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작성자 Damion 작성일23-02-19 05:59 조회24회 댓글0건

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How I Repaid Debt: Making the Most of an Gig Economy

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How I Ditched Debt How I Made the Most of an Gig Economy
The article was written by Amrita Jayakumar Writer The Washington Post Amrita Jayakumar was a former special assignment journalist for NerdWallet. She also wrote a syndicated column about the millennials and money. She also wrote about personal loans as well as consumer credit and debt. Prior to that, she was a reporter at The Washington Post. Her work has appeared within newspapers such as the Miami Herald and USAToday. Amrita holds a master's degree in journalistic studies from University of Missouri. University ofMissouri.





Feb 5 Feb 5, 2019


Editor: Kathy Hinson Lead Assigning Editor Personal financial, 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 positions such as copy desk chief and team leader for design and editing. Prior experience includes news and copy editing for several Southern California newspapers, including the Los Angeles Times. She graduated with a bachelor's in mass communication and journalism in Iowa's University of Iowa.







The majority or all of the products we feature are from our partners who compensate us. This influences which products we write about as well as the place and way the product is featured on a page. But, it doesn't influence our evaluations. Our opinions are entirely our own. Here is a list of and .



This series of NerdWallet interviews individuals who have beaten debt by combining commitment, budgeting and clever financial decisions. Responses have been edited for length and clarity.
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, from catering to the nannying industry to instructing girls' lacrosse at high school.
Perez graduated in 2011 with her English degree and more than 25,000 dollars in loan debt. Three years later "adulting" and no job offer in sight, she knew she couldn't afford to carry on with the burden forever. "I realized that no one is going to save me. I must save myself from this life that I'm in," she said.
Perez decided to make use of her gig-based lifestyle and shifted things into high gear -- balancing five jobs and working all week. Every dollar she made toward credit card debt.
Today, debt-free, Perez runs her own business, known as which is a financial education and event business that helps women learn how to manage money. Perez shared her successes as well as lows to NerdWallet, and her story could motivate you to .
What was your total debt and income when you first started?
I finished my degree in 2011 with little over $25,000 spread across five distinct loans. When I was really focused [on paying off debt] in 2014, I had around $18,000 remaining and had am earning $18,423.
How did you get in the position of being in
I attended my first choice school [Wesleyan University]. I come from a single-income household, and the need to take the loans was always part of the plan.
What was the trigger that prompted you to get out of credit?
I remember watching the people around me continue to live their lives and feeling as if I was drowning. I was spending my time in tears and panicking. I was applying for jobs, but had not been hired. I was only three years out of college , and working as a part-time caterer. I also worked 10 hours a week as a receptionist at an exercise facility.
My friends were on the road, getting real jobs or promotions, and I was stuck.
When I first started learning about money] , I had to get a students loan to cover six months, because I was unable to pay the monthly payments.
What steps did you take?
Two things I did I cut down everything possible within my budget, and I began to look for work. I drove a van on a high school golf team. I was a freelance writer for 12 dollars an hour for small blogs as well as the management of social media for freelancers.
I also got crazy frugal. I would take home food leftovers I had from catering job and eat them instead of spending money on groceries some weeks.
Perez shared a room with several other people at the time. My roommates were my best friends, however they all came from rich backgrounds and had no debt. The people were extremely supportive My friends would often come home for dinner , instead of [making me] take me out to eat.
I'm still very frugal. I have a boyfriend and a roommate and do not eat out so much.
>> MORE:
It was surely a difficult task to balance.
I had five part-time jobs and worked seven days a week. I was really burnt out by the end of it, but I was also extremely proud of myself.
Let me know about the debt avalanche technique to pay your loans.
I had one federal loan with a rate of 6.8 percent. That was the highest interest rate I had. The focus is on the debt with the highest rate of interest.It is the debt with the highest interest. I put any additional payments toward that debt, and then I made the minimum payment on all other debts.
Have your earnings fluctuated through the time?
Catering as well as the social media tasks I worked on was hourly, so I asked for more hours. I also bargained for increases at my catering and nonprofit jobs, which was helpful. I made the leap from $12 per hour for a catering job to $15.50 in the period of one year. In 2015 [the year in which she paid off her debtI made $32,249.63.
Do you have any suggestions for what you would have changed?
In retrospect, the most important thing I wish I had done was started investing into my retirement accounts conjunction with getting rid of the debt. I didn't begin investing until afterward, and that was the time when my money could have grown in the bull market.
What are your current goals?
I'm a business owner and work full time. I'm also a very efficient saver. I want to build up enough money to make work be an option. In the past year, I have saved 72% of my total income, using a and a .
How do you get rid of your personal debt
Make a budget to ensure that you are able to pay off debt, while also saving for emergencies and tuck in some money to play. For this purpose, we like the , in which your spending is divided among needs, wants as well as savings and repayment of debt.
The method of debt avalanche used by Perez employed is an efficient method of paying off debt since you save on interest, but to get quick wins it is also possible to consider paying off your debt with the lowest amount first.
As Perez says, it is something that could and should be considered in conjunction with the process of paying off debt.

Photo by Shane Henderson.



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







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