White Coat Investor Podcast

MtoM #205: Emergency Doc Gets Back to Broke in One Year and Finance 101: Rollovers

5 snips
Jan 13, 2025
An ER doctor shares his experience of going from broke to thriving in just a year. He strategically locked in a low interest rate on his student loans, choosing to invest instead. With a focus on building wealth, he plans to eradicate his debt in just four more years. The discussion also covers the ins and outs of financial rollovers, highlighting essential strategies for setting up emergency funds and managing retirement plans. Plus, insights on contract negotiations for physicians provide valuable support for navigating early career challenges.
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ANECDOTE

Back to Broke in One Year

  • Lucas, an emergency medicine doctor one year out of training, achieved 'back to broke'.
  • He saved and invested aggressively, increasing his net worth by over $300,000.
ADVICE

Automate Finances

  • Automate finances by setting up automatic withdrawals for investments and bill payments.
  • This simplifies saving and investing consistently.
ADVICE

Investing vs. Loan Repayment

  • Prioritize investing over aggressively paying down low-interest student loans if the expected market return is higher.
  • Lucas refinanced his loans at 2.5%, choosing to invest for a potentially greater return.
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