White Coat Investor Podcast MtoM #167: General Surgeon Becomes a Millionaire 3 Years Out of Training and Finance 101: Cars
Apr 22, 2024
A general surgeon became a millionaire 3 years after training, sharing insights on wealth building and frugal spending. He discussed paying off student loans, saving, and splurging on what matters, like buying a Corvette. The podcast also covered Finance 101 with a focus on car purchases and financial discipline.
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Rapid Student Loan Payoff
- Chris and his wife entered attending life with about $270,000 in student loans and applied a large signing bonus to them immediately.
- He finished the remaining loans in seven months and then shifted focus to investing.
High Savings Rate Multiplies Wealth
- With roughly $500,000 household income, Chris and his wife saved and invested the majority, reaching millionaire status under three years.
- Strategic saving, lower cost of living, and windfalls (signing bonus, inheritance) accelerated wealth building.
Bought A Corvette Early On
- Chris enjoys cars and bought a new Corvette Z06 for about $150,000 while keeping car debt minimal.
- He financed a small portion and later reported about $30,000 remaining on the Corvette.