The one obstacle that prevents most millennials from growing their wealth is student debt. Loan installment payments have made it near impossible for them to invest and ride the wave of rising market.
If you are also one of those individuals who are entrapped with student loans, you should consider following the below mentioned 3 creative ideas to fix your debt problem. Any actions that you take, and sacrifices you make, in this regard will be worthwhile in the end as you will be able to enjoy all the good things in life that money can buy.
1. Apply for Public Service of Teaching Position
Creativity Level: Medium
One of the most overlooked yet effective ways to lessen student debt problem is to apply for a teaching or public service post. Some posts advertised in these two sectors give incentive to individuals by forgiving part of or the entire loan amount. This can be a great way to get rid of the debt problem.
However, there is one drawback to using this strategy. You need to complete the full term of the contract before your loan can be forgiven. As a result, you should be ready to forgo more lucrative job opportunities elsewhere if you use this option to fix your student loan debt problem.
2. Ask for a Raise
Creativity Level: Low
Requesting for a pay increase is another way to solve student loan problem that not many people consider, and which is one of the most effective ways to end the debt trap. But before you knock your boss’s door and ask for a raise, it’s important that you prepare a case in favor of a raise by gathering facts and figures.
You may also consider landing an offer in another company before going to your boss for a raise. This will increase the likelihood of a successful outcome of the negotiation.
3. Visualize Life without Student Loan
Creativity Level: High
Although this strategy will not directly help you fix the debt problem, it will provide you with the motivation to take actions to change your present position.
If you have read the book ‘The Power of Visualization’ written by psychologist Dr. Lee Pulos, you will know that through visualization you can achieve anything in life. And this also applies to reducing the debt burden.
Here is an easy tip on how you can start your visualization process.
Imagine the one thing you want in life that can only be possible when you are able to eliminate bad debt. Is it saving enough to go on a dream vacation? Or maybe start a new business? Now imagine that you have paid all the loans and that you are living a debt free life achieving the things that you want in life.
Once you visualize success, your mind will automatically go to work and come up with a creative solution to the problem. It can help you to identify and eliminate the roadblocks making your path to success real and achievable.