Dr. Dahle, a financial expert, dives into the nitty-gritty of refinancing student loans, particularly for physicians. He unpacks how to save thousands when dealing with high-interest loans and navigates the complexities of public service loan forgiveness. The conversation also touches on smart car purchases, the importance of retirement accounts, and the benefits of different investing strategies. Listeners are encouraged to prioritize financial education to transform their high incomes into lasting wealth.
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volunteer_activism ADVICE
Refinance Only If Not Pursuing PSLF
Refinance your student loans only if you are not pursuing Public Service Loan Forgiveness (PSLF).
Choose the shortest term possible, ideally five years, to pay off your student loans fast and save interest.
volunteer_activism ADVICE
Choose 5-Year, Variable Rate Loans
Favor a 5-year term for student loan refinancing to become debt-free shortly after training.
Opt for variable rate loans if you can aggressively pay off loans quickly, as they're cheaper than fixed rate loans.
volunteer_activism ADVICE
Insure Against Disability and Death Risks
Don't fear refinancing student loans due to disability or death risks; check if the lender waives loans under these conditions.
If not waived, buy disability or term life insurance which is cheaper than the added loan interest.
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Still have student loans at 6-8% interest? Not planning to go for PSLF? Dr. Dahle explains the reasons and process of refinancing your student loans to save yourself thousands of dollars.
Also he includes a Q and A addressing topics such as if you should be driving an expensive car, opening an individual 401K, backdoor Roth IRAs, shopping for a mortgage, finding more tax protected space for investing, and investing in the market at all time highs.
If you’re like most doctors, nobody taught you anything about personal finance or investing during your undergrad, professional school, or residency. And even though your family - and perhaps even your business - rely on you to be the Chief Financial Officer, you have never been given the tools to succeed. Enroll in WCI Financial Boot Camp, a FREE educational email series, and learn to convert your high income to wealth. You will learn the basics of investing, saving, insurance, and more. Your high income alone will not lead to financial success, but as always, we want to help you on your financial journey. Go to https://www.whitecoatinvestor.com/financialbootcamp to sign up today! You can do this and The White Coat Investor can help.
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 is for you!
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