Debt sucks. And if you’re like me, you probably chose to sort of ignore it at first. That’s what I did… early on anyway. At first, I bought into the fact that doctors were higher wage earners, in general, so I assumed that I would have no problem conquering my debt after residency training.
Well, in my third year of medical school, I began to overhear occasional conversations by attendings and upper level residents complaining about their debt. I saw some of my non-medical friends from college begin to buy houses and cars. And I thought… if the debt burden is already going to be huge, how is that new doctors are able to buy homes right after their training? Do they just add more on top of their already large mountain of debt?
What would happen if there were a life-changing event? A chronic disease? A severe accident? Or a delicate family issue that needed tending to? There’s no way they could leave their jobs, even for a short while, with all of that debt… right?
Well, I saw something horrible happen. A third year resident in internal medicine had begun to develop strange neurologic symptoms. After extensive testing, it was discovered that she had multiple sclerosis. I watched her deteriorate in typical step-wise fashion from a fully functioning resident… one of the best, in fact… to the point where she needed braces to walk. I hear that after I left that hospital that they allowed her to complete her residency even though she couldn’t really finish all of the rotations. Although she probably had several options after her training – consulting, writing, etc – I couldn’t help but think… what if that were me?
What would happen to my wife and kids if my debt came due and I couldn’t work? Anyway, I digress. Let’s get to the next video.
In this video, I show you how I rapidly… and I mean rapidly… got out of debt. This is Part 1 of a two-part video. Even though Part 2 is only available to members, this one gives you the exact step-by-step plan I followed. Click this video’s image to get started. (It might take a few extra seconds for the video to start. The file is a little large.)