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Need ideas on how to tackle my debt

Discussion in 'Business, Administration & Management' started by Mskriskris, Mar 14, 2018 at 5:38 AM.

  1. Mskriskris

    Mskriskris Well-Known Member

    United States
    Im a classic millennial case, taken up a study of field that wouldn't pay off the number of loans i took. Basically, i took a 5-year architecture program (towards being a licensed architect after 3 years of work). Although its towards my passion and my profession, the school I pick have a pretty hefty tuition. So im now looking at being in a profession where the median is about 77,000 with a 230,000 total of student loan debt.

    Since im starting just now, of course my salary is way less than that while im paying off the debt. Its tough on the pockets, and it looks never ending.

    I was listening to a podcast on youtube where someone was mentioning about the same problem, and the takeaway was that I don't have the luxury to depend on my job to be my only income. I have to get rid of it as quickly as I can.

    So Im wondering if any of you have any ideas where I can make enough income apart from my job, to pay off this debt, and how quickly you think I can do it. The dream is 5 years im debt free, but thats a huge stretch.
  2. mukk_in

    mukk_in Let's Go Yankees! Supporter

    Part-time second jobs can be a good source of income. Be sure you can handle the stress. If you have any credit card debt, its better to get rid of that first. Using public transportation instead of your personal car, skipping that weekend movie and dinner, etc. are some other ways to skimp and save a few dollars. Just some thoughts :).
  3. faroukfarouk

    faroukfarouk Fading curmudgeon

    @Mskriskris: Do you and maybe a friend have the funds to invest in preconstruction condominum investment? there is often a good return on investments there, especially in the Toronto and Vancouver areas.
  4. vinsight4u

    vinsight4u Contributor

    Last edited: Mar 14, 2018 at 7:30 AM
  5. Angeleyes7715

    Angeleyes7715 Well-Known Member

    Live below your means and save like half of your salary or more and put it towards loans. With that salary, as long as you don't have tons of other debt and bills, you can pay that off in under 10 years.