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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question_answer ANECDOTE
Paid Off $315K In One Year
Dr. paid off $315,000 in student loans in one year by working aggressively and living frugally.
He averaged about 20 shifts a month (mix of 10s and 12s) and treated it like two jobs to reach the goal.
question_answer ANECDOTE
Couple Planned And Executed Together
The couple deliberately planned the aggressive work-and-save year together before executing it.
His wife managed finances and he increased shifts to meet the shared goal.
volunteer_activism ADVICE
Attack Debt Early While Expenses Are Low
Use low-expense early-career windows to attack debt because expenses typically rise later with kids and housing.
Take advantage of temporary low interest periods to pay principal while interest is paused.
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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.
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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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