Summer came and you didn’t go on that vacation with your friends. You were invited to an expensive restaurant and left hungry after ordering a small salad. An awesome continuing education course was within driving distance, but you didn’t go.
PT school loans (and often undergrad loans) suck. We go to school for seven years and can’t afford to do the things our peers do (and oftentimes, they can’t actually afford to do them either). When we finally do get an income, too much of it goes to paying off our student loans.
Since I graduated PT school, one of my main goals was to have paid speaking opportunities. It had been recommended by multiple people to take a professional speaking course as a step to achieving that goal.
Everyone raved about how much it would help me, but this wasn’t a cheap course. It cost $2,000 dollars, was only offered once a year across the country, and required four full nights of hotel accommodations. Not to mention there were no CEUs associated. I was looking at $3,500 which didn’t include food or transportation costs.
To make matters more difficult, I had loans and I was doing a residency (the residency drastically cut my income). I was hardly making ends meet and the thought of spending nearly $4,000 made me physically nauseous and infuriatingly unsettled. There was no way.
I was mad at myself for even considering the course, let alone take it. On top of that, I had to keep listening to these people recommend the course and tell me that it would change my career. I’d smile, thank them for the advice, and then clench my jaw in frustration.
Obviously I would take a career changing course if I could!
I did end up taking the course... but held off on doing so for over a year.
Were student loans holding me back?
Yes, they were. But, they aren’t anymore... and it is NOT because I’ve paid them all off.
There were so many career changing opportunities that I felt like I couldn’t take because I had loans. That all changed a couple years ago. If I hit my goal for my loans, I’ll have paid off over $60,000 in the last two years.
But, what exactly changed? I wish I could say that I got a much higher paying job that allowed me to pay more off, but that isn’t the case. I was being held back by the same thing that we find with Rebels in the Bulletproof Career Rebellion.
We find that some are held back by loans and some aren’t, and the difference is not the amount of their loans or their salary. The difference is whether or not they are taking action on their loans or passively paying the minimum.
Now don’t misinterpret what I’m saying, there is nothing wrong with paying the minimum on loans if that is what you need to do, but there is something wrong with never considering if there is another way and never making an active decision to pay the minimum.
The minimum is a default and if you’ve never considered if you should be paying the minimum or not, then you’re taking a passive approach to your loans (i.e. you are putting your head in the sand and hoping everything turns out ok.)
It is less about whether or not you have a lot of loans, but more so about what approach you are taking to pay them back. So I would like to debunk some of the myths of student loans.
Myth #1: You just need motivation to pay them off
Truth: It is NOT a question of if you “want it bad enough.” I hate when people claim that if you really want to, you can pay off your loans. I think it is more about not knowing what or how you should go about paying off your loans rather than whether or not you want to. I think people that say it is about “wanting it bad enough” forgot how hard the beginning was and how figuring out what to do is more than half the battle.
Action Point #1: Find out exactly where you stand with your student loans and develop a personalized plan for your finances. This is WAY easier than it sounds. FitBUX has a great program to help you organize your finances (including your student loans) and create a plan for you (not the generalized plan that your friend is trying to get you to do). Simply click here to get started.
Myth #2: Paying the minimum will allow you more flexibility and options in life and career
Truth: This is unique for each person and what works for a friend may not be ideal for you. The important thing is to choose the path that both upholds your values AND feels the most inline with how you want to live your life. If you don’t want to take an aggressive approach, don’t. Sticking to and feeling comfortable with a repayment plan is more important that making yourself miserable.
Action Point #2: Only decide to pay the minimum once you have all the information to make a high quality decision. You should first figure out where you are and where you want to be. There is more than one way to pay off your loans and there are many considerations to weigh. Setting up a call with FitBUX can not only offer clarity, but also give a 10,000 foot view of all your options.
Myth #3: You can do it alone.
Truth: Actually you probably can, but is that the best way? There are a ton of ways to figure out how to pay back your loans. There are books, podcasts, and endless posts online. But, I think they miss a huge part of the process. It is so much easier to go through the process with accountability. It is no different than in our Bulletproof Career Rebellion courses, having support, accountability, and direction make all the difference.
Action Point #3: Get in a community that will support you in your goals. If you are looking to not only get your finances in order, but develop the career of your dreams, join the PhysioRebellion community for free HERE
If this sounds like an intriguing way to approach your career and life, join us at the Professional Rebellion. There are many free resources, challenges, and newsletter updates and the Bulletproof Career Rebellion 3.1 course starts soon.