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.
volunteer_activism ADVICE
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.
question_answer ANECDOTE
Trauma Side Gigs
Dennis supplements his rural surgeon income with various trauma-related side gigs.
These include ATLS instruction and medical director positions.
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A Doctor's Guide to Personal Finance and Investing
James M. Dahle, MD, FACEP
This book, written by Dr. Jim Dahle, is designed to help medical students, residents, physicians, dentists, and other high-income professionals navigate the complexities of personal finance and investing. It covers topics such as graduating from medical school with minimal debt, escaping student loans, purchasing the right insurance, investing sensibly, and protecting assets from lawsuits. The book also provides advice on tax minimization, estate planning, and choosing the right business structure. It is known for its clear explanations and actionable advice, making it a valuable resource for those in the medical profession seeking to manage their finances effectively.
Today we are talking with a surgeon from the midwest who is back to broke. This doc really teaches us the power of finding a great work life balance. He has found love and success in work, family and his life on his farm. He loves a side gig, is pursing PSLF and believes in the power of self actualization. After the interview we will be talking about nuances with Roths and Mega Backdoor Roths for Finance 101.
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