Money Meets Medicine Podcast
MMM #35: Pearls on How to Manage Your Student Loans
The CARES Act (also know as the stimulus bill) impacted your student loan debt. There’s a pause on your student loan payments and interest and more. It may be tempting to use that extra money in the wrong way. Today, we discuss some pearls of information you should know for managing your student loans. Keep reading to find out more!
What You’ll Learn:
In this episode of Money Meets Medicine, “Peals on How To Manage Your Student Loans,” you’re going to learn:
- How the CARES Act effects your student loans.
- The right way to take care of the burden of student loans.
- The do’s and don’t’s for the money you’re saving.
- When the’s the right time to refinance your student loans.
- And more!
Resources from the Episode:
This Episode’s Sponsor
Medical Degree to Financially Free provides a 5 Step Process to help you pay down debt, invest toward individualized goals, and find the financial freedom you deserve. It is a 5-week course that offers live office hours with Jimmy Turner each week and a 14-day no-questions asked money back guarantee. Practice Medicine Because You Want To…Not Because You Have To… Use link: https://financialresidency.com/MDFree
Listener Question of the Week:
Today’s listener question comes from Dusty Schuett:
“Have a question for you about 401ks for spouses not currently working. My wife has a 401k from a prior job. She’s currently doing the stay at home mom and homeschool teacher for a 2nd grader, preschooler and a 2 year old. Her 401k currently has fairly high expense ratio options. I’d love to get her out of that 401k into a more efficient fund. Can I roll that money into her IRA and do a back door conversion to Roth so that we can keep doing Backdoor Roth’s? Without any income, I’m assuming that I cannot start a solo 401k for her without any income correct? I’m starting to do some 1099 work and am considering hiring her to help with that which would allow me to create a 401k for her, she could then roll the prior 401k into the new 401k that I would manage, correct?”
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]
You might also be interested in…
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.
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.
Have you ever thought about using real estate to reach financial independence, but you didn’t want to be a landlord?
Recently I sat down with one of my good friends and one of the OG partners of The Physician Philosopher. He’s an anesthesiologist, husband, father, entrepreneur, as well as a real estate and physician side gig guru – of course, I’m talking about Dr. Peter Kim.
One of the interesting things about Peter’s story is his transition from full-time practice as an OB anesthesiologist to stepping away from medicine and going part-time, to now his being on sabbatical. He’s not sure if that’s a permanent sabbatical or not, so we got to explore his thought process on that and his story.
So let’s dive into this discussion with Dr. Peter Kim and the intersection of all things entrepreneurship, side gigs, medicine, money, and real estate.
Need help getting disability insurance or student loan help from a company built by doctors, for doctors? Make sure to check out HelloAttend.com