MtoM #159: Surgeon Gets PSLF Via the Waiver and Finance 101: Probate
Feb 26, 2024
auto_awesome
A surgeon shares how she got $250,000 forgiven with PSLF, talks about net worth growth post-training. Finance 101 covers probate, importance of disability and life insurance for doctors. Focus on optimal insurance policies for medical professionals and the significance of financial planning since 2011.
Doctors need quality disability and life insurance as 1 in 7 may face disability during their career, policies must be obtained through specialized brokers.
Surgeon Shana achieved $245,000 loan forgiveness through a unique waiver and consolidation strategy, emphasizing the importance of taking advantage of current waivers.
Deep dives
Importance of Disability and Life Insurance for Doctors
Getting quality disability and life insurance should be the priority for doctors as one in seven doctors may face disability during their career. These specialized policies tailored for medical professionals can only be obtained through brokers who understand the unique needs of doctors and prioritize the best interests of the individual.
Unusual Journey to Public Service Loan Forgiveness
The podcast episode features a guest, Shana, a surgeon who achieved public service loan forgiveness in a unique way, highlighting her unconventional path to getting $245,000 forgiven. Through a waiver and consolidation strategy, she managed to consolidate her loans and credit the longest payment history, resulting in a relatively quick and painless forgiveness process.
Financial Success and Wealth Building
Shana shares her financial journey from starting with a substantial negative net worth of around $350,000 to now surpassing a positive $500,000 net worth within five years. Through automating savings, prioritizing debt payoff, and smart investing, coupled with periods of enjoying life and familial challenges, she and her husband have successfully built wealth and are aiming for financial security and flexibility for future endeavors.
Our guest today is a surgeon who got almost $250,000 of student loans forgiven with PSLF thanks to the new waiver. She was the beneficiary of having her loans forgiven under the current IDR waiver for PSLF. She is hoping that if your situation is similar that you also take advantage before the waiver expires on April 30th. She has also worked hard to take her net worth from a negative $350,000 after training to just over half a million. After the interview we will be talking all about probate for Finance 101.
Getting quality disability and life insurance should be the first financial chore for a doctor to complete. Most docs don't have the ideal policy for their gender, specialty, state, or health status and 1 in 7 doctors get disabled at some point during their career. Because these policies can only be purchased through brokers, we have put together a list of vetted agents who are experienced with working with the specific needs of medical professionals and who have your best interest at heart. If you have questions about insurance and what kind of policies would be the best fit for you, check out our insurance recommended list at https://whitecoatinvestor.com/insurance and feel the peace of mind that comes with knowing you have the optimal policy in place.
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!