Shane, a pediatric hospitalist and seasoned financial planner, returns to share how he and his wife triumphantly paid off over $500,000 in loans and achieved millionaire status. He discusses the importance of prioritizing financial goals, crafting a family mission statement, and the supportive role of their partnership. The conversation shifts to geographic arbitrage, explaining how moving to more affordable areas can unlock financial freedom for medical professionals, making a compelling case for smart investment in real estate.
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question_answer ANECDOTE
Dual Doc Couple Pays Off Loans
Shane and his wife paid off over $500,000 in student loans while she became a stay-at-home mom.
Their financial focus allowed them to balance debt repayment with family priorities successfully.
question_answer ANECDOTE
Extra Work Fueled Loan Payoff
Shane worked extra locum jobs and maintained a 25-30% savings rate to accelerate loan payoff.
Paying off a $5,000 undergraduate loan was a motivating watershed moment for him.
volunteer_activism ADVICE
Prioritize and Communicate Goals
Prioritize what matters most to you instead of succumbing to societal pressure or lifestyle inflation.
Discuss financial and lifestyle goals openly with your spouse or partner.
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Today we have a guest coming on the show for the second time. He was on about 3 years ago after he paid off his student loans. Today he is back to celebrate paying off his wife's student loans, as well as becoming a Millionaire. He said it has been surprising how easy it has been to reach these milestones. They have their priorities set, a written financial plan in place, a mission statement for their family and they have stuck to all of them. After the interview we are talking about geographic arbitrage.
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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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