Sunday, June 7, 2020

Wealth Builder Interview; Dr. C Shares Her Savings/Investment Successes.

October 15, 2018 by  
Filed under Business, Health, Money, News, Opinion, Weekly Columns

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( I interviewed one of my readers who is a California physician.  Let’s call her Dr. C.  She is blessed with two very bright and beautiful children and kind enough to share her money management journey and lessons learned. I share this interview as an opportunity for my readers to learn about other’s earnings, saving, and investing successes and lessons learned.


  1. When did you decide to become a doctor?  What type of medicine do you practice? Did you have to go in debt?  If yes, how many years to pay off?

I have had aspirations of going into medicine since I was about three or four years old!  I feel that medicine is a calling for me.  I have had the privilege of providing primary care services as a family physician for over twenty years.  At the time that I graduated from medical school, I owed $55,000.00.  While it felt like a lot of money at the time, it pales in comparison to the $200,000.00 average debt facing medical school graduates now.  It took me eighteen years to pay off my debt.

  1. Tell me about your family?

I am married and have two wonderful children.

  1. You have two children to put through college.  How did you prepare and save for that?

I have had both extremes of paying college tuition for one of my children.  My daughter’s college journey began when she was15 years old and included a stint at a very expensive early entry college and several semesters at community college.  She entered UCLA as a transfer student and had much of the remainder of her college education paid in scholarship monies.  She is working on her doctoral degree at an Ivy League institution where her tuition is covered in full and she is receiving a stipend for living expenses.  In sum, I only had one year of paying private college tuition for which I had been saving.  Because she finished high school sooner than I anticipated, I was short some of the funds needed.  We took out a loan for $10,000.00 (half of which was subsequently repaid by a fellowship award) and I had a part-time job to help make up the difference.

My son is a senior in high school and will be attending college in the fall of 2019. Having learned from my daughter’s experience, I have been diligently saving for him.

  1. How well are you prepared financially for retirement?  When do you plan to retire? What retirement money will you rely on? 

I am planning to retire at 65 with a pension, 401K with matching employer contributions, social security benefits (?) and savings.

  1. Do you save outside retirement accounts?  What type?

I regularly contribute to my savings account.  Since starting to read your blog, I have plans to start saving through an online robo-investing company.

  1. What is your lesson learned about saving that you want your two

children learn and implement as early as possible?

Live within your means and pay yourself first!

  1. Is there a financial or investment – do over you wish you had?

I probably took too long to pay off my student loans.  I wish I had kept my first home for rental income rather selling outright.  Finally, I should have started investing in the stock market before now.

  1. What brings you joy?

I find joy in the simple pleasures of life– time with my family, playing piano, reading a good book.  My life has been richly blessed!

Special Thanks to Dr C. for sharing her investment accomplishments and lessons learned.  She is one of those rare people who believes in caring for others before self, making her one of the kindest people I have met and a simply an AMAZING MOM!


  1. JOY: I asked the question about joy last and I realize or believe that is a mistake. Steve Jobs ironically said it best shortly before he died. “Do not put money ahead of happiness.  Whatever stage in life we are at currently, in time we all face that day when the curtain comes do.”
  2. Cost of College: Significant increase in college cost is making saving for your kid’s college education more difficult and more important. See below blog.

MAY 17, 2918 BLOG MOM, DAD, CAN YOU SPARE $250,000…..PLEASE!

  1. RETIREMENT SAVINGS: How many readers have a pension? Dr C. is fortunate to have a pension as only 13% of Private Sector; Non Union employees have a pension.  This means for majority of us, it is MANDATORY we take advantage of the 401-K and other retirement tools such as ROTH IRA and Non Roth IRA. See below blog.



  1. PAYING OFF DEBT. The sooner you can pay your debt off the sooner you will substantially build your net worth and have an opportunity to retire early. I see some amazing stories on people who pay up to $100,000 of debt off in less than five years.  They sacrifice wants and pay themselves first. I publish some of their stories on my Instagram account: wealth_building_powers.

See below blog.



  1. SAVINGS VERSUS INVESTING: The average bank savings account pays you 0.08%.  Let that number sink in.  Because of inflation, you are LOSING your HARD EARNED MONEY when you park your savings in a bank account. You must look at much better opportunities to MAKE YOUR HARD EARNED MONEY WORK HARDER THAN YOU! See below blog.



{The goal of blogging interviews is to learn from each other. If you would like to be considered for an interview, drop me a note and we can chat about specifics.}


I am a proud nerd (my beautiful wife and daughter told me so) investment and finance blogger, with a Rutgers, MBA and Harvard, Advanced Management.  I am a successful investor in equities and real estate and happy to share my personal finance and investment lessons learned with you.  I am NOT however, a licensed financial advisor.  Please do not construe my suggestions on this blog, as recommendations for your personal situation.  For individual finance advice please seek your own licensed CPA or financial advisors. 

Staff Writer; Styron Powers

One may visit this brother over at; Powers Investments Management and also connect via LinkedIn; S. Powers.


One Response to “Wealth Builder Interview; Dr. C Shares Her Savings/Investment Successes.”
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