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White Coat Investor Podcast

123: Will the Politicians Cancel your Student Loan Debt?

White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

Medicine, Health & Fitness, Business, Investing

4.92.3K Ratings

🗓️ 12 September 2019

⏱️ 54 minutes

🧾️ Download transcript

Summary

"Aren't all the Democratic candidates going to cancel student loan debt? I'll just wait, because if I pay them back and then they cancel them, I'm out of luck." Now for some of you this might sound crazy but this is the thought process for many people right now. Should people be changing their student loan plan based on the discussion of canceling and forgiving loans that politicians are currently having? We discuss this question in today's episode. But bear in mind presidential candidates make a lot of promises that they don't keep. We have a long history of that. Plus a lot would need to happen for this to take place like Bernie Sanders or Elizabeth Warren being elected and then getting a plan to cancel student loan debt through Congress. But even more than all that historically legislature like this does not favor the top 1% of income earners in our country. As a physician the chance that any kind of forgiveness or cancelation of student loans will really make a difference in the amount of money you owe is very low. We also discuss in this episode gender neutral disability insurance policies, VTI or VTSAX in a taxable account, what to do with a traditional IRA, disclaimers for physicians giving personal finance lectures, when to cancel your disability policy, dealing with multiple 401(k)s, and the most tax efficient investment to put in a taxable account. See show notes at https://www.whitecoatinvestor.com/will-the-politicians-cancel-your-student-loan-debt-podcast-123/

Sponsor
Our podcast today is sponsored by one of my favorite partner companies, Earnest. Save money on your student loans by refinancing with Earnest. Go to www.whitecoatinvestor.com/refi to get $500 cash back when you refinance with Earnest. The cool thing about Earnest is that you can choose custom terms to fit your budget. You can pick your exact monthly payment. You can select fixed or variable rates. You can even choose your custom term. The shorter the term, the lower the interest rate. They are not going to pass you off to a third party servicer, nor penalize you for making any of your payments early. Your family is always protected with loan forgiveness in the event of your death. You can refinance anything from $5,000 to $500,000, a much wider range than most of these companies offer.

Transcript

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0:00.0

This is the White Code Investor Podcast, where we help those who wear the White Code get a fair shake on Wall Street.

0:06.0

We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011.

0:12.0

Here is your host, Dr. Jim Dolly.

0:18.0

Welcome to White Code Investor Podcast No. 123. Will the politicians pay off your student loans?

0:24.0

Welcome back to the podcast. I hope you've been enjoying it. We sure are enjoying making these podcasts for you and hope you find them useful.

0:30.0

At least mildly entertaining. I'm told I'm not a particularly interesting speaker or podcaster, but the information is really good.

0:38.0

So I hope that continues to be the case. Thanks for what you do. Your work is not easy. I was reminded of that yesterday while seeing a patient with delusional parasitosis.

0:48.0

The interesting part about this particular case, though, is the patient also brought in her partner, who she was convinced also had parasitosis, and she had been digging into his acne fairly aggressively trying to get the parasites out.

1:02.0

Always an interesting case. Sometimes what you do in medicine is not that fun. You don't get thank you, and in fact the patient doesn't even believe you when you tell them what the diagnosis is.

1:11.0

I just got back from climbing the Grand Teton's wonderful trip. I went with one of the PAs I work with and her husband. We had a wonderful day up there, beautiful weather.

1:20.0

You could see all across Idaho and a good chunk of Wyoming. And I really had a wonderful time. So I hope you're having a good time this summer as well and finding some chances to get out and do something besides medicine.

1:32.0

I wanted to tell you about a few things we've got going on around here. If you have not taken it or heard of it, we have an online course. It's called Fire Your Financial Advisor.

1:43.0

And admittedly, that's kind of provocatively titled. But the point of this course is to cut off the learning curve for you becoming financially literate.

1:52.0

It's about eight hours of video and screencast that I do where I walk you through writing your own financial plan. It's about $500. It's $499.

2:02.0

We priced it that way because we felt like that was a price the residents and military docs could afford. You know, basically we just give the resident price to everybody.

2:11.0

As you've seen, some of the newer physician made financial courses come out costing three times that much. You can see what a deal that is.

2:18.0

But I see it as a deal because the alternative is to go higher a financial advisor, which can be pretty expensive if you ever price them out.

2:26.0

And so the idea is to help you either to become your own financial advisor and be able to make your own financial plan that you can follow to financial success or to at least give you the tools you need to recognize when you're getting good advice at a good time.

2:40.0

We have a lot of other online courses that we offer at the Whitecode Investor. You can find those at whitecodeinvestor.com slash online courses.

2:49.0

One of the new ones up there is how to become a top performing Airbnb host. This one's run by James Svettek and includes an introductory, you know, free course that you can use to see what you're getting into.

3:03.0

It's also $497 course, but if you are doing Airbnb and you're not sure you're quite doing it right, I'm confident you will get your money back from this course very, very quickly.

3:13.0

And so be sure to check that out how to become a top performing Airbnb host and the link for that can be found at whitecodeinvestor.com slash online courses.

...

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