Paid Off House And Paid Off Student Loans

I Will Soon Be Debt Free – Somebody Pinch Me

I feel that the holy grail for every doctor is to pay off their student loans and have a paid off house. I titled this website Urgent Care Career because from all the different specialties out there I find urgent care to be the easiest to get into, the most straight forward to practice and the one that provides the highest income with the least schooling effort. And a high income with little effort equals a sooner debt free date.

I am only days away from having my student loans paid off AND buying a condominium in cash. I can already feel the weight being lifted off my broad, masculine shoulders… okay, at least broad! That’s how I see debt, as a heavy burden. Whether 1% or 3%, debt is something that hovers over your mind and keeps you from making better decisions.

“I’m debt free.”

Just imagine being able to say that.  There is a very liberating power behind that statement. Knowing that you don’t owe anyone any money. All your debt has been settled and all your earnings can go into your pocket.

Naturally, the first thing you will do with your extra income is start saving it. You are wise with your money and you know that even though your paycheck can easily afford you one of the finer Ferrari’s or Lamborghini’s out there, it can afford you something far more precious — freedom.

A Free Mind Is So Much More Effective

Successful entrepreneurs don’t care much about debt and they don’t care much about off-loading burdens. They take on massive debt and can contend with a lot of calculated risk. Their motivation drives them hard and they push through hurdle after hurdle. They have honed their skill through many unsuccessful business ventures and even a few bankruptcies.

Most of us docs don’t have that kind of mind. We didn’t start out young enough juggling cash like those guys. We were methodical, meticulous and calculating. This paycheck went to this, the next one to that. Our souls and our minds feel heavy when we are in debt. This keeps us from really taking the next leap.

Without the burden of debt we can envision so many possibilities. We have much more disposable income and even if we lose a large portion of our savings we know we can build it up relatively quickly because there is no more debt to hold us back. This is where that progression curve gets super steep… this is the sweet spot right before success, right before financial independence.

The Final Stretch

First hurdle, make it to medical school. Next, get through residency. Then, pay off the student loans and house. I’ve made it to the deb-free part. And I even squeezed in a divorce and a little run-in with some mafia guys (stay tuned for that story). Next: break away from needing a steady paycheck…

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