Join a pediatrician who impressively paid off $330,000 in student loans in just seven years. He shares his mental preparation and strategies for managing debt, including refinancing, making extra payments, and celebrating small milestones. The conversation also covers essential asset protection tips for medical professionals, including safeguarding against malpractice risks and understanding financial instruments like trusts and annuities. Discover how to achieve financial freedom and protect your hard-earned assets!
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Pediatrician's Loan Payoff Journey
Dan, a pediatrician, paid off $330,000 in student loans in 7 years.
A large portion was paid off through diligent saving and extra payments, but a fortunate house sale expedited the final payment.
volunteer_activism ADVICE
Live Like a Resident
Maintain a resident's lifestyle to manage expenses effectively, especially early in your career.
Prioritize needs over wants, such as reasonable housing and transportation.
volunteer_activism ADVICE
Celebrate Milestones
Celebrate both big and small financial milestones to maintain morale during the debt payoff journey.
Acknowledge and appreciate the effort involved in making extra payments towards your loans.
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Today we are talking with a pediatrician who paid off $330,000 in 7 years. He talked about being mentally prepared for this to take a very long time. He refinanced his loans in 2019 and was making payments and trying to throw extra cash at them when he could. But when he sold his first house and moved to a new home he made enough on that sale that he was able to pay the rest of those loans off in one whack. He is loving the freedom of being done with the payments. He shares the great advice to celebrate not only the big milestones but the small ones too like when you get the chance to put an extra few thousand dollars towards your loans. For finance 101 we will be talking about the basics of asset protection.
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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!
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