In this episode of the Cashology Podcast, Justin sits down with Esmé Ramos, a seasoned banking professional with 16 years of experience, to discuss effective strategies for managing student loan debt. Drawing from her expertise as a branch manager of one of FNBO's busiest locations, Esmé shares seven practical approaches to tackle not just student loans, but any type of loan debt.
The conversation explores various debt management strategies, from making extra payments and refinancing for better terms to setting up automatic payments and implementing biweekly payment schedules. Esmé emphasizes the importance of prioritizing high-interest loans and maintaining regular financial check-ups with trusted advisors. The discussion also touches on creative ways to boost income for debt repayment while maintaining a healthy work-life balance.
Throughout the episode, Esmé's passion for helping clients achieve their financial goals shines through, as she provides actionable advice that can be customized to individual situations and financial circumstances.
Listen here and follow @CashologybyFNBO® on YouTube for more!
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You're listening to the Cashology
podcast by FNBO,
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a place dedicated to helping you
become more financially savvy every day.
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It's a little like school,
but your only homework is living your best
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financial life.
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I'm your host,
Justin, and class is now in session.
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Welcome back to the Cashology podcast,
a place where we dive
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deep into personal finance to bring you
actionable insights and real life wisdom.
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Today, we're tackling a topic
that resonates with many of our listeners.
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I was one of them. Student loans.
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In this episode,
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we're going to dive into the importance
of managing student loan debt.
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And really, the advice
that we kind of get from Esmé,
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who is fantastic, by the way,
applies to any kind of loan debt.
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It's all about making sure
you're managing that debt effectively
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and, you know,
reaping the benefits from paying off debt.
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Esmé is absolutely fantastic.
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I don't think I've met anyone
as passionate about their job
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and supporting their community as Esme.
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So whether or not you bank at FNBO,
we hope you do.
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But really, I hope you find and work
with a financial individual.
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Whether that be your own
personal bankers, your financial advisors,
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whoever those people might be,
I hope they're as passionate and serious
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about your financial well-being
as Esmé is for her customers.
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So I really hope you enjoyed this episode.
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It was really great where we talk about
student loan repayments.
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Okay, so Esmé, so
you sent me a little bit about yourself.
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So you've been at the bank
a little over two years.
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What do you do at the bank?
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I manage the location here at 24th
and Oak in South Omaha
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by one of our bilingual locations.
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I manage about 15 people.
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I have been
I have 16 years of experience in banking.
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Oh, very cool.
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So what do you love
most about working at the bank?
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Honestly, I think what brings pleasure
in what I--why
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I've been doing
what I've been doing for so long,
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honestly, is truly helping clients,
like financially,
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you know, trying to reach their goals.
Yeah.
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And is that, like all,
all swaths of probably financial, right.
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Not just money in my checking account.
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It's probably like like credit cards.
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. Loan debt probably. Right.
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Absolutely.
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Honestly, anything that,
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my my biggest focus is always trying
to help a customer uncover.
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Like, how can we save you money?
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Where can we truly impact you and help
you towards your future goals?
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You know, some people come in with a goals
maybe
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three months, a year, five years,
like what is their ultimate goal?
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So it varies.
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You know, our clientele is from young age
to older age.
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So it just it just varies.
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I've always had it in my head
like a branch bank, like a location
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is just like, hey, I just go there,
I put money and I pull money out.
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That's it.
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But like,
branches have so much more to offer.
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Beyond just. Here's my money.
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Hold on to it for me,
and then I'll come back for it later.
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Right. It's so much more.
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Like, resources. Yeah. Yes.
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And one of our,
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our location here is actually
one of the busiest locations in Omaha.
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So we do get a lot of traffic.
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Honestly, a lot of traffic.
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When I tell you a lot, our lines are up
all the way to the back of the door.
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But it's it's nice to know that the,
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customers want to wait
and they want to be serviced.
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And, some are for bankers, some are on
the teller line and showing them ways.
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Online banking, I mean, truly showing them
everything the bank has to offer.
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Yeah. Very cool.
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So I know this topic
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today is about student loan debt
and it's something I can relate to.
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I had really big student loan debt,
and I know you have some tips for us,
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for our listeners today
about how we can go about paying student
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loan debt off faster, but I think it's
probably any kind of loan debt, right?
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We're not just talking student loan debt.
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Some of these principles will apply.
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And so I've gone through this journey
and I would love to hear what
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your pointers are, because I do like to do
my own little self-reflection on, “Ooh.
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All the little things Esmé told me.
Did I do that?
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How good of a job did I do paying off
my student loan?” Absolutely, absolutely.
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And like you mentioned,
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there's a variety, not just students
on a lot of loans out there.
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That can also help,
you know, save you money or figure out
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how to help
you get to where your goals are at.
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Just a heads up.
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I do have about seven different ways
that can help you, you know,
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kind of plan and
and figure out what you need to do
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on what's going to best work best for you
yourself.
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Perfect. Let's get right into it.
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Awesome.
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The most common one, honestly,
is trying to make that extra payment.
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So increasing payments
that can be an option for some people.
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It helps you reduce interest and shorten
the term of your loan.
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Just making that additional payment
honestly towards principal makes a huge
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impact.
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Small amounts, large amounts,
whatever amount you decide to do.
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Only heads up
I give customers what that is.
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You know, don't,
forget to check your loan statements
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just to make sure everything's being added
correctly where it should be.
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That's a great tip.
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So, personally, that's what I did,
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is increase the payments
where I could write I student loans.
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You have like eight different
vendors right there.
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Not always one.
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And so I think there's
increasing those payments
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where you can kind of claim
if you have thrown in additional payment.
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Absolutely yes.
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Second option I have would be refinancing
for better terms.
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What I mean by that is, you know,
if you have strong credit score or stable
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income that you're getting, refinancing
might allow you to get a lower rate.
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Just keep in mind though, with that one,
it might affect things
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like for loan forgiveness
or income driven plans.
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So it just depends on your
on the situation.
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Shopping around is always great.
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Kind of compare what rates are out
there, what lenders are offering,
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what they're offering.
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So truly understanding
like where you're at.
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How is that going to save you.
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How is that going
to impact your personal data.
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So when we talk about like refinancing,
a question I've always had is
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particularly like student loans.
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And I know it's probably broader
than just student loans.
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What are kind of the institutions
you see people go to?
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Are those traditionally just banks
that you would kind of shop around for
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or they're like... Honestly, yes.
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You can make a quick phone call.
It doesn't.
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You don't even necessarily
need to step inside the branch.
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Or if you like doing online banking
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or going online, kind of looking at
what's out there to offer.
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One of the biggest thing we tell
our customers is like,
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come here first, let's help
you. Let's see where you're at.
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What are your goals?
And then kind of go from there.
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But a lot of the times I can tell you
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we're able to help our customers
here at our at FNB.
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All very cool.
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So all right I'm going to hit another one
okay I'm going to hit number
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three now for you.
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Making payments automatic.
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So if you are able to set up
automatic payments
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that can actually help you
one avoid late fees, miss payments
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plus sometimes bank other like
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lenders will give you a lower rate
just for setting up autopay.
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So that's a big plus.
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You know plus honestly,
not only the on time payments,
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it can also boost up your credit score
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if you're looking to boost up
your credit score
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and you're working on that,
that can also help you a lot to just,
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you know, making sure that you're
reviewing your auto settings,
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auto payments,
you know, and keeping everything in line
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with your budget, understand
where you're at. So.
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Yeah, secret tip is somebody like me,
if you're like me and you're listening
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to this podcast
and you forget everything, even like
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when your wife just walked into the room
and told you, hey,
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don't forget to turn the air off
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so it doesn't make noise
when you're recording.
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Like,
I can hear the air running right now.
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So it's really funny.
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I totally forgot, but like auto payments.
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Huge saver.
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Number four would be, to my opinion,
would be biweekly payment methods.
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So doing it, switching to bi weekly.
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That can also help
you do that extra payment
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which will reduce your principal faster
a lot faster, honestly.
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And then the biggest thing with that one
to me is just figure out where you're at
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with your budget.
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If that works with your budget,
if you're able to do
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those frequent payments,
that's a huge booster for sure.
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So if we can use an example for biweekly
because, I've talked to others,
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especially particularly with mortgage,
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paying off a mortgage, doing
biweekly is an approach.
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So student loan.
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I would assume like let's just say
my payment I make every month is $1,000.
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How do I go about $2,000, 12,000 a year.
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Look like me? I can do maths.
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I had a calculator.
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I'm just going up to $1,000 a month.
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What is a biweekly kind of payment?
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Is that that's not $1,000 every two weeks,
right?
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No, no, no.
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So biweekly, honestly,
it just depends on how you set up one.
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My biggest thing
when it comes to biweekly is sitting down
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with someone like an advisor or a banker,
and then kind of understanding
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where you're at, what you want to go,
what you want to accomplish for the year.
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But setting up those biweekly
is, like you said, 1000.
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If we need to figure out maybe 5, 75, 500,
it just varies
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honestly, depending on where you're at
with your with your finances, yourself.
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So understanding
what you want to accomplish.
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Perfect makes sense.
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Let's move on to number five.
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Budget management.
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This one here truly focuses
on paying high interest loans.
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First.
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Okay, let me give you an example.
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Credit card is at 25%, auto
loan is roughly 8%.
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And the personal loan at 9%.
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So when I say paying high interest
loan first, what
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I mean is credit card
obviously is the highest interest rate.
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So my focus would be trying to pay
that one off first.
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So doing those extra payments
to that one specific way.
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But it varies for everybody.
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Sometimes they might have a different rate
with something
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depending
on where their credit score is at.
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So just keeping track of where you're at
and what's going to help you
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keep motivated, that would be the biggest
one for budget management.
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Perfect is that's the approach
I took with my own student loans.
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I had like five different vendors
or you know lenders.
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I have vendors (venders?) lenders
kind of managing that.
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And that's what I did I prioritize yes.
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Adding extra payments, paying
a little bit more on the higher interest.
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And just at the time
minimum payments on everything.
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Also tackling one at a time. Yep.
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And as you know, student loans.
Yeah. There is a variety.
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So truly understanding
which one can I pay off first
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that has the best that has the highest
rate. Pay those off first.
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So then that way
you can try to consolidate them and
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and get you motivated to get
where you want to get to them.
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All right.
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The next one would be, you know,
this is a hit and miss for some people.
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But like number six is boosting income.
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You know, sometimes
if you are working a part time job
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and you're able to pick up another part
time job,
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that can also create a little bit of extra
cash, that can help you try to put
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more towards your payment to the
to the student loan or loans themselves.
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You know, just use any,
how do I say use mine?
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Use your windfalls.
Like your tax refunds.
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Your bonuses,
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anything that you're able to try to
to bring those loan balances down.
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Just, my biggest advice with that one
is just try to be careful
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not to overwork yourself or risk
burning out, because that can happen.
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You know, handling too many things
at once can definitely burn this out.
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Don't want that for anybody for sure.
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When I was looking at my own
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student loan debt,
like the balance was just stressful as is.
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So, Spoiler
I didn't particularly take this approach,
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but I have friends that do,
and I think if you have the opportunity
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especially right, I've had friends
that are into glassblowing and woodworking
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and like as a hobby,
like that's their art, that's their craft.
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And if you can turn that
into a little side hustle,
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especially when it comes
with, paying back debt, right.
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Every little bit helps.
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And so, yeah, different ways of don't
have to always find like a job per se,
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maybe even your own hobbies can hobbies
and passions can become something for you.
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Absolutely. 100%.
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So this brings me to our number seven.
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Okay.
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This one to me is,
just being very aware of how these changes
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count on the repayment plans or can affect
your long term, long term goals.
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So always is a great idea to seek advice.
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And I mentioned this a little bit ago.
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Reach out to a financial advisor.
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Reach out to a banker.
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Reach out to someone that's going to help
you and guide you and and give you
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the right advice of what's going to work
best for you.
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One big point,
honestly, that I am very passionate about.
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And like I told you,
this is why I love what I do, is truly
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having that connect with a banker
like customers should come see us every
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as often as they want, you know?
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But if they're able to come in and see us,
you know, every six months,
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come in and have a checkup,
I call it financial checkup.
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Just because
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we'll understand where you're at,
where your goals are, are things change.
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We get promotions.
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You know, we our budget
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changes, raises, get another job
like we were just talking about.
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Our financial status
can change at any time.
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So it's always a great idea
to to sit down with someone, get guidance,
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get advice, figure out what you want
to do, figure out where your goals are at.
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So we're here to help and guide
our customers.
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Absolutely.
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And you know, for the listeners,
maybe we'll link here in the show notes.
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I did, an interview or a recording with,
a financial advisor here at the bank,
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and it was a great debrief on,
for those of you that might be interested
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in, you know, finding a financial advisor,
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here are the tips to kind of look for us.
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And hopefully we can link to that
because I think it was good. Right.
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You should find somebody
that you can trust.
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And you can be open with super important.
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And hey, if those are your bankers,
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if that's like your local bank,
wherever you're at, I think that's great.
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It helps.
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And it doesn't hurt
to have an external view kind
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of somebody championing you
on, with your goals.
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And, doing what
they can to help reach them.
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So I think these are great Esme.
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Nice. Simple. Seven points.
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What are your final takeaways
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or anything else you'd like to share
as it just relates to,
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paying off, student loan debt
or any kind of debt as quickly as you can.
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Absolutely.
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And like I said, sometimes you're able
to do all of these, sometimes you're not.
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Sometimes you can mix it up a little bit.
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So use
what's going to be best for yourself.
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Using these strategies can help you.
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Just depends on what works
financially best for you.
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So it's different for every person.
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Your goals are different
from every single person.
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So yes, sit down with someone.
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Get advice, get guidance.
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Let's get you where you want to get to.
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Absolutely.
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Well hey Esme thank you so much for taking
the time to just sit and chat with me.
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Really appreciate you.
Coming on to the podcast.
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Thank you so much for having
me. You have a great day.
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For more resources, check out
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FNBO.com or subscribe to us on YouTube
or on your favorite podcast platform.
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00:14:20,259 --> 00:14:23,395
Consider giving us a rating or a review
as they help us get the word out.
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00:14:23,529 --> 00:14:27,299
And remember, our discussions are designed
to inform and inspire.
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For personalized advice,
we always recommend consulting
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a financial professional.
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Until next time, keep on making smart
financial choices.
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And thanks for listening to the Cashology
podcast.
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Member FDIC equal housing lender podcaster
for informational purposes
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only and not intended to provide
specific advice or recommendations.
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00:14:43,616 --> 00:14:44,350
When making decisions
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about your financial situation, consult
a financial professional for advice.
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00:14:47,386 --> 00:14:50,589
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and information may become outdated.
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00:14:53,859 --> 00:14:57,463
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