2192: [Part 2] How to Pay Off Student Loans Fast On Your Path to FIRE by Scott Rieckens

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 3 February 2023

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

Scott Rieckens of Playing With Fire talks about how to pay off your student loans quickly. This is part 2 of 2. Episode 2192: [Part 2] How to Pay Off Student Loans Fast On Your Path to FIRE by Scott Rieckens A successful entrepreneur living in Southern California, Scott Rieckens had built a “dream life”: a happy marriage, a two-year-old daughter, a membership to a boat club, and a BMW in the driveway. But underneath the surface, Scott was creatively stifled, depressed, and overworked trying to help pay for his family’s beach-town lifestyle. Then one day, Scott listened to a podcast interview that changed his life. Five months later, he had quit his job, convinced his family to leave their home, and cut their expenses in half. Follow Scott and his family as they devote everything to FIRE (Financial Independence Retire Early), a subculture obsessed with maximizing wealth and happiness. Filled with inspiring case studies and powerful advice, Playing with FIRE is one family’s journey to acquire the one thing money can’t buy: a simpler — and happier — life. The original post is located here: https://www.playingwithfire.co/blog/how-to-pay-off-student-loans-fast-fire Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily Episode 2192.
0:04.8	How to pay off student loans fast on your path to fire, Part 2, by Scott Rickens of playing
0:10.6	with fire.co, and on your host and personal finance enthusiast, Diana Mariam.
0:16.7	Today's post is a continuation from yesterday, so if you're new here, I'd recommend listening
0:21.5	to yesterday's episode first, but if you're all caught up, let's hear Part 2 and continue
0:27.1	optimizing your life.
0:33.1	How to pay off student loans fast on your path to fire, Part 2, by Scott Rickens of playing
0:38.8	with fire.co.
0:41.8	How to pay off student loans fast?
0:44.8	There may be situations where student loans are unavoidable, or you may have already finished
0:49.6	school and are now trying to work through paying off the debt you racked up.
0:54.0	That doesn't have to be your reality forever, getting yourself out of student debt and
0:58.8	on the path to financial independence requires a new strategy.
1:03.6	Enroll in auto pay.
1:06.2	This is a simple action that can reduce your interest rate slightly.
1:10.5	Most lenders offer an interest rate reduction when you enroll in auto pay, so set that
1:14.8	up today.
1:16.6	Reducing your interest rate is a great way to lower the overall cost of your loan.
1:21.7	Make extra payments.
1:24.0	If you want to pay off your loan quickly, making extra payments is key.
1:28.4	You don't need to wait until you receive a big windfall like a tax refund or bonus
1:32.6	at work, though you should put those towards your student loan as well.
	...

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