Jim DahleEmergency Physician and Financial Educator for Medical Professionals

Resident Gets Back To Broke #doctor #medschool #resident

Name: Resident Gets Back To Broke #doctor #medschool #resident
Uploaded: 2024-11-11T08:00:32Z
Channel: Jim Dahle
Description: This is a YouTube video titled "Resident Gets Back To Broke #doctor #medschool #resident" containing a conversation between two speakers, one of whom is…

11 Nov 2024

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This is a YouTube video titled "Resident Gets Back To Broke #doctor #medschool #resident" containing a conversation between two speakers, one of whom is a fifth-year general surgery resident in Michigan discussing their financial strategy of saving aggressively during residency to achieve a net worth of zero. The discussion focuses on personal finance challenges and sacrifices made during medical training, recorded on November 11, 2024.

So I'm a fifth year general surgery resident in Michigan. I recently am back to broke. Net worth of zero.
That's awesome to do that while you're still in training. You know, most docs are not able to do that.
You know, I figured I had a savings rate about 50%.
Wow.
Of gross income.
There are a whole bunch of residents out there whose jaws just dropped that feel like they're struggling to live on their 60 or 65 or $67,000 a year. They're barely able to save anything. Tell us how you did that.
I feel like I've been able to sacrifice. I don't. You know, I'm single. This is a good time in my life where I can live in very cheap housing. You know, for the first half of residency, I drove a 2000 Honda Civic. Driving the beater and living that way now so that in the future when I do have, you know, more money, I can spend it however I want.