money mistakes
Our personal financial education is likely similar, though. Likely similar to you, nobody taught me this stuff. I had to seek out information from friends and experts. Luckily, you don’t need to make the same errors I did.
Most likely, your peers are up to their eyeballs in credit card debt. Make a budget and stick to it. And when residency ends, keep living like a resident for a while.
Cars are money pits. If you buy new, you take an enormous depreciation hit as soon as it leaves the lot. Buy used, and you may end up with a lemon that costs you just as much as if you had bought new.
Many physicians fall prey to this blunder. The inverse is true for more senior doctors. As your children move out, why are you maintaining the overhead of all that unneeded space? Scale down and relocate to a more tax-friendly area, if possible.
If they offer a match, fully fund that account and take advantage of every dollar, they give you. This is especially crucial if you’re at the beginning of your career. The markets are volatile right now, but don’t let this deter you. If the past is prologue, it will work to your advantage as the markets recover.
If you do nothing else in this post, please, please, please sit down with a professional and evaluate your student loans. Stop what you’re doing and go set up an appointment with a student loan advisor. Do not pay more than you have to.