215: How to Invest Wisely and Crush Student Debt | Feedback Friday
Jun 21, 2019
Dive into practical strategies for tackling student debt and investing wisely, with insights from a financial expert. Discover how quick judgments impact relationships, and learn the art of mastering negotiations for loans and investments. Explore the challenges faced by medical professionals laden with debt, alongside strategies for balancing saving and repayment. Engage with thought-provoking discussions on political bias and the benefits of forming genuine connections outside social media. Plus, enjoy thrilling stories from the world of adventure!
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insights INSIGHT
Initial Judgment vs. New Information
Judging others quickly is a natural security-based process, but letting it cloud further interactions is disadvantageous.
Changing your mind quickly with new information is a massive advantage.
volunteer_activism ADVICE
Overcoming Judgmental Tendencies
Be aware of your judgmental tendencies and ignore others' perceived status, especially if it triggers insecurity.
Treat people equally, disregarding initial judgments to control emotional reactions and learn more about them.
volunteer_activism ADVICE
Corporate Entities for Loan Management
Use corporate entities to shield income from increasing loan payments, allowing for investment and asset growth.
This strategy provides a legal way to manage finances and build wealth despite high student loan debt.
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Atomic Habits by James Clear provides a practical and scientifically-backed guide to forming good habits and breaking bad ones. The book introduces the Four Laws of Behavior Change: make it obvious, make it attractive, make it easy, and make it satisfying. It also emphasizes the importance of small, incremental changes (atomic habits) that compound over time to produce significant results. Clear discusses techniques such as habit stacking, optimizing the environment to support desired habits, and focusing on continuous improvement rather than goal fixation. The book is filled with actionable strategies, real-life examples, and stories from various fields, making it a valuable resource for anyone seeking to improve their habits and achieve personal growth[2][4][5].
The push
Tommy Caldwell
The Push chronicles Tommy Caldwell's journey from a boy with a fanatical mountain-guide father to becoming a legendary climber. It details his challenges, including being held hostage and losing a finger, and how he overcame these hardships to achieve the impossible: free climbing El Capitan's Dawn Wall. The book explores themes of focus, motivation, and transformation.
Seven Habits
Highly Effective People
Stephen R Covey
Stephen Covey's "The 7 Habits of Highly Effective People" is a self-help book that presents a principle-centered approach to personal and interpersonal effectiveness. The book outlines seven habits, focusing on character ethic rather than personality ethic, emphasizing principles like proactivity, beginning with the end in mind, and seeking first to understand, then to be understood. It encourages readers to develop a holistic approach to life, focusing on continuous self-improvement and building strong relationships. The book has had a significant impact on personal development and leadership training, influencing countless individuals and organizations worldwide. Its principles continue to be relevant in various aspects of life, from personal growth to professional success.
There's lots of stuff in this one about investing wisely and eradicating debt -- especially student debt -- thanks to some professional help from our all-star, money-ninja accountant Matt Rzepka, along with the usual questions about everything else we get here on Feedback Friday.
And in case you didn't already know it, Jordan Harbinger (@JordanHarbinger) and Jason DeFillippo (@jpdef) banter and take your comments and questions for Feedback Friday right here every week! If you want us to answer your question, register your feedback, or tell your story on one of our upcoming weekly Feedback Friday episodes, drop us a line at friday@jordanharbinger.com. Now let's dive in!
You judge people quickly, won't suck up to authority, and have a reputation as being unapproachable. What's really going on, and are you stuck this way?
You're a frugally living 37-year-old doctor swimming in med school debt. Should you put all your money into saving and investments or toward extra loan repayment?
For someone with student loan debt just starting out in their career, what is the best move for financial freedom? Should you pay off debt, invest, build savings, or acquire assets?
Early in med school with many years of debt ahead, is it still worth it to be locking your money up and committing to your monthly index fund?
Your network connection is great at opening doors, but lackluster in work ethic. Is there a way to inoffensively compensate them for opening those doors without involving them in the actual job that results?
Are you really offended when an entertainer (say, a podcaster) openly expresses their political views, or are you just offended when their political views seem to differ from yours?
How can you stop giving in to your need for instant gratification and become a productive member of society when you lack discipline and think the world's ending anyway?
Life Pro Tip: If you volunteer to give up your seat on an overbooked flight, don't just take the first offer. Tell the gate agent, "Toss in another $200+/- and I'll go for it." They'll almost always agree, because a willing volunteer is worth it. And if they offer you a meal voucher, ask for a day pass to their first class club instead. It will have food plus other amenities!
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