BiggerPockets Money9 Apr 2021

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

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

Check the full show notes here: https://www.biggerpockets.com/moneyshow186

Learn more about your ad choices. Visit megaphone.fm/adchoices

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Denne episoden er hentet fra en åpen RSS-feed og er ikke publisert av Podme. Den kan derfor inneholde annonser.

Episoder(802)

Did Buying a House Ruin Her Path to Financial Independence?

What if you had $1 million invested for financial independence at just 36, but still worried that buying a home could derail your early retirement plans? Cheryl and her family have two young kids, a $...

9 Okt 46min

Best of BiggerPockets Money: Ben Felix on the 4% Rule

How much can you safely withdraw in early retirement, and is the 4% rule still a good guideline? Ben Felix breaks down portfolio risk, asset allocation, bonds vs. stocks, flexible spending, and the ps...

8 Okt 26min

Is House Hacking Dead in 2026? How to Find Deals That Still Work

Is house hacking still a good strategy for reaching financial independence in 2026? Scott Trench and Evan Lawler break down a real house-hacking opportunity, looking at mortgage costs, cash flow, mark...

7 Okt 31min

How Much Can You Safely Withdraw in Early Retirement? | Christine Benz

How much do you actually need to retire, and once you get there, how do you turn your portfolio into income without running out of money? In this episode, Christine Benz from Morningstar joins us to t...

6 Okt 46min

J Scott Explains Inflation, Interest Rates & the Economy

What is happening with inflation, interest rates, energy prices, and the economy, and what does it mean for investors? In this episode of the BiggerPockets Money Podcast, Mindy Jensen and Scott Trench...

2 Okt 54min

Want to Reach FI Faster? These Careers Give You the Biggest Advantage

What are the best careers for reaching financial independence? In this episode of the BiggerPockets Money Podcast, Mindy Jensen and Evan Lawler explore careers that can accelerate your path to FI. The...

30 Sep 23min

Naseema Went Bankrupt at 25, Became a Single Mom at 30, and Built $1.3M by 45

How do you go from nearly $1 million in debt to building a $1.3 million net worth? In this BiggerPockets Money episode, hosts Mindy Jensen and Scott Trench sit down with Naseema McElroy to hear how sh...

29 Sep 44min

How She Went From $18K in Debt to Nearly $1 Million in 6 Years

How do you go from $18,000 in debt to nearly $1 million in just six years? On the BiggerPockets Money Podcast, Mindy Jensen and Scott Trench sit down with Kate to unpack the money decisions that compl...

25 Sep 51min