Episode 49 - How to pay off your student loans with Ray Brown
Description
Ray Brown, an advisor at Goodwin Investment Advisory, joins host Reid Trego on the Money Pig podcast to discuss paying off student loans. Ray shares his personal experience of successfully paying off his own student loans and offers advice on how to tackle student loan debt. They emphasize the importance of avoiding excessive debt in the first place by exploring alternative options like scholarships and grants. However, if someone does have student loan debt, they suggest using a "debt snowball" approach by prioritizing and paying off smaller debts first before moving on to larger ones. They also encourage individuals to focus on eliminating debt as quickly as possible rather than relying on payment plans or stretching out repayment over many years. While it may be tempting to delay investing or saving for retirement while paying off debt, they recommend taking advantage of employer matches in 401(k) plans to ensure no free money is left on the table. They conclude by emphasizing the need to stay focused on long-term financial goals and visualize a future without debt in order to maintain motivation throughout the process.