Develop your financial knowledge while in school and in residency

I wished that I cared more about finance during medical school. It always seemed like there was something else more important (i.e. USMLE, tests, clerkships…etc). Most students felt that way. Those who came from financially independent families surely didn’t care. It was also taboo to even discuss these matters. After all, we’re in the business of saving lives, right?

Sort of.

What I’ve realize from practicing medicine is that excelling in medicine only gets you so far in life. You still have to be able to translate the blood and tears we suffered through all these years into that German luxury auto that you’ve always wanted. And no one teaches you that.

The key advantage of being a young, poor, student is time. Time to gain experience. In finance, you get compound interest. As far as getting yourself there, learn to be financially competent. Take some time to study about finance. An hour a month, perhaps. Make time. When the financial advisors start preying on you during residency, you will be prepared. Learn the vocabulary. Read my high yield financial outline for the busy student. Every initiative you take to educate yourself in finance or business is an investment into your future self.

 

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