Student loan debt—the gift that keeps on giving with interest, stress, and the overwhelming feeling that you won’t be able to pay them off. The larger the loan, the heavier the weight on your shoulders, but in today’s episode, we go over how to start lightening your load. Focusing solely on your debt makes it seem like there’s no way out, but financial freedom is always achievable.

Today’s guests, James and Bianca, have $278,000 of student debt between them. This debt has followed them for a while, and their original payoff plan would last for another twenty-four years. Despite their debt, James and Bianca have a strong financial portfolio with ten cash-flowing rental units. They make over $17,000 a month with only $7,300 in expenses. Even with a strong financial foundation, these student loans have loomed over them and kept them from true financial freedom.

Scott and Mindy introduce James and Bianca to ways they could pay off their debt in the next few years and completely shift their mindset on defeating six-figure debt. Instead of having a burden on their backs for another twenty-four years, they could get their time back and be debt-free sooner. After listening to this episode, there’s a good chance you could too!

Show Notes at:
https://www.biggerpockets.com/blog/money-338?utm_source=youtube&utm_medium=description&utm_campaign=none
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Join the BiggerPockets Money Facebook Group:
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The Fastest Way to Pay Off $300k in Student Debt:
https://www.biggerpockets.com/blog/money-304?utm_source=youtube&utm_medium=description&utm_campaign=none
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The 4 Steps to Financial Freedom and Debt-Free Wealth:
https://www.biggerpockets.com/blog/money-307?utm_source=youtube&utm_medium=description&utm_campaign=none
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3 Steps to Financial Freedom in 10 Years or Less:
https://www.biggerpockets.com/blog/3-steps-financial-freedom?utm_source=youtube&utm_medium=description&utm_campaign=none
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Student Loans— Repayment, Refinancing & Forgiveness:
https://www.biggerpockets.com/blog/biggerpockets-money-podcast-267-robert?utm_source=youtube&utm_medium=description&utm_campaign=none
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How to Attain Financial Stability & Time Freedom in 2 Years:
https://www.biggerpockets.com/blog/investor-spotlight-erin-helle?utm_source=youtube&utm_medium=description&utm_campaign=none
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Want to Be a Guest on the BiggerPockets Money Show? Apply Here:
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Finance Friday: https://www.biggerpockets.com/financereview?utm_source=youtube&utm_medium=description&utm_campaign=none
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Connect with Scott and Mindy on BiggerPockets:
Scott: https://www.biggerpockets.com/users/scotttrench?utm_source=youtube&utm_medium=description&utm_campaign=none
Mindy: https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none

Episode 338

00:00 Intro
03:39 Income and Expenses
06:08 Assets and Liabilities
07:58 Financial Goals
13:41 Defeating the Student Debt
23:18 Goal-Setting in Peak Conditions
26:12 Retirement Investing vs. Loan Repayment
33:39 Counting On More Cash Flow
36:36 Doing What You Love and Arbitraging Assets
44:42 Outsourcing, Delegating, and Making More by Doing Less
55:53 Debt-Free Two Decades Earlier!

#biggerpockets #biggerpocketsmoneypodcast #ep338