Paying off your house in addition to paying off your student loan debt may seem impossible, especially if you went to a medical school. However, Jim and his wife proved that you can, in fact, be financially free; the key though is to start now.
In this episode of The His and Her Money Show, we have Jim Dahle, an emergency room surgeon, talking about how he was able to pay off all of his debt in a very unique way.
Jim mentioned completing his undergraduate studies by means of scholarship, working, and help from family, as well as choosing a school that does not cost much. Going to the military should be part of your career goal. Don’t sign up for financial reasons.
He also mentioned that the key to being debt-free is to communicate with your wife. At the beginning of their marriage, they were able to accomplish a lot by writing down where their money was going using an Excel file.
Every dollar you spend can be put to work for you.
As an accomplished blogger, Jim learned that it can generate money for you. In fact, his website is generating some income. Blogging is a great thing to do in your life, he says. Having a six-figure blog is surely possible but it requires a lot of hard work and other things on the side. If there are a certain number of people visiting your blog, buying a product, or clicking on an ad: even at 1%, it is still a lot of money.
Lastly, Jim shared that saving 25 times your spending can make you financially independent. Let this money earn money for you and you can expect it to last for a long, long time.
What You Will Learn
- How Jim was able to experience financial independence.
- The unique approach he and his wife used to reach financial independence
- How important communication is.
- Why it is important to stay within your budget.
- Can you be debt-free even if you are younger?
- How to earn through blogging.
Resources Mentioned
- Teach Me How to Budget Online Course
- Jim’s website – The White Coat Investor: WhiteCoatInvestor.com
- The White Coat Investor: A Doctor’s Guide To Personal Finance And Investing by Dr. James Dahle, MD
- Smart Passive Income Blog: SmartPassiveIncome.com
- Problogger.com
- The Only Investment Guide You Will Ever Need by Andrew Tobias
Thanks For Listening!
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Today’s show was sponsored by Teach Me How To Budget. If you are ready to gain freedom in your finances once and for all then enroll in our brand new personal finance course Teach Me How To Budget.
