White Coat Investor Podcast MtoM #207: A Rural Surgeon Gets Back to Broke and Finance 101: Nuances with Roths and Mega Backdoor Roths
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Jan 27, 2025 In this engaging conversation, Dennis, a rural surgeon and Army National Guard major, opens up about his journey back to financial challenges. He emphasizes the importance of work-life balance and shares his experiences with family, farming, and self-actualization. The discussion also dives into his debt management strategies, including navigating student loans and mortgage obligations. Additionally, the podcast explores the nuances of Roth and Mega Backdoor Roth IRAs, providing valuable insights for those looking to enhance their financial futures.
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Back to Broke After Residency
- Dennis, a rural surgeon, achieved a net worth of zero, excluding home equity, two years after residency.
- He accumulated substantial debt during medical school, especially due to out-of-state tuition and starting a family.
Financial Advice for High-Debt Doctors
- Leverage existing study skills to learn financial planning basics and create a budget.
- Take action, adapt your plan as needed, and celebrate milestones.
Trauma Side Gigs
- Dennis supplements his rural surgeon income with various trauma-related side gigs.
- These include ATLS instruction and medical director positions.
