White Coat Investor Podcast MtoM #181: Dental Specialist Pays Off Student Loans and Finance 101: The Truth About Investing
Jul 29, 2024
This week’s guest is a Dental Specialist who impressively paid off $489,000 in student loans just two years post-training! He shares his journey, emphasizing the importance of a written financial plan and prioritizing debt repayment strategies. Explore innovative career paths in dentistry, like working as a mobile specialist, and the benefits it can bring. The conversation also dives into mastering financial literacy, strategic investment principles, and the value of staying committed during market fluctuations. An insightful listen for any medical professional!
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Rapid Student Loan Payoff
- Tim paid off nearly $489,000 in student loans just two years after finishing dental training.
- He initially focused on clearing car payments, credit card debt, and a family loan before aggressively paying student loans.
Mobile Dental Specialist Business
- Tim started his own mobile dental specialist business instead of signing with a practice to avoid large startup costs.
- He visits different dentists contracted for a day, carrying his own equipment without a fixed clinic.
Maximizing Retirement Contributions
- Tim uses a solo 401(k) for himself and his wife, and maximizes a cash balance plan for high contributions.
- His cash balance plan contribution reached $80,000 in a year despite being young.