8 STEPS TO DEBT FREEDOM FOR PHYSICAL THERAPISTS
by DebtFreeEmma | Apr 10, 2017
8 STEPS TO DEBT FREEDOM FOR PHYSICAL THERAPISTS
MOST IMPORTANT THING TO DO IS:
**BUILD A HIGH SALARY: Life is expensive. The more money you make, the more this will allow you to save.
2. GET EXPERIENCE: FIND A PER DEIM POSITION: Building your knowledge and experience will help you move up to senior physical therapy positions faster but will also provide additional income to put forth into your debt and savings. Often working just one weekend a month as a per diem can pay for your monthly loan payment!
3. GET ON TRACK WITH STUDENT LOAN DEBT: Speak frequently to your student loan counselor in regards to your loan repayment program, student loan forgiveness programs, but also for other important topics. Continue to follow me and I will provide you with the questions I asked that cut my loan payments significantly and allowed me to save thousands! Read THE #1 GREAT WEBSITE FOR STUDENT LOAN RESOURCES to learn how to get started with your student loans.
4. ERASE OTHER DEBT: Cell phone, car, and credit card debt all have ridiculously high interest rates. Paying towards high interest rate debt first will help you save more money faster.
5. CREATE A HIGH SAVINGS RATE: I challenge you to save 75% of your income, this will allow you to pay off your debt and build additional income. Later I’ll share the savings bank I used to earn over $800 hassle free this year!
6. LOWER YOUR SPENDING: By sharing an apartment or home with family/friends, you can halve your rent, utilities, cable, internet, Netflix etc.–lowering your spending significantly to save you hundreds each year! Read 5 EASY WAYS FAMILY AND FRIENDS CAN SAVE YOU TONS OF MONEY! to learn of 5 quick and easy ways that can use your connection with friends and family to save you money and lower your spending!
7. LOWER YOUR TAXABLE INCOME: Think beyond your 401K, IRA, student loan deductions. Later, I’ll discuss PT career routes that offer high salary with low taxable income so that you can take home more of what you earn!
8. TRACK YOUR GOALS/BUDGET: Track your spending and savings or your “debt to income ratio” to perfect your way to debt freedom. Read 3 EASY BUDGET TOOLS TO BECOME A DEBT FREE PT to learn about free income tracking spreadsheets and personal finance apps to get your budget on track for free!
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Looking to save or make more money as a physical therapist?
