MtoM #128 - Podiatrist Pays Off Student Loans and Finance 101: Dave Ramsey's Baby Steps
White Coat Investor Podcast
Dr. Jim Dahle of the White Coat Investor
4.8 • 2.4K Ratings
🗓️ 24 July 2023
⏱️ 26 minutes
🧾️ Download transcript
Summary
This podiatrist paid off his student loans only a few years after training. He shared how freeing it has been to be completely out of debt. He said budgeting, open communication, and living frugally for awhile was critical for paying this off so quickly. He said they were still able to enjoy life and celebrate the little wins along the way including enjoying a nice bottle of wine after every $25,000 they paid off. He said being out of debt has allowed him to set his schedule and spend more time with his family and focus on personal development. After the interview Dr. Dahle talks about Dave Ramsey's Baby Steps for Finance 101.
Getting quality disability and life insurance should be the first financial chore for a doctor to complete. Most docs don't have the ideal policy for their gender, specialty, state, or health status and 1 in 7 doctors get disabled at some point during their career. Because these policies can only be purchased through brokers, we have put together a list of vetted agents who are experienced with working with the specific needs of medical professionals and who have your best interest at heart.
If you have questions about insurance and what kind of policies would be the best fit for you, check out our insurance recommended list at https://whitecoatinvestor.com/insurance and feel the peace of mind that comes with knowing you have the optimal policy in place.
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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Transcript
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| 0:00.0 | This is the White Coat Investor Podcast, Milestones to Millionaire, |
| 0:04.2 | celebrating stories of success along the journey to financial freedom. |
| 0:13.6 | This is Milestones Millionaire Podcast number 128, but Iatris pays off his student loans. |
| 0:19.9 | Getting quality disability and life insurance should be the first financial chore for a doctor |
| 0:23.6 | to complete. Most docs don't have the ideal policy for their gender, especially state or health |
| 0:28.5 | and one in seven doctors get disabled at some point during their career. |
| 0:31.8 | Because these policies can only be purchased through brokers, we have put together a list of |
| 0:35.1 | vetted agents who are experienced with working with specific needs, |
| 0:38.3 | on medical professionals who have your best interest at heart. If you have questions about |
| 0:42.4 | insurance and what kind of policies would be the best fit for you, check out our insurance |
| 0:45.9 | recommended list, whitecodeinvestor.com slash insurance. And feel that peace of mind that comes |
| 0:51.6 | with knowing you have the optimal policy in place. You can do this and the White Coat Investor can help. |
| 0:56.5 | Again, whitecodeinvestor.com slash insurance. All right, we have got a great episode today. |
| 1:02.6 | We have a doc who has paid off his debt. Let's stay tuned afterward. We're going to talk about the |
| 1:08.3 | Dave Ramsey baby steps and maybe how to think about those and how to think about Dave Ramsey and |
| 1:15.6 | what's going on over there. So stay tuned after the interview. Our guest today on the Milestones |
| 1:21.2 | to Millionaire Podcast is Jeffrey. Welcome to the podcast. Happy to be here, Dr. Dolly. Thank |
| 1:26.3 | you for having me. It's wonderful to have you here and we're excited because you have accomplished |
| 1:31.6 | a not insignificant financial goal. Tell us what you've done. Yeah, so main one has paid off |
| 1:37.5 | $209,000 in 69 months. Wow, that's just awesome. So congratulations. You said in how many months? |
| 1:46.1 | Yeah, 69. 69 months. Yeah, so just short of three years at a training. Okay, that doesn't add up |
| 1:53.8 | in my head. Oh, so five and a half months of paying it off. Okay, but we finally completed |
... |
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