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8 figure Serial Entrepreneur Shawn Sharma Built an Empire Leveraging Credit

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Seven-figure entrepreneur, Shawn Sharma, teaches clients how to shop and travel smart to maximize returns on their credit cards

Since the dawn of credit and debit cards, shopping has never been easier. Think of how many times you have carelessly swiped your credit card to buy groceries, airline tickets, or even furniture, only to pay hundreds in interest later. Shawn Sharma has made a career showing thousands of clients how to turn their daily spending habits into substantial profits. Explaining easy ways to raise credit scores quickly and how to maximize credit card perks, Sharma has amassed over a million Instagram followers. The best news is, he started out with nothing when he was in college, meaning just about anyone can do the same.

The general principles of credit card hacking and travel hacking, both completely legal, are that you maximize bonuses, special deals, cash-back offers, and rewards just by using the cards the correct way. One trick is to pay off credit card bills each month before the statement is closed, resulting in sparing your interest fees, all the while maintaining your rewards, cash-back, and miles. Sharma shows his many clients how to amass wealth by improving their credit scores, accessing credit lines for funding their businesses, and offers tips to look at daily habits as potential earning opportunities.

Sharma grew up in poverty, not because of laziness or motivation, but because of unfair and unfortunate circumstances dished onto his immigrant parents. His father was a doctor, his mother a college professor, but neither could translate their experience and education in India to comparable US jobs. Between ailing health and the demands of feeding a young family, his parents could not achieve the American dream. Through witnessing their struggle, Sharma was inspired to reach for their dreams through his own education and business success. Hard work in high school earned him a full ride to an elite Math and Science boarding school. Shawn continued to Cornell University, where he was at the top of his class. Sharma refused to quit on his goals, even when life doubled down on the bad luck. His father passed away during Sharma’s final year at Cornell. Rather than giving up his dreams, he entered into the profitable world of credit card arbitrage, with impressive results.

Sharma discovered the secrets to wealth when he began maximizing credit card rewards and airline miles. What began as a means of saving his parents money on airline tickets back and forth from college became a side gig that generated $3,000 daily. “I was smart with this money and invested six figures into a 30-property Airbnb portfolio that I started from scratch with three other partners,” Sharma says. Although that business struggled due to partner disloyalty, it was still a valuable learning experience. Creating Credit 101, a company that helps clients fix their credit and build wealth without the common obstacle of start-up money, has grown into a leading credit repair company. “My vision with the company is to teach people that in the world of credit, we are all on the same playing field,” Sharma stresses that in personal wealth, at least in the area of credit card arbitrage, things like background, color, or station in life are irrelevant. Everyone is created equal in the realm of credit, and everyone can make money by following Sharma’s sound advice.

In less than two years, Sharma was able to build an Instagram following of over one million. Considering he did not utilize paid-for advertising, that is something to boast over, not that that is Sharma’s style. Instagram is the perfect platform for attracting new clients and distributing easy-to-follow daily tips, providing motivation, and networking with other entrepreneurs. One way Sharma stays at the top of his game is to allow plenty of funds for further education. Having spent hundreds of thousands of dollars on coaching, seminars, and courses, Sharma understands that becoming your healthiest mentally, personally, and in business is when you provide the greatest value to others.

These days, Sharma stays busy with dozens of businesses and has plenty of irons personally and professionally in the fire. He is active in several charities, takes care of his disabled mother, and works tirelessly on his future goals. One of his biggest goals is to get his medical degree and make a significant innovation in the medical technology space. “Seeing my parents struggle with chronic disease for years, I am driven to lessen that load on others,” he says. Most of Sharma’s clients report significant increases in their credit scores in only a few months, opening doors of opportunity they never knew existed.

To follow Shawn Sharma and learn more about how you can fix your credit score and maximize your personal wealth, check him out on his website and Instagram.

 

 

 

 

 



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Are Sallie Mae Student Loans Federal or Private?

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When you hear the name Sallie Mae, you probably think of student loans. There’s a good reason for that; Sallie Mae has a long history, during which time it has provided both federal and private student loans.

However, as of 2014, all of Sallie Mae’s student loans are private, and its federal loans have been sold to another servicer. Here’s what to know if you have a Sallie Mae loan or are considering taking one out.

What is Sallie Mae?

Sallie Mae is a company that currently offers private student loans. But it has taken a few forms over the years.

In 1972, Congress first created the Student Loan Marketing Association (SLMA) as a private, for-profit corporation. Congress gave SLMA, commonly called “Sallie Mae,” the status of a government-sponsored enterprise (GSE) to support the company in its mission to provide stability and liquidity to the student loan market as a warehouse for student loans.

However, in 2004, the structure and purpose of the company began to change. SLMA dissolved in late December of that year, and the SLM Corporation, or “Sallie Mae,” was formed in its place as a fully private-sector company without GSE status.

In 2014, the company underwent another big adjustment when Sallie Mae split to form Navient and Sallie Mae. Navient is a federal student loan servicer that manages existing student loan accounts. Meanwhile, Sallie Mae continues to offer private student loans and other financial products to consumers. If you took out a student loan with Sallie Mae prior to 2014, there’s a chance that it was a federal student loan under the now-defunct Federal Family Education Loan Program (FFELP).

At present, Sallie Mae owns 1.4 percent of student loans in the United States. In addition to private student loans, the bank also offers credit cards, personal loans and savings accounts to its customers, many of whom are college students.

What is the difference between private and federal student loans?

When you’re seeking financing to pay for college, you’ll have a big choice to make: federal versus private student loans. Both types of loans offer some benefits and drawbacks.

Federal student loans are educational loans that come from the U.S. government. Under the William D. Ford Federal Direct Loan Program, there are four types of federal student loans available to qualified borrowers.

With federal student loans, you typically do not need a co-signer or even a credit check. The loans also come with numerous benefits, such as the ability to adjust your repayment plan based on your income. You may also be able to pause payments with a forbearance or deferment and perhaps even qualify for some level of student loan forgiveness.

On the negative side, most federal student loans feature borrowing limits, so you might need to find supplemental funding or scholarships if your educational costs exceed federal loan maximums.

Private student loans are educational loans you can access from private lenders, such as banks, credit unions and online lenders. On the plus side, private student loans often feature higher loan amounts than you can access through federal funding. And if you or your co-signer has excellent credit, you may be able to secure a competitive interest rate as well.

As for drawbacks, private student loans don’t offer the valuable benefits that federal student borrowers can enjoy. You may also face higher interest rates or have a harder time qualifying for financing if you have bad credit.

Are Sallie Mae loans better than federal student loans?

In general, federal loans are the best first choice for student borrowers. Federal student loans offer numerous benefits that private loans do not. You’ll generally want to complete the Free Application for Federal Student Aid (FAFSA) and review federal funding options before applying for any type of private student loan — Sallie Mae loans included.

However, private student loans, like those offered by Sallie Mae, do have their place. In some cases, federal student aid, grants, scholarships, work-study programs and savings might not be enough to cover educational expenses. In these situations, private student loans may provide you with another way to pay for college.

If you do need to take out private student loans, Sallie Mae is a lender worth considering. It offers loans for a variety of needs, including undergrad, MBA school, medical school, dental school and law school. Its loans also feature 100 percent coverage, so you can find funding for all of your certified school expenses.

With that said, it’s always best to compare a few lenders before committing. All lenders evaluate income and credit score differently, so it’s possible that another lender could give you lower interest rates or more favorable terms.

The bottom line

Sallie Mae may be a good choice if you’re in the market for private student loans and other financial products. Just be sure to do your research upfront, as you should before you take out any form of financing. Comparing multiple offers always gives you the best chance of saving money.

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Tips to do some fall cleaning on your finances

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Wealth manager, Harry Abrahamsen, has five simple ways to stay on top of the big financial picture.

PORTLAND, Maine — Keeping track of our financial stability is something we can all do, whether we have IRAs or 401ks or just a checking account. Harry J. Abrahamsen is the Founder of Abrahamsen Financial Group. He works with clients to create and grow their own wealth. Abrahamsen shares five financial tips, starting with knowing what you have. 

1. Analyze Your Finances Quarterly or Biannually

You want to make sure that your long-term strategy is congruent with your short-term strategy. If the short-term is not working out, you may need to adjust what you are doing to make sure your outcome produces the desired results you are looking to accomplish. It is just like setting sail on a voyage across the Atlantic Ocean. You know where you want to go and plot your course, but there are many factors that need to be considered to actually get you across and across safely. Your finances behave the exact same way. Check your current situation and make sure you are taking into consideration all of the various wealth-eroding factors that can take you completely off course.

With interest rates very low, now might be a good time to consider refinancing student loans or mortgages, or consolidating credit card debt. However, do so only if you need to or if you can create a positive cash flow. To ensure that you are saving the most by doing so, you must look at current payments, excluding taxes and insurance costs. This way you can do an apples-to-apples comparison.

The most important things to look for when reviewing your credit report is accuracy. Make sure the reporting agencies are reporting things actuary. If it doesn’t appear to be reporting correct and accurate information, you should consult with a reputable credit repair company to help you fix the incorrect information.

4. Savings and Retirement Accounts

The most important thing to consider when reviewing your savings and retirement accounts is to make sure the strategies match your short-term and long-term investment objectives. All too often people end up making decisions one at a time, at different times in their lives, with different people, under different circumstances. Having a sound strategy in place will allow you to view your finances with a macro-economic lens vs a micro-economic view. Stay the course and adjust accordingly from a risk and tax standpoint.

RELATED: Financial lessons learned through the pandemic

A great tip for lowering utility bills or car insurance premiums: Simply ask! There may be things you are not aware of that could save you hundreds of dollars every month. You just need to call all of the companies that you do business with to find out about cost-cutting strategies. 

RELATED: Overcome your fear of finances

To learn more about Abrahamsen Financial, click here

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How to Get a Loan Even with Bad Credit

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Sana pwedeng mabura ang bad credit history as quickly and easily as paying off your utility bills, ‘no? Unfortunately, it takes time. And bago mo pa maayos ang bad credit mo, more often than not, kailangan mo na namang mag-avail ng panibagong loan. 

Good thing you can still get a loan even with bad credit, kahit na medyo limited ang options. How do you get a loan if you have bad credit? Alamin sa short guide na ito. 

For more finance tips, visit Moneymax.

 

 

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