White Coat Investor Podcast MtoM #226: Family Doc and PT Pay Off Student Loans and Finance 101: Debt vs. Investing
Jun 9, 2025
A family doctor and a physical therapist share their incredible journey to paying off $285,000 in student loans just after training. Their secret? A solid financial plan and living like residents to tackle debt. They emphasize the importance of negotiating contracts, understanding finances, and embracing frugal living. Listeners learn about balancing joy and financial wellness, with insights into debt repayment versus investment strategies. The duo proves that with discipline and teamwork, financial freedom is achievable, even in challenging circumstances.
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Reducing Debt During Medical School
- Megan returned unused loan money after budgeting in medical school to reduce overall debt.
- She was motivated by a financial lecture emphasizing the real cost of expenses charged to loans.
Working Through School to Lower Loans
- Shane worked as a physical therapy technician during school to avoid excessive loans.
- Balancing work and school was challenging but helped lower his total loan amount.
Living Like Residents Post-Training
- They lived on a residency budget spending about $6,000 per month post-training.
- This frugality allowed them to allocate a large portion of income toward paying off student loans quickly.