How Taylor BeepBoop paid off $20,000 in student loans in one year

  • When she graduated from college, the TikTok influencer who goes by Taylor BeepBoop found out she had $20,000 in student debt.
  • He decided to pay it off in a year and made a plan starting by figuring out exactly how much he owed.
  • He slashed his living costs by renting a closet from a friend and taking on side jobs.
  • Read more from Personal Finance Insider.

TikTok creator and freelance post-production professional who goes by the name Taylor BipBoop online had just completed her bachelor’s degree when she received a strange text message from her father minutes after walking into her graduation ceremony. “Congrats kid. Have fun paying off those student loans,” the message read.

She thought it was a joke.

Until that text message, she believed her parents were paying the bill themselves due to a serious miscommunication. She did not realize that they could no longer afford school after some financial difficulties. She started college at 17 and didn’t ask questions while signing forms. “I signed the paperwork, but I was a girl,” she says.

“Within 10 seconds, I find out I’m starting my future on a mountain of debt,” the 28-year-old continues, later joking about the synopsis of her financial history that could be summed up as “very impressive and very sad.” In one year, Taylor paid off more than $20,000 in debt while working $13 an hour, just slightly more than expected. minimum wage in california, where she lives. Below, she describes how she did this and what she would never do.

She worked backwards to figure out exactly how much she would have to pay monthly

For most of her life, Taylor was always financially conscious. “I remember telling my parents not to buy me any more toys, because I didn’t want them to waste money,” she says. when the 2008


recession

beaten, he begged his parents to open a brokerage account that she invest the money she had; at the time, she was only in high school.

“When the student loan hit me, it wasn’t extremely devastating; it was almost as if I had been preparing for this. I’ve been waiting for the other shoe to drop my whole life,” she explains.

Immediately, he began working on a roadmap to get out of the situation he had gotten himself into. because she knew how harmful high interest rates it may be when trying to pay off debt, she knew she wanted to pay off the loans as quickly as possible. She ran her numbers through calculators to see how much interest she would pay over time. “That pisses me off,” she says, “so I did what I had to do.”

Determined to pay off the loans in a year, she calculated how much she would have to contribute each month. “I calculated exactly how much she would have to put in every two weeks, every pay period,” she says.

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Shown is the closet that Taylor rented.  It's a small room with just enough room for a bed and a coat rack, plus a window and a string of lights.

The closet that Taylor rented for $400 a month.

Courtesy of Taylor BeepBoop


He was living below his means and looking for additional ways to earn money.

To make these payments, he had to make some extreme changes. Working for $13 an hour at a quality control company, she had to be extremely creative and diligent when it came to her finances.

When Taylor tells people that she lived in a closet during this part of her journey, it’s not just a figure of speech. Both to save money and because she was her only option at the time, she rented out a friend’s extra closet for $400 a month. The space barely fit a bed.

I would never spend money on anything I absolutely didn’t need, not even a little snack here or there. He worked overtime most weeks and stayed late at his office just to get dinner provided by the company. “These are not fun memories,” she says.

Looking for ways to further increase his income, he took on many side hustle during this time. “I would just look in the odd jobs section of Craigslist,” she explains. She participated in focus groups, brain scan research studies, sold clothes, worked as a salesperson at golf tournaments, and even considered selling her eggs. “The weirdest things in my life always happened to me,” she says. “It seemed like he had the most interesting life in the world, but no, he just lived in poverty, that’s all.”

Looking back, I wouldn’t recommend most of the side jobs he did. “I would probably say they weren’t worth it; I didn’t make a lot of money,” she says. “It was just causing me a lot of stress.”

He kept track of all his income and expenses.

At the same time Taylor tracked your income down to the last penny. “I would track every payment,” he explains. Using a notebook, he recorded everything that came and went. Because she was paid by the hour and she had so many side jobs, his income often fluctuated, so it was helpful to keep track of the details each month.

“I would figure out the absolute minimum I could live on that week,” he tells Insider, “and put everything else I had right into my student loans.”

Now, try to help others get out of debt and build good relationships with money.

Now debt-free, Taylor still implements many of the financial habits she used while paying off her loans. He still keeps track of his income and expenses and sets aside one day each month, called “finance day”, to control his money.

In recent years, most of his income has come from his professional career as a freelance post-production professional. she has grown her net worth by investing your money in index funds and finally bought a house in San Francisco that he likes to renovate and decorate. In recent months, he has found success on TikTokshowing off their design and DIY skills around the home.

She is also passionate about involving friends and other loved ones in financial planning. “My mission is to get my friends or family to join me, and I teach them about finance day and creating retirement accounts“, he says, “I don’t want to see these people I care about drown in this.”

Talking to others who may be going through something similar with debt, he has a simple piece of advice: “Make room for positive interactions to come into your life and try to find comfort in the fact that there are millions of ways to make money.” .

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