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Nigel Hammett (23) Pays Off $48,000 Student Loan Debt In Just 10 Months

Agencies

Nigel Hammett is a young entrepreneur who graduated from North Carolina A&T. Hammett seeks to mobilize the members of his community by encouraging his peers to invest and learn income-producing skills.

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Hammett graduated in December 2018, so his first student loan payment was due on June 1st, 2019. Hammett soon made his final payment on March 6th, 2020, thus relieving him of his $48,000 debt. Here are the steps he took...

1. Live Below Your Means

Also Read | Nigel Hammett (23) Pays Off $48K Student Loan Debt in Just 10 Months

Hammett feels obligated to stress how important it is for young people to live below their means. Growing up in the Baltimore Area, Hammett understood the importance of being financially responsible. Hammett currently lives in Chicago and has managed to keep his monthly expenses under $1,500. He doesn’t have an extravagant apartment, nor does he own a car; therefore, Hammett has opted to ride the bus and take the train to get to work every day from his Southside Chicago home.

2. Learn Income Producing Activities

In Chicago, Hammett earns a yearly salary of $65,000 working at Facebook. As a young person paying off student loan debt, you must increase your income and utilize time outside of work. Hammett runs a resume business called “Resume Plug”, where he combats the disparities that Minorities and Women face in the workplace. By charging clients $150 for a well-crafted resume, “Resume Plug” offers clients opportunities to secure a better job and ultimately obtain a better future.

3. Balling on a Budget

With a background in the Foreign Exchange Market, Hammett manages to earn roughly $500- $1,000 every week solely from trading and investing. These funds truly helped him to pay off his student loan debt and support his lifestyle. As soon as Hammett has reached his weekly savings goal of about $1,200-$1,500, he is then able to spend any remaining funds he has earned that week on whatever he pleases. By living below his means and creating additional income Hammett has been able to travel to Puerto Rico, Atlanta, Phoenix, Miami, Canada, and The United Kingdom while still paying off his student loan debt within 10 months.

4. Enjoy a Debt-Free Life
As an apparent young success, Hammett is an absolute inspiration for young adults all over the world who are still figuring out their path in life. Hammett is now focusing on helping others achieve Financial Freedom while continuing his career. The money Hammett makes now goes back into his business, savings account, and new investments as he sets sights on future goals.