MtoM #231: Dual Doc Couple Saves $100K for Retirement During Residency and Finance 101: Plan Documents for Employer-Provided Retirement Accounts
Jul 14, 2025
A dual-doctor couple impressively saved $100,000 for retirement during their residency. They share insights on early investments and managing $550,000 in student debt, including the risks and benefits of refinancing their loans. Listeners learn about the importance of budgeting and financial planning in early careers. The discussion also highlights investment opportunities in commercial real estate, emphasizing informed choices for maximizing returns while minimizing risks.
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Saving $100K in Residency
Carson and his spouse saved $100,000 for retirement during their three years of residency from a combined $360,000 income.
They automated a steady retirement savings percentage from each paycheck and increased it once they realized they could save more.
question_answer ANECDOTE
Mazda 3 Reliability Story
Carson drove an older front-wheel drive Mazda 3 throughout residency instead of buying an all-wheel-drive SUV.
Despite winter snow and rough days, the car never broke down and only once took two hours to get unstuck from snow.
question_answer ANECDOTE
Refinancing Student Loans at 0%
Carson and his wife started residency with about $550,000 in student loans, which they decided to refinance even while loans were at 0% interest.
They locked in sub-3% interest rates, accepting short-term interest accrual for long-term savings since they opted out of PSLF.
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This dual doc couple has a very impressive milestone today. They have saved $100,000 towards retirement during residency. They wanted to give themselves more compounding interest time and not wait until they were attendings. This doc also shared about their student loan journey. They met with Andrew at StudentLoanAdvice.com and got a plan in place early. They decided that they did not want to go for PSLF so before they started residency they refinanced their loans. They took a risk to refinance when their loans were at 0% but they locked in sub 3% and are now feeling very good about their decision. Then, for Finance 101 we are talking about plan documents for employer provided retirement accounts.
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