If you asked me what are the effective ways to eliminate or reduce student loans, my answer would definitely be – entrepreneurship.
Doing odd jobs and part-time jobs to pay your student loans are no longer feasible today – They are old-school.
Today is the era of young entrepreneurs, and it is time to join the bandwagon of young entrepreneurship.
Some proofs – I’ve met and chat with young entrepreneurs of today, and man, they are really young! I’ve heard stories of how a 14-year-old builds an Internet empire (urban legend? I really can’t verify…) However, I do converse with a couple of teenage entrepreneurs who are very successful even before they go to college.
One of them, age 18, are about to go to college and he already has the capability to fund his lifestyle, including his college tuition for the next 4 years. He run an Internet consultancy business, providing training and mentoring to both individuals and companies on how to use the Internet for their advantage.
Now, back to the topic – If you happened to plunge in the sea of student loans that could take years to be paid off, even years after you graduate from college, you might want to consider (and reconsider) entrepreneurship.
Paying up your student loans after you are getting hired by a big company is not a smart strategy. On contrary to what many believe, doing so is probably the most risky strategy you could do in paying off your debt. Chances are, you could be drowned even deeper into the quick sand of your debts.
Why should you plunge into entrepreneurship while studying at school or college?
First and foremost, you have the ultimate benefit that many entrepreneurs don’t – friends.
You can network with like-minded friends, as I strongly believe that two heads are better than one. It’s not easy for someone like me who plunged into entrepreneurship in my late 20s – Collaborating with old friends are not easy as we all already move toward different paths in our life. Similarly, partnering with new people is involving a certain degree of risks (risks of getting scammed and such) – So, a total benefit for you who decide to enter entrepreneurship early.
Secondly, your college might offer you an entrepreneurship ‘hands-on’ programs (often called business incubators and other names that serve the same purpose) – For a selected individuals or groups, the programs grant you a startup fund to help you get your business of the ground.
Although the nominal is not much, the benefits of getting inducted in the programs are enormous – You will also receive guidance from your lecturers and experts who are most probably successful entrepreneurs themselves.
Given the right timing, opportunity and type of business you start, working on paying off your student loans can offer you more than just eliminating your debts – a chance to be financially independent and live your life to the fullest.
Student loans – blessing in disguise
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