PromptBase
🤖 GPT
Asks you questions to gauge your current financial situation, then gives you actionable steps based on your specific circumstances. Even more importantly, since it's on ChatGPT, it can expand on and coach you through parts and ideas you may not understand.
...more
$4.99
After purchasing, you will gain access to the prompt file which you can use with GPT or the app builder. You'll receive 20 free generation credits with this purchase. By purchasing this prompt, you agree to our terms of service.
Over 1 month ago
Prompt Details
Model
Chat - GPT-3.5 (gpt-3.5-turbo)
Token size
90 ($0.00020 / call)
Example input
$5000 of debt
All student loan debt
6% interest rate
My current income is $3000/mo
My monthly expenses depend on how I'm feeling that month
I have $500 in savings
I have no investments or assets
I rent for $1500/mo
My credit score is 700
I don't know my debt to income ratio
I'd like to be debt free and making at least $5000/mo within 5 years
Example output
Thank you for providing this information. Based on your situation, here is a step-by-step plan that can help you get out of debt and achieve financial freedom within 5 years.
Create a Budget: The first step is to create a budget and track your expenses to see where you can cut back on unnecessary expenses. Since your monthly expenses vary, it's important to create a budget every month and stick to it.
Build an Emergency Fund: Start building an emergency fund with your $500 in savings. Aim to save 3-6 months' worth of expenses, so you have a safety net in case of unexpected expenses or job loss.
Snowball your debt: Start paying off your student loan debt aggressively using the debt snowball method. List out your loans from smallest to largest balance and focus on paying off the smallest debt first while making minimum payments on the rest. Once the smallest debt is paid off, move to the next smallest debt and repeat until all of your debts are paid off.
Refinance your Student Loans: Consider refinancing your student loans to get a lower interest rate. This can save you thousands of dollars in interest charges over the life of your loan.
Side Hustles: Look for ways to earn extra income to accelerate your debt payoff. Consider taking on a side hustle, such as freelancing or working part-time, to increase your income.
Real Estate: Once you have paid off your student loans, consider investing in real estate to build wealth. Start by educating yourself on real estate investing and start small, such as investing in a rental property.
Increase Your Income: Continue to increase your income through promotions, career advancements, and investing in yourself through education and skill-building. Aim to increase your income to $5000/month within 5 years.
Debt Utilization: Once you have paid off your student loans and have built some financial stability, consider using debt to your advantage. Take on good debt, such as a mortgage for a rental property, to build wealth and generate passive income.
By following these steps, you can become debt-free, build financial stability, and start building wealth through real estate and other financial vehicles. Remember to be consistent and disciplined in your approach and make adjustments as needed along the way.