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
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- 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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debt, dentist, financial planning, money, personal finance, physician, student loans