How Physicians Can Get Out Of Debt
Get out of debt…One of the biggest factors that prevent us from succeeding in life, and living up to our full potential, is fear. Fear of the unknown. Fear of the present. And fear of the future.
Fear itself is nothing more than an emotion – but often times, there are physical reasons behind us experiencing fear – and one of the biggest underlying factors is debt.
Most of us will have been in or experienced debt at one point in our lives, and it’s not nice. However, the way the world works means it’s commonplace for many people – and if you’re a physician in debt… and if you want to free yourself from the confides it entraps you within…
Then make sure you read this post in full, as we’re going to share a few ways you can get out of debt, easily, and quickly.
#1 Change Your Mindset
One of the most common reasons for continual debt is a lack of positive thinking. It may sound cliche – and almost unrealistic – but you’d be surprised just how many people confine themselves to a life ridden with debt, simply because they can’t shift the feeling of being in debt.
The way you approach the situation will play a huge part on how it unfolds in the future – and if you’re wanting to change your circumstances, and become debt-free, it’s vitally important to take a positive, proactive approach, rather than one where you feel sorry for yourself.
Just by reading posts like this, you’re showing that you DO want to change things – and that’s one of the most important steps. Take some time to yourself every day to appreciate what you do have – and focus on solving your problems, rather than allowing them to take over your life, and engulfing your chances of succeeding.
#2 Public Service Loan Forgiveness
This option is ideal for those who want to pay for their study, but who don’t want to pay the loans back themselves. The best-case scenario is that you realize this before you go to med school – and one of the best methods in this situation, is to take advantage of the military HPSP scholarship. Of course, that requires you to serve in the armed forces – but it can be a great way to study, without racking up large debts.
Of course, if you’re already in debt that’s not really going to help – and public service loan forgiveness can help you if you’re already in debt. In order to qualify for PSLF, you simply need to stick around as faculty in your program for a while. Head to your VA to work (you’ll be able to get a job there a LOT easier than you think), or even find a non-profit, non-academic employer in somewhere like California.
It won’t be for everyone, but for those who it is suitable for, it can be a great option.
#3 Grow Your Income
Just because you’re in debt, doesn’t mean you have to settle for one wage.
If you can realistically manage too, it can be worth picking up a second, part-time job alongside your work as a physician, just to get some extra income coming in each month.
Sure, it’s not the most glamorous lifestyle – but the harder you work now, the more you’ll reap the rewards later on in life – and whether it’s picking up a few extra shifts, or simply doing some weekend work, increasing your income – even just by a small amount – can allow you a LOT of extra room each month to pay pills and clear your debt.
#4 Live To Your Means
We all like the idea of living a lavish, comfortable life – and while, as a physician, you’re very likely to enjoy a high-quality of life a few years down the line, if you’re in debt TODAY, then it’s crucial you live in a way that’s suitable for your budget.
If you find yourself in uncontrollable amounts of debt, then cut back on your purchasing for a few months. Eat out less, and spend more time making your own food. (You’d be surprised how much most people spend on takeout and dinners every month.)
Consider delaying expensive purchases – and tell yourself that once you’ve cleared a significant chunk of your debt, you will be able to buy these things – but it’s much better to clear the debt first so that you can actually enjoy them.
If you opt to go down this route, then it’s worth pointing out that you don’t have to live frugally; just be careful, and make sure to budget each month, so you know exactly what you can, and can’t afford.
#5 Work Hard!
Whatever your current situation is, it’s worth remembering that there is ALWAYS a brighter future ahead – and the way in which you can work toward that future is by working hard.
Don’t think that just because you’re in debt you’re going to be confined to it for years to come. The harder you work now, the quicker you’ll alleviate your debt problems, and the sooner you’ll be able to become financially secure once more.
Like we’ve seen in this post… if you need to get a second job or take on extra hours to boost your income… there’s no harm in doing so.
If you want to look into ways of clearing your debts, then do so.
The most important thing to remember – this is YOUR life – and the quicker you begin making proactive changes to better your situation, the sooner you’ll find yourself on the up, and able to get out of debt, and into a lifestyle where you’re happy, comfortable, and money-worry free.
It can also be worth seeing a specialist debt advisor if you feel as though things are becoming a little too much of a burden – and they’ll be able to work with you on action plans to rid all of your debts.
Don’t be embarrassed by debt – and don’t let it affect your chances of living a wealthy, prosperous life. Take action NOW, and you’ll find things improving a lot quicker than you probably envisage.
There’s also the option of refinancing – and while not suitable for everyone, if it’s something you’ve looked into, and would like to learn more about, then you can get in touch with us using this link, and we’ll show you if we’re able to help!