Fact checked by Vikki Velasquez Morsa Images / Getty Images Doctors face unique career and money challenges. Learn the strategies they use to help them build wealth, pay down debt, and retire early. Key Takeaways Doctors face many hurdles, including high student debt loads, late career starts, low starting salaries, and long workweeks. Physicians should consider 'Financial Independence, Retire Early' (FIRE), which works on the principle of saving aggressively to achieve financial freedom as early as po ...

Core Insights - Paying off a mortgage early is a significant financial strategy that can lead to wealth accumulation and reduced financial stress, especially in the context of rising interest rates and long-term debt burdens for homeowners [1] Group 1: Strategies for Early Mortgage Payoff - Making an extra house payment each quarter can save tens of thousands in interest and reduce the mortgage term significantly [3][7] - Bringing lunch to work can save approximately $1,200 annually, which can contribute to paying off the mortgage three years early and save over $28,000 in interest [5] - Eliminating daily coffee shop visits can add around $90 per month to mortgage payments, potentially saving $25,000 in interest and reducing the loan term by four years [6]