Meet the Toberts | Episode 3

The Real Cost of Becoming a Doctor: Debt, Stress, and Solutions

In this episode of Meet the Toberts, Sue and Daren Tobert delve into the complexities of managing personal finances while pursuing a demanding medical career. They discuss the staggering statistics of medical school debt, the challenges of lifestyle inflation, and the importance of early debt reduction. With over 80 years of combined medical experience, they share personal anecdotes and practical advice on budgeting, saving, and investing. Tune in to learn how to thrive financially in and out of your medical practice!

Published on
October 15, 2024

Watch The Podcast

YouTube video

Chapters

  • Introduction to Personal Finance in Medicine – 00:00:00
    Sue and Daren introduce the episode, discussing the financial challenges of managing a medical career while addressing personal finance.
  • Medical School Debt and Its Impact – 00:02:00
    Discussion of the overwhelming debt most medical graduates face, with averages of $250,000 and more.
  • Lifestyle Inflation for New Physicians – 00:05:00
    Daren explains the risk of lifestyle inflation when transitioning from residency to an attending position, urging listeners to live modestly to manage debt.
  • Strategies to Tackle Debt Early – 00:08:00
    Advice on how to proactively manage debt, including loan forgiveness programs and consulting financial advisors.
  • Importance of Budgeting and Financial Planning – 00:10:00
    Sue and Daren emphasize the need to create a financial plan, even if you’re a “free spirit,” to manage debt and save for retirement.
  • Daren’s Personal Finance Journey – 00:12:00
    Daren shares his personal story of learning about finance during residency, including his focus on saving, investing, and understanding the power of compound interest.
  • Financial Cooperation in Relationships – 00:15:00
    Discussion on the importance of couples being on the same page about finances to avoid conflicts and strengthen relationships.
  • Financial Wins and Milestones – 00:20:00
    Daren talks about their early financial wins, such as paying off student loans and saving for a down payment on a home.
  • Mistakes in Financial Management – 00:25:00
    Reflections on some of the financial mistakes they made, including borrowing to invest and buying a large home early in their careers.
  • Top Three Takeaways for Financial Planning – 00:30:00
    Daren and Sue summarize their three key takeaways on debt management, saving, and working together with a partner on financial goals.