Before You Invest, You Need to Earn: Thriving in a Global Job Market

👨‍🎓 Student Loan Crisis: Millions Face Credit Score Damage as Delinquencies Rise

Student loan delinquencies are on track to hit record highs, and millions of student loan borrowers are facing substantial drops in their credit scores due to missed payments. According to recent data from the Federal Reserve Bank of New York, more than 9 million borrowers could see their credit scores take a hit in the first quarter of this year.

This change comes after a long period of payment pauses and relief measures during the pandemic, which shielded borrowers from the typical consequences of missed payments. But with the end of those relief measures, the financial impact of student loan delinquencies is now being felt.

What's Happening?

The Federal Reserve's latest report shows that 15.6% of federal student loans are expected to be past due by the end of 2024, which is a record high. This translates to over $250 billion in delinquent debt and 9.7 million borrowers potentially facing serious credit score consequences.

The pandemic provided temporary relief with payment pauses, stimulus checks, and other protections, but on September 2023, the payment pause officially ended. A one-year “on-ramp” period followed, during which missed payments wouldn't be reported to the credit bureaus. Since the grace period ended in September 2024, borrowers who missed payments during this time will now see a negative impact on their credit scores.

For many, this could mean significant declines, with credit score drops averaging 87 points for borrowers with subprime credit and as much as 171 points for those with excellent credit.

Why the Drop?

When a payment is missed, especially after such a long pause, the impact on credit scores can be severe. Credit scores are closely tied to payment history, and a late or missed payment can be one of the most damaging factors. Borrowers who haven't resumed regular payments are now seeing the delayed effects of their non-payment habits.

This also comes at a time when inflation is high, and many borrowers are already facing financial pressure. The higher rates of delinquency can worsen an already difficult financial situation, especially for those who have fallen behind on other debts as well.

What Borrowers Can Do

If you're a student loan borrower, it’s crucial to stay proactive about your payments to protect your credit score. Here are a few steps you can take:

1. Stay on Top of Your Payments: If you’ve fallen behind, catch up as soon as possible. The longer your loan is past due, the worse the impact on your credit score will be.

2. Explore Repayment Plans: If you’re struggling to make your payments, consider exploring income-driven repayment plans (which once again is available after it was temporarily paused in February), which can lower your monthly payment based on your income.

3. Monitor Your Credit: Regularly check your credit reports at AnnualCreditReport.com to catch any errors and ensure your payments are being reported accurately. If you’ve made payments but they aren’t reflected, dispute the discrepancy with the credit bureaus.

4. Consider Refinancing: If you have multiple loans, refinancing might help consolidate them into a single loan with a lower interest rate, making payments more manageable.

5. Seek Help: If you’re struggling, don't hesitate to reach out to your loan servicer to discuss options. There are resources available, and they may be able to guide you through alternative solutions.

In Summary

Student loan delinquencies are on the rise, and the impact on credit scores is starting to show. If you're behind on payments, you need to take action. Stay proactive, explore repayment options, monitor your credit stay informed, and avoid long-term financial damage.

💼 Before You Invest, You Need to Earn: Thriving in a Global Job Market

I spend a lot of time here talking about saving, budgeting, and investing, but let’s be honest—none of that matters if you don’t have money coming in. You can’t budget what you don’t have. You can’t invest vibes. At the end of the day, you need a job, a steady paycheck, or at least one solid stream of income. Otherwise, all the finance advice in the world is just 🗑️ 

And that’s the tough part—because so much of it is out of your control, especially in today’s world. The economy, the job market, hiring freezes, layoffs. Just this week, I met an acquaintance who was let go from her law firm after five years. Five years of stability, gone overnight.

To make things even tougher, competition isn’t just local anymore—it’s global (thanks to COVID and remote work). Companies are outsourcing jobs overseas to cut costs, which means you’re not just competing with the person sitting next to you in class, but also with someone across the world who probably has the same skills and is willing to work for less. The game has changed, and standing out is more important than ever.

So how do you make sure you’re the one getting hired (or not fired 🙃 )? How do you set yourself apart in a market this competitive?

Talking about ‘getting hired’ might feel like a bit of a curveball from our usual money talks, but honestly, there’s no financial freedom without a paycheck. So really, this might be the most important money conversation we can have. So, let’s dive in.

Networking: The Not-So-Secret Shortcut to Getting Hired

I know, I know—everyone says networking is important, and you’re probably sick of hearing it. But listen, this isn’t just about shaking hands and collecting LinkedIn connections like Pokémon cards. It’s about real relationships.

Here’s how it works: when I need to hire someone, my first instinct isn’t to post a job listing. Nope. I go straight to my network. I ask my smartest friends, mentors, and people I trust if they know someone great. And guess what? Most hiring managers do the exact same thing. Because when it comes down to it, we’d rather take a recommendation from someone we trust than sort through a pile of resumes.

What does this mean for you? You have to be out there meeting people, building meaningful relationships, and making sure people know what you bring to the table. And no, networking isn’t just about awkward small talk at career fairs. There are smarter, more authentic ways to do it—but that’s a whole separate conversation. (Here’s an awesome video from a founder I love on how to network the right way.)

It’s a Creator Economy—You Need to Sell Yourself

Love it or hate it, if you're not putting yourself out there, you're missing opportunities. And no, I’m not saying you need to go viral on TikTok doing dance trends (unless that’s your thing). But in today’s world, your online presence is your resume.

And the secret sauce? Storytelling. The best people in any field aren’t just skilled—they know how to communicate their value in a way that makes people pay attention. Whether it’s writing about your industry on LinkedIn, sharing your journey on a blog, or posting your projects with a story behind them, storytelling makes you memorable. People connect with people, not just bullet points on a resume.

Think about it—why should a company hire you over someone else? Because they know you, see your work, and trust you. That’s where personal branding comes in. Every post, article, or video helps position you as an expert and someone worth noticing.

The best opportunities don’t always come from job applications—they come from people finding you. So don’t just apply for jobs—make yourself someone companies want to hire.

LinkedIn: The Platform I Used to Hate (But You Need to Be On)

I’ll be honest—I used to roll my eyes at LinkedIn. It felt like a bunch of corporate fluff and humblebrag posts. But becoming a founder forced me to do a lot of things I once hated, and now? I swear by LinkedIn.

Here’s the thing: resumes don’t tell me much. I’ve reviewed so many, and 95% of them look the same. What actually makes a candidate stand out? Their social presence—especially on LinkedIn.

Candidates who post their thoughts, share their work, and put themselves out there instantly seem more credible. It’s not just about listing jobs and certifications—it’s about showing what you bring to the table. It’s where you share projects, insights, and even failures. It’s where you connect with hiring managers, decision-makers, and people who can open doors for you.

Since I started posting on LinkedIn, I’ve met incredible people—partners, mentors, well-wishers, and opportunities I never would’ve found otherwise. And the same can happen for you. Start sharing your journey. Post about your learnings, your projects, your industry insights. Cold message people with the right intention and sincerity. Build your presence. Because in a competitive market, being seen is half the battle.

Build Skills That Make You Irreplaceable

You know what’s better than just “looking for a job”? Becoming the kind of person companies fight to hire. And that starts with skills. The job market is competitive, but there are always certain skills that are high in demand—especially ones that make you hard to replace.

• Tech skills: Even if you’re not in tech, knowing basic coding, data analytics, or automation tools gives you an edge.

• AI & automation: AI isn’t just taking jobs—it’s also creating new opportunities. Learning how to work with AI rather than fearing it is a game-changer.

• Sales & persuasion: No matter your field, the ability to sell (yourself, your ideas, your work) is powerful.

The best part? You don’t need a fancy degree for any of this. There are so many free or affordable courses out there—YouTube, Coursera, Udemy, even TikTok creators dropping knowledge for free. The real flex isn’t just having a skill—it’s being able to prove it. Build a portfolio, launch a project, or start a side hustle. Show, don’t just tell.

The Job You Want Might Not Exist Yet

Not to get too philosophical, but some of the best jobs aren’t even posted—they’re created through conversations, networking, and positioning yourself as the right person at the right time.

I’ve seen people land roles because they pitched an idea to a company that wasn’t even hiring. Instead of just looking at job boards, start thinking, How can I create my own opportunities?

📣 We’re Going Live!

If you know us, you know we love our money chats! Join the Wicked Pay team this Sunday at 7 PM ET on IG Live as we talk through money mistakes, emergency funds, saving, investing, and retirement. Drop by to ask questions or share your stories live with us!

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