A hospitalist paid off $155,000 in student loans in just 2 years while balancing wealth-building and enjoying life. The podcast also covers topics like buying a house as a resident and the importance of disability and life insurance for physicians.
19:45
forum Ask episode
web_stories AI Snips
view_agenda Chapters
auto_awesome Transcript
info_circle Episode notes
question_answer ANECDOTE
Loan Balance And Scholarship Help
He owed $155,000 coming out of residency after receiving some scholarship help in medical school.
His balance increased by about $29,000 during medical school and residency to reach that total.
volunteer_activism ADVICE
Save During Deferment To Avoid Interest
Prepare for loan payments by saving while payments are deferred to avoid interest spikes later.
Use high-yield savings to accumulate funds so you can pay before high interest resumes.
volunteer_activism ADVICE
Automate Large Savings Percentages
Automate savings by directing a large percentage of net income into a high-yield account.
Pre-View saved about 50% of his net income monthly until he had enough to pay off loans.
Get the Snipd Podcast app to discover more snips from this episode
This hospitalist has paid off $155,000 in only 2 years! He said he was able to stick to his aggressive payment plan because he also allowed himself to enjoy his life along the way. He left room in his budget for some travel and some of the little life luxuries that feel good. He is great example of finding that balance of building wealth and enjoying the process. Stick around after the interview for a Finance 101 discussion about buying a house as a resident.
As a white coat, you have valuable knowledge. Various companies want that knowledge. And they're willing to pay you for it! That's why we've put together a list of recommendations for companies that pay you to take surveys. If you're looking for a profitable side gig for not too much effort, getting paid for surveys could be the perfect solution for you. You can make extra money, start a solo 401(k), and use your medical knowledge to impact new products. One of the WCI columnists makes an extra $30,000 a year just doing these surveys. Sign up today and use a fraction of your downtime to make extra cash! Go to https://www.whitecoatinvestor.com/MDSurveys. You can do this and The White Coat Investor can help.
The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor channel is for you!
White Coat Investor Podcast