It is a common question asked by those thinking about going into the field of medicine, “Would you go into medicine again if you did it all over?” Sometimes they ask, “Would you tell your son or daughter to go into medicine?” Today we are going to look strictly at the financial aspect of this decision.
If you are reading this site, then you have likely come across other websites geared towards high income earners. The vast majority of them will tell you to invest your 401k/403b money in a traditional (pre-tax) manner. The reasons for this are many, but let me lay out the opponents argument before I tell you why I prefer a ROTH contribution to my 403B:
Sometimes the head and the heart just can’t agree. Paying off debt provides more peace of mind than making more in the market investing. The math doesn’t make sense, but what is the point of wealth if you aren’t content? What does your head and heart think/feel?
Throughout the first thirty years of my existence I did not learn a thing about personal finance from just about anyone. Not my parents. Not my grandparents. Certainly not my medical school. I had to learn it on my own, which I found to be very frustrating. In fact, my journey started when I noticed a book (Boglehead’s Guide to Investing) sitting on my friend’s coffee table.
As I started accumulating financial knowledge through reading books or visiting financial blogs aimed at high-income professionals, I started to learn that debt was something to be destroyed. It delays building wealth. I don’t want that to happen to you. So, keep reading to find out more about wealth and how to build it.