White Coat Investor Podcast MtoM #143: Emergency Doc Becomes Millionaire in 2 Years and Finance 101: How to Spend in Retirement
Nov 6, 2023
Emergency Medicine doc turned millionaire in 2 years shares strategies for financial success. Discusses early retirement strategies, minimizing penalties and adjusting spending in retirement. Explores limitations of the 4% rule and encourages higher spending for wealthier retirees.
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Millionaire Two Years Out
- Dusty and his wife reached $1,000,000 net worth two years after residency, helped by his emergency medicine job and her 12-year attorney income.
- He credits moonlighting, frugality, and automation of savings as key factors to get ahead quickly.
Simple, Heavy Index Allocation
- Their asset mix: about $500k tax-deferred, $200k tax-free, $250k taxable, and $50k cash.
- Most investments are in broad total stock index funds and remain simple and automated.
Leverage Employer Loan Help
- Use employer student-loan benefits and loan forgiveness programs when available to accelerate payoff without sacrificing investing.
- Keep only low-interest mortgage and minimal consumer debt while prioritizing savings and investments.