MtoM #40 - Dual Family Doctor Couple pays off $400K+ in 3 years

Nov 15, 2021

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ANECDOTE

Paid Off Massive Debt Fast

Brad and Racquel paid off over $400,000 in debt in just three and a half years.
They achieved this while earning typical family medicine salaries and living below their means.

ADVICE

Aggressive Debt Repayment Strategy

Prioritize debt repayment by consolidating and refinancing loans to lower rates.
Live below your means, budget carefully, and apply extra income directly to principal.

INSIGHT

Combat Debt Fear with Consistency

Facing debt repayment with fear can be overcome with consistent, small actions.
Month after month, steady payments and directing extra money to principal lead to rapid progress.

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Following the outline for financial priorities in the WCI book, this couple was able to invest while paying off the debt for Brad’s medical school. Racquel used the National Health Service Corps to pay for school and owed them a couple years of service after. This episode we discuss the pros and cons of paying for medical school this way. Be inspired by this couple’s success and then go learn more about financial “waterfalls” at https://www.whitecoatinvestor.com/financial-waterfalls-for-new-residents-and-attendings/ to set your priorities.

Love what you hear on the podcast? Looking for more great White Coat Investor content? Head over to our YouTube channel where you can watch video recordings of our podcast, short snippets of financial tips explained succinctly by me and others, and deep dives into topics for more in depth learning. You can even learn all about real estate with webinars from our real estate partners. Check out all this and more at https://www.youtube.com/thewhitecoatinvestor. You can do this and The White Coat Investor can help.

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 for 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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