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White Coat Investor Podcast
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.
18:38
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Quick takeaways
- Paying off a $300,000 student loan in two years is achievable with discipline and a frugal lifestyle.
- Developing financial literacy and creating a plan are essential for achieving financial success and independence.
Deep dives
Guest pays off $300,000 student loan in two years
Scott, a urologist in Pennsylvania, shares his success story of paying off a $300,000 student loan in just two years. With an income of $450,000 per year, Scott was able to devote about half of his income towards his student loans, often contributing between $5,000 to $10,000 per month. Despite this aggressive repayment approach, Scott still managed to max out his recommended retirement accounts, including Roth IRAs, 403b, 457b, and HSA. He credits his success to adopting a frugal lifestyle, delaying purchases, and diligently following financial advice from the White Coat Investor. Scott's achievement demonstrates the power of financial discipline and the potential for early financial independence.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode