James M. Dahle, MD, FACEP is a practicing emergency physician and a veteran who developed a passion for personal finance and investing early in his career after being ripped off by financial professionals of many types.
After a lengthy self-education process, he realized nobody was teaching this material to physicians and similar high-income professionals and many of them were making the same mistakes he made. This passion grew into The White Coat Investor blog, established in May 2011 and now the most widely-read, physician-specific personal finance and investing website on the planet.
He is the best-selling author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing and The White Coat Investor's Financial Boot Camp: A 12-Step High-Yield Guide to Bring Your Finances Up to Speed.
He also has a new company to help you manage your student loan burden directly. Find out more and schedule a consultation here.
Now, let’s look at what we discussed in this episode:
- The problem of student loans and how physicians deal with them
- Common mistakes physicians make when it comes to handling student loans
- Is forbearance a bad idea
- When is the right time to get advice on student loans
Here’s a breakdown of how this episode unfolds…
The physicians are doing pretty good in their debt-income ratio but it's definitely getting worse. If you look at the data from graduating seniors the average MD student is owing to something like $205,000 coming out of school. The average DO student is more like $250-$260k.
Whenever you have questions is a good time but I would say the biggest bang for your buck is honestly probably at the beginning of residency. That's when you make a lot of these decisions and that's when they are most complicated.
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