26k later & lighter: Anyone need some good news?
Picture yourself packing for a trip. On this specific trip, the destination is a beautiful peak called La Libertad. Prior to beginning this trip, you will obviously want to pack-well, and have a plan which’ll help you stay on track, especially since this particular path isn’t very welcoming to a novice. There will be obstacles, there will be struggles, there will be setbacks.
So, what will you bring? How will you prepare? What will get you to the top?
You might be wondering why I’m even asking these questions. So, to get to the point, I’ll lead with the good news. On 05/28/2021, I summited La Libertad.
Now, allow me to backup.
On February 4th, 2020, I tossed a soft pitch at the $26k of federal student loan debt that I owed…$350 to 26k was my first stab at such a formidable beast. I had only the slightest clue that this would mark the start of a 16 month journey.
(I don’t make a lot of money, I didn’t get stimulus cash, Mr. Biden didn’t help me out… I still spent too much on things like coffee, clothes and burritos… I still did fun things that I love and enjoy to do… there are few excuses to get started on this path!)
Below, I have outlined what I found to be most helpful along the path toward La Libertad. Godspeed.
- Community
- I take zero credit for even starting to make payments on this loan. Before I even knew where to find the login to make a payment or even pinpoint how much I owe, my best-friend was asking questions that pointed to an uncomfortable reality… there is a debt to be paid… by ME.
- This awareness and directions is what led me to login into my account, look at the number I owed, accept it, book-mark a tab to remember the link, and own the fact that it’s on me to do something about this number…
- This friend and many others helped me strategize and learn more about budgeting, mocking up tentative payment plans and timeframes. My wife included, who would secretly drop payment-grenades at this beast without me knowing!
- What I learned from this is that it’s not only okay but it’s arguable CRITICAL to involve community in your financial situation. Involve people you trust and love, and ask them to help you and hold you accountable. They will be pillars to you when you’re choosing between treating yourself or making a payment, and also your cheerleader when you’re making those wise decisions to make payments.
- Mind-set
- I stress mind-set because in a culture of instant gratification, it is not instantly gratifying AT ALL to put a small amount of money toward a daunting loan by any means.
- You wish you could be spending that extra cash on traveling, generosity, investments, etc… but instead, you have to adopt a long-term mindset. You have to see the bigger picture.. You have to be okay with delayed gratification. You have to cultivate a mature mindset. Definitely not easy, especially without a community you trust.
- It’s so easy to become discouraged when people around you seem to be making steps you wish you could be making, getting yourself tangled up in the dangerous web of comparison. It takes a focused, humble, and grateful mindset to ignore what you cannot control and focus on what you can.
- Figure out what you’d rather be spending money on and let that push you toward the goal of no longer owing the government.
- Consistent income
- While I wish I could say I remained faithful to a specific amount each month, I made payments in random spirts. Sometimes monthly, sometimes bi-monthly, but I also skipped a few months altogether…
- That being said, I’d argue that consistent income was my saving grace and what allows you to make dents. Some months, you have unexpected expenses…some month’s, you are more frugal. It’s okay to not make a payment some months, and it’s great if you can pay extra some months.
- As long as have consistent income and are making payments, it is possible to pay your debt down faster than if you had less consistent work.
- God & His Goodness — or, gratitude for those of you who might not resonate with God
Celebrating this milestone is a humbling experience. Many of my intelligent, hard-working, educated, qualified, talented, etc. friends lost jobs during the pandemic and lost their means of consistent income. I somehow got to keep my job. That HAS to inspire gratitude in a persons heart. I got married in the last year, had to pay expensive vet bills for 2 unexpected surgeries my dog had, and live in an expensive apartment. God is good and knew that I was trying to pay this debt off with a vengeance, and I give thanks to Him for helping despite all the unideal circumstances!
“Praise be to the name of God for ever and ever;
wisdom and power are his.
He changes times and seasons;
he deposes kings and raises up others.
He gives wisdom to the wise
and knowledge to the discerning.
He reveals deep and hidden things;
he knows what lies in darkness,
and light dwells with him.
I thank and praise you, God of my ancestors:
You have given me wisdom and power,
you have made known to me what we asked of you,
you have made known to us the dream of the king.”
— Daniel 2:20–23
To sum this thing up, you have an opportunity before you.
You can work toward freedom from debt right now.
Find a friend. Ask for help. Conceptualize your debt. Focus on mindset, what can you control? Aim for consistent income. Envision where this money COULD be going. Remember, all of this is a gift… Give thanks for where you are at today and that you have enough.
Find joy in the process & ditch comparison.
I believe in you!
