In this episode, Dr. Dolly, a physician navigating the complexities of finance while raising young kids in NYC, shares her inspiring journey of overcoming nearly $1 million in student loans. The couple emphasizes the significance of knowing what truly matters to them, like prioritizing travel over a high-end apartment. They also discuss the financial challenges of parenting in a big city, from childcare costs to establishing teamwork in financial decision-making. Additionally, they touch on the intricacies of physician mortgages, offering valuable insights for fellow doctors.
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Back to Broke Despite Debt
This two-doc couple, still in training and living in NYC, is back to broke.
Despite having over $800,000 in student loans initially, they now owe over $1 million.
insights INSIGHT
Offsetting Debt with Assets
The couple has accumulated substantial assets, offsetting student loan debt.
This demonstrates their commitment to saving and building wealth while managing high expenses.
volunteer_activism ADVICE
Prioritize Savings
Prioritize savings by paying yourself first and tracking spending.
Allocate savings towards specific long-term goals like a down payment or moving expenses.
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Today we have a two doc couple on the podcast who are back to broke. This couple lives in NYC, has two young children and had nearly $1 million in student loans at the end of training. They have worked hard to get on the same page, save and build wealth, and still have fun living their lives in the process. They talked about the need to know what you care about and what you don't. They care more about travel than a fancy expensive apartment. Knowing what you value is critical. After the interview we are talking about mortgages 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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