MtoM #48 - Family Docs Pay Off $570K

Jan 10, 2022

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ANECDOTE

Nine-Year $570K Loan Payoff

A family medicine couple paid off $570K in student loans over nine years.
They consistently applied extra payments whenever possible, making it a financial habit.

INSIGHT

Visualizing Debt Reduction Motivation

Seeing debt balances decrease over time motivates continued repayment efforts.
Visual progress tracking turns an overwhelming debt into an achievable goal.

INSIGHT

Debt Freedom Enables Lifestyle Choices

Paying off debt enables better work-life balance and flexibility in medical practice.
Debt freedom allows cutting back hours and spending more time with family without financial stress.

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This family doc couple took nine years to pay off $570K. They had far more than average debt and lower than average salaries. They’ve invested along the way so they are not starting from scratch with their retirement. But they now get to make changes in how and how often they practice medicine. That is the reward of taking care of your finances. Check out the WCI readers’ tips on how to make more money as a family medicine physician. https://www.whitecoatinvestor.com/double-your-income-primary-care-physician/

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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 for 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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