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After graduating in 2010, she saw her student loans grow to a balance of over $100,000. Jean-Baptiste writes, "If I told you that my checking account had more than two thousand dollars in it at a time, I'd be lying to you and myself. Jean-Baptiste writes, "At the height of my lesson plan selling era, I had forty to sixty assets in my digital store and was making $10,000 to $12,000 a year. "I was making money, but as soon as it came in, it went out and I wasn't able to save like I wanted to, " Jean-Baptiste writes. Debt consolidation can be a useful tool to help pay down existing debt at a lower interest rate.

Persons: Melissa Jean, Baptiste, Jean, I'd

Identify your financial habits and adjust if need be"Your financial habits will strengthen or weaken your financial health," Jean-Baptiste writes, "and your biggest and smallest life decisions impact your financial habits." She continues: "You have to intentionally develop financial habits that will be the foundational blocks that you build into your daily routines." I had to look at my financial habits and determine if my habits were putting me in a position to save." This piece of advice really resonated with me because I also had to develop financial habits that made room for me to save money. Jean-Baptiste writes, "Saving money is a skill that is developed with practice and steady financial habits.

Persons: Melissa Jean, Baptiste, —, Jean, Uber, I've Organizations: Service

Jean-Baptiste, who paid off over $100,000 of student loan debt, has seven bank accounts: one for each savings bucket in her budget. I actually have five accounts: checking, high-yield savings account, a travel account, a business account, and an account for a down payment on a home. Pay yourself first every paycheckSet up an automated transfer from your checking account to your savings account every time you get paid. And if you have savings set aside for discretionary expenses, economic challenges like inflation may have less of a bite. Jennifer Streaks Senior Personal Finance Reporter and Spokesperson Jennifer is a Senior Personal Finance Reporter and Spokesperson for the Personal Finance vertical at Business Insider.

Persons: Melissa Jean, Baptiste, Jean, —, Jennifer, Read Organizations: Business, Black Enterprise Magazine, CNBC, Forbes, Twitter

☆ A 30-something who used a side hustle to pay off $100,000 of debt explains what we get wrong about passive income
▼ + stars: | 2023-08-15 | by ( Jennifer Streaks | Sarah Silbert | Senior Personal Finance Reporter | ) www.businessinsider.com time to read: +4 min

A passive income stream can be a great way to generate extra money to pay down debt or save. Melissa Jean-Baptiste learned first-hand that passive income is not that "passive," especially in the beginning. Jean-Baptiste learned for herself that "creating a stream of passive income is hardly ever simple or passive." Although passive income is often not 100% passive, at least at first, the value of a side hustle or an additional income stream is undeniable. Jean-Baptiste writes, "the passive income I generated was critical in my debt-payoff journey because I could pay more towards my debt and it gave me more options."

Persons: Melissa Jean, Baptiste, Jean Organizations: Service Locations: Wall, Silicon

Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). Melissa Jean-Baptiste graduated with $50,000 in student loan debt that ballooned to over $100,000. After graduating in 2010, Jean-Baptiste was in more than $50,000 of student loan debt. Despite making every single payment on her loans without fail, over time and with varying interest rates, she saw her student loan debt balloon to over $100,000. Here are the steps Jean-Baptiste took to pay off over $100,000 in student loan debt in six years:1.

Persons: Melissa Jean, Baptiste, Jean, Baptiste wasn't, Jean Baptiste, It's Organizations: Service, Citibank Locations: Wall, Silicon

☆ A millennial who bought a house by 30 says it was one of the hardest things she's done — and that renting is never a waste of time
▼ + stars: | 2023-08-08 | by ( Jennifer Streaks | Senior Personal Finance Reporter | Read More | ) www.businessinsider.com time to read: +4 min

Author Melissa Jean-Baptiste might own a home, but she still sees value in renting. Take a look at lifestyle and affordability to make sure that homeownership is right for you. Jean-Baptiste goes on to say, "Thinking that renting is throwing money away is a money myth that needs to go away. Here are a few reasons why renting could be the better option for you and your wallet right now:1. Whether you rent until you are financially ready to buy or you just prefer to rent right now (like me), know that you are not wasting your time or money.

Persons: Melissa Jean, Baptiste, isn't, Jean, Realtor.com, Homeownership isn't Organizations: Service Locations: Wall, Silicon

Can I afford more than the mortgage payment? When buying a home, there is always a focus on the down payment, mortgage interest rate, and monthly mortgage payments. But there is more to owning a home than simply the mortgage payment. That was several thousand dollars — more than my mortgage payment at the time. Issues of all kinds arise when owning a home, so you have to really be able to afford more than just the mortgage payment.

Persons: Melissa Jean, Baptiste, Jean, hadn't Organizations: Service Locations: Wall, Silicon, Washington , DC

Popular passive income ideas include online courses, as well as renting out property, tools, and equipment to others. Even though the goal is passive income, there may be a bit of active work required at the start. However, many passive income ideas may require a significant upfront investment of time and labor to generate profits later. See Insider's picks for the best budgeting apps >>With the hundreds of possible passive income streams available, which ones are the best for 2023? Bonds and bond fundsInvesting with bonds or bond funds can be another way of generating passive income.

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