Tag: Budgeting
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The journey through medical training often focuses intensively on patient care while leaving financial management skills underdeveloped. Many physicians find themselves earning substantial incomes but struggling to implement effective budgeting strategies that accommodate their unique financial situations. Traditional budgeting advice often falls short for medical professionals, who face distinct challenges like high student loan debt,…
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As physicians, we often feel financially secure with our high incomes. Yet having substantial earnings doesn’t eliminate the need for an emergency fund—in fact, it might make it even more crucial. Let’s explore why emergency funds remain essential for high-earning medical professionals and how to structure them effectively. The Unique Financial Risks Physicians Face Professional…
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The first time I calculated my net worth as a new attending, the number was shocking: negative $247,000. Between student loans, a car loan, and credit card debt, I felt like I’d never climb out of the red. Five years later, my net worth had finally turned positive. Let me share what I’ve learned about…
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Recently, during a particularly busy workday, I found myself chatting with a colleague during our rushed lunch break. Between bites of hastily eaten sandwiches, we shared our biggest financial regrets from our early career years. Her story about buying a $75,000 BMW 5 Series right after residency – complete with all the upgrades and a…
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As physicians, we’ve dedicated years—no, decades—to mastering the most complex human system imaginable: the human body. We’ve navigated grueling training, countless exams, and life-and-death decisions. Yet, when it comes to managing your own finances, you might feel like a medical student struggling through rounds. You’re not alone. In fact, you’re in good company. The Hidden…