Common Financial Advice that Makes No Sense for Physicians

There is no shortage of financial advice out there. You are undoubtedly exposed to a wide range of money headlines and adages that may or may not be helpful.

There is no shortage of financial advice out there. You are undoubtedly exposed to a wide range of money headlines and adages that may or may not be helpful.

If you’re more of an audiovisual person, television, podcasts, and Youtube will also tell you what you should be doing with your money.

Common Financial Advice that Makes No Sense for Physicians

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– At 25 years old — you should have 1/2 of your yearly salary saved – At 30 years old — you should have 1x your yearly salary saved – At 35 years old — you should have 2x your yearly salary saved  

Net Worth Targets by Age

You may have heard that you’ll need to replace 70% or 80% of your pre-retirement income to have a comfortable retirement. This frequently referenced guideline makes sense if and only if your spending is perfectly coupled with your income.

Retirement Calculators Based on Salary

Setting aside 10% to 15% of your income may be adequate for a person who can work for 40 years and still retire in her early 60s, but that’s not you. You should be saving more.

Save 10% to 15% for Retirement

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