Using the Earned Wealth App, you’ll upload your loan documents and bank statements for your Earned Advisor to review

Your Advisor will review your student debt payback plan and evaluate debt versus investing tradeoffs, including refinancing options

Your Advisor will work with you to create your custom debt management plan including: revolving debt paydown plan, refinancing, strategic debt like non-purpose lending and HELOCs to mitigate taxes, emergency fund

At the same time, your Advisor will create a parallel cash management plan based on income spend analysis

Together with your Advisor, you’ll review and agree on your go-forward debt and cash management plan

If you have multiple outstanding loans with similar interest rates, you may want to consider applying extra funds to the lowest balance debts first. As you pay off each debt add that payment to the next one in line, helping you to pay off all your debts faster. However, if your loans have a wide range of interest rates, consider applying extra funds to the highest balance loans first to help minimize your total interest costs.

This is one of the most frequent questions we get, especially from new attendees. Yet, there is not a single right answer. Paying down debt builds net worth. And so does investing. We encourage doctors to focus on maximizing the amount of their income that goes toward building their wealth. By making this the priority, doctors have more options to both pay down debt AND invest.

For doctors who are 15 - 20 years away from retirement, consider targeting debt not to exceed 35% of total assets. For example, if a 50-year-old doctor has $2 million in assets, their total outstanding debt should be $700,000 or less. This ratio is merely a guideline. A doctor's optimal debt level is ultimately driven by their attitudes toward debt, capacity to repay, availability of good credit, and overall debt tolerance.