Financial Fiction Friday#26

Cheat Code

"Horton took a job as an operations manager at the nonprofit her mother runs".

"While everyone's situation is different — not everybody can move back home, and not everybody will have a small rental property gifted to them..."

"I just want them to feel empowered that they can pay it off. If I can do it, anybody can."

Business Insider with hard-hitting stories about how to pay off student debt when you have every advantage available to you:

How one 31-year-old paid off $220,000 in student loans in 3 years

Let's face facts, there is only one way to pay off $220,000 of loans in 3 years. First, you have to have in excess of $220,000 in discretionary income over those three years. Even assuming 0% interest on your loans, if you don't have an extra ~$73,400 per year, it is mathematically impossible to repeat this.

There is a horde of these "debt paydown specialists" hawking their experience as gurus because:

They went into a lot of debt
They leverage beneficial personal circumstances to reduce their expenses
They put their very high income to work to pay it off

Regular people who are in debt are getting grifted out of money to join classes to learn these "tricks". That money could otherwise be going toward debt repayment.

Read all about it! Sign up for this personal finance genius' Ted Talk and she can teach you how paying $10,000/mo to your loans can magically erase your debt.

Stop the BS.

All Fiction