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Approach Sensational Articles with Caution

Student loan debt is not new news. Breaking headlines, however, are the extreme financial strategies some Millennials are employing to eliminate their debt. We’ve seen the headlines:

“Young couple lives in RV, eats ramen noodles, and pays off $100,000 in student debt in less than 3 years.”

The problem with these sensational headlines is just that, they’re sensational. They’re meant to grab the reader’s attention and spark a burst of encouragement that you too can achieve the same success.

While you may be able to live on next to nothing and put more money towards your debts, you’re more likely to burry yourself in other forms of debt. For instance, if you’re plunging every dollar on your student loan debt, you may not be contributing enough to your emergency fund. When an emergency comes up, and it will, you either finance the fix or charge it. Thus you’re trading one debt for another.

Often the many of the articles out there don’t give the reader all of the facts. Like, what is their income? What other financial obligations do they have? Did they have assistance from family or friends?

Some sensational articles are more easily spotted than others. To play it safe, know there is no quick fix for finances, and there is no amount of ramen noodles that can change it.

What you can do now is practice a balance with your finances so you are paying yourself, feeding your emergency fund, and progressively working towards a debt-free life. Be inspired by the words of others, but make sure it fits your budget and your life.

Source: U.S. News