MtoM #142: Emergency Physician Becomes Multi-Deca Millionaire and Finance 101: Cash Balance Plans

Oct 30, 2023

An ER doctor shares his success in building wealth through savings rate. He emphasizes the importance of saving as much as possible and living within your means. The podcast also discusses cash balance plans and the strategy of maximizing retirement accounts for wealth accumulation.

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Introduction

00:00 • 2min

Emergency Physician Achieves High Net Worth and Plans for Retirement

02:03 • 2min

The Importance of Savings Rate in Accumulating Wealth

04:27 • 12min

Compound Interest, Defined Benefit Plans, and Cash Balance Plans

16:03 • 5min

Maximizing Retirement Accounts and Building Wealth

21:03 • 4min

This ER doc is celebrating his success building his net worth and his impending retirement. He did not do anything fancy with investments, he didn't build a real estate empire. He shows us that savings rate matters! If you save a high percentage of your income you will succeed financially. His advice to you is to save as much as you can and live well within your means. After 40 years of practicing medicine he feels ready to retire and start a new chapter of his life. After the interview we will be talking about cash balance plans for Finance 101.

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