—Guest: Ryan Inman
—Topic: Debt for Doctors, Lawyers and Professionals
This week in The Money Millhouse, Bethany and Ellie are joined by Ryan Inman, the host of The Financial Residency podcast. Before he comes into the Millhouse, Bethany and Ellie discuss the cost of higher education. They discuss the ideas of getting another degree and what career they would have had in another life.
When considering returning to school, there are other things to take into account like time, your family, who will take care of your children, emotional energy, relationships, hobbies, buying a home, etc.
There are also benefits of going back to school can be that you can earn more income, you could change career fields, following your passion, the desire to help people, etc.
Ryan comes to Ellie’s kitchen table to discuss the student loans associated with major degrees like becoming a doctor. Ryan works with physicians across the country who have an average of $283k in debt. This often means delaying having kids, delaying having homes, etc. He also says that debt can get out of the hole if they don’t let other bad financial habits get in the way. He also discusses ways to get over the student loan crisis and crunches the numbers when it comes to paying those loans back over time.
Bethany and Ellie end the show discussing the financial difference between becoming a doctor or a lawyer, and which degree has a better return on the investment. They also discuss the specific top 10 law schools when it comes to the ROI.
University of San Diego (USD) with a BA in Business Administration, an MA in Accounting and Financial Management, and an MA in Business Administration. He believes in the concept of fee-only financial planning, where planners put their clients first, don’t sell products, and are true fiduciaries. He also knows what it’s like to have a spouse who is a young doctor, making lower wages and working long hours. He began Financial Residency to help address the problems faced by young physician families, helping them with their financial challenges. He has a blog and podcast under the same name