{"id":11476,"date":"2019-04-10T20:28:40","date_gmt":"2019-04-11T01:28:40","guid":{"rendered":"https:\/\/www.fitbux.com\/articles\/?p=11476"},"modified":"2022-04-07T12:27:15","modified_gmt":"2022-04-07T17:27:15","slug":"saving-money-while-chasing-a-dream","status":"publish","type":"post","link":"https:\/\/www.fitbux.com\/articles\/saving-money-while-chasing-a-dream\/","title":{"rendered":"Saving Money While Chasing A Dream"},"content":{"rendered":"

FitBUX Stories\u00a0is a collection of articles written by Members and Non-Members of\u00a0FitBUX<\/a>. The purpose is to provide positive encouragement to others who have found themselves owing a lot in student loans. Some stories also detail \u201cStudent Loan Horror Stories<\/a>\u201d so we can learn from each other.\u00a0<\/strong><\/p>\n

This story highlights two very important lessons at the end so be sure to read them.<\/strong><\/p>\n

If you\u2019d like to contribute your story, simply send us an email at\u00a0info@fitbux.com<\/a>. We would love to hear YOUR story.<\/strong><\/p>\n

Saving Money While Chasing A Dream<\/h2>\n

I remember asking my Grandmother why she came to America. \u201cFreedom\u201d was her answer.\u00a0 Freedom gives us the opportunity to set our own course through life.<\/p>\n

For many of us, opportunity is the dream of being self-employed.\u00a0 Building a business doing something we love and provide for our families.<\/p>\n

James is one of those individuals who decided to pursue this dream.<\/p>\n

The Dream<\/h2>\n

James spent three long and grueling years pursuing a Doctorate in Physical Therapy<\/a>.\u00a0 After completing his education, James went to work as a staff PT working 40 hours a week.<\/p>\n

However, he didn\u2019t see himself doing this for the next 35 years.\u00a0 So he began laying the foundation of his company.\u00a0 Ask anyone that has ever started a business\u2026.its not as easy as it sounds. Especially when you work in a heavily regulated business like healthcare.<\/p>\n

This did not stop James though. After many hours, days, weeks, and months of hard work, his business was ready to go so he decided to quit his nine-to-five PT job.<\/p>\n

One Area Overlooked<\/h2>\n

James\u2019 business began to take off and generate revenue.\u00a0 Now was the time to get the rest of his finances in order. As many of you know, finances for many new grad equals student loans.<\/p>\n

Many new business owners love all the new tax write offs they can take advantage of. One thing they often forget about is that said deductions reduce your taxable income. That in turn, can make it more difficult to secure a loan since lenders take into account one\u2019s debt to income ratio (DTI) when making an underwriting decision.<\/p>\n

In addition, when you are self-employed, most lenders (student loan refinance companies<\/a>, mortgages, car loans, etc\u2026) require one of two things to get a loan:<\/p>\n