MtoM #191: Cash Flowing a Medical and Doctorate Degree and Finance 101: High Yield Savings Accounts
Oct 7, 2024
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An inspiring couple shares their journey of cash flowing through medical and doctoral degrees without incurring debt. They accomplished this through creative strategies like dog breeding and living rent-free while focusing on teamwork and support. With a net worth of $1 million right out of training, they emphasize financial independence. The discussion also spans high-yield savings accounts, exploring how they outshine traditional options and offering tips on squirrel funds for managing future expenses.
Jacob and Jacqueline successfully cash flowed their medical and nursing educations through resourceful financial strategies and side jobs, achieving debt-free status.
Their strong family values and shared priorities guided their financial decisions, highlighting the importance of collaboration and alignment in achieving goals.
Deep dives
Achieving Debt-Free Education
Jacob and Jacqueline successfully completed their medical and nursing education without incurring any debt, a remarkable achievement in the context of rising educational costs. They developed a strategic approach that allowed them to cash flow their schooling while simultaneously starting their careers and raising a family. Their journey involved meticulous planning, overcoming obstacles, and relying on creative financial strategies such as working side jobs and pursuing scholarships. This commitment to a debt-free education set a strong foundation for their future financial stability.
Creative Financial Strategies
The couple employed various resourceful methods to manage their finances, including house renovations and dog breeding, significantly contributing to their income. They renovated homes during their studies, effectively easing their housing costs while gaining valuable skills in the process. Their initiative included a unique agreement with house owners to live rent-free in exchange for repairs. Additionally, breeding AKC hunting puppies generated substantial extra income, showcasing their ability to find unconventional revenue streams.
Frugality and Family Support
Jacob and Jacqueline credit their frugal upbringing and family support as essential factors in achieving financial independence. Their parents instilled values of hard work and resourcefulness, enabling them to make informed financial decisions. The couple received emotional support from their families, helping them navigate challenges without direct financial assistance. This familial foundation reinforced their commitment to a lifestyle focused on saving and smart financial planning, promoting a strong sense of shared purpose.
Prioritizing Values and Future Goals
The couple emphasizes the importance of having clear priorities in life, notably their faith, marriage, and family, which guided their financial decisions. They advocate for setting collective goals as a couple, ensuring that both partners feel aligned and supported in their endeavors. Their experience highlights the belief that having the right mindset and focusing on values can lead to unexpected opportunities and success. By sharing their journey, they encourage others to creatively pursue financial independence while staying true to their core values.
We have an incredible and inspirational couple on today. These two cash flowed both his medical school and residency as well as her Doctorate of Nurse Practitioning. They were committed to doing whatever it took to get through training debt free. They bred dogs, lived rent free in exchange for renovating whatever home they were in, ate from their garden, worked as many shifts as possible and more. These two leaned on each other for support as they accomplished their goal. Now fresh out of training they already have a net worth of $1 million. After the interview we will be talking about high yield savings accounts for Finance 101.
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