Avoiding The Pitfall: The Critical Mistake Student Loan Borrowers Are Making Between SAVE vs PAYE

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 FitBUX, 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, especially in the context of changing marital and financial landscapes. Discover how this oversight, combined with the decision to opt for SAVE over PAYE, can have significant financial repercussions.

Joseph expertly navigates the complexities of student loans, income growth, and tax-optimized investing, offering clarity and actionable insights. This episode not only serves as a cautionary tale but also as a guide to informed decision-making and strategic planning for anyone on the path to financial freedom and PSLF.

Whether you're a recent graduate, a resident, or a seasoned professional, this episode is packed with valuable lessons on navigating student loans, investment strategies, and the importance of making informed financial decisions. Join us on the FitBUX Podcast as we transform financial planning from a journey of individual challenge to one of collective triumph, emphasizing simplicity, trust, and community every step of the way.

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 FitBUX.

Today on the FitBUX Podcast, we're tackling the often-overlooked but crucial topic of the IDR Tax Bomb. Join us as we explore the nuances of income-driven repayment plans and their potential tax consequences.

Our financial experts will break down the complexities of student loan forgiveness and its impact on your fiscal health. Plus, we'll share strategic insights on how to effectively save for this eventuality, with a special focus on the benefits of Roth IRAs. Tune in for valuable tips and actionable advice tailored for the 20-40 age group, helping you secure your financial future with confidence.

Need help? Become a member of FitBUX today!

In this enlightening episode of our financial podcast, we delve into the real-life story of Emily, a FitBUX member who faced a common yet complex dilemma many married couples encounter: whether to file taxes separately or jointly when dealing with student loans.

Emily, like many others, found herself at a crossroads, balancing the intricate dynamics of marriage, income disparities, and the burden of student loan debt. Our episode takes a closer look at her decision to file separately, a choice that significantly impacted her student loan repayment strategy.

Join us as we explore the nuances of Emily's situation, including the financial implications of her decision and how it affected her monthly student loan payments and overall tax burden. We'll dissect the pros and cons of filing separately versus jointly, especially for couples with differing income levels and debt responsibilities.

Our host, a seasoned CFA Charterholder with over 20 years of experience in student loans and financial planning, will provide expert insights into Emily's journey. We'll discuss how Emily's decision aligns with broader financial planning principles and what other couples in similar situations can learn from her experience.

Whether you're single, married, or planning for marriage, this episode is packed with valuable lessons on managing student loans effectively within the context of a marital relationship. Don't miss out on these crucial insights that could help you navigate your own financial journey more confidently.

Remember to like, subscribe, and share this podcast for more stories and expert advice on managing your finances and student loans. If Emily's story resonates with you, or if you're seeking personalized financial guidance, visit FitBUX.com to explore how we can assist you in managing over $2.6 billion in assets and debts for young professionals.

Tune in now and empower yourself with the knowledge to make informed financial decisions in your life!

In this episode, we share the journey of a FitBUX member — and a dear friend — who almost fell into the trap of a high-risk adjustable-rate mortgage.

As we dissect his story, we unravel the dangers of going for the seemingly attractive lower rates without fully understanding the long-term implications.

We expose the essential questions most first-time homebuyers fail to ask, and the misconceptions that lead them to believe all financial professionals have their best interests at heart.

We go beyond just sharing cautionary tales, though.

This episode promises to equip you with practical knowledge on mortgage types, terms, and risk mitigation strategies.

By the end of this episode, you'll be well-versed in understanding vital concepts like P&I loans, 5/1 ARM, and 10/1 ARM. But most importantly, you will have learned to ask the right questions and make more informed decisions when it comes to securing a mortgage that fits your financial standing and risk tolerance.

Join us as we unravel the mysteries of the mortgage industry and learn to rise above the sea of misinformation. Tune in now!

In this episode, Joe discusses how travel healthcare workers can take advantage of Roth IRA Conversions to generate tax free funds in the future.

Need Help?  Be sure to join Fitbux

Welcome to the FitBUX Podcast, where we decode the complex world of student loans, helping you to leverage loopholes and strategies like the "double debt consolidation" to ease your financial burden.

Join Joseph Reinke, CFA, as he simplifies the daunting process of loan repayment.

In this episode, Joseph discusses the Parent PLUS loans and how both retirees and children repaying them can benefit from the double debt consolidation loophole.

So buckle up as we journey through the maze of student loans, giving you the tools to secure your financial future.

Don't miss out on this opportunity. Tune in and take your first step towards financial relief.

Need financial planning help? Be sure to visit FitBUX.com.

Join us on this episode as we delve into a prevalent financial pitfall - lifestyle creep.

We’ll unravel a real-life case study of a couple who, despite a significant income increase, found themselves living paycheck to paycheck.

This podcast will not just expose the intricacies of this financial trap, but also equip you with actionable advice on how to avoid falling into it.

Learn about setting financial goals, making smart investments, and maintaining a sustainable lifestyle, regardless of income changes.

Tune in for these insights and more, and empower yourself to build a financially secure future.

If you need financial help, be sure to sign up at https://www.fitbux.com