‘I wasn’t blessed with parental financial geniuses’: I have $50k in debt and big plans for the future. How can I set myself up for success as a recent college grad?

Hey Money Minder!

So, I just graduated and I’m staring at a hefty $50k debt. Couldn’t work during my intense 5-year program, so now I’ve got credit card debt, federal loan, and private loan debt. It’s all interest, interest, interest!

I’m thinking of getting a financial advisor to take a look at everything, help me pay as little as possible (like, maybe consolidate or get a new loan?), and figure out how to plan for my future. I’ve got big dreams – a new car in a year, a house in 10 – and I want to set myself up for success. Are there advisors who can help with all of this? How much do they cost? Any recommendations?

Thanks a bunch, y’all 🙂 Be nice, okay? My parents weren’t financial wizards, so I’m reaching out for help in all directions.

EDIT: Got some awesome info to get me started. Thanks a bunch!!!

Response from THE MONEY MINDER:

Hello There,

Congratulations on your recent graduation, and I’m sorry to hear about the financial challenges you are facing. It’s commendable that you are looking to take control of your debt and plan for a successful financial future. Hiring a financial advisor is a smart move, and there are professionals who specialize in helping individuals in your situation.

A financial advisor can help you assess your current financial situation, explore options for consolidating your debt, and create a plan for paying it off efficiently. They can also assist you in planning for major milestones like buying a car or a house. The cost of financial advisors can vary but it’s essential to find one that fits your budget and provides the services you need. You may want to consider fee-only advisors who charge an upfront fee rather than earning commissions on products they recommend.

In addition to seeking professional help, you can take practical steps to manage your debt. Start by creating a budget to track your income and expenses, prioritize paying off high-interest debt like credit cards, consider refinancing your student loans if it lowers your interest rate, and look for ways to increase your income or reduce expenses to allocate more money towards debt repayment.

Remember, financial progress takes time and dedication, but with a clear plan and the right support, you can achieve your goals. Best of luck on your journey to financial security!

Farewell from THE MONEY MINDER