MtoM #166: Family Docs Pay Off $705,000 in Student Loans and Finance 101: Rich Dad Poor Dad
Apr 15, 2024
A dual physician couple in California paid off $700,000 in student loans by living frugally and focusing on debt. They discuss their financial journey and how they achieved freedom. The podcast also delves into earning money through surveys and the benefits of diversifying investments.
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question_answer ANECDOTE
Paid Off $705K In Four Years
Nate and Danielle paid off $705,000 in student loans within four years of finishing training.
They accomplished this while living and working as family physicians in Santa Cruz, California.
question_answer ANECDOTE
Sold The Car, Fueled The Payoff
They became obsessed with paying down debt and tracked every extra dollar toward loans.
They sold an expensive car, bought an older car from family, and had no car payments during the payoff period.
volunteer_activism ADVICE
Make Location Your One Luxury
Treat housing or cost of living in an expensive area as your luxury purchase and cut other consumption accordingly.
Prioritize the few things that matter (location, travel to family, food) and eliminate other high-cost items.
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This dual physician couple has paid off over $700,000 of student debt only four years out of training. They are both family docs living in California. They had the great insight that when you choose to live in California you need to view your cost of living as your luxury item. How did they do this so quickly? They lived frugally, got rid of their expensive car and dove into tackling their debt with extreme focus. They feel liberated after getting rid of that debt and love the flexibility they now have. After the interview we will be talking about Rich Dad Poor Dad 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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