MtoM #95 - Emergency Doc is Back to Broke
White Coat Investor Podcast
Dr. Jim Dahle of the White Coat Investor
4.8 • 2.4K Ratings
🗓️ 5 December 2022
⏱️ 17 minutes
🧾️ Download transcript
Summary
This doc shows us that there is more than one way to go about getting back to broke. He has focused on saving, building some wealth and investing in those retirement accounts rather than putting everything he has towards student loans. He is also celebrating paying cash for a new car rather than taking on a big payment. Curious if you should pay off your student debt or invest first? Check out this article: https://www.whitecoatinvestor.com/pay-off-debt-or-invest/
At some point in our financial lives, it will be time to buy a home. A physician mortgage can be a good vehicle for a young doctor who's just out of school and has a more effective place to use their money than on a big down payment. These loans allow doctors to secure a mortgage with fewer restrictions and a lower down payment than a conventional mortgage. But if you're further advanced in your career or deeper into your journey to financial freedom, buying a home with a conventional mortgage and then, later on, potentially refinancing that loan to a better rate with a shorter time frame could be a great move. Wherever you are in your financial journey, make sure you use the mortgage that will be most financially beneficial for you. Hop over to our recommended tab to learn more about all of your mortgage and refinancing options at https://www.whitecoatinvestor.com/mortgage. 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 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 95. |
| 0:16.0 | Emergency physician gets back to broke. This podcast is sponsored by Bob Bionny, |
| 0:20.8 | at drdisabilityquotes.com. He's an independent provider of disability insurance planning solutions |
| 0:25.6 | to the medical community in every state and a long time Whitecode Investor sponsor. |
| 0:29.3 | He specializes in working with residents and fellows early in their careers, set up sound, |
| 0:33.2 | financial and insurance strategies. You need to review your disability insurance coverage |
| 0:37.5 | or to get this critical insurance in place. Contact Bob at drdisabilityquotes.com today. |
| 0:42.1 | You can email info at drdisabilityquotes.com. You can call 97371719100. |
| 0:49.4 | All right, we got a fellow emergency physician on the podcast today. I'm excited to get on |
| 0:54.9 | to accomplish something great. Let's hear about it. Our guest on today is milestones to millionaire |
| 1:01.2 | podcast is Joel, an emergency medicine physician in the second year of practice out of residency. |
| 1:06.4 | Welcome to the podcast, Joel. Thank you for having me. Now it took us a few months to get you on here |
| 1:11.1 | from the time you applied, but the milestone you reached when you applied was getting back to broke. |
| 1:16.7 | I think you said in your application that your net worth was $1,300. So congratulations to you |
| 1:22.5 | on getting back to broke so quickly. Yeah, thanks. Let's dive into the details. Let's start with the |
| 1:29.6 | numbers. How much debt did you have when you came out of your training? So, well, we had a mortgage |
| 1:36.6 | at the time. I probably went a little bit against what advice you would have given us, but we were |
| 1:40.5 | pretty sure we're going to stay in the same place that we were in for residency. That same town. |
| 1:45.3 | So we actually purchased a house about, I don't know, I think it was 160,000 on the mortgage. |
| 1:50.2 | Initially, we down to 150,000. I mean, we had 230,000 on two loans while I first graduated from |
... |
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