Creating a Financial Plan Around $400,000 in Student Loan Debt with FitBUX

The FitBUX Podcast

The FitBUX podcast hosted by Joseph Reinke is all about helping listeners understand their financial situation and how to make the best decisions for their future.

In this episode, Joseph talks to a couple in their mid-twenties who have recently graduated from college and are trying to navigate the financial landscape. Both of them are working in health care as physical therapists, making an annual salary of 76k a year.

The woman owes 208k in student loans and is eligible for Public Service Loan Forgiveness (PSLF), while the man owes 198k in student loans. They also have 37k in auto debt with payments of $780 per month.

Joseph helps them create a plan for their future by focusing on building an emergency fund, maximizing retirement savings, paying off debt strategically, and looking into home buying opportunities.

He suggests they look into filing jointly or separately--filing separately will save them $4,800 per year on student loans and they can reclassify their tax return in two years and get back another $200 per year. When they have kids this number will increase even more.

Joseph encourages the couple to consider investing conservatively then increase risk so in five years and they would have up to 75% of their investments in the stock market.

With his advice and guidance, Joseph predicts that when it comes time for retirement this couple could be sitting on $8 million! However, if they pay off their student loans rather than going through income-driven repayment (IDR) plan then that number decreases by about $660K worth of assets (roughly $7M)--which is still an impressive amount!

Financial planning can be intimidating but this episode shows how empowering it can be when you take the right steps towards creating a secure financial future for yourself and your family. Tune into this episode of FitBUX podcast for helpful tips from Joseph Reinke!

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