MtoM #197: Rehab Docs Pays Off Student Loans in 16 Months and Finance 101: Pessimism
whatshot 5 snips
Nov 18, 2024
A rehab doctor shares an inspiring journey of paying off $380,000 in student loans in just 16 months, emphasizing the importance of motivation and personal well-being. The conversation also highlights the financial benefits of locum tenens work, offering more flexibility and higher pay for medical professionals. Additionally, the podcast explores financial planning strategies, advocating for an optimistic approach to personal finance, despite the common pessimism surrounding it.
24:47
forum Ask episode
web_stories AI Snips
view_agenda Chapters
menu_book Books
auto_awesome Transcript
info_circle Episode notes
question_answer ANECDOTE
Rapid Loan Payoff
Hunter, a rehab doctor, paid off $380,000 in student loans in 16 months.
He worked long hours, averaging $40,000+ per month, sometimes reaching $55,000.
volunteer_activism ADVICE
Financial Goal Setting
Create clear financial goals and a roadmap to achieve them.
Assess your psychological tolerance for risk and align it with your goals.
question_answer ANECDOTE
Spouse's Support
Hunter's wife, a nurse anesthetist, supported his aggressive loan payoff plan.
They prioritized debt reduction before major life events like buying a house and having children.
Get the Snipd Podcast app to discover more snips from this episode
This book, part of The White Coat Investor Series, provides comprehensive financial advice specifically for medical and dental students. It covers topics such as managing debt, investing, and achieving financial independence, all within the context of the unique financial challenges faced by medical professionals.
Triumph of the Optimists
101 Years of Global Investment Returns
Elroy Dimson
Mike Staunton
Paul Marsh
This book provides an authoritative account of a century of investment returns in sixteen countries, including the U.S., U.K., Japan, France, Germany, and others. The authors present a clear and consistent analysis of total returns, including reinvested income, and address issues such as survivorship bias and the long-term equity risk premium. The book is essential reading for investment professionals, financial economists, and investors, offering insights into the broader tendencies of equity markets over the long term.
This rehab doc paid off $380,000 of student loans in only 16 months! He obviously worked like crazy over that time period to be able to accomplish that goal. He said he knew his value for freedom to choose what to do in the future would keep him motivated when he was starting to feel burnt out. Having the loans gone has given him that freedom and he feels like the work was worth it. He is now excited to focus on his quality of life as well as to start building his retirement accounts. After the interview we will be talking about pessimism for Finance 101.
One of the most underrated financial moves in medicine is working locum tenens. It pays significantly more on average, and you can work locums full time or on the side of your full time. And when you work with CompHealth, the #1 staffing agency, they cover your housing and travel costs —which on top of higher pay, really adds up. Locums also gives you more control of your career, allowing you to go where you want, when you want, with a schedule that works for you. It’s the perfect way to get ahead financially while getting focused on what you love. Whether it’s locum tenens or a regular permanent position, build your career your way with the power of CompHealth. Learn more at https://CompHealth.com
The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor channel is for you!
White Coat Investor Podcast 
