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.
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question_answer ANECDOTE
Back To Broke Milestone
Trevor became "back to broke" roughly two years out of residency with a small positive net worth.
He credits disciplined saving and budgeting with getting to a positive net worth quickly.
question_answer ANECDOTE
Asset Mix After Training
Trevor holds a mix of cash, home equity, 401(k), HSA, Roth IRAs and an old SEP IRA.
A recent signing bonus temporarily increased their savings but he treats it as flexible cash.
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Debt Breakdown
Household liabilities include a mortgage, $170k in Trevor's student loans, about $20k in his wife's loans, and a $24k 0% car loan.
He treats the zero-percent car loan like a purposeful, interest-free savings vehicle.
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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.
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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!
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