MtoM #62 - EM Resident Gets Back to Broke

Apr 18, 2022

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ANECDOTE

Resident's Journey Back to Broke

Scott Rup is an EM resident and Air Force captain who got back to broke despite significant student loan debt.
He and his wife, both in training, managed to offset their $230,000 debt with assets.

ANECDOTE

Early Home Buying During Residency

Scott increased savings rate from 10% to about 30% of gross income, even buying a home during residency.
The decision to buy a house early was good financially and he learned that renting isn't always easier.

ADVICE

Let Debt Ride, Build Assets

Automate savings and build assets instead of aggressively paying down debt immediately.
Once both have attending incomes, live on one salary and use the other to pay off debt.

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This resident made a decision to let the student loan debt ride and offset it with building assets. That has helped him get back to broke. He has taken his financial knowledge and is paying it forward to his peers by completing a financial education curriculum. He shares the results of the curriculum in this interview. Learn how to establish a financial literacy curriculum in your program here: https://www.whitecoatinvestor.com/how-to-establish-a-financial-literacy-curriculum/

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