First, a disclaimer. I served in the Navy which meant I had very little undergrad loans, and I had assistance for grad school. So I didn’t graduate with the massive debt that so many students are graduating with these days. However, I wanted to write a brief post for some resources that I and others have found helpful if you find yourself in debt.
Why focus on debt? And not just student loan debt, but also credit cards, car payments, and mortgages? Because it is a burden that limits people – what you can do and even where you can go in some ways, it makes you a slave to the lender, and causes worry and sleepless nights (and arguments with your significant other). Work hard at getting rid of it. Here are some personalities that have helped me and others I know to do that (both therapists and non-therapists). Please note this is not an endorsement of any of these – read and investigate on your own.
- Dave Ramsey – I know a few PT’s from Twitter who have used the debt snowball idea and are making major dents in their loans (and my parents used it to pay off a huge amount of credit card debt in a few short years, while Dad is retired and Mom was working part time). We are using his steps as a template, and are also using his budgeting app EveryDollar (I recommend something like this as it makes you more hands-on, vs Quicken which is very easy to set and forget).
- Mr. Money Mustache – Some great (and challenging!) ideas on how to gain financial freedom and better yet live a full life.
- Budgets are Sexy – an interesting personal finance blog. Not only does he put his net worth up each month so you can see how he lives out “saving, hustling, getting rid of debt, early retirement, and …. growing [his] net worth.” Great ideas to save and hustle. He also recently started an interesting podcast, The Money Show.
If anyone has any other helpful links or resources you can post them in the comments below or start a conversation on Twitter (#PTdebt as a hashtag?).