An emergency medicine doctor who boasts a $2 million net worth shares his financial journey and strategies for success. He emphasizes the importance of aligning financial goals with one's spouse, advocating for geographic arbitrage and consistent saving. The discussion also highlights effective budgeting techniques and the advantages of Health Savings Accounts (HSAs) for building long-term wealth. Listeners can learn how to manage healthcare costs and the significance of early college fund contributions for their children. It's a practical guide to financial empowerment!
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question_answer ANECDOTE
Debt Forgiveness Fueled Early Net Worth
Braden and his wife reached $2M net worth about 11 years after school and eight years into practice.
Much of his medical school debt was forgiven via a state loan-repayment program that required service.
question_answer ANECDOTE
Income Jump From Residency To Attending
Braden's household income rose from about $40k the first year married to roughly $500k annually as an attending.
His wife returned to part-time work recently, pushing this year to be their highest-earning year yet.
question_answer ANECDOTE
Budgeting And Shared Money Values
Braden credits his wife's frugal upbringing and their shared Financial Peace University experience for establishing budgeting habits.
They still budget monthly and that joint discipline curtailed lifestyle inflation early on.
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Today we are talking with an ER doc who hit a $2 million net worth. He talks about the importance of him and his wife getting on the same page early and getting to work growing their net worth and getting rid of debt. His advice to you is consider geographic arbitrage, increase your savings every year and take advantage of loan forgiveness programs. Stick around after the interview for a discussion about HSAs for Finance 101.
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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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