086. A Live Case Study with Physician on FIRE and Allison Goddard

086 | A Live Case Study With Physician On FIRE And Allison Goddard

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”?

Listen to Brad and Jonathan's thoughts about this episode here.


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2 thoughts on “086 | A Live Case Study With Physician On FIRE And Allison Goddard”

  1. I’m only half way through the podcast but so far it’s great. I love seeing people overcome obstacles to go on and kick ass. Congrats Allison!

    I do have one bone to pick, however. Will there ever be a time that we stop demonizing the financial advice industry? Allison discusses how the Fidelity advisor gave her great advice and wishes she took more of it. Then you bring up the image of “A typical financial advisor who’s looking out for them(selves)”. She afterwards talks about another financial advisor who ended up also giving her good advice and serving her well and had her best interests in mind.

    Just like doctors, bloggers, and plumbers, there are great financial advisors. Some suck. Some do it for the money. Some are greedy and self centered. But the vast majority of the ones that you sit down and talk with are good people trying to serve others. Just because their are lots of anecdotal horror stories doesn’t mean they’re bad as a group. Just like doctors. My dad died long ago from heart surgery complications. Some of my family blames the doctor and hospital, because after all we all hear the horror stories. I think that’s unfair, just as it is to actively paint with a broad brush about how horrible financial advisors are.

    I’ve worked in the financial advice industry. There are turds. Most are not. I’ve not worked in the medical industry and have experienced first hand some turds. But most are not.

    Can we be done pointing our fingers at large groups of people and categorically saying they’re just looking out for themselves?

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  3. Why Allison is only taking about her income as if she were the only breadwinner in her household? She doesn’t share expenses with her significant other? For example, the mortgages? She could save even much more ..

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