Hospitalist and Cardiology Fellow couple pay off $400k student loans before finishing training. They discuss disciplined spending, financial literacy, and living in a low-cost area. Emphasize importance of saving, investing, and not inflating lifestyle for building wealth and achieving financial freedom.
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Paid Off $400K Before Training Ended
Vivek and Kinjal paid off nearly $400,000 of combined student loans before finishing training by prioritizing debt repayment.
They used saved income, a COVID-era federal payment pause, and high savings to eliminate private and federal loans quickly.
volunteer_activism ADVICE
Write A Plan And Budget First
Read financial education and write a concrete plan to accelerate debt repayment.
Make a budget on paper and reduce spending to increase your savings rate.
insights INSIGHT
Low Cost Living Enables Fast Progress
Living in a low cost-of-living area greatly amplified their ability to repay loans quickly.
They still enjoyed travel and did not feel deprived despite aggressive repayment.
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This Hospitalist and Cardiology Fellow couple paid off almost $400,000 of student loans before they were both out of training! They put their noses to the grindstone and put all of their money to their loans. They said they are naturally not big spenders but were not financially literate until a few years ago when they found WCI. Once they knew what they needed to do they wrote a financial plan, made a budget and reduced their spending even more. It took them less than 3 years to pay off all of their student loans. After the episode stick around for Finance 101 to talk about the importance of saving to grow your wealth.
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