Debt Consolidation Strategies: Streamlining Your Financial Obligations

A guest post by Myrtle Bautista

Debt: a tricky topic, but a must if you want financial stability. Managing various loans, credit card bills, and financial obligations often leads to stress and confusion.

Enter debt consolidation strategies, your ally in simplifying financial obligations. In this article, we’ll delve deeper into what debt consolidation is and share insights, tips, and strategies to empower you to regain control of your financial well-being.

What is Debt Consolidation?

Debt consolidation is a savvy financial strategy that revolves around the integration of multiple debts into a single, more manageable debt. This can be achieved in a variety of ways, like obtaining a consolidation loan, executing a balance transfer, or implementing a comprehensive debt management plan. The overarching objective is to simplify your financial life and alleviate the weight of high-interest debt.

Types of Debt to Consolidate

• Credit Card Debt

• Personal Loans

• Medical Bills

• Student Loans

• Other Unsecured Debts

Benefits of Debt Consolidation

Debt consolidation offers a host of advantages that can significantly improve your financial situation:

• Simplified Repayment: The beauty of a single monthly payment is that it streamlines debt management. No more keeping tabs on numerous due dates, which drastically reduces the chances of accidentally missing a payment. 

• Lower Interest Rates: Among the most appealing benefits is the potential for lower interest rates. Debt consolidation may secure a reduced overall interest rate, saving you a substantial amount of money in the long run.

• Reduced Monthly Payments: Debt consolidation often leads to lower monthly payments, freeing up more of your income for savings, investments, or essentials.

• Improved Credit Score: Paying your consolidated loan on time can boost your credit score, leading to better financial opportunities and lower interest rates on future loans.

• Structured Repayment Plan: Having a debt consolidation plan in place offers a structured and clear path toward achieving debt-free status. This, in turn, can alleviate the stress and anxiety commonly linked with managing multiple debts.

Debt Consolidation Strategies

Consolidation Loans

A consolidation loan is a straightforward approach. It entails acquiring a new loan to pay off your existing debts, effectively merging various high-interest debts into one. The key benefit is often securing a lower interest rate, which can lead to savings and more manageable monthly payments.

Balance Transfers

If you're grappling with high-interest credit card debt, consider balance transfers. This method allows you to move your debt from a high-interest card to a new one with a lower or even 0% introductory interest rate. It's a smart way to cut down on interest expenses, but do remember that introductory rates can expire, so understanding the terms is crucial.

Debt Management Plans

Debt management plans involve working closely with a credit counseling agency. Together, you create a structured plan to repay your debts over time. These plans often come with reduced interest rates, making it easier to manage your debt. It's a method that adds organization and expertise to your journey toward financial stability.

Choosing the Right Strategy

Assess Your Debt

Before deciding on a consolidation strategy, it's crucial to assess your total debt and the interest rates associated with each debt. This assessment provides the insight needed to determine which method is most suitable for your unique financial situation.

Credit Score Consideration

Your credit score matters when evaluating consolidation options. Certain strategies may impact your credit score temporarily, so it's important to be aware of these potential effects. However, with proper management, consolidation can ultimately have a positive impact on your credit.

Debt Consolidation Tips

Stick to Your Plan

Once you’ve chosen a consolidation strategy, commit to it, pay on time, and avoid more debt. Remember: consistency is success.

Avoid Scams

When consolidating debt, it's essential to remain vigilant and avoid insurance scams, identity theft, and phishing. Be cautious of offers that promise debt relief in exchange for upfront fees or personal information.

Here are just a few tips on how you can steer clear of scams: 

• Research Thoroughly: Investigate the company or organization offering debt consolidation services.

• Read the Fine Print: Scrutinize any agreements and contracts before signing.

• Consult a Professional: Consider seeking advice from a financial advisor or attorney.

Budget Wisely

Creating a realistic budget is extremely crucial. It should be designed to help you meet your financial obligations without relying on credit. A well-structured budget is your tool for financial control.

Seek Professional Guidance

Given the intricacies of debt consolidation, it's a prudent choice to seek guidance from a financial advisor or credit counselor. Small business owners can also benefit from the insights of an accountant. Their expertise ensures that you're making the best decisions aligned with your unique financial circumstances. The value of their guidance on your path to financial freedom is immeasurable.

Conclusion

Debt consolidation is a powerful tool that streamlines your financial obligations, slashes interest rates, and even has the potential to improve your credit score. With the right strategy and the wisdom you've gained from the tips above, you're primed to take the crucial first step toward a future free from debt!

For more finance advice, check out the UnOrthoDoc Blog!

About The Author:

Myrtle is a journalism major, a social media marketer and is now exploring freelance writing. She's fond of anything related to health and wellness, and when she's not writing, you'll find her doing long-distance cycling, ultramarathons, hiking, or in a local cafe enjoying a good cold brew

Attaining Financial Independence

Financial independence is a dream that many people share, especially in the United States. The ability to live comfortably and support oneself without worrying about the next paycheck is a goal that most people aspire to achieve. However, there are many factors that can affect a person's ability to attain financial independence. In this blog post, we will discuss some of these factors, including student loan debt, the cost of owning and running a dental practice, and the cost of having children and touch a bit on the Financial Independence Retire Early (FIRE)movement as it relates to all this.

Student Loan Debt

One of the biggest financial obstacles facing many Americans today is student loan debt. According to the Federal Reserve, the total amount of outstanding student loan debt in the United States is over $1.7 trillion. This debt can take years, if not decades, to pay off, and can make it difficult to save for retirement or achieve financial independence.

To make matters worse, the interest rates on student loans can be quite high, which means that even making minimum payments can be a challenge. This can make it difficult for young professionals, such as dentists, to ever get over this hurdle.

Cost of Owning and Running a Dental Practice

For dentists, owning and running a dental practice can be a lucrative career choice. However, it also comes with significant expenses. Dentists must pay for equipment, rent, utilities, and staff salaries, among other expenses.

According to the ADA Health Policy Institute, the average dental practice owner in the United States has a net income of around $180,000 per year. However, this income can vary greatly depending on the size and location of the practice, as well as other factors.

To achieve financial independence, dentists must not only manage these expenses but also save for retirement and other financial goals.

Cost of Having Children

Another factor that can impact a person's ability to achieve financial independence is the cost of having children. According to the USDA, the average cost of raising a child in the United States is over $230,000 from birth to age 18. This includes expenses such as food, clothing, housing, and education.

Having children can also impact a person's ability to save for retirement, as the need arises to prioritize saving for their children's education and other expenses.

Is Financial Independence Attainable in the United States?

Given these factors, is financial independence attainable in the United States? I have listened to numerous podcasts and interviews of people who have and are on the path of achieving this goal =, even with the factors above. So, in short he answer is yes, but it may require careful planning, budgeting, and sacrifice. For dentists, this may mean choosing to work for a few years at a higher-paying job before starting their own practice or taking on a significant amount of debt to start their own practice.

It may also mean making difficult choices when it comes to having children, such as delaying starting a family until they are more financially stable.

Ultimately, achieving financial independence in the United States is possible, but it may require more effort and sacrifice than it would in other countries with different social and economic structures. It is important for individuals to consider all the factors and make informed decisions about their careers, finances, and family planning in order to achieve their financial goals.

The F.I.R.E Movement & How This Relates

In recent years, the Financial Independence Retire Early (FIRE) movement has gained popularity among individuals looking to achieve financial independence at an earlier age. The goal of the FIRE movement is to save and invest aggressively, often up to 50% or more of their income, to reach financial independence as early as possible.

While traditional retirement may be a goal for some, the FIRE movement focuses on achieving financial independence rather than reaching a specific retirement age. This means that individuals can retire early and enjoy the freedom to pursue their passions and interests without the need to work for a paycheck.

However, reaching financial independence at an early age can be challenging, especially when dealing with factors such as student loan debt, the cost of owning and running a dental practice, and the cost of having children.

To achieve FIRE, individuals need to be disciplined about their spending and prioritize saving and investing. This may mean living a frugal lifestyle, choosing a career with high earning potential, or taking on side hustles to increase income.

For dentists, this may mean working for a few years at a higher-paying job before starting their own practice or finding ways to reduce expenses, such as sharing office space or equipment with other dentists.

When it comes to having children, the FIRE movement encourages individuals to consider the financial impact of having children and make informed decisions about family planning. This may mean delaying starting a family until they are more financially stable or finding ways to reduce the cost of raising children.

The FIRE movement is a viable option for individuals looking to achieve financial independence at an early age. While it may require more effort and sacrifice than traditional retirement planning, it is possible to reach financial independence with careful planning, budgeting, and disciplined saving and investing. Dentists can take advantage of high earning potential in their profession and find ways to manage expenses to achieve their financial goals and retire early.

Food For Thought 💭

Attaining financial independence may seem like a daunting task, but it is important to remember that it is achievable with hard work and dedication. I know that sounds cliché but many people have achieved financial independence at a young age and have been able to retire early and live their dream life.

One inspiring example is Mr. Money Mustache, a blogger who retired at the age of 30 by following the principles of the FIRE movement. He now spends his time pursuing his passions and living a fulfilling life with his family.

While everyone's journey to financial independence will be different, the key is to focus on the long-term goals and make small steps towards achieving them. By being disciplined about spending, saving, and investing, individuals can build wealth over time and achieve financial independence.

So, if you are looking to achieve financial independence, don't be discouraged by the obstacles that may come your way. Instead, stay motivated, stay focused, and keep working towards your goals. With determination and hard work, you can achieve financial independence and live the life of your dreams.

“Create a life you don’t need a vacation from”

— anon

Financial Planning Checklist for Dental & Medical Professionals

I can’t believe I’m saying this but, a new year is fast approaching! I don’t know about you but this time of year usually means getting my financial ducks in a row (it’s always a great time to do this). As 2022 approaches, let’s start to think about ways we can improve and be better for our future selves. One way to do this is to re-assess to finances. Here’s a quick checklist to follow:

Create and Stick to a Budget

Develop good financial habits early by setting a budget. There are several guidelines out there as to how an ideal budget should be set up. I personally follow the 50-30-20 rule (with some variation). Essentially this means, 50 percent of your money each month should go to essentials like bills and housing, 20 percent should go towards your financial goals like savings, investments, saving for retirement and paying off debt/student loans, and 30 percent should go towards wants like vacation, entertainment, etc. If you want to, you can switch the 30-20 around if that makes more sense for you. Of course, your budget sometimes need a little wiggle room but for the most part try to stick to this plan. Automate it so that you don't have to think about it.

Build an Emergency Fund

Make sure you have at least three (3) to twelve (12) months of funds saved up for a rainy day.  Personally, I think 12 months is a good buffer. This is where part of the 20 percent savings portion of your budget should go, and it's there in case you lose your job, become ill, or encounter an unexpected expense. Keep this money in a separate savings account at a separate bank from your checking account and forego a debit card for that account. Also, automate your contributions.  Ask your employer to direct debit a portion of your salary into your emergency fund account or you can do this yourself. You can also consider placing the funds into an account with high yield interest. Another smart thing to do is put this money in a short term investment vehicle where you can access it immediately if needed.

Create a Plan For Student Loan Repayment

The pandemic gave us a nice break from the pressures of repaying student loans every month. Hopefully we were smart about taking advantage of the 0% interest period as the end of that is fast approaching (after Jan. 31, 2022). Explore all the options for student loan repayment that is available to you and choose the best one for your situation. Look into options like public service loan forgiveness (PLSF), the different repayment options available through the federal government and/or take advantage of the benefits of student loan refinancing or consolidation. If you are still not clear about the best option for you, seek a professional help. I have personally used Travis Hornsby, The Student Loan planner and he was able to help me figure out a repayment option that fits my goals all while saving me money in the long run.

Pay Down Debt and Build Good Credit

All debt are not created equal. There is what we call good debt and there's bad debt.  Things like credit card debt are considered bad debt because it grows pretty quickly and doesn't help you in the long term. Interest rates are usually higher and can take much longer to pay off. On the contrary, student loans are considered good debt because it's an investment into your future earning power. Put as much money as you can towards credit card bills first starting with the with the one with the highest interest. Once that's paid off, prioritize the next highest interest debt, and so forth. Also consider automating the contribution to your debt payment so that you never have to worry about a missed or late payment.

Protect Your Paycheck

An injury or illness could limit your ability to practice. Ensure you have enough disability insurance coverage to cover you in case of sickness or injury. Supplemental insurance options are available specifically for health/medical professionals, but be sure you understand how the policy defines total and partial disability. Finally, remember to update this coverage as you grow in your career and into your practice.

Put Additional Protections In Place

As your career grows, explore the various life circumstances and get the right insurance to protect against potential impacts to your budget:

• Malpractice Insurance

• Life Insurance

• Renters/homeowners Insurance

• Auto insurance

• Umbrella Insurance

Save and Invest For Retirement

It is really important that you get on this early! It is vital that you prioritize creating and contributing to a retirement fund and take advantage of compounding interest. Compounding interest will do a lot of the hard work for you if you start early. Try to maximize your contributions and take advantage of any match system your job has to offer. If your job does not offer retirement options, you can do this on your own. Speak with your financial advisor and your accountant about the tax benefits.

Explore Attorney Assistance

Utilize attorney expertise to review employment contracts, help protect your assets from malpractice, maximize tax planning and discuss estate planning.

Start a College Savings Plan

You certainly know the value of a good education - and the cost of getting one. If you have a child or children and their education is a priority, start saving now. A 529 plan is a great place to start.

Talk To a Professional

Financial planning can feel overwhelming, but it doesn’t have to be. A financial representative can help you design a plan and implement strategies to meet your specific goals with confidence.

Getting your finances together means stability, security and dear I say it, freedom. It’s okay if you don’t have all this together just yet. The important thing is that you start, now. I will have the 2022 planner, budget and financial tracker ready in a few days so be on the look out for that. Let’s make 2022 the year we get our lives together. Our future selves will thank us for it.

Setting Up Your First Investment Account

If you have a retirement account such as a 401K, 403B, Roth or Traditional IRA, Congratulations! You’re already an investor. A lot of people don’t consider their retirement savings as investing. Saving for retirement is important and should (arguably) be your first investing priority because:

• It helps lower your tax liability either today or in retirement (depending on the type of account)

• You’re possibly getting free money from an employer (if there is a match program)

• It can easily be automated, so building your nest egg becomes habitual

• It can help you achieve financial independence and be able to walk away from the need to earn a paycheck

If you’re not yet saving for retirement, I urge you to start today. It is extremely beneficial to start saving for retirement early so that you can take advantage of compound interest.

Employer 401K

If your employer offers a 401K plan then you’re in luck and won’t have to do this yourself. However, do make sure you are saving up to the point where you get the employer match. An employer match is when an employer puts money in your retirement plan, matching your contribution up to a certain percentage. For example, your employer might have a contingency that they will match you 100 percent up to 4%. If you earn say, $40,000 - in order to get the full 4% match, you will have to contribute at least 4% of your salary into the 401K. That is, about $66 per biweekly paycheck (or $133 per month) and so does your employer. You would have saved roughly $1600 per year in your 401K and receive an additional $1600 from your employer making it a total of $3200 (half of this was free money).

The great thing about a 401K is that the money you save is automatically deposited into the plan before it’s taxed, so less of your income will be taxed now. Plus, the 401(k) allows your savings to grow tax-free until you withdraw the money at retirement. This feature means your money will compound at a faster rate. Only when you withdraw money will you pay taxes. Read more about the types Retirement Accounts here.

If you don’t have a retirement plan with your employer or are self employed, a retirement account is very easy to set up.

Here’s how to to Set up Your Own Retirement Account

1. Decide How Much You Want to Save

   If you’re following the 50/30/20 rule, then you should already have in mind to put 20% of your income towards saving and investing. So, you may decide to put between 10-15% of this allocation towards investing to yield a respectable nest egg. Consider the example of a 30 year old taking home a $50,000 salary. If he/she gets a 3% salary bump on average each year, and her investments earn an average annual return of 7% during her working life, then saving 15% of her income would yield $1.7 million by the time she reaches age 65. That is the power of starting early and of compound interest.

2. Decide What Types of Investments You Want

   If you’re not eligible for a retirement fund at work that gets you matching funds, you can sign up for a Roth IRA or Traditional IRA. A Roth IRA is funded with money out of your paycheck that has already been taxed (post tax dollars), but when you withdraw the money in retirement, it will be tax-free. While a Roth IRA won’t save you money on taxes this year, it’s a fantastic way to avoid paying taxes on your future investment earnings. A Traditional IRA on the other hand utilizes pre-tax dollars. This gives you the ability to lower your taxable liability today but you will be required to pay taxes on it in retirement.

   If you’re self employed or the owner of a small business you have the option of setting up a SEP IRA, Solo 401k or SIMPLE IRA. You can get more information about those types of Retirement Accounts here.

   The type of Investment will depend on your time horizon (how long you have to invest). For example, a younger person will have a longer time to invest. It is advisable that when starting out you stick to an all-in-one fund also known as a target date-fund. Target-date funds are a convenient way to save for retirement because it removes the overwhelming investment choices to put into your retirement account. In this fund, you select a year closest to when you feel you will retire. For example, If you are 30 years old and you want retire at age 65 then it will be Target Date Fund 2055. The fund’s managers will then automatically invest you in a primarily aggressive portfolio now and then rebalance it to be a more conservative portfolio by time you plan to retire.

3. Choose Where to Open Your Account

   There are plenty of options when it comes to opening a retirement account. Brokerage firms, banks, and other financial institutions offer a myriad of options to hold investments (i.e stocks, mutual funds, bonds and cash, earmarked for retirement). Where you choose to open an account will depend on the type of investor you are, hands-on or hands-off. If you have a little experience with investing and would like to buy and sell, an online broker may be the most beneficial. Consider building a portfolio out of low-cost index funds and ETFs. This approach makes it easier to ensure adequate diversification in your portfolio (which lowers your investing risks) and helps minimize the fees you’ll pay. Look for a broker that has low or no account fees and small commissions; offers a wide selection of no-transaction-fee mutual funds and commission-free exchange-traded funds; and provides solid customer support and educational resources, especially if you’re a new investor. Some great options are Vanguard,Fidelity, ETrade, Charles Schwab, Edward Jones, and TDAmeritrade to name a few.

   A hands-off approach is an automated way to manage your investments using a robo-advisor. A robo-advisor will choose low-cost funds and rebalance your portfolio, keeping it in line with your investing preferences and timeline for a fraction of the cost of hiring a human financial advisor. This option is usually better for those who agonize over investment decisions. Look for one with a low management fee, generally 0.40% or less, and services that meet your needs.

   If you decide to use a robo-advisor for your IRA, you don’t actually need to choose your investments. Your robo-advisor will ask you for your goals and preferences and select investments that match up with them, and even adjust those investments over time. Some great robe-advisors are Robinhood, Betterment, Ally Invest, and Acorns to name a few.

4. Fund Your Account and Get Started

   After you’ve figured out how much you want to invest, the type of account you want to invest in and where, all that’s left to do is fund your account and get started. Put your money in and automate it so that a set amount comes out of your bank account each month. That’s it, you’re done.

If you’re starting out as an investor there’s no better way to start than with a retirement account. Choose a broker or financial institution, fund your account, select a few investments (stocks, mutual funds, ETFs), automate it, and put your money to work. Your future self will thank you!

This is Part II of The Investing Series. Click here for Part I.

Over the next couple weeks I will be breaking down the topic of Investing and providing ways in which you can start investing right away. Sign up below to receive the Investing Series directly to your inbox:

This article is for educational and informational purposes only. Contact a financial advisor before making any financial decision.

This article may contain affiliate links.

10 Side Hustle Ideas for Young Professionals

The ever increasing cost of living and educational tuition has given rise to hefty student loan debt for many new graduates. It is evident that we must become more financially aware and create more avenues to improve our financial stability. One term that has gained a lot of notoriety lately is the “side hustle”. Everyone seems to have one or are trying to figure out a way to get one. A side hustle is a way to produce extra income outside of your 9 to 5 job that will give you a bit of freedom to pursue your passions, purchase things you need or want, lower any financial worries or help you to become financially independent.

While the term may be new and trending, the concept of a “side hustle” has been around for a long time . I remember growing up and seeing my friends and family who had regular 9 to 5 jobs utilize their nights and weekends to make extra income. One worked at the local bank but baked cakes and catered out of her home on weekends, another operated an at home car wash on Saturdays. After graduating college I worked as a Chemistry Lab Tech and tutored Chemistry after hours and on weekends for $20 per hour. Truth be told it was with this “side hustle”income that enabled me to rent my first apartment in Washington DC, purchase furniture and have a small savings prior to starting dental school in 2010.

All side hustles aren’t created equal. There are some that will make you a little bit of money and others that can potentially produce enough to replace your 9 to 5 job . Either way, there are different types of side hustles that everyone can take advantage of. Here are some ideas:

1. Create a Blog

Blogging is a proven online business model and just might be the perfect side hustle. You can do it on your own time, build passive income streams, meet new people, build a network and ultimately unlock a lot of opportunity. There are a lot of individuals that are making a significant income from blogging. However, it does take time - you have to commit a certain percentage of your week to it. I like to call it my 6-10 (opposite of a 9 to 5). You also have to offer enormous amounts of value, be consistent, build an audience to begin the monetization process.

2. Advertising & Affiliate Marketing

Affiliate marketing is an extremely attractive industry. Income is produced through commission based marketing of another person’s or company’s products. Your followers represent a consumer market for the targeted brand. Many bloggers have been able to generate substantial revenue through affiliate marketing—and this trend doesn’t seem to be going away anytime soon.

3. Become an Brand Ambassador

A brand ambassador is a person who is hired by an organization or company to represent a brand in a positive light and by doing so help to increase brand awareness and sales. On social media, mainly Instagram, anyone can start a side hustle by becoming an influencer. You can build an Instagram following around anything such as your dog or even your photography. You can then monetize your Instagram account by doing sponsored posts, Instagram takeovers or selling products on your website. Tip: be sure that you believe in the product or brand that you’re advertising. For example, I’m a dentist and I really love Quip and Risewell products and regularly recommend them to my friends, family and patients - so I have no problem being their brand ambassador.

4. Freelance Writing/Services

If you’re looking for something relatively simple that can draw from your existing well of experience, you can’t go wrong with providing a service on a freelance basis. From web development to graphic design, writing or editing, there are countless opportunities for you to flex your creative muscles and earn a substantial side income. You can use sites like Upwork, Freelancer or Fivverr to advertise your services.

5. Start a Podcast

Podcasting is another great way to earn passive income and is becoming increasingly more popular. I personally listen to a lot of podcasts and I learn a lot from them all. Typically podcasts make money through sponsorship, advertising, affiliate marketing, coaching & consulting, public speaking events and many more.

6. Write an Ebook

You can write on an area of expertise or an area that you’re passionate about, turn it into an ebook and sell it. It costs nothing to produce but time. You can even go a step further and sell it as a paperback that earns you money only when it sells, removing much of the prior friction it took to get published.

7. Locum Tenens

For example, if you’re a dentist you can offer your services on off days or even on the weekends in someone else’s practice. Usually with a locum tenens position you can do as much or as little as you like. You can choose to do simple oral hygiene exams only or as much as a typical day at the office. Locum tenens positions usually do not require a contract and pays either a flat rate (per diem) or an hourly wage. I don’t know about you, but it doesn’t get much simpler than making an extra $600-$1000 per day checking behind the hygienist after they’ve done a prophylaxis treatment. I am sure there are avenues for other medical professionals.

8. Invest In Real Estate

You can purchase property, flip it and then sell it. You can purchase a home and use it as a rental. You can get into a commercial real estate venture as a fractional owner via crowdfunding. This allows you to put up a small percentage of the total cost and own a percentage of the property which entitles you to a equal percentage of the rental profits. Real Estate can be lucrative but remember nothing comes without risks. Do your research and consult a real estate professional for more information.

9. Rent Space In Your Home or on Airbnb

Airbnb has rapidly changed the game when it comes to options of where we stay when on vacation. More people than ever are choosing Airbnb for their hospitality needs instead of traditional hotels. If you have a spare bedroom in your home that your aren't using, instead of just using it as storage you can put a bed in it and a few other pieces of furniture and rent it out on Airbnb. If you don’t have a spare bedroom, you can consider renting your home when you go on vacation rather than having it sit empty. Additionally, you can purchase property and use them as Airbnb properties (another form of real estate investing).

10. Create a Product and Sell online

If you are creative and have developed a product, you can sell it on online and generate substantial income. If you have a website you can create a shopping page and sell the products there or sell via an e-commerce website such as Shopify or BigCommerce. Alternatively, you can sell crafts and hand-made items on Etsy. Download my FREE guide on how to turn your hobby into a lucrative side hustle.

Your side hustle can help you make some extra money each month and potentially replace your 9 to 5 income. It can also help you develop new skills, build your personal brand or portfolio and help you achieve more freedom. Take the risk by starting the business or pursuing that new hobby you’ve been curious about. A side hustle is your best opportunity to live life on your own terms. And with more money in your pocket, there’s nothing stopping you from making your dreams come true.

Some relevant podcasts that I listen to:

The Side Husle Show

Smart Passive Income

Side Hustle Pro

Side Hustle School

Some Side Hustle books I’ve read that I recommend:

from idea to profit e-book

How Student Loan Consolidation Positively Impacted My Credit Score

Many of us have student loan debt, and if you’re a dentist or physician your student loan amount may be pretty significant. Figuring out how to go about tackling them can be quite daunting; knowing whether to consolidate or refinance, choosing from the different repayment options, and deciding which is best for you.

On my own journey to pay down my mountain of debt I stumbled upon a little surprise. I discovered that a wonderful side effect of consolidating your student loans is a credit score increase. I was able to significantly increase my credit score by consolidating my loans.

Here’s how that works:

• One factor that determines your credit score is the number of lines of credit that you have open.  Remember that you get a loan for every semester of school and thus at the end of your four years (or however long your schooling is), you will end up with several student loans. As a general rule, If you have too many lines of credit, your score will go down.  By consolidating your student loans, you are replacing your many student loans with one new loan.  You will still have the same amount of debt, but the number of lines of credit goes down, thus increasing your score.

• A second advantage of student loan consolidation is that it will appear that you have paid off all of your other loans.  Any record of debt repaid is a good thing!  Depending upon how your loans are consolidated, it could read that your loans were refinanced or it could read that it was paid in full.  Either way, your credit score is helped.

• One final advantage of consolidating your student loans is that it can often lower your monthly payments.  This helps your credit score because the ratio of debt to income will go down.  

Consolidating your student loans is dependent upon the type of loans that you have.  For Federal Loans, consolidation is usually a great idea, but for private loans it gets more tricky as there are several private loan lenders to choose from (SoFi, Laurel Road, LendKey, Earnest, Splash Financial, etc). Do your research, speak with a trusted professional and choose the best option for you.