Weeky Financial Update 11.11.23 "Messed Up Student Loan Payments"
Release Date: 11/11/2023
Shifting Our Mindset On Debt
The FitBUX Podcast
In this podcast episode, Joseph Reinke discusses how two members use pscyhology to rethink debt and reduce their financial related stress. In one instance, the FitBUX member has a low interest rate mortgage debt. Although his savings account is earning more interest, he is stressed about having a 300k balance on a mortgage. In the other instance, the FitBUX member needs to save for the IDR tax bomb but is stressed that their student loan balance isn't going down. Tune in to see how these FitBUX members used Joe's guidance to reduce their stress.
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What Is Human Capital | Generate A Lot Of Wealth By Knowing What Human Capital Is.
The FitBUX Podcast
Join Joseph Reinke, the founder of , as he explores the often overlooked concept of human capital and its critical role in achieving financial wellness and freedom. In this engaging podcast episode, Joseph addresses a common concern among young professionals: the daunting reality of debt and negative net worth. However, he brings a fresh perspective by illustrating how human capital—your education, experiences, and skills—constitutes your most valuable asset. This episode demystifies the concept of human capital, explaining it not just as your potential to earn, but as the embodiment of...
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President Biden's new Student Loan Debt Relief Proposal
The FitBUX Podcast
Welcome to the latest episode of our podcast, where we delve into the heart of financial wellness and empowerment for the modern young professional. In this special episode, our founder and leading financial expert, Joseph Reinke, takes an in-depth look at the newly announced plans for student debt relief. With a fine-tooth comb, we dissect the proposals, their potential impact, and the reality behind the numbers. Are these plans a beacon of hope for millions, or a political move with the elections in mind? Joseph doesn't just lay out the facts; he invites you to weigh in with your thoughts on...
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Avoiding Costly Mistakes On IDR Student Loan Plans
The FitBUX Podcast
In this Podcast, Joseph Reinke, CFA, founder of FitBUX, dives deep into the complex world of Income-Driven Repayment (IDR) plans for student loans. Discover the common pitfalls that borrowers face, including miscalculated monthly payments due to both borrower and loan servicer errors, and learn strategic ways to avoid them. Whether you're married and confused about how your spouse's student loan debt affects your payments, or you're struggling with inaccurate payment calculations from loan servicers, this video is a must-watch. Joseph shares real-life examples where borrowers saved tens of...
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How A Tax Refund Works and What You Should Do With It
The FitBUX Podcast
In this episode, we're discussing how a tax refund works and what you should do with it. "I'm so happy my tax refund is a lot this year." Does that sound familiar? While initially pleasing, a large tax refund might not be as beneficial as it seems. We'll explore why receiving a hefty tax refund indicates you've provided the government with a zero-interest loan and how you can adjust your withholdings for a better financial balance. We'll also guide you through the smartest ways to utilize your tax refund, aligning with both short-term satisfactions and long-term financial goals. Here's what...
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Is Buying A House About To Get Cheaper? - Weekly Financial Update 3.22.24
The FitBUX Podcast
In this podcast, we dive deep into the news that is shaking up the American real estate market. A landmark antitrust ruling against the National Association of Realtors has led to a historic $418 million settlement that's poised to transform how homes are bought and sold in the U.S. What does this mean for you? Whether you're buying, selling, or just interested in the future of real estate, you'll find valuable insights here. We break down the implications of the settlement, including the end of standard 6% commissions and the move towards competitive and negotiable agent fees. This change is...
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This Couple Generated $750k In Tax Free Money!
The FitBUX Podcast
Joe discusses a FitBUX Couple that were able to convert $100k of a 401k to a Roth IRA thereby generating approximiately $750k in tax-free retirement money. Plus, they can access the 100k anytime they want to without penalty! Need help? Be sure to join .
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Avoiding The Pitfall: The Critical Mistake Student Loan Borrowers Are Making Between SAVE vs PAYE
The FitBUX Podcast
In this enlightening episode of the FitBUX Podcast, we dive into a critical and timely topic that resonates with many high-income earners and married couples—making the right choice between SAVE and PAYE for student loan repayment. With PAYE on the brink of expiration, our host, Joseph Reinke, CFA and founder of sheds light on the nuances and potential pitfalls of these repayment plans through the lens of a real-life case study. Learn about a common yet crucial misstep many make—directly contributing to a Roth IRA without considering the strategic benefits of a backdoor Roth IRA,...
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Weekly Financial Update 3.8.2024
The FitBUX Podcast
In this pivotal episode of the FitBUX Podcast, we dive deep into the recent announcement from the Department of Education, extending the Income-Driven Repayment (IDR) plan recertification deadline to no earlier than late September 2024. Amidst the swirling confusion and concern within our vibrant community of students and new graduates, this episode aims to shed light on the complexities of this extension and its implications on your financial journey. Join us as we unravel: The critical details of the IDR deadline extension and what it means for those who've already recertified,...
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This Student Will Generate 600k In Tax Free $$$
The FitBUX Podcast
In this episode, Joe discusses a FitBUX member who is a student and had $60k in a 401k. He illustrates how this student was able to do a roth conversion ladder and turn that money into tax free money that he can access penalty free if he chooses to post graduation. In addition, if he leaves it in the Roth IRA until retirement, he'll have $600k in tax free money when he retires! To get help, be sure to join .
info_outlineIn this week's episode of FitBUX podcast, host Joseph Reinke, dives deep into the complex world of student loan repayment plans, discussing common errors and effective strategies for dealing with loan services. He underscores the importance of using a reliable calculator to estimate payments and highlights the current "on-ramp" scenario introduced by the Biden Administration. Additionally, Joseph shares insights on the housing market and provides an update on the stock market, emphasizing the power of dollar cost averaging in your retirement accounts. Listen in to understand the subtle interplay between risk and reward in your investments, and how FitBUX's technology and strategists can help balance your risk appetite.
Resources:
- Student Loan Calculator: FitBUX
- Verify your Loan Details: StudentAid.gov
- File a Complaint or Dispute: Feedback and Complaint system, FSA Ombudsman Group
- Verify your Loan Details: StudentAid.gov