So You're in Massive Debt + 2023 Student Loan Updates (Patreon)

Thanks James for today's question. Today's Omniverse video is also a freebie for the whole Patreon crew. I'll give out a few of these per month!

So you're in a lot of debt. And you want to get out. How do you go about it?
There are many options that people don't know about that can help you get out of debt faster. And the faster you can get out of debt... the faster you can start investing.

Paying off debt is a form of investing.
Anything that increase your net worth is an investment. Knowing when to pay off debt and when to start investing is simply a matter of interest rates: the amount the bank charges you every month to hold the loan balance. This is why it's essential that everyone gets a Budget Tracker app like Mint and categorizes all of their assets and liabilities. So you can see who is taking the most amount of money from you. There's more at play here based on the person but always start with interest rates first.

The next step is creating a monthly plan to pay off your debt.
aka a budget. Start with your revenue and how much you make per month after taxes. From there, subtract your total monthly fixed costs (rent, utilities, phone, reoccuring monthly expenses, estimated groceries, etc.) Then allocate whatever that number is leftover to paying off priority debt. If you can increase how much money you can make DO IT. And if you decrease how much money you spend DO THIS TOO.

STOP ORDERING FOOD. DELETE UBEREATS/GRUBHUB.
This is mandatory. Ordering food is a LUXURY. If you are paying off debt and or budgeting for whatever reason LEARN HOW TO FREAKING COOK. Most people spend ridiculous amounts of money on food that can be saved if they just bought an air fryer or pressure cooker and just cooked using basic cheap ingredients. It's also healthier.

AS FOR STUDENT LOANS
Here is the link to the Fresh Start initiative.
https://www.nerdwallet.com/article/loans/student-loans/fresh-start-what-student-loan-borrowers-in-default-need-to-know