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Not Waiting For Biden: How This Mom of 3 with $200,000 in Student Loans Has Paid Down $30K During the Payment Freeze – NextAdvisor

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You know the system is broken when a performing arts degree costs $200,000.

“I felt like I was in a cage,” says Latasha Peterson. “I left college with a pile of debt.” The wife and mother of three struggled for years to make real progress on her enormous student loan bill. Something needed to change.

For over two years, federal student loan payments have been paused, and it appears likely President Biden will extend the pause a seventh time later this month. Millions of Americans anxiously await potential forgiveness legislation, a campaign promise that Biden promoted during his election campaign in 2020. 

Peterson isn’t one of them. She took matters into her own hands and got serious about her debt management. After gaining traction with her finances, fellow performing artists and creatives began asking her how she was making ends meet. The inbound interest motivated her to create Arts & Budgets, a blog of resources to help people create profitable businesses and additional income streams.

“I saw a struggle,” she says. “I saw the problem, and it developed a passion in me to help individuals find legit ways to make more money.” @ArtsAndBudgets now averages $10,000 a month in income from ten different revenue streams, and the mompreneur has used the extra funds to pay down $30,000 of her debt over the last 13 months.

If you’re tired of waiting on student loan legislation and want to start taking action now, here’s what Peterson wants you to know about starting a side hustle and working towards financial independence.

“It’s More Time Than Money Invested at the Beginning”

Growing up, debt was seen as normal in Peterson’s household, and she says she wasn’t taught how to manage money. After college, she found herself juggling over $10,000 in credit card debt and roughly $200,000 in student loan debt with no savings.

Related: 4 Signs Biden Will Extend the Student Loan Payment Pause Again

“I really wanted to be a stay-at-home mom,” she says. “So, I quit while my husband continued to work in corporate America. My passion for work never went away, though.” Peterson and her husband started their debt payoff strategy by taking an inventory of the household’s finances.

“Money was tight, and we only had $100 in our account at one point,” she says. “But my husband and I buckled down and …….

Source: https://time.com/nextadvisor/financial-independence/arts-and-budgets-success-story/

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