186: Finance Friday: Using Student Loan Forgiveness to Catapult FI w/ Sammie

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.5 • 3K Ratings

🗓️ 9 April 2021

⏱️ 65 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today we talk to Sammie, a physician assistant out of the San Francisco Bay Area. Sammie makes a great income, around $140,000 a year, but is strapped with a very big $160,000 student loan debt. The good news? She’s eligible for public service loan forgiveness within only a few years, all she needs to do is continue paying her loan payments while keeping her job, and the debt will be wiped away! This is fantastic for Sammie, because she wants to start investing more into assets so she can hit financial independence within the next decade.This should be more than possible seeing as she used to be spending a lot on her rent in San Francisco, but decided to move back home with her parents two years ago to not only help them, but save money. Sammie has some options to work more hours at her job, invest more aggressively, or buy some rental properties. She has a good amount in cash savings and would be comfortable looking into rentals starting next year. She also has a $200,000+ investment portfolio, so not only does she have a positive net worth, when her student loans get forgiven, she’ll be sitting on a lot of money she’ll be able to play with! In This Episode We Cover Public service loan forgiveness for student loans Moving back home in order to save money on rent Creating more streams of income to hit FI faster and so you can retire more comfortably Choosing to stay at your job even if you’ve hit your FI number Investing in your 401(k), Roth IRA, and Traditional IRA Keeping monthly expenses as low as possible on your road to retirement And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter BiggerPockets Money Podcast 22 with Travis Hornsby Status Post Adulting Podcast Real Estate Agent Directory BiggerPockets Money Podcast 118 BiggerPockets Money Podcast 84 with Kyle Mast BiggerPockets Membership Benefits & Cost BiggerPockets Bookstore Check the full show notes here: https://www.biggerpockets.com/moneyshow186 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Bigger Pockets Money Podcast,
0:02.1	show number 186, Finance Friday edition,
0:05.6	where we interview Sammy and talk about student loan repayment plans,
0:09.6	investing, and of course, real estate.
0:12.3	That just opened my eyes to, you know, just the idea that you could have such a high savings rate.
0:17.8	And I think before I was like, well, why would I have such a high savings rate?
0:20.5	Because like, do I want like a really shiny coffin or something?
0:23.7	And then after a fighting fire, I'm like, no, like, this is all this savings is actually time.
0:28.9	This is time that, you know, if for some reason, you know, I didn't want to work,
0:31.8	I wouldn't have to work. And that really changed my perspective.
0:35.3	Hello, hello, hello. My name is Mindy Jensen, and with me, as always, is my award-winning
0:39.8	Robert De Niro impressionist co-host, Scott Trench.
0:43.2	You know, three people can keep a secret if two of them are dead.
0:49.5	Scott and I are here to make financial independence less scary,
0:52.4	less just for somebody else, to introduce you to every money story,
0:56.0	because we truly believe financial freedom is attainable for everyone,
0:59.4	no matter when or where you're starting.
1:01.4	That's right, whether you unretire early and travel the world,
1:03.9	go on to make big-time investments in assets like real estate,
1:06.4	or start your own business.
1:07.5	We'll help you reach your financial goals and get money out of the ways
1:10.2	that you can launch yourself towards these dreams.
	...

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