Doctors with $314k in DEBT | Millennial Real Life Budget Review Ep. 18

[@yojs17_]

Most likely as a physicians they have their own-occupation disability insurance. It is expensive but necessary as physicians.

[@susanhoover1820]

Or possibly malpractice insurance?

[@yojs17_]

@@susanhoover1820 Malpractice insurance is covered by the employer. As a new physician you usually get disability insurance soon out of resident because it is the cheapest the younger you are.

[@katerinaschenke819]

I love an HSA but something to consider as that these are for high deductable plans. Depending on how much of a user you are of the system, it might be worth getting a low deductible plan.

[@DebtFreeMillennials]

For sure!

[@catgodfrey6451]

I ❤ this series. I would definitely use an extra 1,000 to get out of debt quicker. Adding a mortgage & a baby to all that debt would be super stressful

[@cokedclassic7627]

Care credit could have been pet medical or dental. Not covered under hsa

[@proper.role.model.819]

Yes, you're saying Ocala, Fl right!

[@DebtFreeMillennials]

Oh good! haha

[@judithbuchanan9566]

Love these series so much 👏🏽👏🏽

[@allisbookishadventures8260]

I love these videos!

[@AnnaH-bl8me]

Couple of pt: own occupation disability insurance is a HIGH priority for physicians to have. Get it before the end of residency to get the best rates. Mine is about 400. ABSOLUTLY. NECCESARY. God forbid you can't work, no w2 employee disability will cover u. No one in medicine won't rec this. Also, payments in residency count to PSLF. So the plan made here is 5 yrs moving forward but presumably have made 3-5 or up to 7+ years of payment depending on residency. Really important to take an individual approach. Kind of sucks there is no open forum discussion here and just ideas based on a spreadsheet without any discussion.

[@DebtFreeMillennials]

I think the comment section is serving for discussion! And I like your feedback on the insurance info. Many people who submit their budgets to me see these comments but don’t respond bc they don’t want to give away who they are.

[@amielawson8344]

The payment on the care credit could be what they are choosing to pay to pay it off before the interest kicks in.

[@ryanwilliams989]

Making money is not the same as keeping it there is a reason why investments aren't well taught in schools, the examples you gave are well stationed, the market crisis gave me my first millions, people shy away from hard times, I embrace them.. well at least my advisor does lol

[@TheresaAnderson-kf5xw]

This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?

[@maryHenokNft]

Not at all, having monitored edge my portfolio performance which has made a jaw dropping $473k from just the past two quarters alone, I have learned why experienced traders make enormous returns from the seemingly unknown market. I must say it's the boldest decision I've taken since recently.

[@maggysterling33254]

@@maryHenokNft I've been thinking about going that route. I have a lot of stocks that I have maintained, but they are beginning to lose value, so I'm not sure if I should hold onto them or sell them. I feel hiring your investment coach would make it easier to restructure my portfolio.

[@maryHenokNft]

*Camille Alicia Garcia* serves as my portfolio coach, and I discovered her on Bloomberg where she was prominently featured. After conducting an online search of her name, I was fortunate to find her website and promptly reached out to her. You can independently verify this information.

[@BiancaSherly-qt6sb]

Thank you, I copied and pasted his name on web browser and sent a email waiting for reply.

[@angeljuarez93]

The formulas for debt and future under planned expenses are not correct. There is plenty they could try to cut though.

[@johnfoxsmith2077]

Great content as always Justine! My wife had to go through IVF, and unfortunately our health insurance isn't very good and wouldn't cover any of it. With time lost at work, meds, Airbnb, etc it was just under $10k. We went with one of the most affordable IVF providers in the US as well, and tried to cut costs as best we could. If insurance won't help, I'd definitely budget $10k at a minimum for fertility treatments!

[@mylifeasnih]

Hey @johnfoxsmith2077 do you mind sharing your clinic and if you had a good experience?

[@johnfoxsmith2077]

@@mylifeasnih We went to CNY, at their Buffalo NY location specifically. My wife was very scared and anxious about the whole process, but the staff there were very kind and understanding. One caveat though. While we never had any issues, I've heard that their accounting department is terrible about keeping track of payments, so we always saved our receipts. We personally never had any issues though.

[@DebtFreeMillennials]

Thank you for sharing this!

[@mylifeasnih]

@@johnfoxsmith2077 awesome, thank you so much for sharing I will definitely look into that location 😊

[@hunterandchavy]

Do you have that Excel budget planner available for download?

[@DebtFreeMillennials]

Yes! Head to debtfreemillennials.com/toolkit

[@hunterandchavy]

@@DebtFreeMillennials thank you 😊

[@cassandrajosettehall]

This feels chaotic trying to achieve so many goals at the same time. I would try to prioritize their savings goals and work on a couple of things at time. I think they could pay this off a lot quicker if they got their income way up. $250,000 is not that much for doctors. They could be making double that together if his income is not yet factored in. They could get this cleaned up in a couple of years if they got their income up and streamlined their budget while working on only a couple of those savings goals at a time.

[@juancolmenares6185]

* not including the mortgage * - good disclaimer

[@amielawson8344]

Snowball pays $5000 more in interest though.

[@katerinaschenke819]

Why do they have lawn care if they are renting?

[@cokedclassic7627]

They probably mean decor or they rent a house and have to mow the lawn.

[@catgodfrey6451]

We rent & have to take care of the yard.

[@amielawson8344]

I also see a wedding fund, so are they not married yet?

[@briannelton9153]

They need to work on their student loans, with what the gov has for programs they shouldnt be paying anymore then $100/month on any of them.

[@chutneysmith6469]

High income - so reduced amount probably doesn't apply to them.

[@amielawson8344]

It appears that this includes her husbands student loans, so that would make his new salary, all extra, so if they buckle down they could pay off that debt extremely fast.

[@amielawson8344]

The student loan forgiveness shouldn’t be a thing. You take out the loan, you pay it off.

[@ryanlight1013]

Beans and rice only! No house! No cars! No eating out! And most importantly, no reproducing!!