The SAVE plan is a newer repayment option for federal student loans that offers unique advantages, such as preventing interest capitalization if the monthly payments are made on time. However, unlike older plans, it does not cap monthly payments based on income, which can be a potential downside for high-income earners.

Who benefits most: Joy discussed how this plan might be a better fit for early-career physicians or those with more modest incomes who can benefit from the lower payments and interest benefits without the risk of escalating payments.

More on Joy Sorensen Navarre:

Joy Sorensen Navarre is a nationally recognized expert in student loan management and the founder of Navigate LLC, a consultancy specializing in student loan advice for physicians and healthcare professionals. With a career spanning over a decade in financial advising, Joy discovered a niche need among her clients for specialized student loan guidance. This realization prompted her to pivot her career towards helping medical professionals navigate the complex terrain of student loans

[00:01:00] Joy's introduction and the importance of reliable student loan management advice.

[00:03:00] Insight into how Joy started focusing on student loans due to a lack of trustworthy services.

[00:07:00] Overview of the new SAVE plan and its impact on physicians.

[00:15:00] Discussion on common misconceptions and errors in managing student loans among physicians.

[00:25:00] Strategic advice on loan repayment and pursuing forgiveness, including tax considerations.

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👋 This episode is sponsored by PearsonRavitz – helping physicians safeguard their most valuable assets.

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👋 Also sponsored by Resolve – Physician contract review and compensation data at your fingertips! For 10% off, add FRUGAL10 when signing up as a new client!

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If you enjoyed the show, find and follow Dr. Disha everywhere else:

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Website

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The Frugal Physician’s Facebook Group

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Please note: The content shared on the podcast is for informational purposes only and should not be considered individualized financial advice. It is essential to consult with professionals such as accountants, financial advisors, or attorneys to receive personalized guidance based on your specific needs.

After her family's victory lap of paying off debts and diving into investments, they looked into DAFs for some smart, tax-savvy giving. Dr. Disha breaks down the hows and whys of DAFs, showing us how to make our charitable dollars do some heavy lifting while still snagging those tax breaks.

Top 5 Key Show Highlights

Financial Milestones and Philanthropy [00:01:00-00:02:00]
Dr. Disha shares her personal journey of paying off $208,000 in student loans and growing her investments, which led her to explore more meaningful ways to give back, highlighting the seamless connection between personal financial health and philanthropic goals.

Tax Optimization with DAFs [00:04:00-00:05:00]
DAFs allow for strategic tax planning, enabling donors to make large contributions in a single year—potentially offsetting higher income years—while distributing funds to charities over time. This method can optimize tax deductions under current tax laws.

Investment Growth within DAFs [00:03:00-00:04:00]
Contributions to DAFs can be invested and grow tax-free, increasing the potential impact of the initial donation. This feature allows donors to amplify their charitable giving without additional out-of-pocket expenses.

Simplicity and Flexibility [00:07:00-00:08:00]
Dr. Disha emphasizes the ease and flexibility of using DAFs, which streamline the donation process by consolidating tax receipts and allowing donors to plan their charitable giving without the hassle of managing multiple transactions and paperwork.

Comparing DAF Providers [00:12:00-00:17:00]
The episode provides a detailed comparison of different DAF providers, such as Vanguard Charitable, Fidelity Charitable, and newer entrants like DAFI. Dr. Disha discusses various factors like minimum contributions, fee structures, and investment options, helping listeners choose the best provider to suit their charitable and financial strategies.

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👋 This episode is sponsored by PearsonRavitz – helping physicians safeguard their most valuable assets.

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👋 Also sponsored by Resolve – Physician contract review and compensation data at your fingertips! For 10% off, add FRUGAL10 when signing up as a new client!

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If you enjoyed the show, find and follow Dr. Disha everywhere else:

Twitter

Website

Facebook

The Frugal Physician’s Facebook Group

YouTube

-----------

Please note: The content shared on the podcast is for informational purposes only and should not be considered individualized financial advice. It is essential to consult with professionals such as accountants, financial advisors, or attorneys to receive personalized guidance based on your specific needs.

Once a radiologist content with the traditional path to retirement, Dr. Param encountered unforeseen challenges that shifted her perspective and led her to the world of real estate. Her candid recounting of the obstacles faced and the subsequent realization that real estate could offer a more robust and resilient path to financial independence is both inspiring and educational.

Dr. Param’s deep dive into the nuances of real estate syndication, from understanding market dynamics to evaluating deals and sponsors, provides listeners with a comprehensive guide to navigating the often-intimidating realm of real estate investment.

You’ll enjoy this one!

Dr. Param Baladandapani is not your average radiologist. With a career that began in the halls of medicine, she has journeyed far beyond the confines of clinical practice to become a real estate mogul, a dedicated mentor, and a passionate advocate for financial independence. Faced with career challenges and the tumult of a global pandemic, she turned adversity into opportunity, diving deep into the world of real estate. Her astute investments and strategic acumen have culminated in a portfolio boasting over 1,176 stores and assets under management valued at $210 million, securing her financial independence by the age of 41.

A full-time mom and an unwavering believer in the power of education, Dr. Param has dedicated herself to guiding others on their path to financial freedom.

Through her platform, Generational Wealth MD, she demystifies real estate investment, sharing the insights and strategies that propelled her to success. Her work extends beyond financial mentoring; she is deeply committed to philanthropy, with a focus on supporting children with disabilities in rural India through her nonprofit, GW Gives.

Dr. Param’s journey from a medical professional to a real estate investor and philanthropist is a testament to the transformative power of ambition, education, and the will to make a difference. Her story inspires many to rethink their approach to financial independence, blending the art of investment with the heart of giving back.

[0:02:30] - Dr. Param shares her initial foray into real estate, catalyzed by personal and professional upheavals.

[00:15:45] - Deep dive into real estate syndications: The what, why, and how of passive investing.

[00:32:00] - The pivotal moment: Choosing to focus on real estate for financial independence and the aha moment that changed everything.

[00:45:20] - Risk assessment in real estate investments and strategies to mitigate them.

[47:05:00] - Dr. Param discusses the broader impact of financial freedom, including philanthropy and work-life balance.

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👋 This episode is sponsored by PearsonRavitz – helping physicians safeguard their most valuable assets.

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👋 Also sponsored by Resolve – Physician contract review and compensation data at your fingertips! For 10% off, add FRUGAL10 when signing up as a new client!

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