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How I Took My Student Loans Out of Default
I’ve gotten a lot of misdirected hate in the past for this, so I want to clarify one thing. I defaulted on my private student loans. My federal student loans have always been in good standing. The U.S. taxpayer was unaffected by my reckless financial decisions. The story of how I went into default is for another article, as it would be too lengthy. This story will focus on how I brought my student loans into good standing.
I Invested in Parallel (Do Not Do This Yourself)
The conventional wisdom is that if you have high interest rate debt, pay that off first. But I figured I could beat my annual interest rate, so it made sense to invest in parallel with paying off my debt.
In Fall of 2020, I invested in a company called Mind Medicine, which is doing clinical trials of using LSD to treat several mental health disorders. I bought it at $0.33 a share shortly after Kevin O’Leary recommended it. It rose to $1.60 within a few months, and I made $50,000.
Given the current state of the stock market and declining birth rates globally, I would steer clear of any financial markets. My investment was an exceptional circumstance in an exceptional time. The stock market was going manic in 2020, and a lot of people made a lot of money. The party is now over.
