Welcome back to Limitless TV. Although many people are doing it the question is,
Are student loans good or bad? Hey friend, Stephen Michael Miller here and you may
be asking yourself this question, "Why is he wearing glasses, sunglasses inside?" And
the truth is, my future is so bright that I've got to wear shades. Hopefully
you've got that musical reference. But the question is, is our student loans
good or bad? We're talking about our future being bright. So many people get
into this process of going to school and getting student loans and
taking on a bunch of debt only to get an education and then after their education
is done and they've graduated. They they've got all of this debt they have
to deal with. And I'm going to take this from a little bit of a different angle
because I don't necessarily believe that student loans are bad. And I don't think
that they're necessarily good either. But it really depends on what your focus
is and what you want to accomplish with those. So, if you are getting student
loans and you have a proper system in place which as to how you're going to
pay those back. If you know exactly what you're going to be doing in order to pay
back those loans. You have a business plan in place that you're going put into
into effect to be able not only pay off those loans but to start paying yourself.
Then getting those student loans can be really good as a matter of fact, student
loans, if viewed as a business expense, can be a great thing to do. Why? Well,
because student loans oftentimes are subsidized. Meaning, they along with
them, you have a lower interest rate, right? So, it can be easier to pay off
over time and so student loans when looked at from a business perspective, it
could potentially be a really good thing. Sometimes you can qualify for student
loans that can take care of other things outside of just your school, right?
Sometimes student loans can be used for housing and living expenses or other
things like that. And so, getting a student loan if you're using it the
right way, it can actually do a lot to propel you in what you're doing in real
estate. I mean, think about this. If you had a student loan and you could use a
portion of that go put a down payment on a home. If you
could rent out the basement of that home or maybe it's a duplex and around the
other side of that duplex. Not only were you able to get a cheaper funds for that
while you're going to school but it can also help you in your
investing. Allowing you to use those cheaper funds to create a bigger spread
for you that puts more and more money in your
pocket. Some of us think that if we're going to college, we can't do other
things or we can have a business that's flourishing or we can't be smart
financially speaking. But going to college, if you do things right in those
college years, if you utilize those student loans the right way, chances are
that could be some of the greatest formative years of your life. Putting you
way further ahead than all of your peers. And it's not about comparison
necessarily. But, if you can learn how to use the assets that are available to
you in the very best way possible then again, you're going put yourself in a
much better financial position than those that, "go out and get the student
loans, live you know the normal way. Maybe don't get a job." They're just, you
know, taking on more and more and more debt just to get through school and
they're not doing anything smart with it. So, is it smart to get a student loan?
Well, the answer is, yeah. It absolutely could be or it could not be based on how
you're going to use it. So, my recommendation here is make sure that
when you're jumping in, that you put a plan in place. This is one of those age
old adages, right? If you fail to plan, you plan to fail. Well, the same is true with
your student loans. If you fail to plan exactly how you're going to use those,
exactly what they're going to do for you then your plan will be one of failure.
You'll find yourself at the end of your school career, you know, at the end of
your 4, to 6, to 8 to 12 to however many years you may be going to
school. You'll find yourself coming to the end and scared to death because you
don't know exactly how you're going to pay those off. I mean, I've even seen this
with doctors and dentists and engineers and lawyers and some of these top paid
professions where they get done with their school. Now, there are a 100 or
$200,000 in debt and they don't have a good plan as to how
they're going to eliminate that debt. Oftentimes having to, you know, defer the
payments or get assistance of some sort
to remove or try to remove some of those payments. Or have to get on a
payment plan and lower those payments below where they should have been in the
first place. And that's jumping down a career path without a real plan
in place for financial security and financial abundance. So, if you're going
to get student loans, make sure you have a plan and place. If you don't have a plan
in place, I would say, don't get the student loans in the first place. That
plan is absolutely critical. But if you do have that plan, it can set you up for
the rest of your life in a much better scenario. Alright friends, it's all
about switching the way we think about things, right? It can be either way. The
real thing is that you have a plan, right? That's the really important thing. So, if
you'd like to learn how to create a plan, not just on your own but maybe need some
help with that. Click on the link in the description below. We'd love to help you
out there with our team. If you haven't subscribed yet, please subscribe. We're
putting out more and more and more content every single day. And with that
guys, have an awesome week and we'll see on the next one.