As I start to get to know all of you as a new blog contributor to studentdc.com, I will remind you that I am here to help you students make a smooth transition to practice. 

My wife, who is also a Chiropractor, and I were having a discussion this morning and we were talking about student loans.  Now, I have been out of school for 11 years now and I know that when I got out, the expected amount of debt for the average Chiropractic student was over $100,00.  I have been told that the current number is now around $125-135,000.  That’s a chunk of change! 

If you are one of the many students using financial aid in order to go to school, I want you to step back for a second and clear your mind.  I know you have been exposed to people who tell you to not borrow too much and be careful.  It’s like telling a smoker not to smoke because it is bad for their health.  Obviously they know this, but they may not want to do anything about it.  When we are going to school, it is hard to be able to think about the consequences of the financial choices we make and how they have ramifications for the rest of our lives. Most of the time our heads are buried in the books or in class.

These days, many people have a “live large” lifestyle where they are using loans or credit cards to pay for “things” they feel they need.  Remember, what you borrow now, you will pay back later at a cost of sometimes 1.5 to 2 times more than what you paid for it.

Do you know exactly how much debt you have racked up so far?  Ask yourself if you actually have a budget.  Are you spending as wisely as you possibly can.? Did you know that when you sit down to study at the coffee shop and order a latte (the average person does this 4-5 days per week), you are adding over $4,000 to your student loans that you will some day have to pay back? 

 I just want you to close your eyes and think about reading your credit card bill or your student loan statement in 5 years.  How will it make you feel to see a large sum of money that you owe.  Do you have the control now to help yourself for the future from starting your practice in too much debt?  I am not saying to never borrow money.  I know how hard it is for most of us to  go to school without some form of financial aid. 

I just want you to make smart choices, and realize that wherever you are in your Chiropractic education, it’s never too early to keep a lid on your expenses.  This type of thinking is also preparing you for the day when you are running your own practice.  and eventually a household with your spouse and children. Work on gaining the knowledge and confidence about the financial choices you make now so that you do not have too many regrets in the future.

All the best,

Dr. Kevin Wong