Meagan Landress | From a Six Figure Student Loan Debt to a Six Figure Net Worth

Meagan Landress | From a Six Figure Student Loan Debt to a Six Figure Net Worth

On this week’s episode of the Wealthy Woman Lawyer® Podcast, we communicate with Meagan Landress, an advisor with Student Loan Planner, to debate the best way to shift from being six figures in student loan debt to having a six determine internet price. Since 2016, Student Loan Planner has consulted on over $1.1 billion of student loan debt and located over $214 million in projected financial savings for the professionals they’ve labored with.

Meagan says, “I first started my career working at a personal financial planning firm, and a problem we consistently ran into was that with highly educated individuals, there typically came a lot of student loan debt. I continued to be surprised with the amount of debt we were starting to see, so I started diving deeper into the federal system of student loans and I found that there was a lot you can leverage. The federal system is very complicated, but we can find ways to leverage it in someone’s favor.”

We chat about coping with student loan money owed, in addition to:

  • Leveraging income-driven plans and forgiveness alternatives
  • Determining monetary priorities
  • Finding an optimum compensation plan that can help you obtain monetary independence later in life
  • Working with a monetary planner
  • And extra

Listen now…

Mentioned on this episode:

Transcript

Davina Frederick: Hello and welcome to Wealthy Woman Lawyer Podcast. We consider all ladies legal professionals should be rich ladies legal professionals. Our mission is to offer thought-provoking, highly effective and sensible data that will help you in creating your individual sustainable wealth-generating regulation agency with out overwork or overwhelm so you may stay your greatest life. 

I’m your host, Davina Frederick, and I’m right here right this moment with Meagan Landress of Student Loan Planner to debate your student loans and how one can shift from being six figures in debt to having a six-figure internet price. Doesn’t that sound nice? So welcome, Meagan. We’re so excited to have you ever as a visitor on the Wealthy Woman Lawyer Podcast and to debate this matter which is so vital to many ladies legal professionals right this moment.

Meagan Landress: Yeah, thanks a lot for having me. It is a giant matter. It’s oftentimes one of many greater stressors in somebody’s monetary life. And, you recognize, it’s a giant downside nowadays. Lots of individuals are speaking about it. 

Davina: That’s proper. Yeah. And I do know it’s an enormous downside of girls legal professionals, after which loads of ladies lawyer teams on social media. And it’s a matter of dialogue that comes up fairly continuously as a result of it actually prevents lots of people from creating the wealth that they want as a result of they’re burdened with these loans. 

And I do know that some folks have advised tales of paying, they’ve paid large quantities of cash and so they owe greater than they did after they first began paying them. So I’m actually desirous to dive in and discover out the options that you simply guys have give you to assist folks on this place. But earlier than we do this, I need everyone to get to know somewhat bit about you. So inform us about you and your journey to doing this type of work. 

How Meagan Became a Student Loan Advisor

Meagan: Yeah, so I used to be at all times, effectively, I’ll say at all times since possibly highschool, I used to be at all times somewhat little bit of a finance nerd. I began doing bookkeeping at a health club facility I labored out in highschool and continued to do this via faculty. And in order that drove me to check finance. And so I first began my profession working at a private monetary planning agency. And I truly, you recognize, our agency specialised in working with working towards professionals and I used to be on the lawyer crew, I assume you can say, the place we particularly labored with attorneys. 

And so, you recognize, from that facet of issues, you recognize, we had been doing complete monetary planning for attorneys in Georgia. I stay in Georgia. And an issue we constantly bumped into was with these, you recognize, extremely educated people, there got here loads of student loan debt, usually. And in our world on the time, it was simply okay, it’s a debt. Let’s discover out the easiest way to pay it down aggressively. Let’s have a look at refinancing. 

And I continued to simply, you recognize, be stunned, I assume you can say, with simply the quantity of debt we had been beginning to see. And these had been beginning to turn out to be mortgage sized balances. And I used to be pondering there’s received to be a greater manner then, you recognize, simply paying this off like our hair’s on fireplace. And so I began diving in lots deeper into the federal system of student loans, non-public student loans. And I discovered that there was lots you may leverage. You know, the federal system could be very, I’ll say difficult, however we are able to discover methods to leverage it in somebody’s favor. 

And so I truly went out by myself after working at that agency for about three or 4 years and bumped into Travis, the founding father of Student Loan Planner, and my ardour for serving to folks with student loans and his ardour drove me to need to be part of his crew. And when he requested, I instantly stated, Yes. So now I’m consulting with him in Student Loan Planner serving to folks navigate all forms of student loan conditions, all forms of balances, all forms of backgrounds. And in order that’s the place I’m at, or that’s how I received to the place I’m right here.

Davina: Thanks a lot for sharing that. So let’s discuss these balances. What sorts of balances are you seeing on common? Because I do know in my dialogue with ladies regulation agency homeowners, six figures is the norm. The type of, most likely a mean round 250 is quite common. And folks usually like I stated, can pay that after which they’ll, years later they’ll be paying it and if years later, it’ll be 300. I imply, as a result of the way in which rates of interest are arrange. And most likely probably the most I’ve heard is about 600,000. So what sort of numbers are you seeing?

Meagan: Yeah, I might say common for our Student Loan Planner instances, we’ve seen about 226 common, however I’ve labored with of us with 300, 400, 500,000. If they’re married to an lawyer, then we’re getting near 1,000,000, probably.

Davina: Right. And that’s, yeah, that’s the true kicker too is that when folks get married, turn out to be a pair, after which they mix their student loan debt, it’s actually, you actually get into some excessive numbers, then. Half million to 1,000,000 simply.

Meagan: Mm-hmm. Yes, it’s very, and, you recognize, extremely educated people, they require, you recognize, they’re going via graduate packages, which aren’t cheap, and, you recognize, a few years of education post-undergrad, it’s simply, you recognize, it’s simply fascinating to see the rise of the price of attendance and how briskly, you recognize, it, the price of attendance has outpaced inflation, it’s outpaced the rise of incomes wages. 

And so it’s simply powerful to maintain up. And so the federal system, you recognize, having federal student loans and having the ability to leverage a number of the income-driven plans and forgiveness alternatives does turn out to be folks’s secure haven, as a result of it nearly turns into, you recognize, not possible. I gained’t say not possible, but it surely nearly comes actually laborious to think about attempting to repay a steadiness in these ranges with possibly an earnings that’s not fairly there, or it’s a fraction of that steadiness, you recognize?

Davina: Right, proper. And that’s an enormous issue as effectively, is that I believe, when folks, the pondering when folks tackle this type of debt is sure, I’m going to get into some debt and I’m additionally going to get a six-figure job proper once I get out of regulation college, you recognize, could be an instance from the lawyer area. I’m going to get a six-figure job and I’ll simply have the ability to pay this off. 

And in fact, they’re probably not sitting and doing the mathematics and calculating what the rate of interest goes to do. And additionally, they’re not taking into consideration that loads of instances whenever you graduate from regulation college, you don’t get a six-figure job. You could begin out making $50,000 a 12 months, $60,000 a 12 months, relying on the place you’re. I imply, solely the highest 5% of the category get the premium jobs, pay the upper wage. You know, and in order that leaves 95% of us having to give you a special plan.

Meagan: Mm-hm. And that’s, you recognize, what’s fascinating, too about student loan planning is I do know, we’re speaking about balances and the scariness of these proper now, however actually, once we’re beginning to take a look at the best way to plan round student loan debt, it does come all the way down to what the steadiness to earnings ratio is, or the earnings to steadiness ratio is. That helps direct the plan. 

And so what’s so nice about I believe, the federal system and the income-driven choices is, you recognize, for those who have you learnt, graduate, you’re making 50,000 80,000, however you’ve received 300,000 of student loan debt, you’re not going to be underwater. We’re going to have entry to an income-driven possibility which retains your fee proportionate to earnings as we go on. And every a kind of income-driven plans has some type of forgiveness alternative, which suggests after 20 or 25 years, no matter steadiness is left over isn’t forgiven. 

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Which I do know 20 and 25 years, nonetheless feels like a very long time, however now we have a $300,000 steadiness or a mortgage-size steadiness, you recognize, to pay it off in regular time, you recognize, 20 or 25 years, we’re most likely trying at the moment body anyhow if we had been even going to pay it off. So that’s oftentimes what we’re strategizing with of us is, you recognize, can we must be treating this debt as a debt and paying it off as quickly as potential and possibly refinancing? Or can we must be treating this extra like a tax and pursuing that forgiveness route over time? 

And then at that time, our mindset completely switches. We’re not treating it like a debt, we need to pay as little as potential to maximise how a lot we are able to get forgiven. Oftentimes, that, you recognize, when somebody’s earnings is way decrease than their steadiness, that’s going to be probably the most environment friendly route over time. And it permits them to additionally save and do different issues with their funds or give attention to different monetary priorities, which is big, you recognize?

Davina: Right. That’s not one thing that, to begin with, it flips on its head, you recognize, the usual pondering from of us that just like the Dave Ramsey’s of the world and the Suze Orman’s of the world that you want to repay that student debt loan as quickly as potential, attempt as precedence. And one of many issues that I’ve talked with my shoppers about and type of my philosophy on that’s that what I discover is folks get so caught up in paying off debt that they don’t do any form of saving or investing. 

And that’s actually what creates, is that it, that’s what creates wealth is that accumulation of property over time and the compound curiosity and the earnings that you simply get again from that. And, however if in case you have this debt-driven like, I’m simply going to repay all my debt earlier than I make any, earlier than I save something, earlier than I make investments something, you’ll end up 20, 30 years later with nothing to indicate for it and also you’ll most likely proceed to at all times be in debt, since you haven’t been capable of accumulate any cash or any wealth, so that you’ll simply borrow extra from one thing else, you recognize? Credit card or no matter.

Meagan:  Yeah. And I say, yeah, and to your level that’s 100% correct in my thoughts, as a result of I believe there at all times is a wholesome steadiness between and, you recognize, I like Dave Ramsey’s thought course of about like, habits round debt and shopper debt and residing under your means, I like that. But with regards to student loans, I simply cringe each time I hear him say, you recognize, don’t depend on forgiveness, don’t depend on these methods, you recognize? 

I simply really feel prefer it does a lot extra injury than it helps folks as a result of, you recognize, similar to you stated, if we’ve received these massive balances and we’re taking, you recognize, 1520 years to pay them off, you recognize, pay all of them off aggressively, then we will probably be student loan debt free in some unspecified time in the future, however we’re nonetheless going to have a zero greenback internet price. And so we’re type of taking pictures ourselves within the foot a pair instances as a result of we misplaced out on all that point out there. And it most likely wasn’t even the extra environment friendly compensation plan on the finish of the day. So you most likely paid greater than you wanted to.

Davina: Right, proper. So that’s actually fascinating. And I’m certain you’re accustomed to Robert Kiyosaki and the creator of Rich Dad, Poor Dad and his philosophy and the way in which he teaches, and one of many issues he talks about with regards to wealth is investing, like creating property. So the extra property you create, then the extra, the faster you’ll get wealthier. 

And, in fact, he’s a really rich man. And he talks about leveraging different folks’s cash. And he additionally says, and that is very controversial, that the very last thing he’s paying is the federal government. You know, like, the very last thing you, and that’s what student loans are, for those who’re borrowing, if in case you have authorities student loans, you recognize, student loans from the federal government. 

And so it’s a really fascinating, it’s a really completely different perspective than what most of us who develop up within the center class and you’re employed laborious, you borrow cash to go to high school, you get an schooling, and you then’re going to get a better-paying job and also you’re going to repay the debt. And you then’ll have the ability to purchase the home and have the two.5 children and all that type of stuff. And we simply actually don’t stay in that type of America anymore. I don’t know if we ever did, however we definitely don’t know. Do you agree?

Meagan:  Yeah. Well, and, you recognize, I believe his idea too, is extra of a mathematical method to finance generally. Like, I believe it does make sense to leverage different folks’s cash in sure circumstances. But I believe the issue with possibly our society is now we have to have the habits behind that as effectively, to not dig ourselves too deep or not chew off greater than we are able to chew or not, you recognize, let maintaining with the Joneses impact that technique. 

So, you recognize, I’m all for, you recognize, leveraging our student loan debt within the sense that we are able to pay, you recognize, what we have to pay, we are able to have an environment friendly compensation plan, however let’s discover a steadiness. I believe a steadiness between saving and paying down debt is at all times price speaking about as a result of on the finish of the day, your financial savings fee goes to be crucial factor with regards to your monetary independence. It’s the one factor that’s going to get you to monetary independence. 

Davina: Right, proper. So that bears repeating. Your financial savings fee is the one factor that’s gonna get you to monetary independence. The sum of money that you simply handle to hold onto and accumulate.

Meagan: Mm-hmm. Mm-hmm. Yeah.

Davina: So inform me the most important problem you see the shoppers of Student Loan Planner face after they come to you. Like, what are you suppose, after they come to you, the place are, what’s life like for them at that second?

Personalized Strategies for Tackling Student Debt

Meagan: Yeah, I really feel like with Student Loan Planner, you recognize, the standard shopper could have, has finished some analysis, they’ve gotten somewhat overwhelmed with their choices as a result of throughout the federal system, there’s 4 completely different income-driven plans, there’s a bunch of various discuss forgiveness and, you recognize, what occurs for those who’re married on this plan? Does that depend my partner’s earnings or not? So there’s simply loads of questions. And I believe it’s laborious to sift via. And so I really feel like the parents that come to us have finished somewhat digging already. 

They’re somewhat confused a few couple subjects, or, you recognize, possibly they really feel like they’ve an excellent plan in place however they only need somebody to double-check it. They need to make it possible for they’re not lacking something as a result of they know that student loans are just a bit little bit of a special type of debt, or beast, I assume it is best to say. And so, however oftentimes the identical, I assume, feeling behind scheduling that decision is comparable. There’s some stress, there’s some uncertainty behind their technique and in the event that they’re doing the appropriate factor. So, you recognize, they’ll come to us, we’ll undergo a session to stroll via their particular state of affairs. 

And primarily based on their earnings, their future earnings trajectory and another monetary circumstances of their life, you recognize, we stroll via all of the completely different routes that they may take with their student loan plan and stack them up in opposition to one another to assessment what probably the most optimum plan could be. And along with that, we’ll speak via financial savings fee, and, you recognize, that is the plan that appears to be optimum, let’s discuss how we incorporate our financial savings fee into this plan as effectively. 

And we’ll venture out, you recognize, that is what it might seem like if we proceed to remain the course on this plan. And if we had been per saving, you recognize, this sum of money monthly or per 12 months, nonetheless, we need to have a look at it, after which we are able to examine that once more too, to every other path to take. And so from usually ending, you recognize, that planning name, you recognize, I at all times really feel just like the stress and anxiousness round their state of affairs is, is relieved and so they really feel extra assured about their state of affairs and extra assured concerning the course of the best way to take their student loan plan and the way to consider it going ahead too. 

I believe it’s such a, I believe our society has type of made debt such a taboo matter to speak about and it’s a nasty factor, and other people ought to really feel unhealthy for having debt. And that’s not the case. We need to type of reframe the mindset there to clarify that this isn’t one thing you’re trapped with. We will not be out of choices. We have choices to pursue which are actually going to assist us and never simply our student loan plan, but additionally the remainder of our funds.

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Davina: Right. I do know that I’ve heard tales of various individuals who they only are so overwhelmed by their student loan debt and so they really feel like they will’t get forward in life. And so they only cease paying altogether. And they, till, you recognize, like they need to purchase a home or one thing. And then they begin leaping via hoops to attempt to restore the state of affairs at that time. What would you say to any individual who simply says, screw it, I’m not paying these anymore? What are the implications of that?

Meagan: Yeah, so two separate sides of that street. So with federal student loans, I believe the implications are somewhat extra extreme as a result of they, federal loans will not be going to go away. They will, you recognize, they will go into default, they’ll be offered to a collections firm, they’ll proceed to attempt to gather however the federal authorities has extraordinarily robust collections powers. 

So they will garnish your wages, they will garnish your tax returns for those who’re not paying on these federal loans. And, you recognize, I’ll say it’s troublesome to possibly not have an excellent plan or not have an excellent possibility accessible to you now with the income-driven choices. So there’s at all times a manner to determine the next move. But that’s on the federal facet. That’s usually what’s going to occur there. 

And it’s, you may get your self out of default by both going via a loan rehab program the place it’s a must to make on-time funds for 9 months after which they take away the gathering standing out of your credit report and so they, or sorry, the default standing and also you’re again in good standing. So that’s possibly the longer route. Another route could be to consolidate out of default and that shortly pulls the loans out of default again into good standing. Or, you may pay the steadiness off in full. That’s the opposite possibility that they provide you. So, normally not the choice somebody can do, yeah.

Davina: I’m wondering how many individuals have ever taken that possibility?

Meagan: Right. Yeah, the non-public facet is somewhat completely different. Private firms should not have these robust authorities or powers to garnish wages or something like that. But they are going to probably be extra somewhat extra aggressive on suing you for the steadiness, if it’s inside their statute of limitations to take action. And so generally, and truly, we simply had a case, I believe final week, in I need to say it was Colorado the place somebody received, you recognize, six figures of student loan debt discharged in chapter. 

Private loans will not be, or non-public loans, I assume it is best to say, are extra eligible for a chapter or a profitable discharge in chapter than possibly federal loans, once more, as a result of federal loans have entry to income-driven plans, however non-public loans don’t. Private loans, it’s a non-public debt, it’s a must to pay all of it off, there’s no forgiveness alternative. And so, you recognize, it’s a little simpler to have that settled in chapter as a result of you may probably show undue hardship, the place, you recognize, primarily based on how a lot you’re required to pay the steadiness, you recognize, you’re simply not capable of financially assist your self and pay that steadiness off. 

And so we did see any individual get a major non-public steadiness discharged in chapter final week, which could be fascinating, I believe that could possibly be setting the tone for I believe, the unique false impression about chapter and student loans is that it was not possible to discharge these loans. And it’s nonetheless fairly darn laborious to take action with federal loans, however non-public loans, There’s somewhat extra room there, I might say.

Davina: Yeah. An lawyer colleague of mine, used to say that you simply mainly need to be in an iron lung to have the ability to discharge your student loans in chapter. But I believe that that’s modified over the latest years due to this form of tsunami of student loan debt that Americans are going through. And so I believe that’s one thing that’s type of new that we’re seeing in chapter. And such as you stated, it actually solely can work for personal loans, not authorities loans. What, inform me about, I’m actually intrigued by this six figures in debt to 6 figures of internet price. Tell me the way you guys assist your shoppers make that transformation.

Six Figures of Debt to Six Figures of Net Worth

Meagan: Yeah. I believe it does come all the way down to first simply getting over that massive hurdle of what’s my plan? You know, what ought to I be specializing in? And so, you recognize, as soon as we all know if we’re going to deal with the student loans like a debt, and usually that’s the case when somebody’s steadiness is under their annual earnings, that’s usually once we must be paying it off sooner moderately than later. But when somebody’s steadiness is way higher than their annual earnings and will probably be for a time period, or for the, most likely the lifetime of the loan, that’s once we must be specializing in the forgiveness route or the longer-term forgiveness route. 

And so as soon as we navigate that, as soon as now we have that in place, that tells us, okay, effectively, we all know precisely how a lot we’ll, effectively, shut to precisely, now we have an thought of how a lot we’ll be paying monthly if we’re on an income-driven plan primarily based off of your earnings trajectory, or, you recognize precisely how a lot you’ll be paying for those who had been to deal with it like a debt and decide to paying X quantity monthly. But then we actually do dive into your financial savings fee. 

And, you recognize, a part of our little calculator you could truly obtain this on our web site for those who needed to mess around with this, but it surely’s referred to as our internet price calculator that we’ll take our shoppers via, and you could take your self via on this final web page of the Excel doc from our web site. But we plug in, you recognize, how a lot of our earnings goes to be going in direction of our student loan plan. You know, is that 7% 8%? What is that quantity? And then we’ll need to have a look at, okay, how a lot can we begin committing to financial savings? And how a lot are we already saving? 

A number of instances of us are already contributing to the match if their employer provides one or they’re already contributing possibly 5% or 10% of their earnings or one thing for the asset in some extent. And so we’ll add these collectively, we’ll have a look at Hey, what does monetary independence seem like for you? How, or how a lot earnings would you want to be residing off of sooner or later? And we stroll via, you recognize what that’s going to seem like over time, if we proceed to pay the loans in that very same capability. You know, possibly 8% going to our loans. 

And we’re nonetheless capable of save 10% of our earnings in direction of our future monetary independence. And we stroll them via what that’s going to seem like long run. And in the event that they don’t like that monetary independence quantity, you recognize, if it takes 47 years to get there, then possibly we have to enhance our financial savings fee. And so we actually begin to hone in on, you recognize, what the suitable financial savings fee goes to be for this particular person to assist them obtain their monetary independence after they need to be financially impartial. 

And that’s completely different for everyone. And that’s, you recognize, a part of planning, that’s one thing that we need to paint a goal on the market for and proceed to work in direction of it. But it begins with a very wholesome financial savings fee. And we discuss basic guidelines of thumb. You know, a golden financial savings parameter in direction of property could be anyplace between 10 and 20% of your gross earnings or extra going in direction of saving for long run monetary independence. 

And so we simply have these conversations. We layer within the student loan plan to make it possible for they know the way every impression one another and the way collectively you recognize, the plan, and our financial savings fee goes to assist us get to the place we need to go and that basically begins to alter the thoughts body from, oh, I’ve to give attention to this debt, or Oh, I must throw each single penny in direction of this to pay, I’ve a very nice balanced method. I’ve received an environment friendly student loan plan, I do know what to anticipate there and I do know that I must prioritize financial savings now. And so it’s type of only a thoughts body swap too as soon as now we have these numbers and that plan thought,

Davina: One of the, I like that philosophy of shifting as a substitute of this mindset of, I’ve to repay all my debt earlier than I can begin saving or investing. And what however let’s discuss how, the place you save, the way you save. I imply, what do you do? Because I believe lots of people are afraid of investing as a result of they don’t perceive it. 

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And additionally, you recognize, we’re at all times studying, anytime you learn a monetary planner’s ebook, they’re doing calculations and so they’re going so for those who make 8%, in your, you recognize, return in your funding or a ten% or 12% after which whenever you truly begin trying, you’re like, Okay, this CD pays 1% and if I put it within the inventory market, I’m gonna lose cash, you recognize, as a result of I don’t know what I’m doing. 

And so I believe that’s the place loads of worry is available in for folks. You know, they may save the cash, however then with regards to investing, we learn these pie within the sky form of returns and I believe we expect to ourselves, we’re anticipating a return, you recognize, month after month, and actually loads of instances the returns or like over the lifetime of the sum of money, you recognize? An common return possibly. What do you, what sort of recommendation do you might have for folks in that place?

Find a Trustworthy Professional (Who is Not a Salesperson)

Meagan: Yeah. And that’s, you recognize, it’s an intimidating world, I assume you can say. And so we discuss, you recognize, a part of our course of is we discuss simply the simplicity of getting our financial savings charges up. When it involves automobiles, you recognize, if that’s one thing that somebody feels uncomfortable managing themselves, as a result of you may go, you may open an IRA or SEP IRA or, you recognize, an funding account, brokerage account with any custodian. There’s loads of firms on the market that you can simply open an account with and select your investments. I believe that’s the place lots of people get intimidated. 

They don’t know what to put money into. And so, if that’s one thing that makes you uncomfortable, I usually do counsel, hey, it is best to possibly be entertaining working with an expert right here. You know, I generally use the analogy that, you recognize, an lawyer, effectively, and this won’t even translate into what I used to be saying, however, you recognize, an lawyer gained’t be representing themselves in courtroom, I might say, proper? And I’ll say, you recognize, for me, being a monetary advisor, I need somebody to assist me too, you recognize, with my funding decisions as a result of habits actually components into investing in something finance. 

And so it’s at all times useful to, I believe, incorporate an expert that takes the emotion out of it, helps you obtain your targets. If you’re very risk-averse, you recognize, that’s one thing that they’re going to bear in mind. But I believe, you recognize, for those who’re uncomfortable doing it your self, discovering an expert, an funding advisor or we suggest working with a CFP, or a licensed monetary planner which has that fiduciary obligation to every shopper that they work with to make it possible for, you recognize, their greatest pursuits align with yours and they’re doing all the things they will that will help you obtain your monetary targets. 

You know, that’s what we usually suggest is, you recognize, work with somebody that you simply belief. If it’s investing the cash, particularly, or simply educating you in your choices so you may go and do this by yourself, I believe that begins the dialog to get that matter to be much less scary and it begins simply the schooling course of, too. And I believe that could possibly be useful.

Davina: Right, proper. What’s the easiest way to go about discovering a licensed monetary planner? Because suppose there could be some confusion with folks too. Lots of people name themselves monetary advisors who could also be promoting a product. So they, the most important instance that involves thoughts is insurance insurance policies, entire life insurance insurance policies, and their job is to promote entire life insurance insurance policies and so they maintain themselves out as monetary advisors, however actually, they’re salespeople. So discovering any individual who shouldn’t be attempting to promote you a specific product however helps you discover what works greatest for you. What’s the easiest way to go about discovering any individual?

Meagan: Yeah, we usually suggest to go to XY Planning Network. It’s simply the letters XY Planning Network. This planning community is a gaggle of CFPs, or licensed monetary planners which are fee-only advisors. And so what this implies is that they obtain no commissions at any avenue for any merchandise or methods that they suggest. 

And so you may really feel, I believe, assured in realizing that there isn’t any extra incentive behind what they’re recommending to you. So, you recognize, a CFP will definitely take you thru a full complete monetary plan, each space of your funds after which they are going to make suggestions on, you recognize, I believe you ought to be investing right here. Let’s open an account right here. Let’s make investments on this fund. You know, working with a fee-only CFP might simply actually alleviate that thought that, why are they recommending this firm? 

Or why are they recommending this product particularly? It actually alleviates them as a result of they don’t receives a commission in any respect off of any technique or product that they suggest. They’re paid solely by the price that they cost you for his or her service. And so I like to recommend that website to discover a CFP in your space. You can search by space or you may search by title. And I believe that’s the most effective place to begin.

Davina: Yeah, that’s nice. That’s nice recommendation. I do know lots of people will admire that. You guys even have a course in your web site. Tell me about that course.

Meagan:  Yeah, so we do have an funding course. I believe we simply closed it this previous month, I need to say. We opened it, I believe final month. But it does, so this course will stroll you thru the fundamentals of what you want to know to begin investing. And so that would possibly be one other useful resource, you recognize, as soon as we open that again up sooner or later, however that basically takes you thru the nuts and bolts of, you recognize, what completely different accounts are, what, you recognize, is an efficient fee of return, the best way to make investments, what greenback price averaging is. 

It actually type of begins to teach you on a number of the fundamentals. And then some easy however impactful methods to begin getting you off the bottom with saving and investing. And in order that data, you may get extra data on that from our web site and our E blast, we let everyone know, and we’re opening that again up once more. But that could possibly be an excellent useful resource as effectively for somebody who won’t be able to work with somebody particularly but or entertain working with the particular person however would possibly need to get somewhat educated in a few of these areas. And then possibly in a while, take that route.

Davina: Good. And that’s, your web site is studentloanplanner.com?

Meagan: Correct. 

Davina: Okay, good. So, earlier than we wrap up, inform me what could be your greatest recommendation to present any individual who’s staring down the barrel of those hefty student loans and so they really feel like they only can’t advance in life as a result of they’ve these loans? What would you inform them the very first thing they should do? Or crucial factor they should do?

Beginning to Get a Handle On Your Loans

Meagan: I might say crucial factor could be for those who need assistance, ask for assist. And having a plan is, effectively, I believe regardless, having a plan goes to alleviate that anxiousness or that stress round your student loan state of affairs. And it’ll open up the doorways for you to have the ability to give attention to different monetary priorities. So I might say simply the primary two issues that come to thoughts is ask for assist whenever you want it. We’re definitely right here to assist if in case you have a student loan debt state of affairs that you really want some assist or readability round. And then simply getting a plan in place. Having a plan, and that helps you, I believe, ease your thoughts as effectively to know that issues are on monitor.

Davina:  Right, proper. Well, thanks a lot for being right here right this moment and sharing right this moment. I believe you’ve shared loads of worthwhile data and possibly given folks a special perspective on their student loan debt than they’ve had. So I thanks for that. Tell us once more, how we are able to discover Student Loan Planner and in addition how we are able to join with you if we need to.

Meagan: Yeah, so studentloanplanner.com is our web site. If you’d like updates on simply something within the student loan world occurring, you may subscribe to our e-newsletter. We ship out a really quick and candy replace as soon as per week. And for those who needed to schedule a seek the advice of, I seek the advice of particularly on Mondays and Wednesdays. And so you may check out precisely what a seek the advice of entails, what the price is, what to anticipate on our web site as effectively. And for those who needed to land on my calendar, I’m on Mondays and Wednesdays.

Davina: Great. Great. Well, thanks a lot, Megan. We actually admire it.

Meagan: Oh, thanks a lot for having me.

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