MtoM #145: Family Doc Gets Back to Broke and Finance 101: Wills
Nov 20, 2023
auto_awesome
A family medicine doc who was almost $300,000 in debt 2 years after training is now on track to pay off student loans and become a millionaire. They emphasize the importance of saving for retirement, having a plan, and chugging along. The podcast also discusses wills for finance 101 and mentions the White Coat Investor's website for valuable personal finance and investing information.
Consistent progress towards financial goals can lead to significant improvement in your net worth over time.
Creating a will is important to designate beneficiaries, name a guardian for minor children, and ensure proper asset distribution.
Deep dives
Reaching Financial Milestones
The podcast episode celebrates the stories of success on the journey to financial freedom. The speaker emphasizes the importance of finding inspiration and support while navigating financial challenges, such as paying off student loans, managing contracts, and planning for retirement. The episode features a guest, Trevor, who shares his experience of becoming 'back to broke' and achieving a positive net worth. Trevor discusses his assets, including equity in his home, savings, and investments, as well as his liabilities, such as mortgage and student loans. He also shares his strategy for paying off student loans and offers advice for others in similar situations, highlighting the importance of treating personal finance as a study and dedicating effort towards learning and understanding financial principles.
Importance of Creating a Will
The episode briefly touches on the significance of having a will, particularly for individuals with minor children or significant assets. The speaker explains that a will can designate an executor, beneficiaries, and provide instructions for asset distribution. They emphasize the importance of naming a guardian for minor children and highlight the benefit of having a different person manage the money and raise the kids. The speaker advises listeners to understand their state's requirements for creating a will and suggests using online resources or consulting an attorney. They mention that wills can also include information about funeral arrangements and personal wishes, while reminding listeners that assets with designated beneficiaries, such as retirement accounts and life insurance policies, do not need to be included in the will.
Financial Planning Tips for Medical Professionals
The speaker offers specific financial advice for medical professionals, encouraging them to dedicate a portion of their time and energy to personal finance. They compare the process of learning about personal finance to studying medicine, stressing the need to invest in financial knowledge for long-term success. The speaker also suggests tracking RVU usage for physicians who are compensated based on RVUs, as it can provide transparency and help with administrative matters. The episode concludes with a reminder to prioritize estate planning, especially for those with minor children, as it sets the foundation for financial security and allows for the proper distribution of assets.
This family medicine doc is back to broke only 2 years out of training. When he came out of training his net worth was nearly negative $300,000! He has shown us that just chugging along on your financial goals will get you where you want to be! Saving for retirement, paying down those loans, and having a plan is all it takes. He said he expects to have his student loans paid off in about 3 years with millionaire status just a few years behind that. After the interview we will be talking about wills for finance 101.
If you are finding our podcasts informative and helpful, check out our website! Since 2011 we have been working hard to provide valuable personal finance and investing information through thousands of blog posts written by an array of authors. You can find information on how to manage your student loans, fix and avoid common financial mistakes, understand your retirement accounts, optimize your investments, find professional help at a fair price, get started investing in real estate, and so much more, all at no cost to you. You can find out more about the courses we offer, the conferences we put on, the newsletters we provide, and interact with other WCI readers through our online forum. Head over to https://www.whitecoatinvestor.com to start learning today.
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!