College Debt and Managing Personal Finances

After paying off $160,000 in student loans, a subscriber asked if I would discuss student loans and managing personal finance. To start off with, I don't think college is for everyone. I mean this in a sincere way. The world needs people to do every unique job out there so that we can continue to live the way we currently do. That being said, I do think everyone needs some sort of additional education after high school. If you want to be an artist, a mechanic, sandwich maker, landscaper, accountant, social media personality, or pilot they all need some sort of training. What I'm trying to get it is that college is not the only place for learning and it doesn't teach every skill out there.

Now if you want to do a career where college can educate you I highly recommend reviewing the investment you are about to make in yourself. Review the cost and the expected return. All degrees will have a different expected payoff and each individual will have to make that unique decision. For example, I loved geology in college however I look at the average geologist compensation and decided I was not willing to take the risk. Or maybe I didn't love it as much as I thought. A finance degree seemed more reasonable and had a good average salary for after graduation.

For paying off loans quickly, there is no secrete. The way I manage my finances is a bit different than most. I live on as little as possible with a few splurges here and there and the split the remaining money each month into two groups. Half goes into savings and the other half went towards student loans. Some months there was no left over and that was okay. Other months I had more than expected and paid more towards my student loans. To make the calculation of what was extra easier, I set a benchmark dollar amount I was comfortable with for my checking account. At the end of the month if it was higher I would pull out the extra and split it between savings and loans. I continue to use this method but now I have a mortgage instead of student loans.


Quant t-shirts, mugs, and hoodies:


Connect with me:



Support this Channel:

quant,finance,quantitative,banking,Dimitri,Bianco,college,debt,student debt,student loans,college debt,personal finances,managing money,should I take out student loans,is college worth it,degrees,paying off student loan,pay off debt fast,universities,should I get a masters,