MtoM #212: Engineer and Surgeon Couple Become Millionaires and Finance 101: Estate Taxes in Different States
Mar 3, 2025
An Engineer and Surgeon couple shares their inspiring journey to millionaire status, achieved even before beginning their professional careers. They discuss their impressive savings strategy and the importance of communication and planning in their financial life. Insights into the complexities of estate taxes across different states highlight the importance of tax planning. Opportunities in locum tenens work are also explored, revealing how flexibility and higher pay can enhance financial independence for healthcare professionals.
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question_answer ANECDOTE
Millionaire Milestone Right After Training
Sean and his partner reached a net worth of $1,000,000 around September 1st, right after she finished training.
They hit this milestone before she ever started as an attending, largely from savings accumulated during training and his engineering income.
question_answer ANECDOTE
Asset Mix And Rental Experience
They hold about $870,000 in investments across 401(k)s, IRAs, HSAs, taxable accounts, and cash.
Their residency home became a rental with roughly $168,000 in equity and they had learned landlord lessons the hard way.
insights INSIGHT
Parental Support Amplified Their Progress
Parental help with tuition and loan payoff can accelerate wealth accumulation significantly.
Sean credits parental support for reducing debt drag and enabling higher savings rates earlier.
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This Engineer and Surgeon couple have become millionaires just a short time after she completed training. They hit this impressive milestone before she even began practicing. They have a very impressive savings rate and were building wealth while she was in training and he was working as an engineer. They lived off of his income and saved hers while she was in residency. Their next financial goals are to reevaluate their savings plan, automate savings and learn how to spend more. After the interview we will talk about different states estate taxes for Finance 101.
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