Yes! Three cheers for young professional and Frugalisto Alex Kenjeev, a Toronto resident who paid his $114,000 (US $111,350) student loan bill from his undergraduate studies and law school off in cash! Yes, folks, cash! Alex invested his money in a software start up and didn’t focus much on paying off his student loans. When the start up sold, Alex got a large pay off – enough to take a lump sum withdrawal from his bank and pay the hefty debt off. Doing the cash pay off wasn’t an easy feat. The bank tellers didn’t want to withdraw that much money in cash! After some balking from the bank, he was able to withdraw the more than $100,000 in cash and walk it over in a grocery bag to the bank that held his loans. Gangsta!!! He posted the receipt on Facebook.
Some people think that Alex was bragging about being able to pay if off. Hell no! If you’re able to work hard, take a risk at a start up, cash out and get out of debt, CELEBRATE!! I find it motivating to hear stories like this. I had way less debt than Alex had and I WROTE A BOOK ABOUT IT! I think Alex can teach people how to manage money – pay off your debts as soon as possible. And no, I don’t feel bad for the bank tellers who had to work a little harder that day with all of that cash. Mild inconvenience!