MtoM #141: Doctors Pay Off Student Loans Before Even Finishing Training and Finance 101: The Importance of Saving
Oct 23, 2023
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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.
Tackling student loans early and maintaining a high savings rate are crucial for accelerating debt repayment.
Being mindful of spending habits and evaluating the value of purchases can lead to significant financial growth and security.
Deep dives
Paying off student loans as a doctor
In this episode, Vivek and Kinjal share their journey of paying off $400,000 in student loan debt in just three years. They emphasize the importance of tackling student loans early and maintaining a high savings rate to accelerate debt repayment.
Maintaining a high savings rate and controlling spending
Vivek and Kinjal attribute their success to having a high savings rate and controlling their spending. They focused on reducing expenses and not inflating their lifestyle, allowing them to allocate a significant portion of their income towards student loan repayment.
The secret to being rich: saving and avoiding excessive spending
The hosts discuss the importance of saving and avoiding unnecessary expenses as the key to building wealth. They emphasize that being mindful of spending habits and evaluating the value and happiness derived from purchases can lead to significant financial growth and security.
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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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!