A second year pediatric resident shares their journey to financial stability through strategic planning and education. They discuss managing a windfall, maximizing retirement accounts, and tackling student loans. The importance of financial planning, tax planning, and creating a solid financial plan early on is emphasized.
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question_answer ANECDOTE
Family Real Estate Buyout Changed Finances
Brad received a $130,000 buyout from a multi-generation family real estate business that he and other family members voted on.
He used the cash to execute a prewritten plan and improve his financial position during residency.
volunteer_activism ADVICE
Prioritize Debt Paydown And Tax-Advantaged Accounts
Pay down high-priority debts and max tax-advantaged accounts when you receive cash.
Brad paid off car loans, reduced mortgage principal, and maxed Roth IRA and HSA contributions.
question_answer ANECDOTE
Student Loan Plan: PSLF Path
Brad has $266,000 in student loans and plans to pursue Public Service Loan Forgiveness (PSLF).
He expects fellowship and attending years to complete qualifying service for forgiveness.
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This pediatric resident is preaching the importance of having a written financial plan. He is a second year resident and got back to broke by knowing exactly what to do with a windfall because he had a written plan. He took the Fire Your Financial Advisor course and now has all of the knowledge and skills he needs to stay on the road to financial independence. After the interview we will be talking about mutual funds for Finance 101.
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