MtoM #182: Pharmacist Pays Off Student Loans in Two Years and Finance 101: Mega Backdoor Roth

Aug 5, 2024

The pharmacist guest, who eliminated over $170,000 in student loans in just two years, shares insights on his intense budget discipline and teamwork with his wife. They discuss the significance of a financial plan, navigating challenges like COVID-19, and living below their means. The conversation shifts to optimizing retirement savings with the Mega Backdoor Roth strategy, highlighting the benefits of a Solo 401(k). It's an inspiring tale of resilience and smart financial choices!

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Intro

00:00 • 3min

Debt-Free Journey: Living on a Budget

03:28 • 6min

Navigating Finances in a Post-COVID Job Market

09:32 • 5min

Living Below Your Means

14:32 • 5min

Maximizing Solo 401(k) Benefits

20:00 • 8min

This pharmacist tackled his student debt with extreme focus and paid off over $170,000 in only 2 years! He said he and his wife had the goal to get rid of the debt quickly and discussed it in depth before they got married. The student loan pause was a huge motivator to keep plowing as much money as possible towards the loans while they were not accruing interest. This couple is inspiring and shows what you can accomplish with a solid plan and some motivation! After the interview we will be talking about Mega Backdoor Roth IRA for Finance 101.

Unlock the power of your retirement savings with the Mega Backdoor Roth Solo 401(k) from My Solo 401k Financial! As the leading provider, My Solo 401k Financial allows you to contribute up to $76,500 annually to your Roth account, enabling tax-free growth and substantial future savings. They simplify the process by helping you open accounts at your preferred bank or brokerage and handling all compliance support. Accelerate your retirement nest egg with a Mega Backdoor Roth Solo 401(k) plan from My Solo 401k Financial! https://www.mysolo401k.net

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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