Long-term readers know that the title of The White Coat Investor does not refer to me, it refers to you. I have tried to gradually focus the blog and podcast less and less on me and more and more on you.

One of the ways we have done that is our #livelikearesident and #backtobroke social media campaigns. We have used these campaigns on social media over the last year or two to celebrate with white coat investors when they pay off their student loans. Not only does this give them a well-earned pat on the back, but it inspires others to do the same. It shows people that the stuff we talk about here really does work. (If you want to participate, apply here.)

Live Like a Resident Application

Here are a few examples:

It may be a little easier to pay off a big student loan debt when you don't have a family depending on you, but don't think it's impossible when you do. ER physician Craig Boyle paid off a huge debt of $470K in 5 years, & did it while supporting a family of SEVEN! “Consistently higher payments, & every bit of extra money towards loans: signing bonuses, holiday bonuses, moonlighting, unexpected increases in pay. Honestly, every extra bit. Also, don't take out any other debt besides a mortgage: no cars, no credit cards, nothing else.”
Physician assistant Tori Carr paid off $166K in 5 years! “On a PA salary, I still carried six figure professional school loans. Learning to live & be content with living way below our means was key. No nice & new. We said no to shopping trips, vacations, dining out. Looking back, it was incredibly do-able as we were able to pay off in double time with life still happening— job changes, moves, kids & even while my husband was still in the early, non-lucrative days of his aviation career. Make it a priority & watch it disappear!”
Internal medicine physician Shavonda Thomas paid off $198K in 23 months! “I made debt repayment a priority. I worked/rented in a LCOL area, kept my 2012 Honda Civic, brought my lunch to work, refinanced loans to a lower interest rate, paid loans with every paycheck/quarterly bonus, & kept my monthly expenses low. I still enjoyed life & took 2 international trips, one of them to Bali, which was my loan payoff gift to myself!”
Anders Grinde paid off $368K in 27 months! “I’m a radiologist in South Dakota, so I lucked out moving to a LCOL state with no income tax. I deferred my loans throughout residency/fellowship, so, by the time I finished training, I had accrued quite a bit of interest. I started reading WCI my last year of residency & started implementing a financial plan during fellowship. As soon as I started my job, I refinanced my loans & then refinanced again. I’m on a partnership track through my job, so each of the last 2 years, I’ve gotten raises. My wife & I plus 3 kids live comfortably but not beyond our means, so both raises went directly to increasing my monthly loan payment, not inflating our lifestyle.”
ER physician Shay Dehdashtian Johnson paid off $450K in 8.5 years while living in the Bay Area! “I didn't get on the hedonistic treadmill of spending at the level I made. Attacked the high interest loans first. I didn't buy a house or a fancy car. I am a big fan of renting, especially in HCOL areas, given property tax, home insurance, association & maintenance fees. I definitely have been enjoying things like nice restaurants & international trips, but not setting up a life where I am constantly needing to work to pay my bills every month. Another tip is not to feel the need to keep up with colleagues or friends who are your age/income level.”
Anesthesiologist Hermela Tezera paid off $340K in 17 months! “I made debt repayment a top priority & avoided lifestyle inflation right out of residency. I took a job in a LCOL city, rented an apartment, kept driving my 2009 Honda Civic, avoided buying unnecessary goods/subscriptions, & packed my lunch most days. All extra income went towards debt. I also picked up extra shifts & still maxed out tax saving retirement vehicles. Finally, tuning in to podcasts like WCI kept me on track & uplifted my spirit. Nothing special here, just a whole lot of determination & focus helped crush this massive debt.”

On the podcast, we have noticed that some of our most popular episodes have been those where we bring regular listeners onto the podcast to share their stories. We have done this with people who have paid off their student loans, people who have become millionaires (built a net worth of a million dollars or sometimes much more), and with people who have obtained Public Service Loan Forgiveness. Each time we do an episode like that we get fantastic feedback about how inspiring people found it to be. So we decided that instead of doing it a couple of times a year, we're going to do it every week!


Introducing the NEW Milestones to Millionaire Podcast!

We call this new podcast Milestones to Millionaire. They will be short (<15 minute) episodes featuring an interview with a single listener. Our first episode drops today for download. If you are already subscribed to The White Coat Investor podcast, these episodes will just show up in the same feed. If you are not yet subscribed, why not give it a try? It's great for listening to on your way to or from work, while walking about the neighborhood socially distancing, while doing chores, or while working out. The shownotes from these episodes will be combined with the regular podcast episodes that drop every Thursday right here on the blog.

What can you expect to hear about on Milestones to Millionaires? You should expect to hear financial success stories from doctors, other high-income professionals, and their partners. There is no hard and fast definition of a “milestone” but we expect to have episodes that include milestones such as:

  • Achieving a net worth of $0 (getting back to broke)
  • Paying off student loans
  • Receiving Public Service Loan Forgiveness
  • Hitting a net worth of $100,000
  • Hitting a net worth of $500,000
  • Becoming a millionaire
  • Paying off a mortgage
  • Reaching financial independence
  • Retiring from medicine
  • Becoming a pentamillionaire
  • Becoming a decamillionairemilestones to millionaire

We recognize that the further down this list we go, the more frequently the guests may request anonymity, but we think there will still be value to you in hearing their stories. You can listen to these episodes as a podcast or even watch them on the Youtube channel. We hope you will celebrate their accomplishments with us. We hope you will be inspired to follow in their footsteps. We hope you will learn practical lessons you can apply in your own journey toward these goals. We hope you will see that everyone has their own pathway to success; there are many roads to Dublin. Most importantly, we want you to see that investing is a single player game—it's just you against your financial goals. You don't have to beat the market and you certainly don't have to beat your peers and colleagues. This is a game we can all win. Let's get rid of this taboo that you cannot do well while doing good.


So check out today's episode. Send us feedback about what you like and what you don't. If you would like to be a guest on the Milestones to Millionaire podcast, simply apply using the link below. In particular, we're looking for a couple of people in the Salt Lake area for two very special episodes we will record live during WCICON21. You will eventually be able to see all the episodes on this page as well as the White Coat Investor Youtube Channel.


#1 – High COLA Family Doc Slays $400K in Student Loans

Sponsored by:  Bob Bhayani at drdisabilityquotes.com


Be a Guest on the Milestones to Millionaire Podcast!

What do you think? Do you like the podcast? What would you like to hear more of on it? Comment below!