He starts blogging in 2009 as a pure side hustle, it morphs primarily into a resource about student loan and takes off. He then leaves his day job and goes into this full time in 2017 and it takes off even further from there.
Key points on Powerful Student Loan Hacks That Will Save Years Of Debt
- Robert started blogging about stock investing and money-saving tips and tricks while he was still in college in 2009.
- He soon started to write about student loans because he had $43k in debt and had some issues with his loan servicer. This went viral and generated a lot of traffic on his blog.
- I took him a year and a half to generate income through his blog. He used AdSense and Amazon affiliate links and his first-month income was $24. The first year he made $7k.
- Blogging was a side-hustle for him until around 3 years ago. He kept his store manager job at Target even though he could’ve left it 2 years earlier.
- Robert’s primary business is a media-focused business. They earn money through advertising, affiliate marketing, brand partnerships, and sponsored content.
- They also have a product. It's software that helps people navigate their student loan debt and choose their best option.
- According to Robert, student loans are very risky because the collateral is the person’s payment. With a car payment, the collateral is the car or with a mortgage, it is the house. But if you don't pay your student loan debt, they may garnish your wages, take your tax refunds, or even your Social Security, or sue you.
- His rule of thumb is to never borrow more than you expect to make in your first year after school.
- Robert says that a student loan is very hard to navigate as there are 150 different programs and countless different routes to pay it back.
- Now with the pandemic, there are even more options like an interest waiver or a 60-day forbearance. So it is important to have a professional financial advisor.
- In the future, Robert hopes to see more programs that help student loan borrowers.
- Who is your success role model? He doesn’t have a specific role model. He is part of a mentor group of financial bloggers and he looks up to his 4 partners.
- What is your biggest success? Being able to take care of his family.
- What does a typical day look like for you? During this pandemic, he gets up, feeds his kids, and helps them with online schooling. He then works for a while, then eats lunch with the family and works some more. He makes dinner and usually watches a movie with his wife at the end of the day.
- What’s your favorite quote? “The best time to plant a tree was 20 years ago. The second best time to plant a tree is today.” – Chinese proverb
- What are your hobbies? He likes watching movies and playing PC games.
- What is the best business book you’ve read? Chris Guillebeau – The $100 Startup
- If there was one key piece of advice you could leave our listeners with about achieving success, what would it be? Get organized, get a plan, keep your finances in order, and set limits for yourself.
About our Guest, Robert Farrington
Robert Farrington is a student loan debt expert and founder of The College Investor. He has been helping people get out of student loan debt and start investing for over a decade.