5 Killer Side Hustles To Start in 2022 With Almost No Money

Daniel Rosen 00:00

Millions of adults in the USA suffer from the burden of student debt. And here are some very sobering facts: 50 million people are feeling the impact of student debt right now; the total of that debt is nearly $2 trillion. So if you do the math on that, that means that each student owes an average of $37,000. And that's a lot of money. For anyone trying to repair a credit, student loan debt can be a huge huge problem. These loans affect your credit in very much the same way that other loans do. If you pay as agreed, it's great for your credit. But if you pay late or you go into default, it can severely damage your credit and your score. And ultimately, hurt your chances towards your future dream car, your dream home, and your dream life. Now, I've helped a lot of people through this, and I really understand the pain of this terrible system. So I'm going to translate my experience to you and empower you to be the best Credit Hero you can be. So today, I'm going to give you my secret ways to fight back on student loans and win. So, you better stick around!

So, the big question is this, how can we take our passion for helping people with their credit and turn it into a successful business without taking loans, without spending a fortune by bootstrapping it from nothing, so we can help the most people and still become highly profitable? That is the question, and this podcast will give you the answer. My name is Daniel Rosen, and welcome to Credit Repair Business Secrets.

OK, before I dive in, if you are new to my podcast, be sure to click to subscribe and turn on notifications so you don't miss a thing. And if you want me to hold you by the hand as you launch your very own credit repair business, go to CreditHeroChallenge.com, where I will walk you through the proven process that has created millionaires and changed tens of thousands of lives. That is CreditHeroChallenge.com. 

And one more thing, and this is really, really cool. In every episode, I'm going to start spotlighting one of our new Credit Heroes inside our Credit Repair Cloud Facebook community so that you can see firsthand what real people are doing as they launch and grow their credit repair business. And today's spotlight is on Amanda Lynn, who started her company just three months ago, and she already has 100 active clients. Wow, Amanda, that is amazing. At this rate, I know you're going to hit your year-end goal of 200 clients, and it looks like you're going to get there very, very soon. Amazing. And that's exactly what I want for all of you to allow yourself to have big goals and big dreams and never be afraid to talk about them because that's what makes them become real. And that's what our Credit Repair Cloud community is all about. 

OK, let's get into this. Basically, student loans are installment loans. You pay a specified amount for a certain time period. The lender reports this all to the credit bureaus, and then you begin to establish a track record. Now there are two types of student loans, private and federally subsidized student loans. Now the concept behind these loans is mostly the same. However, if you are late on a private student loan, you have 30 days before it goes delinquent, and gets reported as late. Whereas federal loans - they won't report you as late until 90 days have passed. Now the thing is, once you are reported as delinquent, most people aren't aware of the many options that they have. So here's the thing you need to know, the student loan remains delinquent until you repay all the past due payments. Of course, disputing with the bureaus or disputing with the furnishes is always an option. But if the accounts are delinquent, and still reporting late payments, being successful in deleting the accounts from the report, that's usually only a temporary fix. So I wouldn't try to do that. Here's why it's temporary - because the furnisher will usually re-report the past to student loans again and again and again. So you can't fix this one with a band-aid. You need to do something more effective, OK? So, when helping your clients to get their accounts under control, always keep this in mind. Knowledge is power! 

So first, I'm going to give you some key facts that I want you to remember as you're looking at the types of student loan debt and the various programs that they have for repayment. So I'm going to give you a lowdown, OK? I'm going to give you the abbreviated version, and then we're going to get into these more in-depth, OK? So, there are programs that can help people pay when they are ready, that can assist with repayment, otherwise known as repayment plans, that can provide student loan forgiveness, that can give you a means to defer your loan payments, which you may have heard of as loan deferment or forbearance, that can get your loans federally subsidized, and that can provide options for refinancing and consolidating your loans. Now with student loans, most lenders, they have programs specifically designed for people that cannot pay now, but have every intention of paying once they find a job or get through their hardship. And sometimes, that's the most viable option. Sometimes income can play a role in lowering your debt. Federal student lenders have different types of repayment plans that may allow you to pay less than is required, OK? And that's all based on your current income. Now, this is a great option that you can explain to your clients. Because after a few on-time payments, in most cases, the lender will re age the accounts. And even better than that, sometimes they will even remove some of the late notations, which is awesome. And better yet, check out whether you can qualify for student loan forgiveness programs. If you have a federally subsidized student loan. This is where you actually no longer owe the debt. So you should totally pursue that option if it's available. Loan deferment is also sometimes available by federally subsidized loans. Now, deferment means holding off, OK? So, this is where your clients may be able to put their payments on hold for months or even years. You can also check out their forbearance programs that help you for a shorter period of time. Now, private lenders don't have loan forgiveness options, but they usually have different plans available, including refinancing and consolidating the loans. Now really, the best thing you can do for your clients with student loan debt is to give them knowledge and guide them to get the accounts under control, OK? 

So, you're probably wondering, is there an exact strategy for disputing student loans? Well, the answer is yes. And it's simple. Now, I asked a good friend of mine, who also happens to be one of our Credit Repair Millionaire’s Club members. His name is Bruce Politano. Now Bruce is known as the student loan guru. Bruce has helped thousands of clients with their student loans, and he even teaches credit repair business owners on how to help their clients with their student loan debt. Now, Bruce's secret to address student loan debt is to not dispute them right away. OK, here is Bruce's proven method of attack. First, you consolidate the loans. Basically, the two types of student loan consolidation are federal and private, and they are often confused, but they are very, very different. Federal student loan consolidation combines multiple federal loans into one single federal loan, and it's done through the Department of Education. You may need to consolidate to become eligible for some federal loan repayment programs. But federal loan consolidation won't lower your interest rate, but it may lower your payments by extending them. You can find out more information about federal loan consolidation at this link. It's a very, very long link. It's studentaid.gov/app/launchConsolidation.action. That link is so long - we are going to put it in the podcast comments, so you don't have to type that all out. Now student loan refinancing, which is also called private student loan consolidation, that is a financial move that you do through a private lender. Now, if you qualify, you can save money by getting a lower interest rate. And then once the new consolidated loan is reporting, and then the old ones that need to be disputed, once they are reporting as paid and closed, that's when Bruce says to go ahead and dispute them. The other tactic that works really well for Bruce is to try disputing directly with the furnisher and demand the promissory note. The promissory note is the instrument of indebtedness. This is the proof that you actually owe the debt. And it's going to include the agreed-upon terms between the two parties, like the maturity date, the principal, the interest, and the issuers signature. And at that point, if they can't provide the promissory note, you should demand a deletion. And often, this is just the right strategy that results in a full removal. Now, what can make this strategy work even better, is if you use statutes from the Fair and Accurate Credit Transactions Act, or shortened it’s FACTA, OK? Under FACTA, section 312, you have the right to dispute directly with the original creditor. So basically, that's exactly what Bruce does. He sends a dispute directly to the original creditor. And in the letter, you asked for the contract that was signed, where the borrower agreed to pay, and be sure to mention FACTA section 312. Now, remember, according to Bruce, this is a critical step in removing student loans. And it works more often than not. And I agree with Bruce primarily because student loans are very, very difficult to get rid of or to repair, at least until the borrower becomes current. So by getting the loans under control and current, it opens the door to removing the negative history permanently. So that's it. With the right steps and the right letters, you can take power away from the student loan lenders and put it back in the hands of the people they have hurt. So, now you have another foundation on the information that you need to start your very own credit repair business. 

So, join us on the next step of your journey by participating in our Credit Hero Challenge. If you'd like me to hold you by the hand as you launch your very own credit repair business, be sure to check out the Credit Hero Challenge. It's a live experience that has helped tons of Credit Heroes to get their first clients to get certified in disputing and to gain the confidence they need to launch their credit repair business on a solid foundation, so they can change a whole lot of lives and make a great living in the process. Now we're starting the next challenge very soon. So you want to join before the doors close, or you're going to have a long wait until the next one. So go sign up right now at CreditHeroChallenge.com. And if you're finding value in the things that I'm sharing on this podcast, be sure to click the subscribe, OK. And if you have a question, or if you have a comment, leave it down below. I read each and every one of them. And if you're feeling kind, rate me, give me a review, give me a thumbs up because this is a new podcast, and these things, they really really help me. And they also help my goal to help as many people as possible. And that's how we achieve greatness together. And I will see you in the next episode. And until then, be a Credit Hero and keep changing lives!

Want a fast track to creating an amazing business that helps people changing lives and makes you a great living in the process? Then, I'd like to invite you to my free online training at CreditRepairCloud.com/FreeTraining. In this free training, you will learn how to get clients willing to pay you even if you're just starting out, how to get easy credit repair results without being an expert, and how to get all the clients you'll ever need without paying for advertising. Again, this training is absolutely free. Just visit CreditRepairCloud.com/FreeTraining.