MtoM #196: Surgeon Gets Back to Broke During Residency and Finance 101: The Basics of Real Estate Investing
Nov 11, 2024
A general surgery resident shares his journey from debt to financial literacy, emphasizing goal-setting and delayed gratification. He highlights the benefits of locum tenens for higher pay and career flexibility. The discussion transitions to real estate investing basics, showcasing its potential for high returns and risks involved. Listeners are encouraged to consider diversifying investments and exploring various strategies to align with personal goals. Insightful tips for managing finances and building assets are shared throughout.
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question_answer ANECDOTE
Resident Returning To Net Worth Zero
Neil is a fifth-year general surgery resident in Michigan preparing for fellowship next year. He reports being "back to broke" with net worth zero after matching assets to his $170,000 student debt.
question_answer ANECDOTE
Equal Assets And Student Debt
Neil came out of medical school with $170,000 in debt and accumulated roughly $170,000 in retirement and HSA assets during residency. He purposely let the student debt remain while building retirement funds.
volunteer_activism ADVICE
Pay Off Loans Soon After Attending
Neil plans to pay off his student loans quickly once he begins attending pay because he is debt-averse. He recommends eliminating debt rather than pursuing PSLF for his personal goals.
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This general surgery resident is back to broke before he has even completed training. He became financially literate early in his training and got to work saving and investing and it has already paid off. He said he has had this success because he knows how to set goals and delay gratification. He shared the importance of creating good habits and mindset around money. After the interview we will be talking about the basics of real estate investing for finance 101.
One of the most underrated financial moves in medicine is working locum tenens. It pays significantly more on average, and you can work locums full time or on the side of your full time. And when you work with CompHealth, the #1 staffing agency, they cover your housing and travel costs —which on top of higher pay, really adds up. Locums also gives you more control of your career, allowing you to go where you want, when you want, with a schedule that works for you. It’s the perfect way to get ahead financially while getting focused on what you love. Whether it’s locum tenens or a regular permanent position, build your career your way with the power of CompHealth. Learn more at https://CompHealth.com
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!
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