The CARES Act (also know as the stimulus bill) impacted your student loan debt. There’s a pause on your student loan payments and interest and more. It may be tempting to use that extra money in the wrong way. Today, we discuss some pearls of information you should know for managing your student loans. Keep reading to find out more!
What You’ll Learn:
In this episode of Money Meets Medicine, “Peals on How To Manage Your Student Loans,” you’re going to learn:
- How the CARES Act effects your student loans.
- The right way to take care of the burden of student loans.
- The do’s and don’t’s for the money you’re saving.
- When the’s the right time to refinance your student loans.
- And more!
Resources from the Episode:
This Episode’s Sponsor
Medical Degree to Financially Free provides a 5 Step Process to help you pay down debt, invest toward individualized goals, and find the financial freedom you deserve. It is a 5-week course that offers live office hours with Jimmy Turner each week and a 14-day no-questions asked money back guarantee. Practice Medicine Because You Want To…Not Because You Have To… Use link: https://financialresidency.com/MDFree
Listener Question of the Week:
Today’s listener question comes from Dusty Schuett:
“Have a question for you about 401ks for spouses not currently working. My wife has a 401k from a prior job. She’s currently doing the stay at home mom and homeschool teacher for a 2nd grader, preschooler and a 2 year old. Her 401k currently has fairly high expense ratio options. I’d love to get her out of that 401k into a more efficient fund. Can I roll that money into her IRA and do a back door conversion to Roth so that we can keep doing Backdoor Roth’s? Without any income, I’m assuming that I cannot start a solo 401k for her without any income correct? I’m starting to do some 1099 work and am considering hiring her to help with that which would allow me to create a 401k for her, she could then roll the prior 401k into the new 401k that I would manage, correct?”
Each episode, we are going to start including listener questions as they are provided to us. So, if you have a specific question you’d like answered on the podcast reach out to us! Email Jimmy@moneymeetsmedicine.com or firstname.lastname@example.org
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