Collin, a second-year anesthesiology resident, reached the "back to broke" milestone despite $137K in student debt and a $12K car loan.
He and his nurse wife managed a net worth around $33K including home equity by investing in Roth IRAs and maintaining cash reserves.
question_answer ANECDOTE
Geographic Arbitrage & Loan Control
Collin credits his financial progress to being born into geographic arbitrage, living in low cost Texas areas for undergrad, medical school, and residency.
Keeping medical school loan debt down to around $125K helped significantly reduce financial burden.
question_answer ANECDOTE
Rural Upbringing Shapes Values
Collin grew up on a cattle farm with parents making modest incomes and learned work ethic and delayed gratification early.
He values hard work paying off over time rather than immediate rewards, a mindset shaping his financial habits.
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This second year anesthesiologist resident and nurse partner are already back to broke. With a salary of $90K they have been investing and paying off debt. What are their secrets to success? Being born into geographic arbitrage has definitely helped. Continuing to take advantage of that by doing med school and residency in a low cost of living area and keeping the loans down to $125K helps also. As well as making sure they are spending money in alignment with their goals. Live like a resident https://www.whitecoatinvestor.com/live-like-a-resident/ and you can get back to broke and soon be debt free and on your way to millionaire status too.
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