33 min listen
188: Finance Friday: Is A Master's Degree Worth The Pay Raise?
188: Finance Friday: Is A Master's Degree Worth The Pay Raise?
ratings:
Length:
61 minutes
Released:
Apr 16, 2021
Format:
Podcast episode
Description
Being strapped with student debt isn’t easy. It creates a whole new obstacle to hitting financial freedom, but it can be mitigated. So does it make sense to invest on the side and pay the regular monthly payments on student debt, or go all-in and pay off huge chunks of student debt at once? Today’s guest, Robyn, has this exact question (which many of you may have as well). Robyn lives in the Bay Area, one of the most notoriously expensive housing markets on the planet. That being said, she is paying very low rent, under $700 a month, split with her partner. Robyn has student loans and a small car loan, but wants to go back to school to get her master’s degree so she can hit her career goals. There would be a pay raise after she got her master’s and she loves her job, so she’s keen on staying in her sector for awhile.Scott and Mindy go through a few examples where it may be best for Robyn to go more heavy on investing, instead of paying off the student loan aggressively. This is especially true now that the government has given the option of 0% interest payments on student loans for many students (including Robyn) until at least the last quarter of 2021. So what makes more sense, get rid of debt or go in on investing?In This Episode We CoverKeeping a large savings rate every month for unexpected expenses Finishing school faster so you walk away with less debtKnowing your student loan and other debt interest rates Weighing investing against paying off student loans quicker Having a side-income so you can maximize saving whenever possibleAnd So Much More!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Released:
Apr 16, 2021
Format:
Podcast episode
Titles in the series (100)
#06: Fearlessly Paying off Massive Student Debt on $30,000 per Year with Sarah Wilson: Are you tired of hearing success stories from folks who are earning $60,000, $80,000, or even $100,000 or more paying off debt and moving toward financial freedom? Where’s the inspiration for the folks out there that do not earn above average... by BiggerPockets Money Podcast