A hospitalist pays off $235,000 in student loans in just over 2 years after residency by living frugally like a resident. She plans to buy a new car with cash, save for a house, and prioritize retirement savings next. The podcast also discusses the importance of emergency funds and offers a course for financial education.
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Paid Off $235K Rapidly
Claire paid off $235,000 in student loans just over two years after residency.
She credited living like a resident and moonlighting for accelerating payments.
question_answer ANECDOTE
Saved Big By Sharing Housing
Claire minimized borrowing by living with a partner who covered room and board in medical school.
She estimated this saved her roughly $100k–$120k in living costs.
question_answer ANECDOTE
High Income, Aggressive Payments
Claire earned a W-2 of about $290k in one year and did additional moonlighting earlier.
About half her gross income went to loan payments during the two-year payoff period.
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This hospitalist paid off $235,000 only 2 years out of residency. She has always been very debt averse and knew she wanted to get rid of it as quickly as possible. Nearly half of her income went to paying off her loans. She said paying off the debt was easier than she thought it would be largely because she is comfortable living like a resident. Her next goal is to buy a new car with cash. She plans to save for a house eventually but currently wants to pour money into her retirement accounts. She said paying off her loans has given her a huge sense of freedom. After the interview we will talk about emergency funds for Finance 101.
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