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How To Pay Down Your Student Loans Quickly

So it my my five year goal and my one year goal to payoff my student loans. I currently owe $20,269.98 in federal loans. I highly doubt uncle Joe(Biden) helps us, even though that was one of his campaign promises.

So my plan is to payoff my student loans as quickly as possible. Why? Because I would like to be well off financially, and one day “retire”(do what I want to do with all my time). But with debt, that will not be possible. Especially high debt.

Found Money

I have written about how I have found money in my name. First one was I asked my mom about savings bonds that she supposedly had in my name. She had some locked away and gave them to me. I am super thankful that I had parents and family that wanted to invest in me since an early age.

Second was, the state in which I live in, had money in my name. I filled out the paper work and received around $240 from previously over paid bills and different side jobs that I had.

Side Business Money

In the last three years I have been super lucky to have built a side business. But this is extra money that I am throwing at my loans currently. I also used this money to payoff my car last year. But now that that debt is paid off, my main focus is student loans.

I have another blog post on how I started my business and how I was able to scale a higher income out of it.

Side Hustle Money

A few of my top skills are writing, sales, and business. I am trying to try my hand at finding side jobs in copywriting to make extra.

I would work somewhere part-time, but I definitely look at the real hourly pay. After taxes, lost family time, lost travel time, etc. I am honestly trying to keep it higher than $20 an hour net. If it’s any less, then I know I can find something worth more of my time.

Covid is also playing a hard role in this decision. So most of the extra side jobs I am looking to find as online work.

Overall, I am hoping to kill this debt in the latest, five years.

Hope this helps. Cheers!

-E

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Lex Freidman Interview With Elon Musk(Part One)

I have gotten through the first 40 minutes of the interview, and its a real good one so far.

My two main takeaways from the first part are, the system to creating the perfect product, and cost is the key compenent to any endeavor.

Elon talked about how creating a product with already known tools, can somewhat inhibit the perfect product being built.

Secondly, everything that Elon talks about as far as his in Endeavors, he seems to relate it to cost. Like the price to get to mars currently is high and yet not possible. His main focus for getting to Mars is to bring down the cost of ton to space. He mentioned something about a billion per ton, but that it needs to get down to a million for everything to go as planned.

I love this approach because I base a lot of things on cost, or missed opportunities for actions we take.

I hope to write more on this interview!

Cheers!

-E

How To Find Lost Savings Bonds

So I am looking for extra ways to find money to pay down my student loans. My mom had some savings bonds in my name that she has held onto for me since I was younger. It came to a total of $825. She said that she thought she may have lost some other ones that were in my name.

So, I went online to the Treasury website for lost bonds. I printed off the forms needed to get re-issued the bonds in my name.

It didn’t take long to fill out the forms. But I did need to get the papers notorized before I sent them in.

I don’t know if I have any in my name anyways. I’m hoping to hear back from them eventually. But I am not holding my breath.

Cheers!

-Emilio

New Ways To Pay Down Student Loans

So I have my loans down to $20,998.98. I’m pretty happy, because earlier this year I started off at $23,379. So I’ve been able to pay down around $2,400 dollars over the last eight months. Slowly, but surely.

My 2022 goal is to kill my loans overall. I am a teacher, so I am hoping to get $5,000 forgiven at the end of this school year for teaching in an impoverished school for the last five years. We’ll see if that acutally gets approved.

My district is giving us $1,000 to stay for the rest of the school year. So I hope to apply half of that to my loans.

I am still talking with the state for $240 in my name that they have. And I will use the remainder of my savings bonds, of $200 to help pay the loans down. My mom said there might be more bonds out there in my name, so I will fill out a form to find more. My family was very generous when I was born and younger.

Side Business

I have a side business that brings in $500-$1,000 most months. I hope to apply most of that to the loans this month and next year.

Side Hustle

I would like to start making some extra cash on the side in my down time. I am thinking maybe being a waiter, but the area I live in not the greatest for tips, but still an idea. I could possibly commute to a better area on the weekend.

I was thinking of cleaning garbage bins in my neighborhood.

My goal would be to make the most, in the least amount of time. I would still like to be home with my family on Saturdays and church on Sundays. But I know my wife would be willing to work with me for a short amount of time, if necessary.

My friends give plasma. I might look into that(just found a new center close to me, might dive more into it).

As I continue to find more ways, I will definitely share more posts.

Cheers!

-Emilio

Paying Down My Student Loans Quicker

This morning I made a payment of $660. So after this payment clears, I will have a remaining balance of $20,999.98. So slowly but surely. I know my payments will have to restart in January 2022. So I am trying to kill what I can before interest starts accruing.

I have another $140 to apply to it this month. I am also waiting to hear back from the state on the money the comptroller was holding in my name.

I researched more about loan forgiveness and for teachers, Perkins can forgive 100% of the loans. But I checked today, and I have Stafford loans. So I still qualify for the potential $5,000 forgiven after five years of teaching in an impoverished school. We see how that goes at the end of this school year.

Cheers!

-Emilio

How To Payoff Student Loans Faster

So I recently wrote about another post on how I found out that I have savings bonds in my name, and that the state in which I live in had money for me.

Yesterday I was able to cash in those savings bonds for around $800. It went well and my bank deposited into my savings account. Before I apply this money to my loans, I owe $21,659.98. I have $403.10 in unpaid interest. I plan to forsure throw the $800 at the loans tomorrow morning.

I sent in my paperwork for the $200 the state has in my name. So I know it will take sometime there to see what happens. I’m not holding my breath but I will follow up in a few weeks.

My Mentors

I have a few mentors and coaches that I’m on their email lists. And many of them are talking about 2022 goals. But I am reading Atomic Habits and Richer, Wiser, Happier. And both of these books talk about enjoying the process or “systems” of reaching your goal.

My main goal in 2022, hopefully, will be to payoff my student loans for good. So as of today, that is to knock out $21,659.98 in student loans.

The process will look like, researching ways to pay them off sooner. Using those ways. Communicate the whole process in blog form, to help others achieve the same goal. Then help my wife kill hers. That’s the plan.

Wish me luck on that one for sure.

More Than One Way

So when looking at a problem, you really have to look at it from different angles. When my wife and I watch the NFL, it’s great that we now have way more than one angle to review a play. So we have to use that idea in the same way when attacking student loans.

One way is that we could pay them down. Another angle might be able to find someone else to help pay it down. Another angle may be for us to get a partial forgiveness on the loans.

That is my next approach for the student loans, is getting them partially forgiven. I am a teacher full-time and I have been teaching for more than six years. There is a forgiveness incentive for teachers who have taught at impoverished schools for at least five years.

I am hoping to meet this at the end of this school year. That could be potentially $5,000 forgiven. Which would be huge, cause that’s almost 25% of what I owe now.

I plan to find more angles in attacking my student loans, and I hope to share all those ways on here.

Wish me luck!

-Emilio

Charlie Munger’s Invert Method

As I continue to read through Richer, Wiser, Happier, I am in the chapter about Charlie Munger.

As we all know Mr. Munger is highly regarded as an investor. For me, his most played video is when he says the first $100,000 is the hardest to reach. But when you reach that, you can back off the peddle a bit. I think there’s a lot of wisdom behind that statement.

But I have never read much on him or about him. But this chapter talks about his “Invert” method to life. It’s almost like reverse engineering. He gives an example of: “How can we help India?”. He goes, that’s very hard to do, but if we turn it around and ask: “How can we ruin India?”. That gives us a lot of ideas and how not to do those or prevent those actions. I really like this method.

I want to break this down for myself. I want to be wealthy. So I invert this: How do I not become wealthy? For one, not working would make me not wealthy, or trying to bring in some sort of income. If I spend all my money on useless things, that would make me not wealthy. If I kept buying a new car every year, that would make me not wealthy. If I didn’t invest and save, that would make me not wealthy. If I didn’t have enough income coming in to live below my means, that would make me not wealthy.

So from this inverting, now I revert these answers to become wealthy. To become wealthy I have to work, save, earn more than my expenses, no new car payments, invest, etc.

I LOVE THIS STRATEGY!!!!

Let’s try it with something else: “I want to live long”. So we invert this statement to: “How do I not live long?”. Well that’s a long list. Doing drugs will take your life pretty fast(heroin, smoking, drinking, etc.). Riding dangerous vehicles(motorcycles). Being a robber or felon. Having a horrible diet of just red meat, beer, fried everything. Working in a job that has a short life span. Stressing my body constantly. Not getting enough sleep.

Now, lets revert all the answers. Sleep and eat well. Don’t do drugs. Don’t commit anything illegal. Create a non stressful living environment. Don’t associate with people that do anything otherwise.

That looks really good to me!

I plan to apply this method to a lot of other things in my life as well.

Thanks Mr. Munger!

Cheers!

-Emilio

How I’m Trying To Pay Down My Student Loans Faster

So I owe $21,659.98 in student loans. I have paid down about $1,200 this year so far. I would like to pay down my loans sooner and faster.

Obviously there needs to be money coming in to pay them down faster.

Unclaimed Money

This is the first place I looked. I Googled: “unclaimed money texas(obviously use the state you live in)”. From there I also checked the other states I had lived in prior. I found that I had around $245. One claim was from an old cable company, the other was from my insurance, and the other was from a former work place.

I had to fill things out online, then they emailed me the paperwork, and then I have to mail in everything. So I’ll write another post on if I got all of this.

Money Laying Around

My mom had some old savings bonds at her house for me. So I am thankful a few aunts and my mom decided to invest in me when I was just born.

I calculated the bonds, and they are around $800. That’s a lot for just asking around and seeing if there are any valuable things in my name or that are/were for me.

Old Jobs

There were a few old work places that I worked at formerly that I know had investment accounts that started as soon as you were hired. I will check with them to see if they have anything in my name.

I will write another post on what I find.

Other Ideas

I use to work on Fiverr for fun, so that might be something else I setup. I would also like to clean garbage cans on the side. I got this idea because mine is dirty and I wanted to know if I could hire someone. There are people in my area, but I was thinking I could do it myself, and maybe do it for others in the neighborhood for a small fee.

I’m a dude, so no one would pay for my onlyfans, lol. But I plan to find more ways to bring in extra income to hit these loans.

I have also been successful with a small online business that brings in a couple of extra hundred a month. So I plan to use that to help hit these loans as well. But the main takeaway from my small business is that I solved a deep pain point in my life a while back ago. Now I help people solve that same pain point with a digital product. So maybe you could do the same.

I hope this helps. Best of luck on your endeavor. I hope to keep you posted on mine.

-Emilio

How To Make Money On TikTok

Being a blogger who has monthly income coming in from it, the system would work the same with a TikTok account.

First, you will have to put it as your main mission to help people. That is the most important part. You genuinely want to help people succeed somewhere. For me, it is to help people become wealthy and live the livestyle that fits their desires.

My first business was to help fist year teachers who work in Texas. From there I built a small audience. Then when I came to a really hard point that I had to solve, others had the same problem as well.

So first, find a group of people you want to help. From there, you want to help your audience solve a deep pain point.

Once you have a solution for that pain point, you want to offer it as an affiliate partner, or as a digital product.

Case in point. I was wanting to increase my python coding abilities and came across a TikToker who specialized in Python. He shared some cool tips. He seemed really knowledgeable. So I went to his website and bought his course for $27. He helped solve a problem, with his own course. I was happy that I got to learn more about something he was interested in, and I he was happy to be compensated for his time of setting up that course. It was a win win for both of us!

Case in point for affiliate offers. My wife found this lady who finds the best deals on Amazon, she is an affiliate partner with Amazon, so she gets a very small percentage of each purchase. But my wife is happy, because she gets a great deal, and the lady is happy because she makes a lot of small commissions that really add up. It’s a win win for both!

So right now, to make money on TikTok, you have to become an affiliate partner or create your own product to really make money.

That’s the same model you will want to follow. I wouldn’t depend on getting a million followers just to entertain them. TikTok is not like Youtube, where you can get paid vast somes of money just on followers and views alone. You have to offer something yourself.

I hope this helps!

Best of luck!

-E

How I Plan To Start Copywriting

So I have two blogs, one does very well for being a side business. I love to write and help people.

I was on youtube trying to search for ways to get into the copywriting game, and Justin Goff and Jorden Makelle keep showing up.

Jorden does a really good job of explaining what to do. Justin is really good at pithing his mastermind group. The biggest takeaway is that I’m kind of jealous that there are people making over $10,000 a month. That might not be consistent for them, but I would like to hit that personally.

I have my full-time job that brings in $3,300 a month. My side business brings in $1,000-$2,000 every month. So my monthly income varies from $4,300-$5,300 a month, net. Which is really good, and I am super fortunate, but there is a part of me that is still hungry.

Part of me knows that even if I hit $10,000 a month, I may challenge myself to $100,000 a month, lol.

I like Jorden’s approach of cold emailing. Justin so far hasn’t just come out and said where to start, but his interviewees kind of give you an idea.

I also don’t know if I just want to ramp-up my blog that is doing well to $10,000 a month.

I hope to share where I go, but the goal is $10,000 a month consistently.

Cheers!

-E