White Coat Investor Podcast Summary
Episode: MtoM #235: Resident Gets $100K in Assets During Residency and Finance 101: Medical School
Host: Dr. Jim Dahle
Guest: Dr. Shresh (PGY3 Internal Medicine Resident)
Release Date: August 11, 2025
Introduction
In episode #235 of the White Coat Investor's "Milestones to Millionaire" series, host Dr. Jim Dahle welcomes Dr. Shresh, a third-year internal medicine resident, to discuss his financial journey during residency and offer foundational financial advice for medical professionals.
Guest Background
Timestamp [03:05] Dr. Shresh introduces himself as a PGY3 internal medicine resident based in a major city in the Northeast. He highlights his aspiration to become an outpatient internist, a path less traveled among his peers who predominantly choose hospitalist roles.
Dr. Shresh ([03:05]): "I am a PGY3 internal medicine resident... I'm looking to go into a primary career... one of those rare outpatient internists that we don't really see much these days."
Financial Milestone: Achieving $100K in Assets
Timestamp [05:02] - [06:07]
Dr. Dahle congratulates Dr. Shresh on accumulating $100,000 in assets during his residency—a significant achievement given their initial financial standing.
Dr. Dali ([05:32]): "You got married and combined finances about the time you started residency... Were you both just dirt poor broke when you came into the marriage?"
Dr. Shresh ([06:07]): "Now we are at negative $212,000... The only debt we have is student loans... The majority of our assets are in a high-yield savings account."
Income and Savings Strategy
Timestamp [07:11] - [08:16]
Dr. Shresh elaborates on his household income over the past two years. In 2023, their income was approximately $60,000-$65,000, primarily from residency salaries. In 2024, with the addition of moonlighting, their income surged to $129,000.
Dr. Dali ([07:53]): "Your savings rate the last couple of years. Have you calculated it? It's got to be, what, 40% or something."
Dr. Shresh ([07:56]): "Our savings rate was in the high 40s%... We've kept our fixed costs low... Average monthly expenses are around $5,000."
Moonlighting Experience
Timestamp [08:29] - [11:57]
Dr. Shresh discusses his moonlighting venture, emphasizing its uniqueness and how it complements his residency without disrupting his primary responsibilities. He secured a telehealth position in the Pacific Northwest, allowing him to see 6-8 patients a week from his laptop, thus boosting his income.
Dr. Shresh ([08:59]): "I was one of the few pursuing outpatient internal medicine... I secured a telehealth position that fits seamlessly with my residency schedule."
Managing Student Loans
Timestamp [14:31] - [18:29]
Dr. Shresh shares his proactive approach to handling student loans amid changing policies. By locking in a zero-dollar payment during the pandemic and adopting the SAVE plan, he strategically avoids accruing additional interest. His plan focuses on refinancing and aggressively paying off loans once forbearance measures conclude.
Dr. Shresh ([14:31]): "I made a plan that centered around my abilities and my hard work and not relying on a plan."
Dr. Dali ([18:29]): "Congratulations on thinking that all through. And certainly that plan will work."
Financial Advice for Medical Professionals
Timestamp [19:09] - [21:28]
Dr. Shresh offers invaluable advice to medical students and residents:
- Educate Early: Utilize the fourth year of medical school to learn about personal finance.
- Apply Knowledge During Residency: Implement financial strategies during residency to build a strong foundation.
- Contribute to Retirement Funds: Emphasizes the importance of contributing to 403B accounts and taking advantage of employer matches.
- Develop a Repayment Plan: Create a clear strategy for managing and eliminating student debt without relying solely on federal forgiveness programs.
Dr. Shresh ([19:09]): "Learn about personal finance... apply that during residency... build the habit of financial planning early."
The Value of Medical Education
Timestamp [21:46] - [28:28]
Dr. Dahle concludes the episode by addressing common concerns about the financial viability of medical school post-COVID and in the age of AI. He asserts that, despite high tuition costs, medical school remains a sound financial investment. With average physician incomes significantly outpacing average debts, the return on investment is favorable.
Dr. Dali ([23:00]): "Financially, medical school still makes sense... The average physician income is $375,000 against an average debt of $200,000."
He also touches on alternative loan repayment options and emphasizes that the demand for physicians remains strong, even with technological advancements.
Conclusion
This episode of the White Coat Investor Podcast provides a compelling narrative of financial discipline and strategic planning during residency. Dr. Shresh's journey underscores the importance of early financial education and proactive debt management for medical professionals. His insights serve as a blueprint for achieving financial stability and success in the demanding field of medicine.
Notable Quotes:
- Dr. Shresh ([05:32]): "We were like, what it didn't feel like, you know, like the Dave Ramsey, like, eat off rice and beans type of lifestyle."
- Dr. Shresh ([14:31]): "I told myself that I am going to make a plan for my student loans that hinges on the fact that I'm going to pay off every single last penny."
- Dr. Dali ([19:09]): "Learn this stuff early. It's way easier to learn this stuff when you're working with four figure portfolios instead of seven figure portfolios."
Final Thoughts: Dr. Shresh's story is a testament to the effectiveness of disciplined saving, strategic investment, and proactive financial planning. For medical professionals navigating the complexities of debt and income, his experience offers actionable strategies to build substantial assets even during the demanding years of residency.