putting in the work, find habits that help, and things will get better.

To learn more about Stoicism, I highly recommend Daily Stoic. They have weekly newsletters, videos, and podcasts.

Related:

A Systematic Approach to Goals

How Much Do I Need to Save for Retirement? A Helpful Guide

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The median American household only has $11,700 in savings. Some people manage to be super-savers while others fall behind, and many have no savings at all.

If you want to have money in retirement, you’re likely asking, “How much do I need to save?” You’re asking the right questions, and we are here to help you get on the right track. If you’re already saving, we will help you figure out even better ways to boost your savings for a brighter retirement.

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Structured Settlements vs Annuities: What’s the Difference?

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Legal settlements are often thought of in lumps sums: $25,000 or $250,000 or even $2,000,000. While may settlements do arrive in lump sum form, there are also other options that a plaintiff can take.

If you want to avoid a one-time payment in favor of regular payments, you can choose a structured settlement, which can also come in the form of an annuity.

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Animal Wound Care Market

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The Animal Wound Care Market report consists of a comprehensive compilation of market forecast, framework, potential, and economical influences. The report encloses an accurate analysis of the drivers, restraints, opportunities and trends with DROT analysis. The authors of the Animal Wound Care Market report have presented qualitative and quantitative evaluation of the macro- and microeconomic factors impacting the growth of the market.  [Read more…]

Financial Stability and Marriage

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Marriage and finances. Why do these so often go together like oil and water? Why is money such a contentious topic in most households?

It’s because people go through life differently. Depending on how you were raised, what you learned, and what you personally experienced, your money philosophy will be different from that of your spouse.

Before we talk about that, however, I’d like to touch on financial stability and why the growing trend is being financially stable before committing to someone.

Financial Stability

It makes sense from a psychological perspective. Having financial stability makes you appear more mature and that you have your priorities straight. People who see that, probably see someone that’s ready for a commitment.

Additionally, getting married, and marriage in general, can be an expensive endeavor.

Obviously, it depends on the wedding you want, but the average price tag on a wedding nowadays is around $25,000 (source). Add onto that a honeymoon that could take you to another state, if not another country, and you’re spending a lot of money within the first month of being married.

What, historically, follows is a house and kids. Both, though worth every penny and minute, are expensive.

Because everyone has a different experience, and there are so many of them out there, I can’t go into detail about every one of them. Instead, I’ll speak generally about what they are trying to do.

Debt

People are trying to get out of or get a firm grasp on their debt. Whether it’s student loans, credit card debt, or medical bills, nobody wants to go into a committed relationship, let alone marriage, with a significant amount of debt.

Not only does debt hinder you from putting it towards future wants and needs, but when you get married, your debt becomes your spouse’s debt as well. You don’t want to burden them with that.

People want to be financially stable going into a marriage so they can afford the wants that often come with marriage, and they don’t want to be sacked with debt that brings down the family balance sheet.

Credit

Another piece of the financial puzzle that people try improving is their credit score. Your credit score plays a factor in almost every important life event. Where you live, where you work, and what you drive, your score could play a role.

Your financial philosophy is how you view money and how you use it.

Philosophy

Are you a saver or a spender? Do you view credit cards as a tool or a money sucker? When you do spend, do you prefer to buy stuff or experiences? Would you rather invest with the chance to earn more or put those dollars in a savings account for safekeeping?

As I mentioned before, your upbringing, what you’ve learned, and your personal experiences shaped the answers to these questions.

When you commit to a relationship, you’re going to have different answers. The key with any part of marriage, and money is no exception, are compromise and communication. You have to find some middle ground so each individual is getting their needs met, to an extent.

What you have to do is sit down with your significant other, dive deep into each other’s life experiences with regard to money, and what’s important to you, both now and in the future.

Once you have a good understanding of where you’re both coming from and what you want, you can work together to develop a plan, and once you have that plan, you can start executing

Related Reading:

5 Steps Before Tying the Knot

The Psychology of Money

How My Relationship with Money Changed

What Affects Your Credit Score?

How to Apply for a Home Loan and Get Accepted

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You’ve made the decision to purchase your dream home. Congrats! Have you considered getting a mortgage?

You may be a bit scared to apply for such a big loan if you have never done it before. You can relax because being prepared will make all the difference.

Knowing how to apply for a home loan is crucial. After your purchase has been accepted, the real countdown starts. Moreover, it can take up to forty-five days to close your mortgage.

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