A hospitalist paid off $155,000 in student loans in just 2 years while balancing wealth-building and enjoying life. The podcast also covers topics like buying a house as a resident and the importance of disability and life insurance for physicians.
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question_answer ANECDOTE
Paid Off Loans Quickly After Residency
Pre-view graduated residency in 2021 and worked as a hospitalist in the Northeast.
He paid off his student loans by August 2023 and felt very relieved afterward.
question_answer ANECDOTE
Loan Balance And Scholarship Help
He owed $155,000 coming out of residency after receiving some scholarship help in medical school.
His balance increased by about $29,000 during medical school and residency to reach that total.
volunteer_activism ADVICE
Save During Deferment To Avoid Interest
Prepare for loan payments by saving while payments are deferred to avoid interest spikes later.
Use high-yield savings to accumulate funds so you can pay before high interest resumes.
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This hospitalist has paid off $155,000 in only 2 years! He said he was able to stick to his aggressive payment plan because he also allowed himself to enjoy his life along the way. He left room in his budget for some travel and some of the little life luxuries that feel good. He is great example of finding that balance of building wealth and enjoying the process. Stick around after the interview for a Finance 101 discussion about buying a house as a resident.
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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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