MtoM #116 - ER Doc Builds Wealth and Pays Off $344,000 in 2 1/2 Years

May 1, 2023

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ANECDOTE

Rapid Debt Payoff And Net Worth Turnaround

Alex paid off $344,000 of student loans in about 2.5 years after residency.
He also accumulated roughly $300,000 while paying the loans and bought a truck and starter home.

ADVICE

Live On One Paycheck To Attack Debt

Use one attending paycheck to live on and dedicate the other to aggressive loan repayment.
Increase payoff amounts by working extra shifts and taking bonuses to accelerate progress.

INSIGHT

Refinancing Paid Off Despite Federal Relief

Refinancing federal loans can still be profitable if rates drop after refinancing.
Alex refinanced into low variable rates and paid little interest despite federal forbearance later.

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This ER Doc has worked hard since finishing residency and has not only paid off $344,000 in 2 1/2 years,. but he also managed to build wealth and buy a new truck at the same time. This doc says paying off his loans made him feel like he was finally and officially done with med school. How did he do it? Live like a resident and work like a resident. They are now using those big student loan payments to build a nest egg and save for a down payment. Need help figuring out what to do with your student loans? Check out https://studentloanadvice.com

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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!

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