White Coat Investor Podcast

MtoM #153: Emergency Medicine Physician Pays Off $315,000 of Student Loans in One Year and Finance 101: Health Insurance in Early Retirement

Jan 15, 2024

30:49

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An emergency medicine physician and his wife paid off $315,000 of student loans in one year through hard work and frugality. They share their journey of managing pregnancy while setting ambitious goals and reading financial books. The podcast also discusses the workload and passion of an ER doctor and provides insight into health insurance options in early retirement.

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Quick takeaways

A single-income family paid off $315,000 in student loans in one year by working hard and making financial sacrifices.

The podcast discusses various health insurance options for early retirees and emphasizes the need to plan and budget for health insurance costs.

Deep dives

Paying off $315,000 in Student Loans in One Year

In this podcast episode, a husband and wife share their impressive achievement of paying off $315,000 in student loans within a year. Despite being a single-income family with the husband working as an emergency physician and the wife being a stay-at-home mom to four children, they were able to accomplish this goal by working hard and making financial sacrifices. The husband increased his workload and worked more shifts per month than the average emergency physician. They lived frugally, didn't make any major purchases, and paid off their credit cards and car loans. They also received some help by living in a rent-free space provided by the wife's parents. Their next financial goals are to invest in real estate and build a diversified investment portfolio. The couple gives advice to others, encouraging them to set specific financial goals, read financial books, and stay focused on their objectives.

Introduction

2min

Paying Off $315,000 of Student Loans in One Year Through Hard Work and Frugality

2min

Emergency Medicine Physician's Workload and Passion for the Job

2min

Journey of Paying Off Student Loans and Managing Pregnancy

11min

Congratulations on Paying Off Student Loans and Discussing Health Insurance in Early Retirement

7min

Options for Health Insurance in Early Retirement

5min

This emergency medicine doc paid off a whopping $315,000 in only 12 months! He and his wife made some aggressive goals during residency to live like residents and work hard to get rid of their loans as quickly as possible. They show us that we can tackle anything we want if we are willing to work hard for it! After the interview stick around for a finance 101 discussion about health insurance in early retirement.

If you’re like most doctors, nobody taught you anything about personal finance or investing during your undergrad, professional school, or residency. And even though your family - and perhaps even your business - rely on you to be the Chief Financial Officer, you have never been given the tools to succeed. Enroll in WCI Financial Boot Camp, a FREE educational email series, and learn to convert your high income to wealth. You will learn the basics of investing, saving, insurance, and more. Your high income alone will not lead to financial success, but as always, we want to help you on your financial journey. Go to https://whitecoatinvestor.com/financialbootcamp to sign up 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!

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