After completing dental school in 2011, I found myself burdened with $250,000 in student loans. Coming from Haiti, where credit cards and student loans were unfamiliar concepts in the 80s and early 90s, I was unversed in managing such debt, understanding interest, or the importance of diversifying income streams with investments. My upbringing emphasized the value of financial independence and not relying solely on a single source of income.
So with all my anguish, frustration, fears, I decided to focus on things that I would bring me VALUE. I focused on assets more than liabilities. Within four years, not only had I cleared the $250,000 debt, but I also strategically invested in my growth. I put funds into real estate, the stock market, business ventures, and continuing education – all investments that added significant value to my life. This approach enabled me to develop seven sources of income, and no, this doesn’t mean I was juggling seven jobs!
Why do I consider my journey less traveled? Here are some insights:
💥 During the period of paying off my debt and beginning to amass wealth, I was single without children. This counters the common assumption that a spouse’s income contributed to my financial journey.
💥 I resisted the temptation to purchase a luxury car immediately after dental school.
💥 My diet wasn’t restricted to just rice and beans or noodles.
💥 Importantly, I continued to invest even while paying off debt. It wasn’t about the amount – even small investments count, much like how small grocery items can add up to a significant total.
As an associate dentist, three years post-graduation, I contemplated leaving the profession. My experience is a testament to the power of focused financial strategies and the impact of choosing a road less traveled.
Caroline Clerisme, DMD
This post is for informational and educational purposes only. It does not constitute tax, investment, or legal advice. If you are seeking such advice, you should seek the assistance of a qualified professional.
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