The average American takes a long time to pay off debt, especially student loan debt. These amounts can vary, some people have a few thousand in student loan debt, others have tens of thousands, but what about $521,741 in student debt? Would you be able to pay off over half a million dollars in student loans, all while trying to buy a house and regularly invest? This is exactly what Ty from Debt Ascent did, and he did it quite successfully.
Ty is an engineer and his wife is a dentist, so they both are in high-income careers with advanced degrees. Ty makes the argument that their degrees are a good investment, as they’ve been able to make $400,000+ as a couple, years after finishing school. This is a very high income, and with smart money management (as you’ll hear in the show), the high debt can be easily argued as being worth it.
You’ll also hear from Ty on the importance of tracking your spending (something both Mindy and Scott have been fans of for a long, long time). Tracking the spending for Ty and his wife made it simple and easy for them to live off of one income alone, while dedicating the other income completely towards paying off debt and setting up other income streams.
As of now, they are debt-free, with another $500,000+ in assets! Talk about financial efficiency!
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Is It Worth $500,000+ In Debt for Higher Paying Careers? is written by The BiggerPockets Money Podcast for www.biggerpockets.com