artemisParticipantStatus: PhysicianPosts: 588Joined: 12/02/2016
Agree with focusing on loan repayment, importance of minimizing debt, starting investing as soon as possible.
For residents about to become attendings illustration of taxes is important–that salary jump is not going to go as far as you think it will.Click to expand…
I agree – those things are the foundation of FI anyway. Get the loans paid off ASAP, keep debt low (ideally, none apart from possibly a mortgage), and start investing for retirement as a resident with the goal of eventually maxing out all available tax-advantaged space and achieving a total savings rate of at least 20% of income as an attending, and FI will come (and sooner than one thinks!).
The biggest part about getting education (financial… or many other topics also) is being able to discern a sales pitch from quality info… and they are almost invariably intertwined.
Most people’s biggest financial mistake is that they assume the 401k rep who sells them active management or their realtor who sells them a house that’s a bit larger but really underpriced or the attorney who steers them to doing wills and prenup or their accountant selling life insurance works with their personal best interest at heart. Being overly gullible is most people’s main issue… especially in topics they have fear of.Click to expand…
I agree that telling medical students and residents to remember that most “finance guys” are NOT fiduciaries is a very good idea. We naively tend to assume that most other professionals are bound by the same ethical code that we as physicians are expected to operate under, but nothing could be further from the truth.