WCI #438: The Resident Episode

Sep 25, 2025

In this episode, Patrick Arpin, a recent pediatric residency graduate, shares his journey transitioning to a pediatric hospitalist in Washington State. He reveals the importance of starting a Roth IRA early and his wise financial habits formed during training. Patrick discusses the risks of purchasing a home during residency and how networking helped him land his first attending job. He emphasizes the value of saving a little each paycheck for exam and moving costs, and why he opted for community pediatric medicine over fellowship.

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ADVICE

Prioritize Debt Versus Investing

Prioritize paying off high-rate debt first and invest when debt rates are low.
Younger physicians should favor investing early to benefit from long time in the market.

ADVICE

Follow The Resident Waterfall

Follow the resident waterfall: secure insurance, build an emergency fund, refinance high-rate loans, then invest.
Take retirement match first, then consider a Roth IRA and HSA while in residency.

ADVICE

Delay Homebuying As A Resident

Avoid buying a home during residency and skip physician loans that waive down payments and PMI.
Wait until you can afford a meaningful down payment and avoid adjustable-rate mortgage risks.

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Today we are answering questions from our residents in the audience. We discuss saving vs investing, buying houses, physician loans, and Roth IRAs. Then we interview a recent graduate about to start his first job as an attending, and he walks us through his financial life to this point. If you want to learn how to do it right, you'll want to take notes.

Today’s episode is brought to us by SoFi, the folks who help you get your money right. Paying off student debt quickly and getting your finances back on track isn't easy, but that’s where SoFi can help — they have exclusive, low rates designed to help medical residents refinance student loans—and that could end up saving you thousands of dollars, helping you get out of student debt sooner. SoFi also offers the ability to lower your payments to just $100 a month* while you’re still in residency. And if you’re already out of residency, SoFi’s got you covered there too.

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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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00:00 WCI Podcast #438 02:14 Invest vs. Pay Down Debt 10:14 Mortgage as a New Resident 14:06 Roth IRA as a Resident 16:24 Interview with a Resident