MtoM #48 - Family Docs Pay Off $570K

White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

Medicine, Health & Fitness, Business, Investing

4.9 • 2.3K Ratings

🗓️ 10 January 2022

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

This family doc couple took nine years to pay off $570K. They had far more than average debt and lower than average salaries. They’ve invested along the way so they are not starting from scratch with their retirement. But they now get to make changes in how and how often they practice medicine. That is the reward of taking care of your finances. Check out the WCI readers’ tips on how to make more money as a family medicine physician. https://www.whitecoatinvestor.com/double-your-income-primary-care-physician/

https://StudentLoanAdvice.com is a White Coat Investor company created to help doctors, dentists, and other high earners tackle and defeat their student debt. Letting a professional guide you through the best options to manage your loans will save you hours of research and stress and potentially save hundreds to thousands of dollars with your custom student loan plan. Book a consult with Andrew Paulson, the Lead Student Loan Consultant and Co-Founder of https://StudentLoanAdvice.com today.

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 for 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 Co Investor Podcast, Milestones 2 Millionaire,
0:04.5	celebrating stories of success along the journey to financial freedom.
0:09.0	Here is your host, Dr. Jim Dolly.
0:16.0	This Milestones 2 Millionaire Podcast number 48, Family Docs pay off $570,000.
0:22.9	StudentLoneAdvice.com is a white code investor company created to help doctors
0:26.4	dentists and other higher earners tackle and defeat their student debt. Letting a professional
0:30.8	guide you through the best options to manage your loans will save you hours of research and stress
0:35.0	and potentially save hundreds to thousands of dollars with your custom student loan plan.
0:39.0	We'll be back with Andrew Paulson, the lead student loan consultant and co-founder of studentloneadvice.com
0:45.5	All right, let's get our guest on today. Katie is coming on the podcast.
0:50.3	All right, I am here with Katie. Welcome to the Milestones 2 Millionaire Podcast.
0:54.3	Thank you. I'm happy to be here. All right, so what is your profession slash specialty and how far
1:00.8	are you out of your schooling and training? So I'm a family medicine physician. I'm married to
1:06.0	another family medicine physician. We both graduated from medical school in 2009 and residency in 2012.
1:13.6	Okay, and how much debt did you pay off? Well, as of July 1st of 2012, we had between us $570,000.
1:23.3	Well, we paid that off in nine years and finished it up in August of this year.
1:28.9	Awesome. Congratulations. That's wonderful. Thank you. So over that time period,
1:35.0	I don't know how much you were both working, were you both full time? I mean, what was your
1:38.0	average household income over that nine years? So we were both full time aside from the time I took
1:43.4	off from maternity leave a couple times. And we varied between 300,000 and 440,000.
1:50.3	Okay, so pretty typical family physician incomes. And you used that to pay off $570,000. How did you do that?
2:00.9	You know, sometimes I don't even know how we did it. We just paid it off a bit at a time.
	...

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