Episode 30: All Things Recession, Part 3 with Brock
Student loans are considered a “responsible” debt but can still feel crippling. A few things to consider: if loans aren't federal, a moratorium on interest and collections won't apply; if federal loans are refinanced or consolidated, the moratorium won't apply either; and continuing to make payments through a moratorium means less principal to charge interest on once interest resumes. Before enrolling in more schooling, it's worth talking to alumni, people already working in the field, and a financial aid department, since more schooling doesn't automatically mean more pay. A flexible moment is a good opportunity to revisit how debt is being prioritized, and to remember that the college-to-career path isn't the only valid one.
Key Takeaways
Federal student loan moratoriums don't apply to private loans or refinanced/consolidated federal loans.
Continuing payments during a moratorium reduces the principal that interest will later be charged on.
Talking to people already in a field before enrolling in more schooling can prevent an expensive mismatch.
More education doesn't automatically translate into higher pay.
🔮 Wealth Witches™ Monthly Membership Program 🔮
Are you ready to take your financial journey to the next level? Join the Wealth Witches™ membership for exclusive access to live training sessions on money, taxes, retirement, and business support. You'll also gain entry to our inclusive community where you can connect with like-minded individuals and get even more out of your financial journey. We're a community of passionate, purpose-driven entrepreneurs who see creating wealth holistically rather than stuck in another crypto-bro investing black hole membership. Join today!
Thanks for Listening:
Thanks so much for listening to our podcast! If you enjoyed this episode and think that others could benefit from listening, please share! Follow us on Instagram @WealthWitchesPodcast or drop us a message with your questions and episode requests. Looking for more finance tips, visit our main Instagram @thefreelancecfo., or connect with Katelyn over on her Instagram @katelyn.magnuson.
Subscribe to The Podcast:
If you would like to get automatic updates of new podcast episodes, don't forget to subscribe. You can also give us a follow on your favorite podcast app.
Leave Us a Review:
Leave a 5-star review and include your IG handle to enter to win a free month of Wealth Witches Membership! We draw the winner at the beginning of each quarter.
Stay magical and empowered, and remember, wealth isn't just about dollars in the bank – it's about creating abundance in all aspects of your life.
DISCLAIMER: This Podcast may receive compensation for promoting or recommending products or services through affiliate links. We only recommend products and services that we believe are of value to our listeners. The content provided in this podcast is for informational purposes only and does not constitute professional financial, accounting, or legal advice. Listeners are advised to consult with qualified professionals before making any financial decisions. The Freelance CFO is not responsible for any actions taken based on the information provided.
Music credit: Neon Fairies by Wolves
Note: This episode is from our previous podcast, Confident Money.
