Congratulations on your journey into medicine! As you transition into your residency, you will find yourself making decisions about your finances, including paying off loans and saving for your future. While personal finance can seem overwhelming, there are easy ways to get the ball rolling.
First, begin by setting small goals for yourself. This could be as simple as saving a few dollars a week or creating a budget for your monthly expenses. If a budget seems too daunting (as it was me), try jotting down where some of your money is going can be a great first step. Long-term, tracking your spending can help you identify areas where you can cut back and have extra cash to spend elsewhere (including trying new restaurants or splurging on that new iPhone).
Another great way to learn about personal finance is by reading articles and blogs online. There are SO many resources available that offer practical advice and tips for managing your money. We will list some great resources below to help you get started, and stay tuned with us as we’ll do a high altitude overview on where to start. You can consider subscribing to a few of these blogs or following them on social media to stay up-to-date on the latest information about topics you’re interested in.
Finally, don’t be afraid to ask for help!! Seek out advice from trusted friends, family members, or financial professionals (those familiar with high-income earners). They can provide valuable insights and guidance as you navigate your financial journey. However, trust but verify. Your life goals may not be aligned with what others may want for you.
Remember, you are not alone in this process. By taking small steps and seeking out resources and support, you can develop the skills and confidence to make informed decisions about your personal finances.
Resources:
White Coat Investor: https://www.whitecoatinvestor.com/
The Physician Philosopher: https://thephysicianphilosopher.com/
Financial Residency: https://financialresidency.com/