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This New and Creative Strategy Can Help You Pay Off Student Loan Debt

This New and Creative Strategy Can Help You Pay Off Student Loan Debt

Debt and art – these are two words that tend to have radically different connotations. Debt, particularly student loan debt, is a term riddled with dread, worry, and even regret. Art, on the other hand, is light, fun, and uplifting. It’s no wonder so many people are turning to art to help lighten the process of paying off their student loan debt.

With so many graduates defaulting or struggling to pay off heaps of loans, a new and creative strategy is needed to help them bridge the financial gap. Color mapping is a new trend that many people are using to take back control of their finances.

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What is Color Mapping?

Essentially, color mapping is the process of creating a visual representation of your debt. While this may sound like even more of a bummer, the images used are not tedious charts or graphs. Instead, the images you can use to create your color map are beautifully intricate – like these. Being able to visualize and track your progress through imagery is not only motivating, but empowering, as you observe how much of an impact you can actually make.

How to Use a Color Map

Once you’ve decided on an image, you have to determine what each little unit or “swirl” of your map means. For example, a swirl might equal $100, 1 week, or 1 payment – whatever medium of measurement makes the most sense for your particular goals and amounts of debt. The process is similar to a paint by number, except you are deciding the colors. Once you complete an action associated with paying off the debt, such as making a payment, simply color in one unit. (You’ll want to have a vivid variety of colored pencils or markers on hand.) So your goal might be to make a $50 payment every single week. For each week you make a payment, color in one unit. It may seem too easy, but people are already touting the effectiveness of this method for tracking student loan debt, credit card debt, and other goals like weight loss.

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Why Color Maps Work

While there is no research that specifically examines why color mapping works as a motivational tool to pay off student loans, it’s not hard to decipher some possible reasons. First off, having a visual representation of your debt on display gives a sense of unfinished business – you can see what work still needs to be done. And if you’re a Type A personality, the simple fact of having an unfinished color map may snap you into action even quicker. Unlike your actual debt, which is a distant and abstract concept, a color map sits in your home or office, giving you an immediate understanding of how far you have to go.

Studies have shown that the use of “visualized information” has increased astoundingly over the years, making our brains wired for it. Visuals are processed in our brain much faster than words (you know, that awful stuff that’s written all over your student loan statements). They also require 50% of the brain and 70% of your sensory receptors, so it would be tough to ignore your vivid color map each day.

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Another reason why color maps may work is due to information overload – the constant influx of data to and from our brains every day. Imagery eliminates the need for complex thinking and provides relief from all of this interpretation. Thus a color map makes your once-massive and confusing debt problem seem much easier to tackle. Make a payment, color a unit, make progress toward financial freedom.

For those who frequently forget to make payments, color maps will provide you with a much more memorable reminder. According to research, humans recall a whopping 80% of what they see, 20% of what they read, and just 10% of what they hear. So if better reminders are what you need to pay off debt faster, color mapping may be worth a shot.

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Featured photo credit: Pexels via pexels.com

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Last Updated on January 21, 2020

How to Develop a Millionaire Mindset in 6 Simple Steps

How to Develop a Millionaire Mindset in 6 Simple Steps

We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

How do you go about developing that millionaire mindset? By following these simple steps:

1. Focus On What You Want – And Take It!

So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

Millionaires play to win, not to avoid defeat.

This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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2. Become Goal-Orientated

It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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If you are to become a millionaire, you need to start accumulating money.

Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

3. Don’t Spend Your Money – Invest It

The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

Stop working for your money and make your money work for you.

Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

There’s not just the stock market — there’s also property, and your own education.

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4. Never Stop Learning

The best thing you can invest in is yourself.

Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

Learn everything you can about how economics works, how the stocks markets work, how they trend.

Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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5. Think Big

While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

Aim for the stars, if you fail you’ll still be over the moon.

6. Enjoy the Attention

To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

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Featured photo credit: Austin Distel via unsplash.com

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