MtoM #80 - Dual Physician Couple Pays off Loans and Becomes Millionaires
White Coat Investor Podcast
Dr. Jim Dahle of the White Coat Investor
4.8 • 2.4K Ratings
🗓️ 22 August 2022
⏱️ 13 minutes
🧾️ Download transcript
Summary
This hospitalist and family medicine doctors are 7 years out of training. Already they have paid off $550K in school loans, $50K in credit card debt and reached millionaire status, practicing moderation in all things. As graduates of a Caribbean medical school, they took the gamble https://www.whitecoatinvestor.com/international-medical-school-the-biggest-gamble-of-your-life/ and it paid off.
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 milestones to millionaire, podcast number 80, dual physician couple, pays off student loans |
| 0:19.3 | and becomes millionaires. Pearson Ravits are disability and life insurance advisors |
| 0:24.0 | founded by and for physicians. This Whitecode Investor recommended agency grew out of one MD's |
| 0:28.7 | experience with a career changing on the job injury. Today Pearson Ravits serves the medical |
| 0:33.2 | community in all 50 states. At Pearson Ravits they help you as a doctor safeguard your most valuable asset, |
| 0:38.4 | your income. So you can protect the most important people in your life, your family. |
| 0:42.5 | Pearson Ravits makes human connections before they make quotes. Go to PearsonRavits.com today to |
| 0:47.4 | schedule your consultation with Pearson Ravits advisor. All right, we've got a doc coming on today |
| 0:53.9 | with a great interview. You know, you ever wonder what you should do if you hit two milestones at one? |
| 0:58.6 | Well, this doc didn't. He applied to come on and talk with us on the milestones to millionaire |
| 1:05.2 | podcast about both milestones. And I think you'll find it to be a very interesting episode. |
| 1:10.1 | Let's get them on the line. All right, our guest today on the milestones to millionaire podcast |
| 1:15.4 | is Andy. Welcome to the podcast. Thanks, Jim. Glad to be here. Tell us your specialty and how far |
| 1:20.4 | you are out of training. I am in family medicine. I'm a primary care provider and I am almost seven |
| 1:27.7 | years out of training. Almost seven years out. And what part of the country you in? In the |
| 1:31.6 | southeast or in or mountain west or what? I'm in Texas. Texas. All right. And what milestone are |
| 1:38.4 | we celebrating today? It sounds like we got two of them to celebrate. That's right. I paid off my |
| 1:44.4 | medical school loans and became a millionaire at the same time. Awesome. It's pretty cool. The |
| 1:50.2 | knock two of amount of months. It's going to have to be a very packed episode to talk about both of |
| 1:54.8 | these though. But we start with talking about your net worth. Tell us about your debts and assets |
... |
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