How I Paid off $34,000 in Student Debt My First Year of Medical School


alright so for those of you that are students you know that this is probably the worst era in human history to go to college and the student debt thing is gonna be a humongous humongous issue for students in the future but in this video I want to share how basically how and why I manage to pay off what amounts to $34,000 my first year in medical school while in school whereas I would have had about $60,000 in debt for the first year I ended up only having 25,000 [Music] what’s up guys our time here author of the book master the day so when I came into medical school basically there are a few key things to remember number one is that I already had a business but I started with the intention that I was gonna work twenty hours the entire four years now I don’t know a single other student who’s really working more than ten hours or five hours or any hours doing a four-year doctorate but I want to share exactly the things that I did because number one it is possible to work during college whether you’re doing undergrad grad medical it’s hard but you can do it if you want to build some kind of exceptional life you’re gonna have to do something differently so the very first thing is that I put on a piece of paper what I was actually trying to accomplish with my debt so I actually put down on the paper that I would try to contribute of leftover earned or money I’d worked for towards my student debt now initially the first year I took out all the debt required to live and to go to school and then I would just pay back what was left over at the end of the month for me was in my business but basically if you’re working effectively all of that should be going to paying off the debt and maybe just take out this debt for school or you take up the living expenses so the second habit here is that people act like it’s rocket science but it’s really just math right at the end of the day it’s just a spreadsheet money earned money spent and so you have to figure out where you’re willing to sacrifice or where you’re willing to push like I had a pretty nice I was living in a three-bedroom with two other friends in Connecticut and I was paying a thousand a month I came here to live in a two-bedroom but I was just paying for the bedroom which was like a ten by eight room and I paid five hundred fifty a month in rent like that is dirt cheap even for Portland and honestly I did it because I wanted a sacrifice I chose a rent that was half the price so that I could put five hundred dollars or four hundred a month towards my student debt now I have friends here who are living in Boulder $1,500 a month one bedrooms that they’re paying for with their student debt which is beyond stupid that’s taking the cushy life now for the hard later and so I think the big thing is if you’re willing to scale back and some expenses maybe that means selling your car so you don’t have car insurance and gas whatever it is you figure out what you’re willing to sacrifice for me i downsize my rent dramatically and lived in a lot less of a nice place and the second thing is earning money now a lot of you in college probably are not even working during the year you should be you can I know you’re capable of it and I’m sure that the majority of you if you’re watching you’re in medical school you’re like hell no that’s not possible well there are people who do it in conventional med school alternative med school there are always people who do it and there are plenty of parents with kids that they manage to make their way through it’s a sacrifice and it’s hard but you can do it so here are three ways you can earn probably 5,000 to 15,000 extra dollars per year while going to school and you can contribute that towards your debt or your living expenses or whatever so let’s say for example you’re working in a coffee shop it’s probably tons of coffee shops where you are and even a base minimum wage here $12 an hour you could earn let’s say if you’re working 20 hours a week that’s eleven thousand five hundred twenty dollars a year it’s not bad at all if you’re tutoring for a ton of different subjects you could church $20 an hour do that five times a week and that right there is gonna be an extra 4,800 year for just one hour a day so I know you’re thinking like alright yeah you already had a business which is true and yeah you could control your schedule which is true so basically if you want the life that 1% of humanity has you have to do something like something different that only 1% of people are willing to do and it’s possible now the third habit here is not having what I call any loose time so what that means is I shared this video and how I juggle medical school in life but really in my schedule Monday through Friday and even on the weekends a lot of the time there is no one-and-a-half hour window where I’m not doing something there is no one-hour break at all basically until the hour before bed that means the break is either working studying going to the gym cooking in class that’s it like that’s my whole life I made the intention at this to medical school I’m gonna be sacrificing an extra 20 hours a week for a better life after and it’s gonna suck a little bit more for four years and if you want to do that it means making sure you’re studying hours are more efficient and more effective because if you have six hours rather than chilling for three of them have two hours of studying two hours of working and two hours that’s the break or the gym or whatever the point is that I had to systematically break down every piece of my schedule to make sure there was no time where I’m just sitting and lounging and playing video games that really rarely occurs so really at the high level it’s number one coming with the mindset that you’re ready to sacrifice you’re ready to do the work it’s not necessarily gonna be fun but it’s gonna definitely give you a better life after doing the math either means spending less or or anymore ideally both find a way and the third is don’t screw around you’ve got tons of time especially undergrad oh yeah like 13 credits I’m doing 30 medical credits like you have time if you’re an undergrad if you were in high school there is time to work two hours per day go talk to an immigrant family you’ll see true hustle there’s always way to find that to work to sacrifice to whatever it is that you can have some kind of a better life so I hope that helps obviously it’s not easy it’s a lot of work your friends may be hanging out going for drinks and you’re gonna have to work but remind yourself you’re not doing this forever you’re just doing it for a few years and it’s something that’s gonna set you up for life versus graduating with $300,000 in debt and yeah your life was easy in college maybe it’s moderately easy after college but now you can’t get a house can’t go on vacations can’t do all this stuff because you have this huge chunk of debt hanging over so I hope that video helps the best way and stay in touch is to grab my free personal development in weight loss challenge at moderate health muncom /youtube and is also the first link in description there below and you can check out my last two videos right here and right you

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