MtoM #66 - Living Like a Resident Really Works
White Coat Investor Podcast
Dr. Jim Dahle of the White Coat Investor
4.8 • 2.4K Ratings
🗓️ 16 May 2022
⏱️ 15 minutes
🧾️ Download transcript
Summary
This Professor in palliative medicine and physical therapist spouse paid off $339K in 3 years by living like a resident (https://www.whitecoatinvestor.com/live-like-a-resident/) on $60-80K/year. They paid a third of their income toward loans, refinancing a couple of times for lower rates. Along the way they maxed out their tax deferred accounts and worked hard to gain a financial education together. They want to spend their money in ways that increase their happiness and paying off their student loans did that!
I estimate that 80% of doctors need, want, and should use a financial advisor and/or an investment manager. Some investment gurus such as Dr. William Bernstein think my estimate is way too low. At any rate, if you want to use an advisor temporarily or for your entire life, there is no reason to feel guilty about it—just make sure you are getting good advice at a fair price. If you need help updating your financial plan or just getting one in place, check out our list of recommended financial advisors at https://www.whitecoatinvestor.com/financial-advisors. 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 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 Whitecode Investor Podcast, milestones to millionaire, celebrating stories of success |
| 0:05.6 | along the journey to financial freedom. |
| 0:12.7 | This is milestone to millionaire podcast number 66, living like a resident actually works. |
| 0:18.6 | Our sponsor today is Pearson Rabbits. Their disability and life insurance advisors |
| 0:22.9 | founded by and four physicians. This Whitecode Investor recommended agency grew out of one MD's |
| 0:27.7 | experience with the career changing on the job injury. Today Pearson Rabbits serve as a medical |
| 0:32.3 | community in all 50 states. At Pearson Rabbits they help you as a doctor safeguard your most |
| 0:36.6 | valuable asset, your income, so you can protect the most important people in your life, your family. |
| 0:41.8 | Pearson Rabbits makes human connections before they make quotes. Go to PearsonRabits.com today |
| 0:46.3 | to schedule your consultation with a Pearson Rabbits advisor. Listen, if you'd like to come on this |
| 0:51.2 | podcast we'd love to have you. You can apply to come on at whitecodeinvestor.com slash milestones. |
| 0:58.8 | And whatever your financial milestone is that you've reached we'd like to celebrate it with you |
| 1:03.0 | and use your experience to inspire others to do the same. Today we've got a great guest who has |
| 1:08.5 | had a wonderful experience the last few years hitting a pretty important financial milestone. |
| 1:13.4 | Let's get them on the call. Our guest today on the milestones to millionaire podcast has been |
| 1:18.5 | welcome to the podcast. Thanks Jim. Happy to be here. What's your profession and specialty and |
| 1:23.4 | how far are you out of your schooling? I'm a assistant professor in palliative medicine and I |
| 1:29.6 | finished school in 2014 and finished my fellowship in 2018. So I came out of training essentially |
| 1:37.2 | in 2018 and you're married to another professional. Tell us about your spouse. Yep, so my wife |
| 1:43.3 | Angela is a physical therapist. She finished about 10 years ago I think. Okay. And where do you live |
| 1:50.4 | in the country? We're in a Midwest metropolitan area. Okay, Midwest. All right. And we're celebrating |
| 1:56.8 | today debt payoff. It sounds like you have paid off quite a bit of debt. How much debt have you |
... |
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