MtoM #77 - Radiology Resident Gets Back to Broke
White Coat Investor Podcast
Dr. Jim Dahle of the White Coat Investor
4.8 • 2.4K Ratings
🗓️ 1 August 2022
⏱️ 15 minutes
🧾️ Download transcript
Summary
Back to broke, the first milestone! This resident has a positive net worth of $25k and is very excited to be back to broke. As a couple they learned to live off one income and use the other income to build wealth and pay off debt. Get in the habit of saving something as a resident. You won't get rich as a resident but you are building habits that will bring wealth as your income increases. Here is a financial guide for all you residents to follow!
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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 milestones to millionaire podcast number 77, |
| 0:15.4 | radiology resident gets back to bro. If you're considering locomotents either full time or |
| 0:20.0 | on the side, you probably have a question or two or 20. Fortunately, locomstory.com is the answers |
| 0:25.4 | you need. It's packed with unbiased information and advice from physicians like you. locomstory.com |
| 0:30.8 | is nothing to sell. It's simply a resource for information. You'll find super handy tools to let |
| 0:35.2 | you see locomotents transfer you're specially compared to different locomotives agency. There's |
| 0:39.2 | even a quiz to help you decide if locomotives is right for you. locomstory.com is a perfect place |
| 0:44.0 | to start if you want to learn more about locomotives. All right, let's get our guest on the line here. |
| 0:50.6 | Our guest today on the milestones to millionaire podcast is Ryan. Welcome to the podcast. |
| 0:55.0 | Thank you, Dr. Dali. Glad to be here. Tell us what's your specialty and where you at in your |
| 1:01.1 | training? I am a PGY5 fourth year radiology residency. I graduated medical school in 2017 |
| 1:11.5 | about to graduate residency here in the next month. Okay, and where you at? You in the |
| 1:15.9 | northwest, the southeast, where are you? I'm in California. California, okay. Yeah. And what is your |
| 1:22.0 | approximate net worth? My approximate net worth at this time is a positive $25,000. |
| 1:29.2 | $25,000. You're back to broke. Back to broke. Very happy about it. Congratulations. So, |
| 1:36.6 | let's divide it up. Tell people what you've got. How much you have in assets, how much you have in |
| 1:41.2 | debts and liabilities? Where are you? Sure. So I have about $115,000 in retirement accounts. Most of |
| 1:49.4 | that is in Roth IRAs, myself and a spousal Roth IRA, a small amount in a 457B plan here at work. |
| 1:59.3 | And about $35,000 in cash, cash equivalents, about $125,000 left in federal student loans. |
| 2:08.7 | And you mentioned a spousal IRA. So I assume there's a spouse to go with that. Yes. |
... |
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