A dermatologist shares how he paid off student loans and built a $150K net worth within a year, navigating private equity challenges. Discusses physician mortgages for young doctors with insights on down payments and refinancing options for financial stability.
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question_answer ANECDOTE
Early Career Path And Moves
Adam finished dermatology residency in summer 2022 and moved to the Southeast to start practice.
He began in Atlanta, then relocated to Athens, Georgia while building his career and finances.
insights INSIGHT
Low Debt From Family Support And In-State Tuition
Family support and in-state tuition kept Adam's medical school debt low at ~$70K.
That combination let him pay down loans quickly once he started practicing.
question_answer ANECDOTE
Bootstrapping Through Residency
Adam left residency with about $70K student loans plus $30K on a 0% credit card from living costs.
He immediately paid the card off when he started his job to avoid interest and begin saving.
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This dermatologist paid off his student loans and built his net worth to $150K just one year out of training. Not only did he accomplish all of that but has started the process of creating his own practice after learning that the clinic he worked at was selling to private equity. He shared his thoughts about the impact of private equity on young doctors and the challenge of learning how to build a practice as you go. Stick around after the interview for a discussion about physician mortgages for Finance 101.
At some point in our financial lives, it will be time to buy a home. A physician mortgage can be a good vehicle for a young doctor who’s just out of school and has a more effective place to use their money than on a big down payment. These loans allow doctors to secure a mortgage with fewer restrictions and a lower down payment than a conventional mortgage. But if you’re further advanced in your career or deeper into your journey to financial freedom, buying a home with a conventional mortgage and then, later on, potentially refinancing that loan to a better rate with a shorter time frame could be a great move. Wherever you are in your financial journey, make sure you use the mortgage that will be most financially beneficial for you. Hop over to our recommended tab to learn more about all of your mortgage and refinancing options at https://whitecoatinvestor.com/mortgage.
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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