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작성자 Adriana 작성일23-02-16 09:28 조회23회 댓글0건

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How I repaid my debt: Making the Most of the Gig Economy

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How I Ditched Debt: Making the Most of an Gig Economy
Written by Amrita Jayakumar Writer The Washington Post Amrita Jayakumar was a former special assignment journalist for NerdWallet. She also published a syndicated article on the millennials and money. She also focused on personal loans and consumer credit as well as debt. Prior to that, she was an reporter for The Washington Post. Her work has been featured within The Miami Herald and USAToday. Amrita has a master's degree of journalism at the University ofMissouri.





Feb 5 2019, 2019


Written by Kathy Hinson Lead Assigning Editor Personal finances, credit scoring financial management and debt Kathy Hinson leads the core personal finance team at NerdWallet. Prior to joining NerdWallet, she worked for 18 years with The Oregonian in Portland in roles including copy desk chief and team editor and designer. Prior experience includes news and copy editing for many Southern California newspapers, including the Los Angeles Times. She graduated with a bachelor's in mass communications and journalism in The University of Iowa.







The majority or all of the products featured here come from our partners who pay us. This impacts the types of products we feature and the location and manner in which the product appears on the page. But, it doesn't influence our evaluations. Our views are our own. Here is a list of and .



The series interviews individuals who have beaten debt through a combination of commitment, budgeting , and clever financial decisions. Responses have been edited for clarity and length.
Kara Perez has never had a full-time job. The 30-year-old entrepreneur who hails from Austin, Texas, juggled several part-time jobs during her 20s including catering, Nannying, to coaching high school lacrosse.
Perez completed her studies in 2011, graduating with her English degree, and over 25,000 dollars in loan debt. Three years later "adulting" and no job offer in sight, she knew she couldn't afford to pay off her debt for the rest of her life. "I realized that no one is going to save me. I need to rescue myself from the life that I'm in," she says.
Perez determined to make use of her gig-based life and kicked things into high gear, juggling five jobs while working 7 days a week. Every dollar she earned towards debt.
Now debt-free, Perez is the owner of her own company, called , a financial education and event company that teaches women how to manage money. She shared her highs and lows on NerdWallet, and her story may inspire you to .
What was your salary and debt when you first started?
I graduated in 2011 with a less than $25,000 spread over 5 different loans. When I was really serious [about the debt I owed during 2014, I only had $18,000 and am earning $18,423.
How did you get in the position of being in
I went to my first choice school [Wesleyan University]. I am from a household with only one income and the need to take out loans was always part of my plan.
What was the reason that led you to pay off your credit?
It was a bit depressing watching everyone around me continue to live their lives and feeling as if I drowned. I was spending my time mostly crying and frightened. I was applying for jobs, but I wasn't accepted. I was just three years out of college and employed as a part-time caterer and 10 hours a week as a receptionist at a gym.
My friends were on the road and gaining real jobs or promotions and I was stuck.
When I first started studying about money], I had to put one students loan for six months due to the fact that I couldn't afford the payments.
What steps did you take?
I did two things I cut down everything possible within my budget, and then I began to look for work. I was a driver for a high school golf team. I wrote for freelance writers at 12 dollars an hour for small blogs as well as the management of social media for freelancers.
I also started to be extremely thrifty. I would bring home the leftovers of my catering business and eat them instead of buying groceries for a few weeks.
Perez shared a room with several other people at the time. My roommates were my best acquaintances, but they all came from wealthy backgrounds with no debt. People were very supportive; my friends would stay home for dinner , instead of requiring me to take me out to eat.
I'm still a bit frugal. I live with my partner and a roommate, and don't go out to eat so much.
>> MORE:
It is certainly a tough task to balance.
I had five different part-time jobs and worked seven days a week. I was exhausted towards the end, but I was also proud as hell.
Let me know about the debt avalanche method to pay your loans.
My federal loan at 6.8%; that was my highest interest rate. The focus is on the debt that has the highest interest.] I put any extra money towards that debt and paid the minimum on everything else.
Have your earnings fluctuated throughout the time?
Catering and social media work I did was paid hourly, which is why I requested more hours. I also negotiated for raises at my catering and nonprofit jobs, which was helpful. I went from earning $12 an hour for a catering job to $15.50 in the time of the year. In 2015 [the year in which she paid off her debtI earned $32,249.63.
Is there anything you would have done differently?
In retrospect, the most important thing I wish I had done was start investing into my retirement accounts in conjunction with getting rid of the debt. I didn't begin investing until later, which was time my money could be growing during the bull market.
What are your goals now?
I work on my company full-time. I'm also a super-saver; I'm trying to accumulate enough in assets to have work be an option. Last year I saved 72% of my total income, using a and to .
How do you get rid of your personal debt
Create a budget you have the ability to put money toward debt, but also save for emergencies and tuck some away for fun. For this purpose we suggest the where your expenses are split between wants, needs as well as savings and the repayment of debt.
The method of debt avalanche that Perez used is a more effective way to pay off debt as you reduce interest costs, however for quick wins it is also possible to attempt to pay off the smallest amount of debt first.
As Perez states, this is something that is able be accomplished and should be part of the process of paying off debt.

Photo taken by Shane Henderson.



About the author: Amrita Jayakumar is a former writer at NerdWallet. She has previously worked for The Washington Post and the Miami Herald.







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