Today, I talk about an important question my brother asked me the other day:
“Is physical therapy school really that expensive?”
The answer is of course, yes. But the debt you acquire from it doesn’t have to be a burden. In the short video below, I explain why!
This is probably hard to believe. Below are five main points I teach about this topic to help you change your mindset.
#1 You are your own best asset.
The $150K or whatever you have in debt is invested in something that is not going to depreciate. Your education will only continue to serve you and improve for the next 20, 30 or even 50+ years, unlike a car that loses 20% of its value the moment you drive off the lot, or the iPhone, TV or whatever material things people buy that just go on a credit card at 20% interest.#2 Successful entrepreneurs use debt as leverage.
Debt helps them build their empire and create assets (systems, businesses, investment properties, etc.) that pay ongoing returns.#3 Stop waiting to invest in anything else.
I hear from lots of people who put off investing in anything else, especially starting a business, because they have a student loan to worry about. Here’s the deal: by creating an asset (your business) you are preparing yourself to be able to afford to pay off the loan!#4 There are ways to manage student loan debt...
…to minimize the expense while you build an asset that will pay a return for a longer period of time such as graduated repayments, income-based repayments, student loan forgiveness, re-financing, etc.#5 I agree, today's education costs for physical therapists are way off balance.
This is why me and Greg Todd (Physical Therapy Builder) help teach other therapists how to leverage their time and create businesses from their expertise and Greg in his course specifically teaches people how to justify, earn and ask for a higher salary!
My main point is, if you view student loan debt as good debt it will free you up to continuing making wise investment choices down the road, like investing in your business, in your retirement, in your continuing education, in people who can help you buy back your time and in your future.
If you're struggling to get your practice off the ground, trying to get it unstuck, unsure of what to do or try next, experiencing difficulty growing your practice beyond $100k per year, even just paying the bills... click here to see me at my next live event!
Keeping it Eclectic...
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