MtoM #146: Urologist Pays Off $300,000 in 2 Years and Finance 101: Contribution Limits
Nov 27, 2023
A urologist paid off $300,000 in student loans in 2 years by allocating half their income for repayments and investing in recommended vehicles. The speaker also discusses loan forgiveness, geographic arbitrage, and the impact of financial literacy. Plans for the extra income include investing for financial independence, giving back, and enjoying life. The podcast also covers contribution limits for retirement accounts in 2024.
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question_answer ANECDOTE
Paid Off $300K In Two Years
Scott, a Pennsylvania urologist, paid off $300,000 of student loans in two years after finishing training.
He earned about $450k each year and funneled roughly half his after-tax income to loans monthly.
volunteer_activism ADVICE
Max Retirement While Paying Debt
Max out tax-advantaged accounts even while aggressively paying debt.
Scott maxed a 403(b), 457(b), HSA and funded a brokerage account while repaying loans.
question_answer ANECDOTE
Employer Help Reduced Balance
Scott received about $80,000 in loan forgiveness from his employer and used geographic arbitrage to help reduce balances.
That employer help shaved a meaningful portion but didn't cover the entire debt.
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This doc has paid off $300,000 of student loans only 2 years out of training. He put nearly half of his income towards his loans every month. Not only was he paying big bucks towards his loans but he also started his emergency fund and maxed out a 403(b), 457(b), and invested in an HSA and brokerage account. He became financially literate in med school and the rest is history! Stick around after the interview for a discussion about contribution limits for Finance 101.
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