Financial decisions today impact tomorrow: What they didn’t tell me in medical school

I majored in accounting and learned about numbers and their interactions; not much time was spent on marketing. As a medical student, you were taught about biology, diseases and their treatment but not much about the finances. After working with doctors who are mid-way through their careers, I wish I could have spoken to them when they were first starting out. Here are a few non-medical lessons that should be covered in medical school: 1)   Control expenses: As a physician, you will have more income than most people.  However, you will also have more expenses; your student loan debt is likely substantial.  This number is too big for most people to grasp, so they take the “head in the sand” approach. But there is a better way! Consider the ratio of your monthly income to the monthly payments for your school debt, house payments, credit card bills and taxes. A monthly overview gives a better perspective than totals. For example, a $150,000 salary yields $12,500 monthly. … [Read more...]