The Most Expensive Horror Story of All Time

Student Loans Worsening 🗞️

Unfortunately, as we know student loan debt cannot just be cancelled as the debt is owed to someone. To make matters worse, the entire situation since payments resumed is what we like to call…a certified shitshow.

Many are complaining of errors with bills, trouble contacting servicers, lost or misplaced account information, and denial of promised relief. It has been a whirlwind of headlines over the past year as borrowers had no idea what to expect until the Supreme Court stood firm in June.

Let me give you a few examples:

• Wait times of over 100 minutes, to four hours, to six months.

• Some anticipating monthly payments of $400, only to see their first bill at a whopping $2,000.

• One librarian was promised her debt would be erased after 120 payments. She made 125 payments, yet received a $675 bill this month.

Out of the 40 million borrowers, some 16 million were switched to a new servicer over the pandemic, adding to the confusion on both sides. However, some of the servicers have faced lawsuits regarding their predatory practices. You can find those here and here.

All of this to say that consumer confidence and spending isn’t likely to get any better. As we all await a possible rise in inflation, a looming recession, and a government that hasn’t had a speaker in over 17 days, the overall outlook for the economy certainly isn’t great. Stay strong out there folks, we will power through 💪.

Quick Hits 🥊

Market Drivers: Earnings calls are on the schedule this week for big players Meta, Google, Microsoft, and Amazon. I get it, numbers can be boring, but these will have an impact on the stock market and economy as a whole for the remainder of the year. Check out the schedule here.

$74 Billion Propaganda?: President Biden is asking the government for $100 billion in spending money to “hold the world together”. $60 billion will go towards funding for Ukraine, $14 billion for Israel, and the remainder for border security and humanitarian aid. Politics aside, I’m not so sure giving $74 billion worth of weaponry to warring countries will result in world peace.

C+: The U.S. retirement system received a C+ last week, landing 22nd out of the 47 countries ranked. Sure, C’s get degrees, but we’re talking about people’s lives here. With the sketchy Social Security situation and the lack of employee retirement plans available, it’s hard to have faith in the government helping us out. Instead, let’s help ourselves…see below for more on that.

Personal Finance 💵

I know, things aren’t looking so hot right now. But, now we know it’s time to take matters into our own hands. Let’s take a look at Roth IRAs.

They’ve been around since 1998, but have gained traction over the past few years as they become more widely available. So, why a Roth IRA over a traditional retirement account? Simply put, Roth IRA contributions are pre-taxed, so the money can grow tax-free. We love tax-free money. Click here for more information and where to open one of these bad boys.

Quote of the Day 💭

“Don’t let the fear of losing be greater than the excitement of winning.” - Robert Kiyosaki