Congratulations and welcome to your new career! This is one of the most exciting times of your life. However, this is also a pivotal moment for your financial success. This is a time to learn and remain frugal. If you are able to have some self discipline and hold off on that new BMW, you will be providing a huge gift to your future self. Both Shayne and I made plenty of mistakes at the beginning of our PA careers. Lucky for you, we have no shame in sharing the lessons we learned. Here are the steps we would take if we were again starting as a new PA:
Step 1: Create a plan for your loans.
During school, loans were the furthest thing from our minds. The minute we graduated, we were welcomed into our new reality of massive debt (JORDAN: see how I paid off $53,000 in my first year). This will be an unfortunate situation for plenty of you as well. Start by getting a complete picture of your loans. Where are they held? Are they federal or private? Do you have multiple loan servicers? Do you still have undergraduate loans?
PRO TIP #1: Create a spreadsheet that allows you to visualize your loans in their entirety, as this is something that you will be coming back to over and over. Below is Shayne’s example from early 2021:
Don't miss a beat!
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