Club Inferno Thu, 14 Apr 2022 04:46:07 +0000 en-US hourly 1 Club Inferno 32 32 Using $23,000 from renters insurance, I paid off my college debts when a shower door ripped through my hands. Thu, 14 Apr 2022 04:46:04 +0000
  • At my graduation, I owed moreover $20,000 in ConsolidationNow student loans, which I diligently worked to pay down.
    • I paid off all of my debt with the money I received from my renters’ insurance reimbursement after I sliced my hands.
    • My hands are forever scarred, but thanks to my insurance, I was able to save what I could.

    Following my graduation from Albany State University with a bachelor’s degree in May 2018, I was eager to begin my career search. “How am I going to pay off my student loans?” was the first worry that ran through my mind after graduating. As a recent college grad, I can attest to this.

    When I first began working, my annual salary was $35,000, and I was still living with my grandparents. Every cent I made or saved went toward my student-loan debt, so I lived my life as if I had no money.

    I’m aware that student loans, among other types of debt, might be considered “good debt,” but I don’t have any other sources of income to fall back on. My family is kind and supportive, but we’ve had financial difficulties for a long time. I didn’t want to be burdened by this debt indefinitely.

    The incident that forever altered the course of my life

    He went to Manhattan and shared a tiny three-bedroom, two-bathroom rental apartment with a few other pals during this loan period. To save money while still having fun in the city, I would come every other weekend.

    My partner and I went back to his place to clean up on a Sunday in September of this year. My boyfriend’s shower door had been stuck shut for weeks before I finally broke down and fixed it. It had opened easily when I first arrived there, but I had to shove it shut hard to go out. When the bottom wheel came loose, the shower door broke with both of my hands on it.

    I cut open both of my hands with a knife.

    My right thumb was permanently scarred and had nerve damage due to the accident, which necessitated several visits to a neurologist, occupational therapist, and other specialists.

    My partner had renters insurance via Lemonade, which saved the day for me. Because my medical expenditures would have soared without coverage, I pressed my partner to file a claim as soon as we returned from the hospital. Lemonade gave me $23,250 in addition to the medical expenses they covered after many months of doctor visits and negotiations.

    My remaining school debts were just a few hundred dollars less expensive. That money had a profound effect on my life.

    As a result, I’ve been steadily increasing my wealth.

    I paid off all of my college debts with the settlement money. After that, I began saving and investing my extra money to increase my wealth.

    I’ve been able to save roughly $50,000 since then. An individual retirement account (IRA), 401(k), or Roth Individual Retirement Account (IRA) is something that I hadn’t expected to accomplish for another ten or more years. Every year, I strive to reach the annual Roth IRA contribution limit to increase my chances of retiring comfortably.

    It is no longer a dream to purchase a home since I am no longer in debt. I’ll be able to put money aside for the honeymoon. Credit card debt is not an issue for me. My credit score has risen to 793.

    Finally, I was able to get out of debt at the age of 25, thanks to the settlement I reached. To be rid of student loan debt was worth the agony, anguish, and long-term scars and nerve damage.