Mastering Money: Financial Tips For Medical Residents

Let’s start with the most important part first - your primary goal while in residency or fellowship should be to become an exceptional doctor. The kicker is that you also have to devote some time and energy to your finances and not completely neglect them. We understand that finances may not be the first thing on your mind after working 80+ hours a week, but having healthy financial habits is just as important as keeping your patients healthy.
Here are a few important financial items you should worry about while in residency: student loans, budget, emergency fund, homeownership, insurance, and investing.
Don’t have an emergency fund or know anything about investing? Are you worried about your student loans? It’s okay - we will help you every step of the way.
Key Insights 💡
💼 Organizing student loans is vital for medical residents to understand and manage their federal and private loans effectively.
💰 Budgeting is essential to allocate income, expenses, and build a strong financial foundation during training.
💸 Building an emergency fund provides financial security and prepares for unexpected expenses and future goals.
🏠 Homeownership is generally not recommended during medical residency due to uncertainties and financial constraints.
🛡️ Having disability and term life insurance is crucial to protect against income loss and provide for dependents or co-signers.
💼 Investing early, taking advantage of employer matching, and lowering adjusted gross income can benefit loan repayment and future financial goals.
🏆 Building a strong financial foundation through organization, automation, and good habits sets the stage for long-term financial success.
Highlights 🕒
0:00 Introduction
0:38 The Harsh Reality of Student Loans:
4:14 The Importance of a Budget (and the Ease of Making One)
5:22 Put Some Away For a Rainy Day
7:20 Avoid Homeownership At All Costs
8:38 Decide On Insurance
10:57 The Natural Progression of Investing
12:47 Final Thoughts
📚 Read More Here: wealthkeel.com/blog/financial...
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Music from Intro Video: Sunburst by Tobu & Itro - bit.ly/2p6JaWw
Disclosures: This information is for general purposes only. This information is not intended to be a substitute for specific professional financial or tax advice, as individual circumstances vary. Please see a financial professional, CPA, and/or an attorney in regards to your own individual situation.