The most common question that I get (in real life and online) is the following: “So, I am finished (or about to finish) training. How do I invest my paycheck?” I recognize that for many readers this question may be too basic, but I don’t want to skip it for those that are about to start their life as an attending. Hopefully, even for those that have it all figured out, they’ll find useful information in answering the question.
refinance student loans
When I was in residency, residency refinancing companies did not exist. If you read part 1 of this series or are considering private refinancing options, then this post will help you pick the best company for you.
Don’t we all remember the most important money saving tip? You know. If you just brew your coffee (or tea) at home while you are a medical student and resident instead of going to Starbucks, you could save thousands of dollars on your medical school debt. We’ve got some talking to do: Student Loans Part 1.
For those of us who have “seen the light” and realized that the financial shadows that dance on the wall are created by the industrial machine that want us to believe the personal finance is too hard to do ourselves. Once we are freed to realize that it is not as difficult as it used to seem, it is our responsibility to go back and to free the other prisoners. This is the Seventh Philosophy: A Responsibility to Teach
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.