Written by Brent Lacey on February 8, 2021. Posted in Personal Finance, Podcast, Podcast Episodes, Women in Medicine.

Podcast Episode 44 – The Frugal Physician Guide to Building Wealth – Dr. Disha Spath

Episode 44 – Most financial plans center around spending no money or making a ton of extra money to achieve your goals. Dr. Disha Spath, also known as The Frugal Physician, comes on the podcast today to show us how smart money choices give us financial security without limiting our choices or preventing us from having fun.

She and her husband got rid of three quarters of a million dollars in debt by making some sacrifices, making tough choices, and just deciding to do things differently. Conventional wisdom leads to normal results. Dr. Spath talks about how bucking trends and making smart money choices will lead to uncommon success. You’ll love this episode, and you’ll be inspired to create your own incredible finance journey!

Free Resource: How to Crush Your Student Loans

Check out the additional free resources available at The Scope of Practice!

Meet Dr. Disha Spath

I am a mother, a wife, and a primary care physician trained in internal medicine. My family was the typical physician household that inflated our lifestyle right out of residency. We found ourselves deep in student debt and unhappy, even though we supposedly had everything. Reluctantly at first, we found the utility of frugality and it turns out to be the best thing that ever happened to us. We paid off my $208k of student loans in a year and a half!

Now, my husband and I are swiftly our way to financial freedom, while designing our ideal life. I created The Frugal Physician blog to help me reflect on our journey, and to empower other physicians to get out of debt and take control of their finances. Financial independence is possible for all of us, far more quickly than we realize. Together, we can eliminate financial stress as one of the things that leads to physician burnout. We CAN have happy and fulfilling home lives and careers! Thank you for being here!

Join the Business and Personal Finance for Physicians and Dentists Facebook Group!

Most physicians and dentists come out of training programs with a huge amount of personal debt and little to no idea of how to actually run a clinical practice. This Facebook community is for anyone who wants to learn more about how to manage their business more successfully and master their personal finances.

Check out the Doctor Podcast Network!

The Doctor Podcast Network is a group of physician and physician family podcasters with incredible messages to share with physicians. I’m incredibly excited to be a founding member of the organization. We are a large and growing network with incredible outreach.

We podcast about any and all topics that are important to physicians and their families including:

Financial wellness
Business mastery and leadership
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Real estate
and much more!

Click here and come check out the great podcasts that are a part of the network. If you’re thinking about starting a podcast, we’d love to have you join us! Help us reach out to physicians all over the world!

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If you need a little more individualized help figuring out:

How to build and implement a successful long-term finance strategy
How to budget effectively without going crazy
What to do in order to get you and your spouse on the same page with your finances
Writing a resume
How to find the right practice to join
Or anything else related to business or personal finance

I’d love to help you so you can have the successful career and financial freedom you deserve. Just click here and email me to set up a free consultation to determine if one-on-one coaching is right for you.

I’ve coached hundreds of families to eliminate millions of dollars in debt and get their finances on track, and I’d love to help you do the same so you feel safe knowing your career and personal finances are as strong as you want them to be.

Click here and email me to set up a free consultation today!

Show times

00:00 – Introduction to the episode
01:42 – Subscribe to the podcast, and please leave a review!
02:00 – Email me if you’re interested in getting one-on-one finance or career coaching.
03:56 – Introduction to Dr. Disha Spath, The Frugal Physician.
05:02 – Dr. Disha Spath is working on some great stuff as the Frugal Physician. She talks about how she got started.
07:12 – Growing up poor as an immigrant with a single mother after her father died, really shaped Dr. Disha Spath’s views. That’s what ultimately led her to become the Frugal Physician.
08:52 – Dr. Spath’s journey started with being $750,000 in debt, which was overwhelming as a young family.
11:09 – Three quarters of a million dollars in debt made Dr. Disha Spath VERY uncomfortable. She had finally had enough and decide to make a change. Thus, the Frugal Physician was born!
12:39 – Ok, so it’s time to eliminate debt, but why is frugality the answer? The Frugal Physician has some uncomfortable truths to share!
15:22 – The key to success isn’t what you’re willing to do, it’s what you’re willing to give up. Dr. Disha Spath and her husband massively downsized their house, and that catapulted them forward.
16:59 – How did the Frugal Physician get to debt freedom?
19:48 – It’s not about luck! It’s about making intentional, specific choices with intense focus.
20:55 – Dr. Disha Spath is not looking to retire early, but she’s excited for the opportunity to have financial independence.
21:53 – How do you balance “living for the moment” with “living for the future”?
24:02 – Budget for fun as part of your overall financial plan.
25:02 – Limiting beliefs hold people back from achieving their goals. The Frugal Physician lights some dynamite under that idea.
26:12 – Beware of trying to keep up with the Joneses!! Dr. Disha Spath issues a warning against FOMO!
28:03 – Overspending on cars is a common physician mistake. What are Dr. Disha Spath’s rules of thumbs for buying cars?
30:41 – What does the Frugal Physician think about car payments?
31:52 – Dr. Spath was able to pay off two cars quickly by spending less money on other things.
32:42 – Going out to eat is a common way that physicians overspend. You must address this area to get your budget to work for you!
34:46 – What are the Frugal Physician’s guide to vacationing on a budget?
36:13 – How about furniture? How does Dr. Disha Spath approach furniture from a frugality standpoint?
39:09 – Is debt elimination supposed to be a war?
41:12 – The Frugal Physician coaches us through the concept of the Debt Snowball.
43:37 – Dr. Disha Spath says that money is about feelings! You can’t use only math to achieve financial success. You’ve got to get the behaviors right!
45:12 – What does the Frugal Physician have to say about the Public Service Loan Forgiveness Program?
46:10 – Connect to Dr. Disha Spath and The Frugal Physician blog.
48:35 – Summary of the episode.
49:35 – This week’s free resource is a guide called “How to Crush Your Student Loans.”
50:56 – Signing off!

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