MtoM #234: Psychiatrist Opens a Private Practice and Still Manages to Pay Off Her Student Loans in 2 years and Finance 101: How to Invest at All Time Highs
Aug 4, 2025
A psychiatrist shares her inspiring journey of paying off $210,000 in student loans in just two years while opening her private practice. She emphasizes the importance of providing personalized care and the freedom that comes with self-employment. Listeners also gain insights on investing during market highs, exploring the emotional aspects of investor behavior and how to navigate financial complexities. This discussion empowers medical professionals to take control of their finances and understand market dynamics.
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Psychiatrist Pays Off $200K Loans Fast
Danielle had about $200,000 in student loans after med school and some interest accrued during training.
After residency and fellowship, she aggressively paid off her loans with big lump sums and monthly payments, finishing in around two years.
question_answer ANECDOTE
Starting a Private Practice Successfully
Danielle opened a cash-based private psychiatry practice to provide better care and have flexibility.
She grew it steadily by word of mouth and referral connections, avoiding insurance companies.
question_answer ANECDOTE
Early Challenges in Private Practice
Danielle experienced anxiety and slow patient flow early in her private practice, even needing a personal loan.
Despite initial struggles, her overhead was low and the practice financially balanced faster than expected.
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Today we are celebrating a psychiatrist who opened a private practice and paid off her student loans only a few years out of residency. She said she is very debt averse and poured every dollar she could to crushing the loans. Not only did she tackle her loans but she also opened a private practice at the same time. She wanted to provide the highest quality of care for her patience and believed private practice was the best way to do that. She also wanted the freedom and flexibility that comes from working for herself. Opening a private practice was scary but she never doubted her decision and has been super successful. After the interview we are talking about investing when the market is at an all time high for Finance 101.
This podcast is sponsored by Bob Bhayani at Protuity. He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time White Coat Investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage or to get this critical insurance in place, contact Bob at https://WhiteCoatInvestor.com/Protuity today, by email info@protuity.com or by calling (973) 771-9100.
The White Coat Investor has been helping doctors, dentists, and other high-income professionals with their money since 2011. Our free personal finance resource covers an array of topics including how to use your retirement accounts, getting a doctor mortgage loan, how to manage your student loans, buying physician disability and malpractice insurance, asset allocation & asset location, how to invest in real estate, and so much more. We will help you learn how to manage your finances like a pro so you can stop worrying about money and start living your best life. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!
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