Personal Finance for Physical Therapists - The Ultimate Guide

Aug 11, 2016
3 min read

So I have a paycheck . . . now what? It's time to get your personal finances as a physical therapist in order.

If you’re reading CovalentCareers Resources, you probably have been a student for a long time, paying for the privilege of learning and working with supervision. Perhaps you are still a student, or maybe you’ve been working for a few years.

Ultimately, the goal of all those years of education is to begin working as a physical therapist, right? So after the recruiting calls, online applications, interviews, the NPTE, the job offers, negotiations, and acceptances…the job starts! And along comes that first real paycheck.

So what should you do with that first paycheck? And all the ones to come? I’d like to address some important issues for new physical therapists in this resource, including goal setting, budgeting, saving, investing, and understanding the benefits provided at work. Most of us didn’t choose this specific healthcare profession because we wanted to get rich—we could have been surgeons, CRNAs, or pharmacists! I chose to be a PT because I truly love what I get to do every day. I believe that I make a difference, and I love that I get to be in a career where I generally feel fulfilled, not drained!

Even though we may have chosen this profession for altruistic reasons, it is absolutely essential to understand personal finance. Choices on how to spend, save, invest, and insure yourself can mean the difference between being able to pursue your passion and staying stuck in an unhealthy situation, trapped without resources to make an important life move!

What are your goals? When you dream, what do you see? Is it an early retirement? Opening your own practice? Purchasing a home? Creating a new tool or contributing to cutting edge rehab technology? Traveling? Having the flexibility to cut back on working hours to stay home with children or take care of an aging relative? When it comes down to it, your goals and values should determine how you earn, spend, and save your money. And the way you handle your financial life determines what your life might look like in the future—whether you will have the freedom to pursue what you really want to do with your life!

This resource covers all of the following in detail:

  • Budgeting
  • Saving
  • Killing the Debt - Student Loans
  • Investing for Retirement
  • Insurance

Compare student loan refinancing rates 💰
Did you know that 22.5% of physical therapists have $100,000-$150,000 of student debt?! Paying off that debt requires smart budgeting and a lot of discipline. Many of the therapists in our community have also chosen to refinance their loans to lower the interest rates and/or reduce monthly payments. If you're looking to refinance, we heartily recommend that you check out Credible. In a nutshell, Credible is a free service that lets you compare prequalified student loan refinancing rates from up to 10 lenders without affecting your credit score. Click here to compare rates

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