When I went to undergrad, I reluctantly avoided student loans. I was ready trod the well worn path of taking out loans to go away to school. My dream school was Worcester Polytech. It was the only school that I toured before applying. I knew it was expensive and at when I was applying, I didn’t really care. As an 18 year old, I wanted the “college experience.” Besides, I was going for engineering, so…
My wife and I are halfway through paying off student loans. When the federal student loan payments were paused due to the pandemic, we made a different decision than most. Instead of using the money that was going towards the federal loans for something else, we added it as an extra payment towards the private student loans. We also made a couple lump sum payments along the way. This decision to pay the private loans…
I divide personal finance planning into short term, medium term, and long term categories. By thinking in different time frames, it’s easier to see if I’m meeting all my financial goals. Each time period serves as a different metric. The short term period tells me about our immediate financial health. The medium term time period is about saving for larger purchases, like a house or planning for eventual car replacements. It’s a measure of intentional…