White Coat Investor Podcast MtoM #208: PM&R Resident Gets Back to Broke and Finance 101: Turning Your Home into a Rental Property
Feb 3, 2025
A resident shares his journey of returning to a 'back to broke' status despite early financial support from his parents. He emphasizes the importance of financial education, living frugally, and smart spending. The discussion shifts to transforming a home into a rental property, weighing its pros and cons. Key strategies for managing finances during residency, like tackling student loans, budgeting for weddings, and smart investing, are highlighted, alongside insights on tax implications when selling or renting property.
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Parental Support and Frugal Choices
- Greg's parents, both lawyers, significantly lowered his medical school debt.
- His mother's employment at his undergraduate institution and a 529 plan covered a substantial portion of his tuition.
Cost of Living Considerations
- Consider the cost of living when selecting a medical school and residency.
- Greg prioritized locations with lower living expenses, which contributed to his financial success.
Supplemental Income
- Greg supplemented his resident salary with various side gigs.
- He worked as a nursing assistant during medical school and as an academic consultant during intern year.
