Physician Assistant with $173k in Debt 😱 | Millennial Real Life Budget Review Ep. 10

TL;DR

A PA in Southwest Virginia with high student loans aims to pay off debt and save while managing a car loan.

Transcript

hello hello welcome to episode 10 of millennial real life budget review today we are taking a look at a physician assistant making a hundred and fourteen thousand dollars per year in Southwest Virginia this person has a lot of student loans and more recently just picked up a car loan for close to thirty thousand dollars let's get into it thank you ... Read More

Key Insights

• 😨 High student loans and a significant car loan challenge the physician assistant financially.
• 😘 Living in a low-cost setup with a strategic budget helps her manage expenses.
• ✋ Strategies like color-coding the budget, focusing on high-interest debt first, and saving for emergencies are essential.
• 🌱 Utilizing sinking funds and considering extra income opportunities contribute to debt payoff plans.
• ❓ Flexibility in financial planning, including interval sprints in debt repayment, can optimize the payoff timeline.
• 🌱 Interest reduction and examining various repayment scenarios help tailor debt management plans.
• 🍉 Balancing lifestyle goals with financial priorities is crucial in achieving long-term financial stability.

Questions & Answers

Q: How much debt does the physician assistant have?

The physician assistant has $143,000 in student loans and a $30,000 car loan, totaling a significant amount of debt.

Q: What are the financial goals of the physician assistant?

The main goals include paying off student loans, clearing the car loan, and eventually moving into a new home, with savings strategies in place.

Q: How does the physician assistant manage her budget with her boyfriend?

She splits shared expenses 50/50 with her boyfriend, maintains a low-cost living arrangement, and saves for emergencies and sinking funds.

Q: What strategies does the physician assistant use to tackle her debt?

She focuses on paying off the highest interest student loan first, utilizes savings, considers extra work shifts for additional income, and plans to take advantage of potential loan forgiveness.

Summary & Key Takeaways

• A physician assistant in Southwest Virginia has $143,000 in student loans and a $30,000 car loan.

• She shares her financial struggles, goal to pay off debt, and savings strategies.

• Living with her boyfriend in a low-cost farmhouse, she color-codes her budget to manage expenses and debt.