I have accomplished my longstanding financial goal this year: I have paid off my student loans! $230,000 of debt is gone. (Insert happy dance here!) I still have a hard time comprehending this achievement and still find myself subconsciously worrying how much debt I have left. I (happily) remind myself that my student loan balance is now $0. This, of course, is a tough time for many financially with the COVID-19 pandemic. I count myself very blessed and fortunate that my family is still financially stable and gainfully employed at least for the moment. I think this pandemic has us that anything can change at the drop of a hat, be it in our financial life, our health status, or our careers.
I think the greatest benefit from this goal has been a lightness in my soul. This is invaluable, and something hard to describe. I think it took me a good 8-10 weeks to reach full acceptance of this state, and fully embracing this new feeling. Having loans for 13 years (starting from onset of med school in 2007), i.e. 4 years as a medical student, 3 years as a medical resident, for 6 years as an attending (i.e. a physician receiving a full income) has reframed my outlook in life and my behaviors and financial habits. I feel this training in being careful and responsible with finances has been a great side benefit as well.
As emergency medicine physician and personal finance writer Dr. Jim Dahle urges his readers, it is crucial to live like a resident to accomplish this elimination of debt, the sooner the better. The longer you wait and keep this debt on, the less you will appreciate the pricey medical school education you received. Out of sight, out of mind. The shiny fancy diploma does “lose its luster” unfortunately with time.
Now, I get to figure out my next financial goals, and to allow for more enjoyment of my wealth. And I must next work on the process of reducing and eliminating the guilt or fear I would feel with spending money. It is a strange and new feeling to let go of an invisible and insistent push to put as many funds toward student loans each and every month.