How do you plan ahead to pay for medical school?
Our guest, Ryan Inman, founded Physician Wealth Services to help physicians just out of medical school. Like his wife Taylor, many found they didn’t quite know what to do upon graduation from medical school with a mountain of debt and few financial skills to manage their financial life. Unlike his wife, most physicians are not married to financial planners.
Ryan is a fee-only, fiduciary advisor located in Las Vegas, Nevada. He has built his practice strictly around working with physicians in residency, fellowship, or just a few years into their practice. He’ll talk about his practice what kinds of situations he frequently sees throughout his clientele.
College-bound students can dream of getting out of college debt-free but the majority will end up with some sort of debt. Especially after medical school. Medical students are known to finish medical school with A LOT of student debt. Ryan’s average client has $280,000. Ouch. He feels his value comes from helping physicians take action and make smarter financial decisions in these first, critical years post-med school.
Taylor has been out of medical school a few years now and is a pediatric pulmonologist. Her first years of college were covered by scholarships, therefore, she only accumulated $130,000 in student debt. Ryan and Taylor decided to take advantage of the Public Service Loan Forgiveness program. This federal program forgives the balance after 120 payments or 10 years of qualified work. However, you’ll hear Ryan tell how it really worked out for them and his advice to others considering that program.
Be sure to listen to the whole interview to learn other valuable tips and advice for those planning to go through medical school.
If you haven’t tuned into our previous shows then we invite you to listen. Each one includes advice from professionals and people who have dealt with some of the same struggles you might be going through.
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- Physician Wealth Services
- Ryan’s podcast: Financial Residency Podcast
- EE Bonds
- Public Service Loan Forgiveness progra
- XY Planning Network