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White Coat Investor Podcast
MtoM #165: Pediatric Resident Gets Back to Broke and Finance 101: Mutual Funds
Apr 8, 2024
20:53
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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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Quick takeaways
- Having a written financial plan is crucial for making informed decisions on debt repayment and managing windfalls effectively.
- Investing in index funds offers simplicity, low costs, diversification, and potential wealth accumulation over time.
Deep dives
Unique Financial Journey: From Debt to Positive Net Worth
In this episode, a pediatric resident shares a unique financial journey of going from significant debt to positive net worth as a second-year resident. Through a family real estate business windfall of $130,000, the resident paid off debts, such as car loans and a portion of their mortgage. They prioritized maxing out Roth IRAs, HSAs, and working towards maximizing their 403(b) while planning to pursue PSLF for their $266,000 student loans.
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