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FINANCIAL FREEDOM For Doctors: How I Paid My Med School Debt In 2 Years. My Story, Tips, & Secrets.

  Рет қаралды 12,655

Dr. Lindsay Marie

Dr. Lindsay Marie

Күн бұрын

Пікірлер: 95
@ccampaaz2867
@ccampaaz2867 Жыл бұрын
Watching this after I finished filling out my MPN and Entrance Counseling to start Medical school this year. Amazing discipline, focus and determination. Great tips and an awesome way to take advantage of 0% CC. Thank you so much for sharing.
@dr.lindsaymarie
@dr.lindsaymarie Жыл бұрын
Thank you :) and congrats on starting medical school!
@trainmap
@trainmap 3 жыл бұрын
You just inspired me. Good to see that this albatross I have hanging over my neck isn't insurmountable.
@dr.lindsaymarie
@dr.lindsaymarie 3 жыл бұрын
Yes, you can do it! :)
@NPMPJJ
@NPMPJJ 3 жыл бұрын
thank you so much for this video! i’m entering my first year of medical school this year
@dr.lindsaymarie
@dr.lindsaymarie 3 жыл бұрын
You’re welcome, and congrats on starting medical school! :)
@boonerowen8127
@boonerowen8127 3 жыл бұрын
I dont mean to be so off topic but does anyone know of a trick to log back into an instagram account? I somehow forgot the password. I would love any help you can give me
@tonyissue4730
@tonyissue4730 3 жыл бұрын
You are a wise owl 🦉. I get annoyed when people called me stingy as I am a really generous person 😇
@dr.lindsaymarie
@dr.lindsaymarie 3 жыл бұрын
Tony Issue Thank you! Haha yeah I hated being called stingy.
@matchmadeinmedicine3727
@matchmadeinmedicine3727 3 жыл бұрын
Awesome video. Thank you for the advice. They really should teach financial literacy in med school
@dr.lindsaymarie
@dr.lindsaymarie 3 жыл бұрын
Match Made In Medicine Thank you!! Yes they really should teach more on this topic in school. I hope some of my tips will help you both coming up here in the near future! ❤️
@germoreno8936
@germoreno8936 3 жыл бұрын
@@dr.lindsaymarieBut is it full time or part time? thank you by answering dr...
@dr.lindsaymarie
@dr.lindsaymarie 3 жыл бұрын
@@germoreno8936 I had 10 days off a month
@kimsordyl
@kimsordyl 3 жыл бұрын
Such an inspirational, thorough video! Thanks so much for sharing. This was a really wise way to go lol
@dr.lindsaymarie
@dr.lindsaymarie 2 жыл бұрын
Thank you for watching! I hope it helped in some way.
@myenethes1554
@myenethes1554 2 жыл бұрын
Thank you a ton for the video! After receiving my acceptance letter, I was stressing out so much about finances and couldn't let myself be completely happy because I was so worried about accumulating debt during medical education. Growing up in a poor household has made me develop a crippling fear of debt, so it's good to know of a doc with a similar background affirming me that it's possible to pay off your med school debt in a short time with prudent spending and aggressive repayment. i know a lot of ppl can be chill with living with debt above their heads and instead choose to use the money they earned during residency/attending for investment (in either real estate/stocks etc) to accumulate more money, instead of focusing to pay off their debt immediately. But that just aint me. IMO one advantage I have is that I'm still fairly young and I still have a fair bit of time left in life to spend more $$ in long-term investment without too much loss AFTER I'm debt-free.
@dr.lindsaymarie
@dr.lindsaymarie 2 жыл бұрын
Thanks for sharing. I wish you the best in your medicine and financial journey! 🙏🏼
@oldinemerilien6556
@oldinemerilien6556 Ай бұрын
You have really inspired me honestly like a lot. Being in a family that not middle class and have absolutely no doctors , who i can ask for advice is stressful. And i want to become a pediatrician, and hearing about loans stress me out because i saw my dad fighting about loans once all though he done paying it now but it was bad experience for him . Because I have one parent with me and another one in another country that i would like to help enter the U.S one day but when I think about it all it cause me stressed because it all seems impossible. Senior in high school by the way, but after watching your video, it gives me a little hope of maybe i can actually become what I want to be. And thank you for that.
@oldinemerilien6556
@oldinemerilien6556 Ай бұрын
You have earned a new subscriber 🎉
@dr.lindsaymarie
@dr.lindsaymarie 10 күн бұрын
I’m glad you were inspired! I wish you the best in reaching your goals and dreams ☺️
@dr.lindsaymarie
@dr.lindsaymarie 10 күн бұрын
Thank you so much!
@Aristotle2000
@Aristotle2000 2 жыл бұрын
You only need life insurance if other people depend on your income and they would be in bad straits if you died and they didn't have that income.
@dr.lindsaymarie
@dr.lindsaymarie 2 жыл бұрын
Thanks for sharing
@corycox8033
@corycox8033 2 жыл бұрын
200k is a sweet deal. dental school today is nearly 3x that number!
@dr.lindsaymarie
@dr.lindsaymarie 2 жыл бұрын
Oh my, that is craziness.
@VishalSharma-by3oq
@VishalSharma-by3oq Жыл бұрын
Love the video, it was really insightful! Can you touch on the types of jobs you were doing during this time period that you were paying off your loans? What areas of Family Medicine paid relatively more (ex: Hospitalist vs Emergency vs Rural vs Urgent Care vs Outpatient FM clinic)? If you tailored your time more towards the higher paying aspects of FM scope of practice, would you have been able to pay it down even faster?
@markfrancis5751
@markfrancis5751 2 жыл бұрын
Congrats! my son starts Med schoool this July...good stuff to pass on to him!
@dr.lindsaymarie
@dr.lindsaymarie 2 жыл бұрын
Thank you! Congrats to your son!
@alexburns6734
@alexburns6734 3 жыл бұрын
Thank you for the video! So with regards to income based repayment options such as IBR or REPAYE, is there a penalty on making early payments as you did?
@dr.lindsaymarie
@dr.lindsaymarie 3 жыл бұрын
You’re welcome :) There is no penalty for paying off the loan sooner! At least there wasn’t when I paid my loan.
@MohamedAhmed-ox1xb
@MohamedAhmed-ox1xb 3 жыл бұрын
Awesome video. Just matched into IM residency. Very helpful tips. Thank u.
@dr.lindsaymarie
@dr.lindsaymarie 3 жыл бұрын
Congratulations! And thank you! I’m glad it helped :)
@pearlivory3483
@pearlivory3483 Жыл бұрын
Out of all the videos I’ve watched WOW- finally found someone with a good and unique secret!! Haha nice!
@dr.lindsaymarie
@dr.lindsaymarie Жыл бұрын
Hope it helps! Thanks for watching :)
@SaRa-ms5zy
@SaRa-ms5zy 4 ай бұрын
Thank you so much, very informative video. 👍 God bless you!
@dr.lindsaymarie
@dr.lindsaymarie 4 ай бұрын
Thanks for watching! God bless you too :)
@NM-ze3dh
@NM-ze3dh 2 жыл бұрын
Thank you Dr. Lindsay Marie, will share with my daughter who is in 3rd year BS/MD
@dr.lindsaymarie
@dr.lindsaymarie 2 жыл бұрын
Great!
@Kyle-ke1zj
@Kyle-ke1zj 3 жыл бұрын
Good for you! This is awesome!! Thanks so much for sharing and God bless!!!
@dr.lindsaymarie
@dr.lindsaymarie 3 жыл бұрын
Thank you!! Thanks for watching and God bless you too! :)
@germoreno8936
@germoreno8936 3 жыл бұрын
Excuse me doctor could you tell me if the money that you make per month (9000-12000) is after taxes or before? and is a part time or full time... thank you so much by answering I would want to be a family medicine doctor
@dr.lindsaymarie
@dr.lindsaymarie 3 жыл бұрын
After taxes :)
@christianriveranolan9020
@christianriveranolan9020 Жыл бұрын
@@dr.lindsaymarie great info
@rahulreddy4414
@rahulreddy4414 3 жыл бұрын
That's Awesome. Congratulations on all that you have achieved until now and thank you for your piece of advice.
@dr.lindsaymarie
@dr.lindsaymarie 3 жыл бұрын
Thank you for your kind words!
@bobamagwula87
@bobamagwula87 2 ай бұрын
Did your medical school and under grad debt show up on your credit report ?
@aggi7695
@aggi7695 3 жыл бұрын
You make me know it’s possible to payoff 6 figure student loan debt
@dr.lindsaymarie
@dr.lindsaymarie 3 жыл бұрын
Yes!!
@pep590
@pep590 2 ай бұрын
Did you go to community college for the first two years and then apply for all scholarships. Also If oyu were close to being poor, didn't you qualify or any grants?
@lahilda
@lahilda Жыл бұрын
Can you give us any more information about which cards you used? And how much you pulled during what time frame of having to pay back? I'm an rph and definitely can use some tips to accelerate things, thanks!
@dr.lindsaymarie
@dr.lindsaymarie Жыл бұрын
Hi, good questions. This was at least 6-7 years ago for me so I don’t remember the exact card. At the time I had a Chase bank account so it may have been a credit card offer from Chase. Most people get multiple credit card offers in the mail so keep an eye out for ones that offer 0% APR for a year on cash advances. You will get offered a higher credit line once you start your profession, I was getting offers for up to $100,000. I only used $10,000 of credit line to pay part of my loan and it helped take a chunk off of the principle and avoid the loan interest. I did this more towards the end of my loan repayment so that I could be sure to pay it off within the year to avoid the high interest rate increase on the card once the 0% interest benefit was up. Hope that helps! Good luck :)
@livedontletdie
@livedontletdie 12 күн бұрын
So i need to make more per month as a pharmacist. We need higher pay
@jencheng3004
@jencheng3004 2 жыл бұрын
You let me know two years ago about student loans. You said I can borrow only up to the cost of attendance. (Tuition and living expenses). Are you taking out the COA amount? Isn’t that like making bank there? Will Biden write it all off in a year or more? So I’d like to borrow the maximum and as soon as possible.
@ERdoctorMike
@ERdoctorMike 7 ай бұрын
love the credit card hack!
@dr.lindsaymarie
@dr.lindsaymarie 7 ай бұрын
Thanks for your comment. Hope it helps! :)
@salih9180
@salih9180 3 жыл бұрын
Great dedication! Wouldn’t it be more profitable if you invest your money on house or stock market and pay your debt in 20/30 years?
@dr.lindsaymarie
@dr.lindsaymarie 3 жыл бұрын
That is one way to think of it, but for me I only sacrificed two years on my investments to be completely debt free and now I actually have MORE money to be able to invest. I’m very happy 😊
@bringmetheh0riz0n1
@bringmetheh0riz0n1 2 жыл бұрын
Yes, it would be way more profitable to pay minimum payment on student loans and investing the difference. Losing 2 years of compound interest can be HUGE when the investments can grow at a much larger % than student loans do.
@kaitlynkilpatrick36
@kaitlynkilpatrick36 2 жыл бұрын
@@bringmetheh0riz0n1 it depends on your priorities. If you are semi smart with your money and live below you means and have a balanced portfolio, you are gonna be fine regardless as a doctor because you make so much. If being debt free is a priority, then that's okay.
@bringmetheh0riz0n1
@bringmetheh0riz0n1 2 жыл бұрын
@@kaitlynkilpatrick36 I totally agree that she will be fine regardless, but mathematically speaking she lost a lot of money in compound interest by aggressively paying off debt.
@ZachGinnOfficial
@ZachGinnOfficial 3 жыл бұрын
Straight facts.
@dr.lindsaymarie
@dr.lindsaymarie 3 жыл бұрын
Zach Ginn Hey! Thanks for backing me up. Lol and Welcome!
@themightykyuss
@themightykyuss 2 жыл бұрын
So did you just stay on IDR after graduating residency and on top of making the required monthly payment you just put all extra you could towards the Loan in the form of an extra payment???
@dr.lindsaymarie
@dr.lindsaymarie 2 жыл бұрын
Yes that is how I paid off the loan faster ☺️
@nwamakaofoegbu8977
@nwamakaofoegbu8977 8 ай бұрын
Wait so use a credit card to pay off the debt every month then pay off the credit card by the due date every month?
@dr.lindsaymarie
@dr.lindsaymarie 8 ай бұрын
No, I used a credit card that allowed for 0% interest on a cash advance for one year. I got the money and transferred it to the school loan.
@marialinares2973
@marialinares2973 3 жыл бұрын
Hi, so during residency, you were paying around $100 and after you completed residency, then you were paying around $7,000 because of your pay increase? Approximately how much do you make per month during residency?
@dr.lindsaymarie
@dr.lindsaymarie 3 жыл бұрын
I believe it was $3,200-$3,500 per month. Most of that went towards my living expenses.
@faizanalvi3932
@faizanalvi3932 9 ай бұрын
what about PSLF in all this how does that work into this
@dr.lindsaymarie
@dr.lindsaymarie 9 ай бұрын
If you want to remain in the PSLF repayment plan you would follow that. I believe they require 120 qualified payments which is at least 10 years worth. You can learn more about PSLF on the studentaid.gov website. If you wanted to go outside of that plan talk to your financial advisor to see if it would be beneficial for you.
@Doctordhsbkn
@Doctordhsbkn 3 жыл бұрын
Can any1 tell me how much money needed in today's medicine pvt coll a nd govt college in average...in USA
@dr.lindsaymarie
@dr.lindsaymarie 3 жыл бұрын
It depends on the type of school you go to, (private or public), (in state or out of state). Average cost for college can be anywhere from $10,000-$40,000 per year. Average cost of medical school can be anywhere from $35,000-$60,000 per year.
@Doctordhsbkn
@Doctordhsbkn 3 жыл бұрын
@@dr.lindsaymarie thnks mam
@dr.lindsaymarie
@dr.lindsaymarie 3 жыл бұрын
@@Doctordhsbkn you’re welcome
@medicalbiochemistry_
@medicalbiochemistry_ 3 жыл бұрын
Nice 👍👍
@dr.lindsaymarie
@dr.lindsaymarie 3 жыл бұрын
MEDICAL BIOCHEMISTRY FOR MEDICAL STUDENTS Thank you! ☺️
@saadharoonraja1342
@saadharoonraja1342 3 жыл бұрын
So are u a consultant?
@dr.lindsaymarie
@dr.lindsaymarie 3 жыл бұрын
I have heard the term consultant before used in other countries I have visited. In the US a doctor who has completed residency training is considered an attending doctor. Just different terminology for different countries. Where are you from?
@saadharoonraja1342
@saadharoonraja1342 3 жыл бұрын
@@dr.lindsaymarie ohh ok, thank youuu, I'm from pakistan
@isabelortuno369
@isabelortuno369 3 жыл бұрын
Would these circumstances have changed if you had a longer residency ?
@dr.lindsaymarie
@dr.lindsaymarie 3 жыл бұрын
I would have still paid at least all interest while in residency. Then kept the same plan to pay off my loan once I got out.
@bobbyknight3589
@bobbyknight3589 7 ай бұрын
You should have invested some of that 💰. That way you have more 💰 to pay off your loans 🤷
@dr.lindsaymarie
@dr.lindsaymarie 7 ай бұрын
I chose to pay off all debt first. I have been investing ever since. I am happy with my choice.
@pradipchaterjee9576
@pradipchaterjee9576 2 жыл бұрын
Best way to get financial freedom with High quality education # attend medical school outside America in European countries with free tution scheme # write usmle then come back to USA 😁
@dr.lindsaymarie
@dr.lindsaymarie 2 жыл бұрын
Haha yes! I’m so jealous of the European school systems!! I first heard about this in college from a friend who was from Germany and I was shocked his university was free!!
@pradipchaterjee9576
@pradipchaterjee9576 2 жыл бұрын
Jokes apart great vedio ma'am 🙄
@dr.lindsaymarie
@dr.lindsaymarie 2 жыл бұрын
Thank you 😊
@jencheng3004
@jencheng3004 2 жыл бұрын
Will you marry me? I’m 39, Taiwan
@dr.lindsaymarie
@dr.lindsaymarie 2 жыл бұрын
:) Nice to meet you
@weho_brian
@weho_brian 11 ай бұрын
wow a little forward there aren't you 😄
@jencheng3004
@jencheng3004 2 жыл бұрын
You let me know two years ago about student loans. You said I can borrow only up to the cost of attendance. (Tuition and living expenses). Are you taking out the COA amount? Isn’t that like making bank there? Will Biden write it all off in a year or more? So I’d like to borrow the maximum and as soon as possible.
@jencheng3004
@jencheng3004 2 жыл бұрын
You let me know two years ago about student loans. You said I can borrow only up to the cost of attendance. (Tuition and living expenses). Are you taking out the COA amount? Isn’t that like making bank there? Will Biden write it all off in a year or more? So I’d like to borrow the maximum and as soon as possible.
@dr.lindsaymarie
@dr.lindsaymarie 2 жыл бұрын
I have not kept up with what Biden plans to do with student loans but this may be something to look into. Best of luck with your student loans!
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