Allison Goddard, a dermatologist from Chattanooga, Tenn., chats with ChooseFI and Physician on FIRE to review her journey through medical school and receive advice to clarify the next steps in her path toward financial independence.
What you'll hear in this episode:
- Allison Goddard, a physician from Tennessee, is getting started on her financial freedom, having paid off $270,000 of loans.
- When and why did Allison decide to become a doctor?
- How did Allison get started with her education and how old was she when started medical school?
- To what does Allison attribute to her success in medical school?
- What does medical school in the Caribbean look like?
- What role did mentors, former employers and colleagues play in Allison’s journey through school and getting her residencies?
- Starting salary as an attending dermatologist in Boston $240,000, but when in Allison moved to Tennessee her pay increased nearly $100k.
- How did Allison get started paying off her student loans, and pay them off in just a few years?
- How has Allison increased her income through productivity and even a side hustle?
- Has Allison thought about how she will adjust her career to create better life balance in both the short and long term?
- Cutting costs from Allison’s lifestyle will be more effective than trying to increase her income.
- What are the first things Allison can get rid of to decrease her yearly costs?
- How does Allison intend to manage her three mortgages?
- What recommendations does Physician on FIRE have for Allison’s retirement accounts, health savings and investment portfolios?
- Fill up her 403b with tax deferred contributions – about $18k a year
- Contribute to the 457b – similar to the 403b or 401k.
- PoF recommends contributing to a health savings account, although Allison doesn’t have access to that through her current employer.
- Contribute to a Backdoor Roth account – $5,500 a year at the time of this recording. $6,000 a year for 2019.
- Buy mutual fund, ETFs, etc., through a taxable brokerage account.
- How does PoF manage his assets? Property or Investments?
- How long does Jonathan project that it’ll take for Allison to reach FI?
- Is it ever “too late”?