Student debt struggles are a widespread problem. According to the Federal Reserve, the average student loan balance is over $37,000. This amount of debt can be overwhelming, especially for recent graduates who are just starting their careers.
These five simple steps can help you pay down student debt faster:
Practicing self-care is also key. Make sure to carve our time from your nine to five job so you can pursue the work you really love with your side hustle or spend time doing other things outside of work that bring you purpose and joy. Doing so will increase your inner and outer wealth and can lead to new opportunities, new skills, and may even help prevent you from burning out.
Paying off student debt is difficult. The sums are extensive, the interest rates high, the repayment periods lengthy. But with financial discipline and dedication, it’s possible.
Lastly, consider talking to a financial advisor or a career counselor to explore your options. They may be able to help you come up with a plan to pay off your debt more quickly or find a job that aligns better with your interests and passions. Remember that it's never too late to pursue a career that brings you fulfillment and happiness.
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All materials are for educational purposes only and are not to be considered investment, financial, or tax advice, nor do any of the author's opinions represent the opinion of Abacus Wealth Partners. Please consult with a financial advisor or CPA before making financial decisions. Should you wish to connect with a financial advisor that fits your situation, we welcome you to schedule a free introductory 15 minute phone call.