067 - 7 Steps to Paying Off Your Medical School Loans Quickly and Increase Your Income In Medical Practice

The Independent Physician’s Blueprint: Ditch Corporate Controls To Reduce Medical Practice Burnout & Generate Wealth Beyond Residency Training

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In this podcast episode, Coach JPMD shares seven steps to help physicians pay off their medical school loan debt quickly. The steps include creating a budget, listing debts from smallest to largest, updating the budget and debt snowball monthly, living like a resident for three years, avoiding buying an expensive home, keeping the current car, and building habits around these steps. These steps aim to decrease stress and increase revenue for physicians.

Chapters

00:00 Introduction and Background
01:51 Seven Steps to Pay Off Student Loan Debt
02:20 Step 1: Creating a Budget
03:20 Step 2: Listing Debts
04:20 Step 3: Updating the Budget and Debt Snowball
04:48 Step 4: Living Like a Resident
05:44 Step 5: Avoiding Buying an Expensive Home
06:41 Step 6: Keeping the Current Car and Buying Pre-Owned
07:37 Step 7: Building Habits for a Debt-Free Life
09:35 Conclusion
Inspired by the 7 baby steps taught by Dave Ramsey https://www.ramseysolutions.com/dave-ramsey-7-baby-steps

Discover how medical graduates, junior doctors, and young physicians can navigate residency training programs, surgical residency, and locum tenens to increase income, enjoy independent practice, decrease stress, achieve financial freedom, and retire early, while maintaining patient satisfaction and exploring physician side gigs to tackle medical school loans.