Why I'm NOT Paying Off My Student Loans

[@DrCellini]

Disregard the bruise on my face…Andriana stuck me with needles 😎

[@trigger059]

Should I be calling anyone about this, lol

[@JCResDoc94]

*SWEET!* then im not paying mine either! dont have time to watch the video, but im no less inspired. -JC

[@JCResDoc94]

also Au auto deducts student loan payments at an ever increasing threshold, like tax - before it hits your account. so you have no choice. tho it i is indexed but ~interest free ish. but that is only for tuition. -JC

[@Ms.Opinionated]

I've heard that student debt affects buying a home. fact or fiction?

[@mikerand1980]

Blink twice if you are safe

[@waffelsmellgood]

I think it really depends on how much money you make based with that degree. I didn’t make more money when I graduated instead my loan of 35,000 turned into 50,000 in less than 2 years. I’m not helping myself by ignoring those loans.

[@HolisticDramaFree]

True that

[@stuartbagley2586]

Do what you can to pay the interest, even if you’re in forebearance. If not, you do end up with much higher principal. It can hurt to make those payments but you’ll thank yourself later. I did the same thing as Leejpo and I’m still paying on loans that I should have finished a long time ago.

[@roland1912]

Use existing loopholes to exploit forbearance until (I believe) student debt will eventually be forgiven. Use free online schools (People's University for instance), sign up for classes, notify your student loans you're in school, the loans go back into forbearance... either pass the classes or fail them entirely, it doesn't matter. Keep doing that forever lol = no student loan payments. I've been doing this since 2012.

[@loveholidaybyviction1272]

@@roland1912 The only problem is you have to be classified as a full-time student.

[@tomseller2234]

@@roland1912 it’s never going to be forgiven cuz politicians can get people to vote for them by saying they will forgive loans but they will never do it then just blame it in the other party and keep running on the same issue every year never fixing anting

[@mavadd88]

Personally I don’t trust the markets at the current levels as the everything bubble might pop just as it can continue to inflate. For that reason I’m paying off debt… paying off debt leads to a guaranteed increase in your NET worth, also gives peace of mind.

[@shamrockgirl6595]

I struggled w/the decision 2 pay 💲 off OR retain my savings. In the end I paid them off, because it came down to PEACE of MIND. ❤

[@jesseseale2558]

I did it as well. It hurts but I’m free in the long term. Plus, I have enough in my Savings to stay afloat. Shout out to the unemployment checks, stimulus checks, scholarships, etc for getting me through!!!!

[@Omonike88]

You are wise.

[@chrisgrant3939]

Same here, MONUMENTAL weight lifted off my shoulders

[@tmusa2002]

Plus, after all, it is a loan, and people are supposed to pay back what they borrow. It’s a moral obligation for many.

[@Omonike88]

@@tmusa2002 It's a LEGAL obligation for all borrowers!

[@zahsum]

I'm so glad you went down this route in your KZbin channel. I'm definitely going to keep this info in mind later down the road! Great video 10/10

[@DrCellini]

Thanks so much for the kind words!

[@dr.stevenpennym.d.3241]

I was fortunate enough to get out of medical school with only $5600 worth of debt. This is also including my undergraduate degree.

[@pep590]

I know this is a year later but way to go Dr. Steven!

[@laurab9518]

Did you go to school 30 years ago?

[@dr.stevenpennym.d.3241]

@@laurab9518 Yes

[@consumerdebtchitchat]

Chose to put a pool of money into buying a condo in 2020 instead of my student loan which was on PSLF anyways. The condo will be paid off in 3 weeks. I just found out from fedloan my 120 payments are done as of July 2022. If I weren't holding a letter from the government I'd never believe it. Great video!

[@steffan683]

So grateful within the next week I’ll be 10k left to completely paying my off 100k debt.

[@saanvi848]

How were you able to do it?

[@steffan683]

@@saanvi848

[@steffan683]

@@saanvi848

[@saanvi848]

@@steffan683 who is your financial coach, do you mind hooking me up?

[@steffan683]

@@saanvi848 Her name is Mrs Loretta Wilkinson you can look her up online

[@johnnyquest9519]

I’m not paying off my student loans because the government has to learn fiscal, responsibility. Who in the right mind would give $133,000 to an 18-year-old kid?.

[@nf3922]

You are right. We shouldn't trust an 18 year old to vote either with that logic.

[@johnnyquest9519]

@@nf3922 why’s that? Would you rather give $133k to a kid with no job or have them vote.

[@ChristopherFodor]

Lol you went to college but don't know the difference between fiscal and physical

[@dayday8154]

That burdens you more than the government so that doesn’t make sense.

[@ToxicAvengerCleanYourMind]

Someone who knew you wouldn't pay it off and wants you in their debt. Their goal is to shrink the middle class and control you through economic means. Probably should of known this before college. If it's too good to be true...

[@meez5753]

I know the real estate investment route is great but I think we also have to consider that when we do this, we are taking away affordable housing from people that would have bought that property and used it as their main home. It's a lot more expensive to be poor.

[@semilvr]

I understand what you’re saying but if the property was on the market and available, it could have been bought by anyone. Someone could have made an offer on it and used it as their main home for sure. But I don’t think what Dr. C did was wrong. He’s not a big real estate investment firm snatching up dozens of properties and using them for Airbnb. In a way, he’s made the property more accessible for people who maybe couldn’t qualify for a mortgage on their own. By allowing them to rent.

[@EmpireRamzes]

Thank you for saying this, I'm not sure why this gets left out of the equation.

[@calvinmiguel4405]

As a first time first time homebuyer looking in the market, this is extremely frustrating. How am I supposed to compete with buyers like Blackrock who are able to pay in cash?! My 5% downpayment is never going to be able to compete. Unfortunate that others more well off use it as a secondary property for passive income. That being said…it isn’t their fault and the responsibility falls on our law makers to do something about it. Can’t really blame them because I’d do the same thing if I were in their shoes.

[@EmpireRamzes]

@@calvinmiguel4405 they foot some of the blame because its greed, how much more money do they need ? at what point will it be enough ?

[@calvinmiguel4405]

@@EmpireRamzes I agree, they deserve some blame. But it isn't illegal and nothing is going to stop them from doing it. Seems like a pretty easy fix from our congressmen if they wanted too...give priority to first time home buyers. But that won't happen due to capitalism.

[@mattset9335]

HOW TO PAY YOUR LOANS OFF THE SMART WAY: Consolidate your loans into a Direct Loan. Apply for a student borrower to defense application. This application gives you a forbearance until the application is processed. It takes an average of 6 years for the application to be processed by the Department of Education. This gives you at least 6 years of interest and penalty free forbearance. After 6 years just repeat the process!

[@andressmith1414]

Dave Ramsey is punching the air after watching this

[@theavidinvestor971]

That’s hilarious i searched the comment section for this. I was going to comment the exact same thing.

[@sweathawgboudreaux3887]

kzbin.info/www/bejne/pXWxg5WImNqnmqMsi=9S4uQUNXG52RgiTV

[@tannerstafford16]

When talking about cash flow don’t forget to factor in maintenance and property management fees. Cash flow would actually be calculated as rental income - expenses - mortgage = cash flow. Your cash flow on this property assuming you aren’t managing it and using average numbers for maintenance in the south is 2700/year at 9.7% coc return. This is because part of your cash flow goes to a savings account for future maintenance and vacancy.

[@Doc_Schmidt]

Great video! Really enjoyed it. Going to have to start making a lot of these decisions soon...

[@DrCellini]

Thx man!

[@gabnurse]

This is just relieving to me. I’m the only person I know over 150k in loans and seeing a community of people who have that or more, makes me see it’s really not the end of the world.

[@macummings7818]

Depends on your life framework A cautious view might say, better to reduce debts in case investments don’t work out. Real estate is a huge money sink depending on issues with it. Also our personal circumstances can change - risk is variable and unexpected- that’s why it’s risk. So this is one view he is sharing - there are certainly others.

[@Tell_It_Right]

135k here.

[@ColdPlungeCam]

What is your job or degree in? Just trying to figure out with that much debt why people pick the routes they do when looking at financial numbers it puts you in a bad position ( not trying to be critical). I think I’m just curious if the projected income outweighed the burden overtime

[@latinaalma1947]

So I asume you were raised maybe middle income like me,,no silver spoon...WHY did you do this? You could have gone to community college and transferred in toma four year college saving half of your debt right there! Didnt you work 2 jobs like I did? I went from community college where I worked and also off campus in a second job, transferred into a four year private college worked as a secretary THERE, graduated cum laude. Then went to Northwestern University the fourth or fifth ranked uni in the USA for my masters and phd d in clinical psych worked those years as well was a lecturer, then instructor and became faculty...a professor of clinical psychology and eventually an academic uni administrator. I graduated all my degrees with ZERO debt and my working did not affect my grades or honors or career path at all! I lived under my income all my working life TOO...I socked every penny I could into my 401 K and was able to retire at 50...15 years EARLY to sail the Caribbean with my husband. We sold the boat after ten years and moved to a beautiful tropical highland home on the side of an extinct volcano in Guatemala. I still HAVE the money I retired with...this after travelng by air and cruise ship to Europe many times over the past 7 years...we live on two social security checks and one tiny uni pension from an earlier job. I had no debt because I worked my azz off while I attended classes and studied...no social life, nose to the grindstone,,no parties, vacations drove an old VW bug. ALWAYS drove very well maintained, but older vehicles. NO DEBT, no debt on credit cards. Examine your lfe NOW while you are still young ...you can do BETTER. Really you CAN. You arent going to get handed free.stuff your whole life. Best to learn the lessons NOW while they can still pay off BIG for you. Nobody handed me an education, my condo at 30, my 45ft sailboat at 50, my retirement fund that is 70% MY savings and profit I made investing, not my pension. No one handed me this gorgeous now $500,000 home in Guatemala I pay $97 in annual property taxes on. I was always researching how to get here and working, you have to work hard, but most important work SMART.

[@consumerdebtchitchat]

You are NOT alone. I have friends with way more and I had 110k myself.

[@SavingsMinusDebt]

Rental Payment - Rental Balance = Your cash flow till The Bank gets back all their money first. $28,125 - $250,000 = negative $221,875 of cash flow.

[@qjc2300]

Facts

[@dawnnwalker1835]

Worked my butt off while in college (I just graduated in May). Saved about $60k (working minimum jobs btw lol). I just paid off $28k for Parent Plus loans yesterday. I'm going to gradually pay off the $26K for the next 9-12 months. I'm very good with money, I can make it all back and more. Personally having the thought of being in debt gives me massive anxiety, feels like a weight is on my back. I'm just happy to almost be debt free. I wish anyone who is in massive debt luck. Just come up with a plan and remain determined, things will get better, just make the best decision for you.

[@michaelbindner9883]

The alternate question is, if the student loans are paid off quickly, how much money that would have gone to paying principle would instead be available for investment over time.

[@macummings7818]

Right This is such a scary bet to me

[@macummings7818]

If part of the ROI is going to the debt then yeah

[@cbl6520]

I calculated it, $100,000 in student debt amounts to $1.5 million in lost wages over 20 years.

[@flyingscotsman32]

It depends on what “quickly” is and how old you are. The one thing he omitted in his pro’s and con’s list is your age and projected time left in the workforce. The younger you are, the more compounding interest on investments can overcome debt. But as you get older, the interest rate on the debt becomes increasingly significant.

[@angelicamariazamudio2515]

I regret all my studies... I should have work, save and invest... university was an illusion

[@lilone0543]

Say that Again!

[@bobriemersma]

I think many people radically underestimate the value of being debt-free or at least debt-manageable to both themselves and the economy they swim in. The greater societal "bills" of decades of insincere borrowing are only beginning to come due. Geopolitical analysts are well aware of the darkness this will create on top of other realities like demographic collapse.

[@JsForLyf23]

You say "Do your homework" and "Do your research" but can you go into what exactly that means? Are you talking to property managers in the area? Are you on Biggerpockets forums? What is your process to analyze these deals to guarantee at least 17% ROI?

[@roshr897]

The examples with the graphics definitely help to understand how property investment works a bit better

[@ciararobb8049]

Can you make a video about getting your first job as an attending and how to negotiate your contract?

[@DrCellini]

I don't know if anyone will watch it lol

[@skyhye8]

Hey Dr. Cellini, how have you gone about property management? Have you been able to find good property managers in the areas where you've bought your houses or do you have a different method for ensuring each property is functioning well? How does that cost of a property manager factor into the equation?

[@ciararobb8049]

Yay!! Love these types of videos. Thank you!!!!

[@DrCellini]

Glad you like them!

[@soulistic87]

I was able to purchase 2 homes with student loans. They look at your monthly payment. As long as that is low you will not have an issue.

[@kevinskowronek586]

I've been paying it off for 20 years now. Its such an injustice.

[@Aaron-cc7yq]

I appreciate this route and I understand how it makes sense financially. Who knows how I will feel in 8 years once I am finally an attending, but as of right now my plan would be to buy/lease a nice car and continue the delayed gratification for everything else and try to pay off my loans in about 3 years if possible.

[@zachjones2346]

Why would you get a car you can't afford with the most expensive option for "owning" it? You aren't delaying any gratification.

[@dilansarmad3385]

I really liked your channel before you made the changes in your content, But now I like it wayy more!!

[@1p4142136]

When you took a student loan you essentially invested on your education. Now maybe a year ago the interest on a mortgage might’ve been 3% now it’s at about 8%.

[@mendozadental3217]

Great advice Doc, this is exactly what I aim to do when I graduate as a Dentist in a few months!

[@sc9573]

Dont u also have to consider the money u make on investing will be taxed? Especially at a high rate if ur income is already high

[@flyingscotsman32]

It depends on the account. If you investments are tax deferred (meaning you haven’t paid taxes already ie 401k) then yes it’s something to consider. If you are using post tax money in a private brokerage investing, you will only pay capital gains rate on the interest. And if you are using a tax advantaged account (think Roth IRA) you only pay taxes up front and the interest grows tax free.

[@marcojimenez431]

Literally just had my mentor at my job (an anesthesiologist) yell at me to do something else because the debt of going was high and the pay is continuing to get lower/ “he has to work more hours to make the same amount” and it is very discouraging.

[@peterjohansen3925]

I chose the IBR route and currently paying $0.00 per month. There was a severe problem in getting hired so I see this as a viable option. Reviewed the choices many times and still came out with this choice. Now hoping that Biden will get his magic pen out and help many people.

[@diegolara4202]

You are only accumulating interest. Don't depend on the government to bail you out. Eventually the bills will start coming in if you start making more money and you will regret having waited for the government to come save you. I recommend you at least pay the interest rate each month.

[@Vazcov1609]

@@diegolara4202 Your comment does not make sense. He is not accumulating any interest right now. Even if in May they decide to put a stop to the COVID forbearance, if he is planning to do PSLF, he should pay as little as possible, which would mean not paying interests if at all possible.

[@peterjohansen3925]

@@diegolara4202, maybe you have not heard of discrimination and with unemployment, the income is not high. $0.00 per month is based on income or income based payment.

[@sneakysnake2866]

By having multiple rental properties, how does managing them go? Also are these properties within your state or out of state? How does that work for making sure your tenants are treating the properties well?

[@AdamSturdi]

Awesome video, I was just talking about your various videos covering this topic! Thank you!

[@DrCellini]

anytime!

[@shamrockgirl6595]

Love 💞 the variety of your videos 📹.

[@JAP2069]

Hi, im a pre dental student going to dental school, where can i learn more info about real estate? I would love to know this information to decide whether to pay student loans fast or slow

[@AdamNessim]

Was thinking the same. I had some extra cash and was making payments when it was at 0% just to pay them down and then realized I was just burning through liquidity and started investing instead. Loving the finance content

[@ristogrkovski7931]

Love how you're evolving content on your channel. Great job!

[@daniellebentley2425]

What about property tax and upkeep? That would depreciate your cash flow percentage, yeah? 2.42% average in Jersey it seems - so ballpark $2,800-$3k annual property tax on the $120k assessed value.

[@sdaniel123]

This credit system, and college loans are designed so that lenders will never be able to pay them off, until they're old and falling apart.

[@moneymakingentrepreneurs]

Thank you this really helped me make a decision

[@tyleralger6083]

I would argue that your net worth will increase much faster by paying off loans BEFORE investing, even though you may have a higher rate of return on investments when compared to your interest rate on your loans. Great insights though, loved the vid.

[@daveshondel5108]

ignore this girl to your left..... she's my little sister. I have a friend who wanted to attend medical school, she was excepted into Midwestern school of Madison and Phoenix Arizona. That is an osteopathic medical school. I agree to pay for her education and Room and board and whatever else she needed. she did excellent until she was in her third year. at that time she failed two boards and was dismissed! No refunds nothing. I know she tried as hard as she could and I don't hold anything against her I just did not understand that it is possible to be released from medical school even though your first two years were stellar.

[@corbinneilson6738]

FLAWED. Compare Student loan debt to a very leaky faucet. When you pay extra towards principal, you are tightening the valve and less of your money leaks over time. The earlier and more you tighten, the less you leak over time. Don’t go building other means to collect water until you’ve mitigated the water that is pouring down the drain. I hope this helps at least one person to avoid this gentleman’s advice. And my advice IS 100% financial advice.

[@shabangbangyo]

You didn’t include costs of maintenance, management, etc. Do you use a property manager?

[@PassportBrosBusinessClass]

THERE ARE NO CONS TO PAYING OFF LOANS EARLY.

[@newworldmusic9008]

Just a question, how are u able to get mortgages for multiple houses? It's hard enough to get mortgage for one house lol. Private mortgage or through bank? Thanks

[@pedrocols]

I started school late so even if I want to pay off my loans it will not happen. I will be very dead before I can pay them off.

[@BoltCRNA]

I had about $200,000 in student loans. Paid it off in 24 months. I just wanted it gone. I of course had an emergency fund and also maxed out my 401k and bought a Tesla, took a couple trips. It helps to have a rental property that you can sell.

[@pikusarker1359]

Sir how much do you earn?

[@sherrydawson6253]

Your so smart. This will help so many!

[@sallythibodeaux7992]

You didn’t mention anything about maintenance and/or repair costs on your rentals. We know that this is a variable expense but can be costly.

[@idamise2007]

What zip code do you aim for in the south?

[@patriot3536]

Great advice, new to the channel . Good stuff

[@Teslashock824]

How do you handle maintenance issues for your properties in the south? I assume you don’t live in the south right now

[@18mbiana]

Love these videos!

[@Patz1232]

This is helpful although when do you plan on paying off that debt?

[@JayAbreu12]

Hmm seems like a great idea, its a lot better than my idea. Using monthly dividend checks to pay off the student loans, but overall its the same concept. I think you did it best using real estate and having sufficient cash flow where you can use the money from the rental properties to pay off the student loans in a quicker manner. Maybe when I become a doctor I would use a combination method (using monthly dividend checks with monthly rental income) to pay off my student loans.

[@alphaspartan]

When the real estate bubble inevitably pops again, hopefully Cellini has the cash flow to keep his many investments and debts afloat. Many regular people (not doctors or KZbinrs) were buying up real estate in 2004 during one of the last bubbles (look up 'the big short', great movie) and they lost it all. Many of the laws that were passed to prevent that from ever happening again have since been repealed. We're definitely back in bubble territory.

[@patrickjohnson5502]

What about the cost of managing the property?

[@michaelryan_pa]

Thanks man. I’m from the south (Tennessee) Practicing in Florida. How do you go about finding investment real estate? So little time!

[@mrderek800]

So, if I am interpreting this video properly. If I have any student loans over 6% I should focus on paying those student loans off before putting that money into an investment? Right?

[@jrod1363]

Nice vid thanks. So you live in NJ but own homes in the South? How do you manage them and find/vet them without being in proximity?

[@insomnia9999]

I’m focused on saving and paying my home off. I have fed loans and if I lose my job that payment will go to $0. I rather have stability with how this economy and inflation is looking. I’m paying the minimum and if I find extra I’ll give it.

[@mrspunk61]

I would try your best to get out of debt. Yes you could make money by investing in the stock market but you can also lose or or just not make any progress. It can also cause a bunch of stress as the market goes up and down and something you can't just ignore when maybe you should be concentrating on your work. I get the real estate though

[@viralsheddingzombie5324]

Have you considered buying commercial properties?

[@asdfjklasdfjkl408]

Could you do a theoretical "500K+" for those of us unfortunate enough to be in that position? Thanks!

[@samuelmontypython8381]

I don’t think real estate is a good idea for people right now though. The market is still over-inflated, the key event being Zillow’s massive screw up realizing they bought too many homes way over retail value. I want to get into real estate too, but I think 2023 is a better year

[@youtubesucks1499]

Yeah and when your credit rating is 348 and they garnish your wages...

[@dmbgator86]

This would drive Dave Ramsey insane

[@drreyeswellness3870]

Great content once again! What State did you invest in?

[@georgeguirguis5618]

I am also interested in Real Estate and in medical school, do you think its a good idea to study for the real estate license and obtain one

[@tiffanyableable]

If you have down time it would be nice to just say you have lol med school is already insane as it is. There’s so many resources online, it should be sufficient enough in getting a grasp of the ins/outs of the market.

[@Lionheart_He-Man]

Hmmm, I decided to allocate income to both student loans and investing, both paying off loans and making capital gains plus dividend income. I would prefer to go harder on student loans, the thought of servicers charging me dollars per day/week/month in student loan interest is just unfathomable.

[@Times_to_Relax]

I heard they can suspend your professional license if you don’t pay it back

[@seanjean9677]

I’m hoping for a loan deferment extension again lol

[@bobfg3130]

Interesting. You should probably put some money in an index fund and some bonds to diversify. In fact I think it might actually be a great time to invest in shares now but index funds are probably the safest bet. Or you should put some money in gold. It's a great idea.

[@KevinBuii]

Thanks for creating this video, i was stuck in the exact same predicament you described and this video showed up like it was sent from heaven. Thanks again for the knowledge!

[@jordans2177]

I haven’t looked at my loans in… a long time 😅

[@tylermueller3205]

Hey Dr. Cellini! I am going to matriculate into medical school this July and I have worked in real estate leasing for the past 5 years while in undergrad. How do lease contracts work in terms of repairs in Georgia? I have worked in North Dakota and Minnesota and we as landlords are typically responsible for appliances, etc. Are you ever concerned that a $1000 appliance replacement or some other repair would eat up a couple months of cash flow? Or is this the renters responsibility? You touched on this briefly but how would you go about budgeting an emergency fund for the investment vs your personal emergency fund? Thanks!

[@DrCellini]

Landlord always pays for damages and appliances. Of course that could happen, and I may have to replace a dishwasher or something, but it's ok. That's just the risk you take. If it happens, it's just 1 months rent that either doesnt cash flow or is even. It's a long-term play.

[@fleuretterosiclair1084]

Appliances and repairs, heat, air conditioning, the driveway, landscaping, snow removal, hiring a real state management company etc. are all the landlord responsibilities. The cash flow on rental properties is best be use as emergency funds for the property management. Replacing a wall holding a driveway and parking lot after many research and negotiating cost me 10 thousand $. The increase in equity on a property is really what to look forward to. If you don’t use your cash flow as emergency fund for the property, you will just be adding debt over your existing debt.

[@mikerand1980]

I used to work for a teleradiology place (I did the radiologist's IT) and you have an income stream ability that others lack. So this advice of DOING BOTH is less useful for others who don't make that much money. Many of the radiologists worked their "normal jobs" (12 hours or more) during the day and then would spend their evenings and nights reading studies for the teleradiology place... Yes, I am aware teleradiology pays by the study - I believe CT Brain / Head stroke alerts paid well so did modalities like nuclear medicine that were less common. I think the majority of people can't afford to both invest and pay off loans - actually I think the majority of people can't afford to even just pay off their student loans.

[@SavingsMinusDebt]

According to The Laws of Mathematics people in student debt do not have the option of investing in anything.

[@discoveringhealthandfinanc8328]

I disagree. You can do both.

[@SavingsMinusDebt]

@@discoveringhealthandfinanc8328 You're disagreeing with The Laws of Mathematics, not me. The Laws of Mathematics were here before I was born.

[@cathy9279]

Love your explanation and thought process sitting at 500,000 for Med school loans and 2 kids done with college, was going to be DR gazelle intense to pay off but with new salary of 200,000 annually and paid off house going to consider your ideas, hoping my CFP will lead me right

[@macummings7818]

Please take stock of your own individual circumstance - and most importantly life framework Are you situated w a reliable, stable career industry that will allow you to bet on that stability to tide you through a bunch of spending? Are you confident about whatever investment you’re about to sink your faith and resources into - have you accounted for a certain percentage of inevitable loss- or perhaps substantial loss? What about your personal circumstance. How much hedge do you have against something impacting your ability to earn? This guy is taking his own chance with his life - which seems to depend on a lot of things going his way. Preparing for risk is an important aspect of creating a secure life and building wealth - focus on the granular details of your own situation and personal life goals not anyone else!

[@cathy9279]

@@macummings7818 thank you for your thoughts I certainly have a lot to learn!

[@tomare6479]

In other words how did you find the house? You had all the privileges possible for an up and coming IR attending

[@xoxoxobriaNa1289]

Love this - super clear and helpful! I always wondered what to do once I have an income with all these loans hanging over my head. This is great!!!

[@macummings7818]

It’s not “great” it’s HIS life! Please take stock of your own particular circumstance in life and goals for your own life and future. Risk must be accounted for - then it won’t knock you down - and set you back in a way you never planned for. These ideas he shared are based on his own approach to risk - you must do the work to figure out your own way. Wish you the best.

[@bradr637]

More videos like this, please!

[@dr.acquah]

Internal Medicine resident in NJ...I do enjoy your videos and thanks for sharing. I hope to make the right decision as time nears.

[@patriot3536]

What state in the “South” did you buy in?

[@SamianHQuazi]

Why don't you set up a 529, make yourself the beneficiary, and then use the growth from that to pay down your student loans years later (if need be)? The SECURE Act of 2019 explicitly permits this.

[@zzzinsomniaczzz]

Love the dive out of the frame on the outro. Very smooth. Can you please do a video talking about which companies you used / considered to refinance your loans? (And what year that was)

[@laprechaun12]

I’m about done paying off my 29k debt.

[@dr.pewpew2619]

You ignored an enormous Pro to paying them off: longterm debt is a tremendous liability, especially student debt. You might argue this is "peace of mind", but it's bigger then that. Let me explain: Let's say you're in a bad car accident, have a stroke, dive into shallow water...it doesnt matter what, and lose the ability to work and/or die. This happens all the time. Student loans are THE ONLY DEBT NOT FORGIVEN IN BANKRUPTCY and the burden transfers to the deceased estate or cosigners. You can no longer work, AND you can not escape the debt. This burden follows not only you, but also your family. If you cash out retirement to cover the debt, you'll lose 40-60% of your retirement in penalties and taxes before even applying it to debt. If you don't take the retirement payout early, the entirety of it can be garnished until the debt is cleared. I.e. you lose all of it anyways. Student debt is unique, and your finances around it are not a game. You're literally gambling your families future. Don't be dumb - clear that specific debt as fast as you can.

[@DrCellini]

What you are saying is not true. Your student debt is not transferred to your spouse or estate if you die. Furthermore, everything you say is all the more reason to have disability insurance.

[@dr.pewpew2619]

@@DrCellini you are responding to a misinterpretation of my remark. I did not say it transfers to a spouse automatically. But, it is common (and with many lenders required) for unsecured debts to require two parties during the loan origination or refinancing. This is commonly done with parents or spouses. That makes those parties equally liable for the debt in the event of your passing or disability. MDs are viewed favorably by lenders as a low risk investment. You would know these as things like "sweetheart mortgages". Sometimes this negates the lender requirements for things such as second signers, but does not negate estate liability. If you pass, and are in the minority of single signers for the debt, as holder of a protected unsecured debt the lender can declare a "first" against the estate for owed monies. Meaning any asset or equity with your name attached can be liquidated to conver the debt. I.e. forced sale/liquidation of a home/stocks/retirement accounts. Student loans are a special class of unsecured debt. At face value, I have no issue with disability insurance. Personally, I would rather trust myself to address my finances today, rather then trust the altruistic nature of insurance companies. Working IR, how many times have you seen a prior auth denied the day of a necessary procedure? From the ED, I hear horror stories from my surgeon colleges weekly. Those are the same people handling your disability insurance. Their mission is successful if they do not pay you. I've been at this for a while. So, I don't mean to come down on you hard, but have you read the riders and exceptions clauses attached to some of those disability contacts? Things like "owning a motorcycle/boat/plane or any other unnecessary equipment for the conduct of work voids X companies responsibility". Meaning you don't even need to be hurt on the bike; just owning one gets them out of paying. They are not in your corner just because you pay them. Look, your videos point was to view liability from debt differently. I couldn't agree more. I financed my house, but still have investments, because 2% vs 9%. The one exception to this is student debt. That is a special kind of evil monster. P.s. sorry for needing to post under an alias. 2yrs ago I had a crazy hunt me down because of a comment, call my hospitals HR and say a bunch of crazy things, then make a bomb threat. HR asked me to stop posting under my real name, and those ladies are nice. So, I agreed to.

[@andrewreidenbaugh7076]

Hey Dr. Cellini, do you think majoring in Psychology BA or BS for my undergraduate degree is a good decision if I’m planning to be on the pre-med track?

[@edhcb9359]

It doesn’t matter what your undergrad major is just so long as you take the required pre-med courses.

[@PabloGonzalez-oq8xf]

Plenty of opportunities and loan repayment options to not have to pay anything. I haven't paid a single penny of my 500k loans...15 years. As a provider you end up having lots of options to avoid payments and keep your money working for you

[@medullaoblongata7979]

But what about the tax bomb when the loans are forgiven?

[@mitchasris3267]

Yeah that’s good and all but wouldn’t it be cool if America just decided to abolish student debt!

[@brucedubby6449]

Pay off debt 1st. You can't start to build wealth when you're knee deep in debt

[@JT-tx2ns]

them: "I thought you had enough money to pay off your student loans." Dr. Cellini: " I did. That's why I bought MULTIPLE houses." A mf flex

[@economicallyshort5184]

No property tax?

[@ashog1426]

I plan to get a second job and do both 🙏

[@vristlol4369]

You're amazing!

[@DrCellini]

well thank you!