Use a Second Income to Help Pay Off Your PA School Loans

If you have read Dave Ramsey, he talks about two way of getting out of debt. He likens it to a log jam – when they would log trees for timber they would use a river to transport the logs to the mill. If the log got stuck it would create a jam and the logs would start backing up. To fix the jam they could let it build and eventually the jam would break itself because of the pressure, or they would use explosives to destroy the log causing the jam.

Debt is like this log jam. In order to get out of debt you can do something drastic, like use explosives – sell your home, downgrade your cars, live on a tight budget… The other option is to continue to feed the jam; look for other sources of income to feed the jam, so that it breaks. In order to get out of debt you need to either spend less, or find ways of earning more to pay off the debt.

Coming out of PA school most people have some type of student debt. A good way to pay off your loans is to use a side hustle to help make extra payments.

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I’ve read stories of famous people doing this, such as Jay Leno – from a young age he had always had two jobs. The earnings from one job were used for savings and the other for spending. Even after he made it big he would do this. While he hosted the tonight show he continued to do stand-up, and kept the incomes from those jobs separate.

If your goal is to get out of debt, a hard working attitude is sometimes the best fix. By having multiple sources of income it can allow you to put one income towards debt and the other towards spending. Once you pay off your debt you can continue to keep the incomes separate to help with savings. Also, the more you’re working the less time you have to spend, you’re saving by working.

But what’s the point of working so much if you can’t enjoy it? If you work hard now, you’ll be able to enjoy it later. As long as you have debt you’re paying someone interest to let you borrow that money. The sooner you pay off your loans the less you would have paid to borrow.

Having a side hustle as a PA does not necessarily mean you have to do a totally different job. There might be opportunities to earn more at your current job. If you work in the ER you could pick up an extra shift and dedicate that money to an extra payment on you student loans.

Is there an urgent care nearby? If so, you could look at working extra for a different employer on the weekends. There are also side hustles outside of medicine that you could do to earn extra income. Look into other business opportunities that can give you a little extra cash.

When you have a debt log jam look at ways you can increase the flow of logs to break the jam. Look for other opportunities to earn extra income to help put more money toward you student loans.

Are you a current PA with a side hustle? I’d love to hear your story. I’m working on doing some featured posts on PAs that have done side hustles outside of their regular PA job. If you’re interested in being featured please contact me.

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