Invest Or Pay Off My Student Loans | What I Did

I graduated college I think 6 years ago now, I when I graduated I owed about 21k thousand dollars approximately, and I remember clearly in 2020, I had all that to pay off my student loans, and the stock market dropped by 25-50% because of the pandemic and I grabbed about 20-25k and invested that in the stock market.

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1. Realistic Expectations
– Thankfully I didn’t have to learn from my mistakes when it came to to doing the right thing
– Before I became debt free I had invested over 6 figures
– And had about over 70k in debt
The Truth that most people will never admit is this:
– I got extremely lucky and I took a big risk and ended up winning
– But I could have lost everything or most of everything I had for a long time
– And here is how

Imagine this:
– My debt was never going to go down, I owed what I owed
– Although the stock market recovered in a year or 2
– It could have taken decades, that’s happened in the past by the way

Not just that:
– Instead of my overall income increasing, I could have lost all of my income
– And instead of the government pausing payments
– I could have been required to pay and I would have likely gone broke

Who has not been so lucky:
– Dave Ramsey: went bankrupt and realized debt was not the way
– Grant Cardone: went almost broke I think it was, and borrowed more than ever
– I learned something from both these men, not that there is a balance between both, but that Dave Ramsey is right and Grant Cardone is wrong

2. The Borrower is Salve to Lender
– You can make yourself sound sophisticated by talking about leverage and risk management
– But at the end of the day you are still at risk
– And one of the most powerful quotes I head was this “ if you risk what you have and need to what you don’t have and don’t need, it is foolish “
– And that’s exactly what many people do

Remove the friction and Eliminate the Trivial
– When you have debt
– When you play no games to get credit card points
– You can focus on building wealth without worrying about any of the floors and taking on a bunch of risks

3. My Life Today
– The only thing I owe is taxes and some money I think from some utility bills after I move and I need to get that sorted
– But I don’t have debt
– And life is better that way

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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