White Coat Investor Podcast 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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Two-Year Payoff Story
- Jason paid off about $185,000 in pharmacy student loans in roughly two years.
- He and his wife pushed nearly all of their combined income toward the debt during that time.
Pause Enabled Aggressive Paydown
- The federal student loan pause removed interest and made rapid principal paydown feasible.
- Jason says the pause was the biggest enabler of their two-year payoff.
Early Career Struggle During COVID
- Jason spent eight months unemployed after graduating due to COVID hiring freezes.
- He aggressively applied in person and eventually took every overtime and gig available once hired.