Avoid Comparison During Debt Elimination

“Comparison is the thief of joy” – Theodore Roosevelt

Avoid comparing yourself to others while eliminating your debt

I have been meaning to write on this topic for a while now.  I write about this because I live it.  In a time where physician burnout is reaching an extreme, comparison can fuel the fire.  Here are some thoughts on how to avoid comparison during debt elimination.

I find myself surrounded by physicians at varying stages in their career.  The truth is that I have no idea what their background is, nor their financial situation.  Day after day, however, they pull up in their new Tesla, dressed to the nines, and discuss the new waterfront property they are closing on.  It sounds like the dream! But is it?

What does the data show?

According to the Education Data Initiative, the average American medical student graduates with approximately $241,000 worth of total student debt.  The average medical school debt is approximately $215,000.  However, many medical students have collegiate debt or other debt prior to accruing debt from medical education. 

Secondly, 76-89% of all American medical school graduates have debt following completion of their education.  Approximately 43% of medical school graduates have some sort of debt prior to medical school.  Lastly, the average medical school graduate owes approximately 6 times as much as the average college graduate. 

What can we infer from this data?

For starters, it helps to realize that the majority of physician colleagues have accrued some amount of debt from their medical education.  This does not begin to address credit card debt, mortgage debt, practice debt, private loan debt, etc. 

I think it is also worth noting that I don’t know anyone’s financial background.  Some of the individuals I am comparing myself to may be incredibly savvy when it comes to finances.  Many may have avoided debt by having the government pay for their medical education.  Other graduates may have received family help with their loans.  The possibilities are endless. 

That does not change the facts.  Most physicians have debt.  Many more have debt from sources in addition to their medical school loans. 

Don’t compare yourself to them

How does all this apply to you. 

As is the mission of The Motivated M.D.  I seek to provide insight into expediting financial independence and freedom.  One of the many factors influencing this goal includes paying down debt fast.  This often requires an immense amount of self-control and frugality.

Now I am not telling you to ‘live like a resident’ forever.  That being said, it does take a few years following post-graduation training to eliminate your debt.  This often does mean you have to delay a ‘doctor’ home, avoid a new car and other lavish ‘wants’ for some duration of time.  This is very simple, but it is in no way easy. 

When we are surrounded by friends and coworkers flaunting their expenses, staying the course can prove difficult.  We too feel we deserve a similar lifestyle.  After all, we have delayed our gratification just as long as they have.

Avoid this comparison. 

What you don’t know when you compare your situation to another’s is the background.  Much like an Instagram influencer, all you get to see is surface level information.  When your colleagues are boasting their pay raise or their lifestyle inflation…do not be fooled. 

Statistically, most early career physicians are still dealing with debt and those that take on more are usually burying themselves in a hole. 

Stay the course

For those of you dealing with medical student debt, stay the course!  As we have preached so often on this website, for those seeking financial freedom, debt elimination is a huge part of that.  My wife and I are currently working to pay off a combined debt of $670,000 from medical education alone.  We have spent years living on a single physician salary so we can funnel income towards our debt.  We have refinanced our student loans twice to get a better rate. 

I have found it difficult to maintain my current lifestyle while those around me are making larger and larger purchases.  I too am human.  I can often feel inadequate when I compare myself to others.  What I have to remind myself is that many of the physician lifestyles I am envious of come at a cost. 

I am making a generalization here, but if you understand the facts, then the majority of my colleagues and peers are still dealing with massive amounts of debt.  Unless they have won the lottery or are receiving family money, they are still carrying that debt with them.  This means when they upgrade their home, when they buy a new car, when they take luxurious vacations, they are often choosing that over rapid debt elimination.

One size does not fit all…

I am sure there are many who do not prioritize rapid debt elimination.  Many have postponed their gratification well into their 30s or 40s to reach their physician income.  This often leaves many feeling they deserve to spend much more.  I get it.  We are jaded by the fact that we are surrounded by disease and death constantly.  This can often lead to a perspective of ‘live in the now.’  Why postpone my enjoyment of life to some future date when so many others are dealing with their mortality?  These are difficult questions.  I do not have perfect answers.

When my wife and I decided to focus all of our attention on debt elimination (after establishing an emergency fund) the biggest factor was truly our debt aversion.  The anxiety that I feel having a large six-figure debt hanging over my head was exhausting.  I think about our debt day in and day out.  It can feel difficult when we are living far below our means when others are not.  Here are a few things I remind myself to stay motivated:

• Do not waste your time comparing yourself to others.  You do not know their background nor their financial situation.
• Focus on executing your financial plan.  The greatest joys you will receive will be knowing you had the self-control to eliminate your debt fast.
• There will be plenty of individuals (I would argue a majority) who seem to have their ‘stuff’ together externally… don’t be fooled.
• Understand that the endgame is not to have the nicest ‘things’ on the block.  The endgame is to create financial independence, opening up a future where your time and happiness are not bound by financial constraints

Take home points

Look, I get it.  Walking the path towards financial independence is not easy.  Many of us are in our 30s and 40s, have families, relationships, career goals, and external expectations.  Even in 2022, many still believe that a physician should have the nicest house on the block.  We know this to not be the case.  To fit that expectation requires a life dedicated to intelligent investing, minimizing debt, and living below your means. 

Do not be distracted by what others are doing with their money.  Focus on your goals and you will achieve them. 

Here are some other articles I have found motivating over the years when I find myself comparing:

Don’t Let Comparison Be the Thief of Your Joy – Physician on FIRE

10 Things That Rich Doctor Across the Hall Isn’t Telling You – The White Coat Investor

The Danger of Comparing Yourself to Others – Farnam Street Media

How to Stop Comparing Yourself to Others – Rachel Cruze at Ramsey

I hope you found this post on avoiding comparison helpful.  For those of you who are planning to refinance your student loans to expedite debt elimination, I have a great article on why we chose to refinance our student loans…twice!  I also have a guide on How to Refinance Your Medical Student Debt.  I hope you enjoy!  As always…

Stay motivated!

The Motivated M.D.

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