Student Debt Crisis

[Truefan31]

Someone with 250k in debt paying 3k a month aint going through sallie mae breh probably citibank im guessing

Second, you are paying "sallie mae" one way or another. Just one is quicker than the other.

Like I said sallie Mae.

Make 400k+ a year but only 36k a year paying off loans? Either not enough motivation or there's other liabilities needing paid off.

Lol bet you think a 30 year mortgage should take all 30 years too. Guess you like making others rich. Why do you think those big bank buildings are so nice looking? Who paid for that? Borrowers.

 

[itsyoung!!]

Lol u ever heard of renting a small affordable place, stacking bread and buying outright?

Or buying a small home (no mortgage) stacking bread and then buying outright (still no mortgage)?

oh I get it, im bneing trolled. Cause you just woke up one day with 100k saved to buy a small home, while you got hired at your 500k/year job

cant have a serious financial discussion on here people never pay bills or taxes and have unlimited sources in their examples

 

[Truefan31]

oh I get it, im bneing trolled. Cause you just woke up one day with 100k saved to buy a small home, while you got hired at your 500k/year job

cant have a serious financial discussion on here people never pay bills or taxes and have unlimited sources in their examples

Can't have serious financial discussion with people who think holding on to debt for long periods of time is how to get ahead. Or former bankers who think income tax is flat when it's staggered.

Were you a banker for one of the big 4 we all bailed out like idiots?

 

[itsyoung!!]

Can't have serious financial discussion with people who think holding on to debt for long periods of time is how to get ahead. Or former bankers who think income tax is flat when it's staggered.

who said income tax is flat ?

 

[Truefan31]

who said income tax is flat ?

You keep saying 500k taxed at 40% when in reality the whole 500k is not taxed at 40%. Are you sure you were a banker?

Projected U.S. Tax Rates for 2016

There you go. Not 40% for 500k.

You seem like a good guy. I don't even care about you callin me a teenager (wish I was I'd be better off by now knowing what I've learned) but it's never too late to educate ones self on financial freedom.

 

[itsyoung!!]

You keep saying 500k taxed at 40% when in reality the whole 500k is not taxed at 40%. Are you sure you were a banker?

Projected U.S. Tax Rates for 2016

There you go. Not 40% for 500k.

You seem like a good guy. I don't even care about you callin me a teenager (wish I was I'd be better off by now knowing what I've learned) but it's never too late to educate ones self on financial freedom.

Oh my fault, 39.6% sorry for typing 40% instead

edit: 141k of the 500k would be taxed at a regular job. Federally. Not counting the 5-10% state taxes which we havnt been discussing, which brings it below the 300k I even taxed it at

 

[Truefan31]

Oh my fault, 39.6% sorry for typing 40% instead

Sigh. You didn't actually read I see. Again the whole 500k is not taxed at 40%, or even 39.6%.

It's all good man. You do you. Just realize your way of thinking is making others richer when it could be solely focused on you.

 

[itsyoung!!]

Sigh. You didn't actually read I see. Again the whole 500k is not taxed at 40%, or even 39.6%.

It's all good man. You do you. Just realize your way of thinking is making others richer when it could be solely focused on you.

what about state taxes? You are only discussing federal taxes. If you make 500k a year, you are not taking home 300k. Or maybe near it, but you are definitely not saving 300k/year off 500k salary

also if you are in a profession like sales, you are taxed more than that as well

 

[Truefan31]

what about state taxes? You are only discussing federal taxes. If you make 500k a year, you are not taking home 300k. Or maybe near it, but you are definitely not saving 300k/year off 500k salary

I never said saving 300k. You got me mixed up with someone else.

And you do know some states don't have state income tax right?

Just FYI a suggestion start reading up on financial freedom or if you ain't got time listen to the Dave Ramsey podcast. It's free breh. It's a great start. Just avoid a lot of the super evangelical monologues unless you're religious.

I honestly wanna see more people winning out here, not making banks richer. Again I know maids and janitors who are multimillionaires from stayin outta debt and being smart.

 

[Kal-El]

Started off with 30 thousand in student loans
Only got 25 left. Payment plan is evry year I'm paying off one thousand dollars. Since the interest is barely non existing I'm not really in a hurry.

 

[Silkk]

Has "selling p*ssy" been brought up in this thread yet? If so, point me to that page. If not....


Better sell some p*ssy

 

[Geek Nasty]

I might have already posted, but check out the documentary "Ivory Tower". Basically colleges all decided to start running themselves "like a business" and hiring all these corporate clowns. So, they started focusing on advertising and amenities like $100 million rec centers to sell their colleges to kids who tour campus.

The explosion in college costs has zero to do wtih college education and everything to do with on-campus amenities. They called them "rock walls" because every now acts like you have to build one.

 

[MadameMoreaux]

I started at 50k in student loans..Mostly from my masters
I'm beginning a PhD this fall, but it's financed. Hubby has $200k in student loans, so right now we're paying about 2,000/month. We just recently lost our second income since I'm returning to school, but we'll request lower payments in the coming months. Hopefully we can get it down to $1,000/month. The payments suck, but neither hubby or I would've been able to work in our jobs had we not went to school. I'm pretty happy with where I'm at now.

 

[Field Marshall Bradley]

paid off a $93k mortgage in less than 4 yrs making $40k income.

She must've ate rice and beans everyday

 

[mamba]

@itsyoung!! and @Truefan31 , I wish you all would have started another thread to have your tax rate debate.

Derailing a good discussion about student loan debt with all that back and forth.