In this lively discussion, a dynamic duo of emergency doctors share their journey to financial stability while balancing their demanding careers. The female fellow and her partner, who is a year post-training, emphasize the value of family time over California's high cost of living. They reveal their secrets to success, like cheap hobbies and budget-friendly travel. Additionally, they discuss mortgage management strategies and the importance of open communication when creating a joint budget. Tune in to discover how they navigate the complexities of finance in healthcare!
24:07
forum Ask episode
web_stories AI Snips
view_agenda Chapters
auto_awesome Transcript
info_circle Episode notes
question_answer ANECDOTE
Net Worth Snapshot After Training
Ellen and Tom report a combined net worth of about $30,000 shortly after training. Their liabilities include ~$350k in student loans, a $120k family loan, and a $470k primary mortgage.
question_answer ANECDOTE
Early Financial Alignment
Ellen and Tom agreed early in their relationship to prioritize finances and family time, discussing money on their second date. They deliberately chose emergency medicine to support flexibility and family priorities.
question_answer ANECDOTE
Choosing Family Over Lower Costs
They chose to live in California because family ties and community outweighed higher taxes and living costs. They emphasize perspective: their combined earnings exceed their parents' by far, reducing anxiety about trade-offs.
Get the Snipd Podcast app to discover more snips from this episode
This two emergency doc family is back to broke! They are focused on getting their finances right early and while she is the finance nerd they are both on the same page. She is still a fellow and he is one year out of training. They talk to us about why they have chosen to live in California. The biggest reason is that all of their family is there and they deeply value time with family. They said the high cost of living and the big tax bill is worth it for them. They shared that they are making so much more than their parents did and have more than enough to live the life they want. Their secrets to success include having cheap hobbies, most of their travel is low cost to visit and stay with family and having a reasonable budget and sticking to it. After the episode we will be talking about paying off your mortgage.
If you are finding our podcasts informative and helpful we would encourage you to sign up for our monthly newsletter! It is totally free and includes useful, actionable information NOT AVAILABLE on the regular blog posts. It's almost like being in a secret club - the kind of club that can boost your knowledge and enhance your wealth at the same time - with no strings attached. Visit https://www.whitecoatinvestor.com/newsletter to sign up today. 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 