Inspired By: “The Prisoners of Comfort” by Jim Plagakis, R.Ph.
When you are thirty years old and earn ten thousand dollars a month, you realize that your family does not have to wait for the good life. You can have it now. You have two nice cars, your children go to a private Montessori school, you can afford the best dance classes for your daughter and your son is already a black belt in Taekwondo. Your house is a dream that you and your spouse believed would come some day. Why wait? You told your spouse that you could have it now. The mortgage is hefty, but you can make the payments and your sisters are envious that you got that place on the lake when they may always be stuck in town. You have a life of comfort.
You and your spouse scrimped during the college days and you have vowed to never do it again. You may not know it, but you are a Prisoner of Comfort.
Making payments on your student loan at a thousand dollars or more a month is not a problem as long as you are making the good money. Your family cars are an Acura and a Mazda Miata. Nice cars but a Honda Civic and a Toyota Corolla will get you where you need to go just as fast. Student Loans are in a class all by themselves. Student loan debt is how you got where you are. Borrowing to get your PharmD was necessary. Student loans are not luxuries. You have to pay them back. Be smart about it.
Can you see that your choices on how to spend that bloated income are what are causing the stress? Your life of comfort is going to kill you; at least your marriage is liable to go. Change your life right now. Downsizing and eliminating or consolidating your debts is a great place to start.
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The Following was written by a professional employed by Common Bond.
Student loan is a crisis in America right now. I agree that private student lenders can only do so much. There’s going to have to be some serious forgiveness if we’re not going to ruin millions of young Americans’ lives. It’ll be okay for the top students and those making some money, and that’s where we think private lenders can help, but for those students whose debts will never be repaid, I think the government is going to need to take some action.
CommonBond also believes that debt management doesn’t have to be such a tiring experience. One of our favorite statistics is that 71% of millennials would rather go to their dentist than visit their banks (maybe a good one to throw in a post!). Our focus isn’t just on lower rates, but actually changing the face of finance from something we dread to something that we could get excited about. For example, every one of our borrowers receives a handwritten note and a gift chosen especially for them when they join. Sure it’s not as important as saving them money, but we think this kind of stuff is important in building a relationship of trust (especially after 2008