A very disturbing study was just released addressing the financial status of the profession and as you may have expected, the results are not good. You can view the white paper that was just presented at NAVC here.
There were many disturbing trends they found but these are the some of the findings that should be very concerning to all of us.
“There is widespread concern over personal financial condition. Less than half of the veterinarians who are owners, and less than a third of associates, rated their personal financial condition “well”. “
“22% of the practice owners carried student loan debt, with an average balance of $66,110. 49% of associate veterinarians are carrying student loan debt, with an average balance of $112,082.”
“For some associates debt servicing requires nearly 40% of their monthly income.”
“A very large number of veterinarians, especially those not doing well financially, are not at all confident in their ability to manage finances.”
These statements should have all of us very concerned. The problem is most people have been sitting around with their head in the sand (which seems to be something our profession is very good at doing) or waiting on the veterinary schools or the AVMA to change what is happening to our beloved profession.
The only one that can change your future is YOU. If you are waiting for the “powers that be” to make positive change-good luck!
Luckily changing your future is simple. Simple BUT not easy! You MUST learn about personal finance and you MUST get out of debt as quickly as possible. I know you are thinking that is impossible BUT it is not. Being debt free is the only thing that is going to give you options and freedom.
Coming out of veterinary school, I knew absolutely nothing about finances. I made plenty of mistakes, but I was so fortunate to have learned about Dave Ramsey from a veterinarian who I worked with. Listening to Dave’s radio show made me realize that there was a different way to handle my finances and shockingly enough it was not what the “financial experts” would have you believe.
New graduates are coming out of veterinary school with an average of $150,000 in student loans. I was fortunate to have very little student debt, BUT thanks to APPLYING the principles Dave Ramsey teaches, my husband and I were able to pay off our $300K home mortgage in 7 years. I also run my business debt-free. I am not telling you this to be bragging, but instead I want you to understand that YOU too can get out of debt.
Getting out of debt quickly is not easy and you will have to sacrifice some things now in order to get it done, but taking 30 years to pay off your debt is honestly just plain stupid. As a wise man once said, the borrower is slave to the lender, and I bet you feel just like that when you are paying all those loans every month.
If you are serious about changing your financial well being then leave me a comment below and you will be entered to win a copy of Dave Ramsey’s “Total Money Makeover” which we will give away on March 15th.
If you are a practice owner, I strongly recommend his CORE Financial Wellness program that you can offer to your entire team. This program will benefit not only you and your doctors, but also your support staff who often are struggling just to get the bills paid each month.
I obviously don’t receive anything from Dave or his team for recommending his products, but if you take what he offers and APPLY it- you too can be free from the mountain of debt AND change your family tree!