This Facebook post
talks about how a woman had *privileges* to help pay her debt of over $200,000 in loans. Typical of a post that can breed a biased opinion; parts of the article are copied and pasted to form a picture of “privileged” woman. After going to the full article and looking it over i came to the conclusion, that she was not as privileged as I thought. She had help no doubt, she made sacrifices. She educated herself and she made a plan. She was determined.
Reminds of this bible verse
Proverbs 6:6-8 ESV
6 Go to the ant, O sluggard;
consider her ways, and be wise.
7 Without having any chief,
officer, or ruler,
8 she prepares her bread in summer
and gathers her food in harvest.well to be honest I read the article. I am not sure if this information was there before they edited, but its there now
the condo the mom bought was merely $13,000.
That is what I call a bargain. 13, thousand, dollars.
They live in an area where the cost of living is much lower. They ended up buying other condos for the second at $42,000 and third at $55,000 and rented those condos out too.
compared to the DC area that’s really a bargain.
to be honest she and her husband were wise.
2) move to place with lower cost of living/cheaper housing
3) Buy condos in the area and rent them out to get extra income
I didn’t get details about their budget; I’m wondering if she saved money to buy those condos? or if instead they saved for a down payment and thought/reasoned to prioritize getting rid of school debt first, knowing that with condos, renting them out you could get more continuous income from that.
Anyway bottom line the article says,
“She began educating herself on personal finance — particularly through the books of Dave Ramsey and Suze Orman — and started devising a plan to pay back her loans as quickly as possible.”*
So basically I and others with huge amount of debt, it wouldn’t be a bad idea to do exactly that. Educate yourself, read those books, and make and carry out a plan to reach the goal of eliminating debt. That’s probably how she ended up learning about renting out condos, and other things she did we weren’t made aware off ( her monthly budget, savings, etc.)
All in all a good example of self-determination.