MtoM #232: Med Student Graduates Debt Free with Limited Parental Help and Finance 101: The Pennies Issue with the Backdoor Roth IRA
Jul 21, 2025
Discover how a determined medical student's journey led to graduating debt-free through hard work and military service. Hear insights on balancing multiple jobs while managing academic demands. The conversation shifts to the complexities of backdoor Roth IRAs and retirement savings strategies. Learn the significance of disability insurance for young doctors, ensuring financial security and peace of mind. This episode is a mix of inspiration, practical tips, and financial strategies for navigating the medical profession.
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question_answer ANECDOTE
Saving $80K Pre-Med
Sophia saved $80,000 before starting medical school by working multiple jobs since she was 12 years old.
She supplemented this with $36,000 in parental help and planned to cover tuition herself initially.
question_answer ANECDOTE
Using National Guard to Fund School
Sophia joined the National Guard which waives her tuition and pays a small stipend for monthly drills.
This gave her flexible military commitment without a long-term contract like the Army HPSP.
volunteer_activism ADVICE
Balancing Work and Study
Sophia balances working and drilling two days per month with studying in med school.
She advises accepting few days off for drilling but believes it's manageable with good time use.
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Today we are taking with a newly graduated med student who made it through school debt free. She worked four different jobs and ended up joining the National Guard to help cover costs. She worked hard to save up enough to pay cash for her first year of school before joining the military to cover the last 3 years. After the interview we are talking about the pennies issue with the backdoor Roth IRA.
This podcast is sponsored by Bob Bhayani at Protuity. He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time white coat investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage or to get this critical insurance in place, contact Bob at https://whitecoatinvestor.com/protuity today, by email info@protuity.com or by calling (973) 771-9100.
The White Coat Investor has been helping doctors, dentists, and other high-income professionals with their money since 2011. Our free personal finance resource covers an array of topics including how to use your retirement accounts, getting a doctor mortgage loan, how to manage your student loans, buying physician disability and malpractice insurance, asset allocation & asset location, how to invest in real estate, and so much more. We will help you learn how to manage your finances like a pro so you can stop worrying about money and start living your best life. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!
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