The amount of times that I’ve seen really bad student loan management from doctors that I help is too numerous to count. The fact is that there are some good ways to handle student loans, and some really ugly mistakes in student loan management that can cost people dearly. Which group do you fall in? The good, the bad, or the ugly of student loan management?
What You’ll Learn:
In today’s episode of Money Meets Medicine, “The Good, Bad, and Ugly of Student Loan Management,” you’re going to learn all about how to properly manage your student loans and more:
- How (and when) to refinance your student loans to ease the burden
- Common mistakes physicians make with their loans
- How to use your debt to income ratio to figure out what to do with your loans
- The tips and tricks of the student loan refinancing “ladder”
- Everything you could want to know about PSLF
Resources from the Episode:
Top Student Loan Refinance Deals
Student Loan Refinance Ladder: A Case Study
Can I trust PSLF? The PSLF Side Fund
Student Loan Debt Statistics In 2019: A $1.5 Trillion Crisis
This Episode’s Sponsor
This episode’s sponsor is Earnest, a student loan refinancing company. If you refinance through the link provided on this podcast, you will receive a $500 cashback bonus for doing so, and you will also be supporting the Money Meets Medicine podcast when you do that. It is a win-win-win. You can find out more information by visiting earnest.com/moneymeetsmedicine.
Listener Question of the Week:
Today’s listener question comes from Eliza Beth. She says,
“I would like some clarification on taxes in side gigs in relationship to solo 401ks. If you make 18k total in a side gig, how much can you put into a solo 401k pretax per yr to avoid taxes on that $”
Each episode, we are going to start including listener questions as they are provided to us. So, if you have a specific question you’d like answered on the podcast reach out to us! Email [email protected] or [email protected]
TPP
You might also be interested in…
Following the Financial Crowd
Have you ever left a sporting event, following the crowd, and suddenly realized you were walking the wrong way? What if I told you this phenomenon has a name, and it impacts your money, too?
Understanding our own behavior when it comes to finance is essential because it helps us mitigate wrong-for-us decision making around money. Unless you know these roadblocks exist, you can’t do much to stop them from derailing your financial goals.
Last week, we shared why human behavior matters for our financial lives by taking a look at the first 5 out of 10 psychological phenomena that can (and do) affect your personal finance goals: greed, fear, ego/overconfidence, loss aversion, and analysis paralysis.
This week, we’re diving back into behavioral finance (one of our favorite topics) to share five more types of unchecked human behavior that can sabotage your journey to building the wealth you want.
Greed, FOMO, and Bad Investments
Despite our best intentions, certain emotions can keep us from building wealth. After many years arming physicians with the information they need to achieve financial wellness, I had a significant realization.
Information is one thing – behavior is another.
As the saying goes, money is 80% behavior and only 20% math.
Not only do I want to share important information about personal finance, I also want to help you recognize how certain behaviors can (and do) affect your finances.
Drawing from one of the classic books about investing, let’s go over five common behaviors that could be keeping you from achieving your financial goals.
How Doctors Can Get Good Financial Advice
Many doctors and high-income professionals hire financial advisors for any number of reasons. Either they’re too busy to handle their finances themselves, they don’t really know how to invest, or they want an expert on their side to make sure they’re on the right track.
So allow me to say from the start: I’m not against financial advisors, but I am against doctors (or anyone, really) being overcharged for bad advice.
There’s no shame in asking for help – you just want to get the help you need at a fair price.
You should be equipped enough to vet and evaluate your financial advisor so you’ll know whether they’re working well on your behalf. How can you be as confident as possible they’re acting in your best interest? This episode will help you find out.
Are you ready to live a life you love?
© 2021 The Physician Philosopher | Website by The Good Alliance
0 Comments