- Student loans.
The one debt that you can never get rid of,
unless you actually pay them off.
So what are you student loans really costing you?
Stick around, because I'm gonna show you
what your student loans are actually costing you
if you're only paying minimum payments.
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As of the second quarter of 2017,
there's 1.3 trillion dollars that are owed
in student loans, and that's over 42.3 million borrowers.
People between the ages of 18 and 49 own 70% of that debt.
Come on, millennials.
What are we doing here?
We're better than that.
Let's knock that number down a little bit, huh?
66% of the delinquency rate comes from people
who are 40 years old and older.
So guess what, millennials?
The longer you hold onto your student loan debt,
the longer you push it off to the side,
that's you.
So I pulled some data,
and the average student loan amount is $31,500.
The average interest rate, 5.3%.
The average monthly payment, roughly $300.
That would take you 12 years to pay off,
and you'd be paying $10,500 in interest.
Add those numbers together, principal plus interest,
and you're looking at about $42,000 over 12 years.
Let's play a little game of What If.
Because I don't know your exact numbers,
let's go off the average.
So, instead of paying $300 a month like the average person,
what if you doubled that and paid $600 a month?
If you were able to scrounge up
an extra $300 a month to put towards your student loan,
you'd save yourself $6,200.
That's $4,300 that you're paying in interest,
as opposed to the $10,500 like the average person.
You'd also have your student loans paid off in five years
as opposed to the 12 years originally.
That's seven years sooner.
So not only are you saving yourself money
in the interest you would be paying,
you're also saving yourself time
in the form of seven years.
What would you do with that seven years
and that $6,200 in your pocket?
I got a few ideas.
So if you decide to pay that $600 a month,
instead of paying $4,200 over 12 years,
you're only paying $35,700 total
and paying them off in less than half the time.
So what's that $300 a month, times that seven years
that you wouldn't be making payments?
That's roughly $25,000.
$25,000, people, what would you do with that money?
Now, let's go off the $600 a month payment.
If you paid $600 a month for that seven years,
seven years that you wouldn't be making payments
that you would save yourself
if you did pay $600 a month for the first five years,
how much would you have in your pocket?
Over $50,000, 600 times seven years, is $50,000.
Yes, I can do math, I swear.
$50,000!
That's a lot of money.
That's a lot--
$50,000, that's a lot of money.
I'm gonna say it again.
I don't care how rich you are,
$50,000 is a lot of money.
How many vacations could you take your family on
for less than $50,000?
How much do you think you could make
if you invested that $50,000?
Do you think $50,000 would be a good investment
for a college fund for your kids?
How about a down payment on a house?
How about for that car
that you're going to eventually need?
It's $50,000.
The possibilities are endless as to
what you could do with that $50,000.
And not just the money, the time.
You gotta think about the time.
Seven years is a long time.
Knocking seven years of payments off
in five years, holy smokes.
Do you understand how free you'll be able to feel
for seven years sooner than the other people around you
that paying the minimum payments?
Do you think it's worth it to suck it up
and pay a little bit extra now
as opposed to paying for a longer period of time.
I think so.
So if you can find an extra ten dollars a day,
that's $300 a month.
How can you make an extra $10 a day?
Ask yourself that question.
What can you do in your daily spending
where you can save yourself ten dollars a day
which will equal that $300 a month?
You got to start thinking outside the box.
You can't be thinking like everyone else around you.
Because thinking like everyone else is
gonna keep you in that same boat as them.
And there's a reason that most people
have all this student loan debt.
It's because they're all doing the same thing
and that's a problem.
So you don't really have a choice at this point
but to start thinking outside the box
and start trying something different.
Because if you don't, you're going
to continue to be a statistic.
Guess who forgot to shoot an outro?
This guy!
So I'm gonna do it right now.
Thank you so much for watching this video,
I greatly appreciate it,
I hope it helped you understand
your student loan situation just a little bit better.
If you have any questions, comments,
feel free to leave them down below
or send me a private message.
Hit that subscribe button,
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I've got a lot of cool stuff planned
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I've got a debt-free course coming out,
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how that can help you.
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Alright, thank you so much,
have a great day, love you, adios.
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