Millennials Can Reduce Their Debt
2018 was an undeniable year for millennials interested in finance, financial planning, saving, and budgeting. According to Pinterest and their annual list of top 100 trends, searches relating to those aforementioned words as well as phrases like, “helping people cut corners”, “pay off debt”, “save up for something nice,” and “52-week savings plan” were up 295%.
According to that same list, those words and phrases will remain relevant search terms into 2019. In fact, there are ways millennials can reduce their debt. In fact, beyond simply not taking out more loans and slowly paying them off.
Advice on how to reduce their debt
Dave Chase, author of The CEO’s guide to Restoring the American Dream. He advises millennials to avoid trips to the doctor. Instead to choose an employer that offers a value-based, primary care health plan. These systems rate health care providers on positive patient outcomes as opposed to sheer volume.
Courtney Richardson, attorney, investment advisor, and former stockbroker offers a wider variety of advice.
Below she offers 5 ways millennials can reduce their debt in 2019 via student loans:
- Work for a qualifying public service loan forgiveness employer.
- Select an income-driven repayment plan.
- Nurses and teachers can receive additional loan forgiveness support.
- Certain states have tax incentives for student loan repayment.
- Explore equity crowdfunding.
Elizabeth Dawson, financial advisor and founder of Copia Wealth Management and Insurance Services suggests the following:
- Rethink your living situation.
- Use technology to your advantage.
- Live for your lifetime, not for the moment.
Hence, all of these pieces of expert advice serve as viable ways by which millennials can reduce their debt and invest in 2019.
In short, choose, to invest your energy in tracking your daily/weekly/monthly progress toward your debt, savings, and investment goals. After all, consistency is key, and small, mindful steps in the direction of your goals will get you there.