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The image does not depict the actual subjects of the story. Subjects are models.
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One 30-year-old caused controversy recently when he announced that he had gone forward with his decision to empty both his savings account and his 401k in order to finish paying off his student loans and finally be free of the debt. He claimed that people had told him not to do it, but he was happy to start from the beginning again without that extra expense to think about.
Some commended his decision to plan for the future like this, and others felt that it was shortsighted and was only going to add to his tax bill. It's fair to say he didn't take a common route, but maybe it is the kind of thing that will become more popular with time.
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The image does not depict the actual subjects of the story. Subjects are models.
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30-year-old pays off student loans by spending $47,000 and emptying 401k: 'I'm starting at $0 again'
There's no freedom like financial freedom, but it is rarely an easy path to get to it.
Most of us dream about never having to worry about our various expenses and debts ever again, but getting to a point where that is a possibility usually takes a lot of work. Earning more money is not always a straightforward guarantee to less financial anxiety, as costs mount along with income (if you ever get that raise in the first place). Even engaging in things like investments is not foolproof and entails the risk of losing some of that hard-earned capital.
It is a cliche at this point that many millennials and Gen Zers are in a worse financial position than their parents, thanks to the rising price of just about everything and the number of debts that many of them have. It is no wonder that some are looking to unorthodox ways to ease the burden, but it is not always the best of ideas to go down this path.
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