FIRE Starter 014: Two Highly Motivated MDs

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Today’s FIRE Starter interviewee is a fellow physician financial blogger with a family of four–and sometimes another–early in their career. They’re a dual-physician family, one in emergency medicine and the other in academia.

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They have their sights set on achieving financial independence not necessarily for the work-optional benefit of being FIRE, but to regain control and autonomy over their lives. And maybe to spend more time on a fishing boat?

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Getting to Know You

Where are you on your financial independence journey? Have you reached a positive net worth? It’s OK if you haven’t! Most of us started out in the red.

Just as I advocate for frequently on The Motivated M.D., I think tracking your net worth is important. If you are not factoring in our home, then we would still have a negative net worth of approximately -$50,000. If you factor in the equity in our home (which we purchased in July 2021) then our net worth would be slightly positive at $15,000.

To put that into perspective, when my wife and I exited medical school, we carried a combined educational debt of $670,000! Over the past few years, we have moonlit frequently and worked to pay off $100,000 annually towards our student loans. As of the start of 2023, our combined debt is down to $390,000 and our net worth is essentially zero.

Tell us about your household. How many people? Are you supporting anyone outside of your home? Where do you live?

We are a household of 4.5. My wife and I are both in our early thirties and both practice academic medicine at the same institution as I mentioned above. We have a 16-month-old daughter and recently celebrated the birth of our son 5 weeks ago! Our household is in a constant state of clutter, but full of love.

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