White Coat Investor Podcast MtoM #170: Orthopedic Surgeon Completes His Military Commitment as a Millionaire and Finance 101: Itemizing Deductions
May 13, 2024
An orthopedic surgeon who completed his military commitment shares his journey to becoming a millionaire. Topics covered include wealth building strategies, military pay, retirement planning, and transitioning to civilian life. The podcast also discusses finance 101, focusing on itemizing deductions for tax benefits.
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Path Through Military Medicine
- Dustin served 16 years in the military through HPSP, internship, residency, staff roles, fellowship, and deployments.
- He described postings in Okinawa, Boston, and San Diego and the cumulative active-duty timeline.
Blended Retirement Tradeoffs
- The blended retirement system gives a 5% match but no pension until 20 years of service.
- Reserving to reach 20 years can secure an inflation-adjusted pension as a fallback.
Military Pay Versus Civilian Reality
- Military physician pay often lags civilian specialist pay dramatically, compressing income potential while serving.
- This pay gap drives retention problems and influences decisions to leave active duty.