One of the lessons frequently taught to me growing up was that I was free to choose anything I like, but that I wasn't free to choose the consequences of my choices. Those were attached to the choices, like two ends of a stick.
A recently published academic paper confirms that the average resident is a financial idiot. Rock bottom. Nowhere to go but up! Kudos to those working on this problem.
Graduating residents need to pay off their loans efficiently, use a 15 year mortgage, and max out their retirement accounts. If you have any dreams of a nice retirement, paying for your kids’ college tuition, or traveling around the world at your hearts’ content, then heed this advice.
Residents are busy folks. Their time is consumed with clinical work, clinical learning, and sleep. What extra time they have should be spent with their loved ones and on other activities that keep t...