Ep 058 The Frugal Physician

In today’s episode, we chat with the one and only Frugal Physician. She may be anonymous, but her advice on budgeting, saving money and getting on a journey to financial freedom is incredibly helpful and insightful. Listen in as she shares her secrets to paying off debt quickly and gives us so many great money saving tips as well! In this episode, you will learn: How they got started living a frugal lifestyle after inflating their lifestyle right out of residency. How quitting her job, and having to ask for it back the same day, inspired her to start paying off debt and living a different lifestyle. Why she feels that physicians are so bad at dealing with money, and they need to get their money on track, in order to help their patients as well. How they were able to pay off $100,000 in student loan principle in only 6 months! Why she feels that making a budget is the key to paying off debt and starting to save and invest. How using techniques such as batch cooking to bring your lunch can save you over $2500 a year! Why she feels that paying off debt with Gazelle Intensity saves you more money in the long run and keeps you focused on paying it off quickly. Lots of techniques she uses to save money on groceries and other daily expenditures. How counting macaroni helps her family stay motivated to pay off debt and learn the value of money at a young age. The Frugal Physician is a mother, a wife, and a Primary Care Physician trained in Internal Medicine living in Upstate New York.  Her family was the typical physician household that inflated their lifestyle right out of residency.  They found themselves deep in student debt and unhappy, even though they supposedly had everything.  Reluctantly at first, they found the utility of frugality, and it turned out to be the best thing that ever happened to them.  Now, they are swiftly making their way out of debt and towards financial freedom and want to share their journey with you. Links we discussed in the show: Check out the The Frugal Physician's Blog. Learn more from Jim Dahle, The White Coat Investor. Find all kinds of budgeting information at Dave Ramsey's Website. Read her blog post about saving more money by paying off debt with Gazelle Intensity. Check out some budgeting apps that can help you like YNAB, Mint, and Personal Capital. Quotes from The Frugal Physician: “As long as we had these bills coming in every month, that we had to pay for, we were shackled to our job.” “We have no idea where our dollars are going, and we have no idea where our patients dollars are going, and that is the problem with medicine.” “With money, you just have to get started, and then you’ll find your own way.” “Having a cheat money day is important to keep everyone happy.” Special thank you to this week’s show sponsors: PearsonRavitz for all of your physician disability and life insurance needs and Johanna Fox Turner at Fox & Company Wealth Management. Thank you for listening to the Hippocratic Hustle! I know that time is your most valuable resource so I really appreciate you spending some of it with me. If you enjoyed today’s show, please share it! If you’d like to help me improve and grow the podcast, send your suggestions to: [email protected] Lastly, don’t forget to subscribe to the podcast, so you won’t miss an episode!