Private Student Loan Help

[StudentDebt100k]

I graduated school w/ $110k in private loan debt. I currently make about 45k but work at a fortune 500 company as a health IT consultant. The reputation of the company will help secure a higher paying job once I stay long enough and build up my resume (currently been here for 11 months(.

I was wondering if there are any side hustles/investments I can make to pay these off. My parents are helping me out w/ the interest but this amount of debt is overwhelming. I'm working on paying it off w/ my job but any other way to help bring in cash will help. Any ideas?

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Ing]

Sure there are!
Read the forum and you will know how to do so!

 

[StudentDebt100k]

Sure there are!
Read the forum and you will know how to do so!

Thanks! Any idea of where to get started? I'm so overwhelmed w/ finances and debt, and I have no knowledge of it.

 

[LuckyPup]

I graduated school w/ $110k in private loan debt. I currently make about 45k but work at a fortune 500 company as a health IT consultant. The reputation of the company will help secure a higher paying job once I stay long enough and build up my resume (currently been here for 11 months(.

I was wondering if there are any side hustles/investments I can make to pay these off. My parents are helping me out w/ the interest but this amount of debt is overwhelming. I'm working on paying it off w/ my job but any other way to help bring in cash will help. Any ideas?

@Ing said it all. Read the forum. You won't get someone to hold your hand here, at least not much. But here's a nudge: For side hustles, I'd start with @Lex DeVille 's courses. They're often advertised in the Sponsored Offers at the bottom of the page, or in the Marketplace. I've never met him in person, but Lex delivers a boatload of value here. Another good source of side hustle ideas is Nick Loper's Side Hustle Nation. Dozens of examples of successful side hustlers, ideas, etc. I recommend his podcast. NOTE: Every successful side hustle is rooted in providing value to someone, and that starts with determining what your mindset and skillsets are, and how those can be leveraged into providing something that somebody will buy.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Andy Black]

I graduated school w/ $110k in private loan debt. I currently make about 45k but work at a fortune 500 company as a health IT consultant. The reputation of the company will help secure a higher paying job once I stay long enough and build up my resume (currently been here for 11 months(.

I was wondering if there are any side hustles/investments I can make to pay these off. My parents are helping me out w/ the interest but this amount of debt is overwhelming. I'm working on paying it off w/ my job but any other way to help bring in cash will help. Any ideas?

Can you do side gigs providing a service using the skills you’re currently employed for?

 

[Lex DeVille]

I graduated school w/ $110k in private loan debt. I currently make about 45k but work at a fortune 500 company as a health IT consultant. The reputation of the company will help secure a higher paying job once I stay long enough and build up my resume (currently been here for 11 months(.

I was wondering if there are any side hustles/investments I can make to pay these off. My parents are helping me out w/ the interest but this amount of debt is overwhelming. I'm working on paying it off w/ my job but any other way to help bring in cash will help. Any ideas?

What is your degree in? A lot of people could find ways to teach things they learned in their degree programs on places like Udemy to make extra money. You could make courses around topics of interest to you instead of taking my courses (but you're welcome to take them if you want and they won't add six-figures of debt!).

I'm paying for a Masters degree with a course business I built, and it will also pay for a PsyD afterward. If you teach what you've learned then you will have a practical way to get something back from your investment. But freelancing and traditional side hustles are options too.

 

[StudentDebt100k]

Can you do side gigs providing a service using the skills you’re currently employed for?

No lol requires my company's health IT software.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Andy Black]

No lol requires my company's health IT software.

What do you do for your company?

 

[StudentDebt100k]

What do you do for your company?

I help develop workflows in the software for hospitals. It's consulting and requires meetings to negotiate and gain data on what they want.

 

[LuckyPup]

You mean like their EMR?

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[StudentDebt100k]

You mean like their EMR?

That's exactly it. I help build out the client's preferences but that's exclusively done through my company's software and doesn't require any programming knowledge.

 

[Andy Black]

I help develop workflows in the software for hospitals. It's consulting and requires meetings to negotiate and gain data on what they want.

What problems do you currently help hospitals overcome?

What problems *could* you help hospitals overcome?

Does it just have to be hospitals?

Can you help other health organisations develop their workflows?

Can you help businesses develop their workflows?

What benefits would this bring?

Would it save them money?

Would it make them money?

What tools do businesses pay for to help solve these problems?

How can you find businesses/organisations using these paid tools?

Do businesses pay consultants to help develop their workflows and solve their pressing XYZ problem?

What else do they pay for that indicates they have XYZ problem and are prepared to pay to overcome it?

Etc.

 

[StudentDebt100k]

What problems do you currently help hospitals overcome?

What problems *could* you help hospitals overcome?

Does it just have to be hospitals? Can you help other health organisations develop workflows?

Can you help businesses develop their workflows? What benefits would this bring? Would it save them money? Would it make them money? What tools do businesses pay for to help solve these problems? Can you find businesses/organisations using these paid tools? Will they want a consultant to help them develop their workflows and solve their pressing XYZ problem?

Thanks! I follow my company's recommendations and if the client deviates, then we build what they want out. It's basically what they want. I just my company's software and send the build to another team. Then I present it to the client.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[LuckyPup]

You mean like their EMR?

That's exactly it. I help build out the client's preferences but that's exclusively done through my company's software and doesn't require any programming knowledge.
[/QUOTE]
So, YOU'RE the guy who makes the docs lose their hair! Kidding aside, there are many private practice physicians who either aren't yet on EMR (believe it, or not), or their EMR gives them fits. Why not do some consulting on the side? There's sure a need for offices to run more smoothly, schedule better, code optimally and decrease AR. They may likely be using your software, but even if they're not, you know the terrain and could figure it out much quicker than they could.

 

[LuckyPup]

Thanks! I follow my company's recommendations and if the client deviates, then we build what they want out. It's basically what they want. I just my company's software and send the build to another team. Then I present it to the client.

@Andy Black nailed it. Whatever you do, it begins with asking the right questions. Mindset, mindset, mindset.

 

[StudentDebt100k]

So could I offer workflow consulting for businesses? How would I advertise this? I just started my position and they'll want numbers to back up their financial decision to invest in me.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Andy Black]

So could I offer workflow consulting for businesses? How would I advertise this? I just started my position and they'll want numbers to back up their financial decision to invest in me.

Spend your money on diesel and coffee

Andy's Inbound/Sales Braindump

(PS: You’re assuming they’ll want numbers.)

 

[LuckyPup]

So could I offer workflow consulting for businesses? How would I advertise this? I just started my position and they'll want numbers to back up their financial decision to invest in me.

Don't advertise, use your network. Do it for free for some offices or facilities, get their testimonials and go from there. Hospitals are notoriously inefficient operations, and clinics/private practices can be, too.

 

[StudentDebt100k]

Don't advertise, use your network. Do it for free for some offices or facilities, get their testimonials and go from there. Hospitals are notoriously inefficient operations, and clinics/private practices can be, too.

I'm 100% open to all suggestions, but I can't change a hospital/practice's workflow. That goes against contracts and will affect every aspect of the the hospital network. Not to mention it can affect patient safety and compliance regulations.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[LuckyPup]

I'm 100% open to all suggestions, but I can't change a hospital/practice's workflow. That goes against contracts and will affect every aspect of the the hospital network. Not to mention it can affect patient safety and compliance regulations.

I'm not saying you should change their workflows, I'm saying they need help with many things - both in terms of efficiency and effectiveness - and you're in a place to know what those things are. My point is that there are plenty of opportunities in healthcare - the space you're in right now. If that space isn't for you, then look elsewhere. But remember this: Wherever you go, there YOU are - you bring your mindset, skills, strengths & weaknesses to any situation, problem or opportunity. I don't want to jump to conclusions, but the sense I get so far is that you seem to be arguing for your limitations, instead of trying to increase your capacity.

You say you're open to suggestions, but none of us know you or your business, so nearly anything we would suggest would likely miss the mark. The point of my and others' feedback isn't to tell you what you should do, it's to get you thinking about what you can do. We're not here to give you fish, we're here to help you learn to fish.

 

[StudentDebt100k]

Slightly off topic, but would it be stupid to invest in a $25k house and rent it out for passive income - given my current situation?

 

[LuckyPup]

Slightly off topic, but would it be stupid to invest in a $25k house and rent it out for passive income - given my current situation?

Too general a question to provide a useful answer, but I'd wait until the RE market tanks - and it will.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.