Choosing Your Battle: A Guide to Student Loan Repayment
Start your Student Loan Repayment
Today is a crucial day for many adults – the resumption of student loan payments. The task of student loan repayment can be overwhelming, but with the right strategy, it’s entirely achievable to conquer it. Here are three unique strategies inspired by historical warriors that could help you take control of your financial future.
The MACE Method
Inspired by the medieval weapon used to deliver powerful blows, this method involves making minimum payments on your student loan while saving money diligently. Once you’ve saved up to a certain threshold, you swing your financial ‘mace’ by making a very large payment, wiping out the loan all at once. This student loan repayment approach requires discipline in saving and a willingness to live frugally until you can make that satisfying final payment.
The Ninja Sword Method
Ninjas, the legendary covert agents of feudal Japan, were experts at infiltration and sabotage. Emulating their stealthy approach, the Ninja Sword Method involves making minimum payments on your student loan, while investing money in high-risk asset classes like cryptocurrency, NFTs, and stocks. Your student loan repayment hinges on harnessing your inner ninja trading skills and making enough successful trades to cover your balance.
The Cutlass Method
The cutlass, a sword wielded by pirates who represent the entrepreneurs of the financial world, symbolizes this method. By wielding the ‘cutlass’, you are freelancing or side hustling out in the vast ocean of the economy. You are looking for clients and deals to offer your services, then taking your profits to pay down your loans. This student loan repayment strategy promotes entrepreneurship and leveraging your skills to pay down your debt.
There is no right or wrong way to handle student loan repayment, as long as you have a plan. Whether you choose to save up and make a large payment, invest in high-risk assets, or freelance to pay down your debt, the important thing is to choose a strategy that aligns with your financial goals and risk tolerance. Remember, the best student loan repayment strategy is the one that works for you.