I am on numerous Facebook groups with other chiropractors and questions are asked about practice building, referrals and most recently a question was asked about student loans. Now if you have read any of the previous posts, you will know that this is a topic that I have become passionate about.
The question that was raised was what everyone in the group was doing with their student loans, I chimed in and started to talk about how young chiropractors should start moving away from income based repayment and just get serious about paying off your student loans. I have talked about this exact topic in the past: trust me you can either pay now or pay later but you will end up paying your loans back one way or the other.
As expected, most people that replied to the comment were not all that useful for the person that was asking the question. Most people are using the income based repayment method and most don’t want to think about the topic at the current moment.
The main problem that I see with this, there were numerous people that were complaining about how they can’t get ahead of the interest or how school is so much more expensive now than it was in the past and how new graduates have it so much harder than older chiropractors. Now, I will not argue with you when you say that tuition is much higher now than it was 20 years ago and that interest rates are crazy in comparison to all other forms of interest. But ultimately what good does this do for anyone.
You can complain all day about anything and everything, trust me I do it sometimes to, but when it comes to paying off loans, building a practice or running a business at the end of the day complaining or making excuses will only hinder your progress.
Kristina and I have quickly figured out that as soon as you own up to paying off loans and building a successful practice it will happen a lot more effectively and efficiently than if you just sit around and complain about how hard the process actually is. You will have to make sacrifices and it will not be that glamorous of a process but when it is all said and done it will be worth it.
The same can be said about building a successful practice and business. If no patients are coming in the door and you are not making enough money to pay the bills, trust me it does no good to sit around in an empty office and dream about what you might have. You have to go out and work for it, it is a grind and it’s not fun some of the time, but as soon as you figure out how to enjoy the journey, the practice will flourish.
I think the one thing that Kristina and my family will most appreciate when the loan payoff is complete is the fact that I will stop talking and obsessing about it, but after all of the work that I have put into researching the topic, I do plan on continuing to spread the word and making sure new graduates are aware of the benefits of the refinancing process.