The Rate Wealth Podcast

President Biden announced a new student loan repayment plan at the end of January. Well, actually its not new.

His plan is to revised the REPAYE program.

Although people have been cheering it because how low it drops your monthly payments, it is extremely bad news in regards to the big picture.

This podcast details why and what you need to do so you can be prepared.

If you want more details on the new REPAYE program that has been proposed you can check out this episode of the podcast.

Also, as I mentioned in the podcast, if you want to take advantage of our special right now, be sure to register to become a Member of FitBUX.

If you are already a Member, you can log in and sign up from the dashboard.

Each week we provide a financial update on items that are relative to young professionals. The three topics we highlight are student loans, investments, and real estate.

This week, the major announcements centered around student loans. Primarily, they discuss when loan repayment may be starting and highlight the need to start planning now.

Links referenced in this podcast: Real estate valuation update: https://open.spotify.com/episode/0uwgYdB4SrJsL4xwgKK50O

Affordable financial planning help: https://www.fitbux.com

One of the leading causes of break-ups and divorces is money. I can't tell you how many calls I've been on were couples argue about it. So in this podcast, I'm going to share with you some tips on how to manage money as a couple.

One key takeaway I want you to remember: When you manage your money together wisely it will be easier to have money complement your life instead of dictate it.

If you'd prefer reading about these tips, click here.

We've been asked by many young professionals if they should be buying a house right now or waiting. Everybody should buy when they feel ready.

However, home affordability is at a 40 year low! Therefore, I decided to dig into my old valuation bag to predict how much I think housing prices are going to drop.

In September, I did a valuation and today I'm updating it based on current market conditions.

As a forshadowing, things are starting to look more affordable out there.

This was a back of the napkin type of valuation but will give us a good feel of what we can expect.

Be sure to subscribe to the podcast and check out FitBUX.com to help on you journey towards financial freedom.

Joe Biden has announced his new student loan repayment plan.

Its' actually not new. Its a revision to revised pay as you earn (REPAYE).

If this goes into law which it has a good chance of doing, it has massive implications.

If you borrowed student loans between 2007 and 2014 you'll want to listen because you have to make a massive choice and have to make it soon.

If you are going to pay off your Federal student loans you're going to want to listen because this can save your $10,000s.

If you are thinking of going on an income-driven repayment plan you'll want to listen because you're going to save thousands.

We will be updating our calculators to help you make the choice on what to do.

Therefore, if this stuff is confusing don't worry.

Become a FitBUX Member, schedule a call with a FitBUX Coach, and we'll help you make the decision.

Helpful links:

FitBUX: https://www.fitbux.com

Financial Freedom Webinar: https://www.fitbux.com/financial-freedom-webinar/

There are small difference but important ones to know when comparing a financial advisor vs planner.

The big question is: Should you use either one of them?

Financial advisors are supposed to help clients manage their money. This includes investment management, insurance 'investing', real estate, etc.

Financial planners focus more on building a comprehensive plan and look at a broader picture. In my opinion, in very few cases are they worth it.

USEFUL LINKS -*-*-

* https://www.fitbux.com

* https://www.fitbux.com/podcast/

* https://www.fitbux.com/hybrid-robo-advisor/

There is a lot of confusion about investments. Specifically, I hear from many people who are confused about Roth IRAs. Therefore, in this video I explain Roth IRA for beginners.

In the video I describe:

- What A Roth IRA is - Reasons why you should contribute to a Roth IRA - Rapid fire questions that we are asked by many beginners such as how to open a Roth IRA, Roth IRA contribution limits, and how much you should contribute.

-*-*- USEFUL LINKS -*-*- *

https://www.fitbux.com

https://www.fitbux.com/hybrid-robo-advisor/

https://www.fitbux.com/podcast/

Here is the latest about student loans and what to expect in 2023.

- What will happen with student loan forgiveness?

- When will repayment start?

- Should I switch plans?

Today's podcast is a quick story about two different families who bought similar brand new homes in the same area of town. Both families are about the same age range, similar income, and similar family situations. The difference is one home cost about $900K, and the other $350K.

Now let's see what it means for both families as they enter retirement and net wealth.

It's a complex question to answer. Many will try to answer this by comparing your expected increase in income post-graduation relative to the cost and say a break-even in less than 10 years is good. This is flawed however. It completely ignores risk factors to your finances.

In this podcast, Joe will review the best way to answer the question in his opinion.

If you want more details, check out this article for more information: https://www.fitbux.com/articles/how-much-college-debt-is-too-much/