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Doctors, am I crazy to say you should live like a resident for your first few years as an attending? Is delaying the big house and fancy car worth it if it means crushing debt and building wealth faster? What do you think—smart strategy or too extreme? #PhysicianFinance #FinancialFreedom #LiveLikeAResident #WealthBuilding #DoctorsMoney
All valid points, however not a single mention of how there has been a bullseye on doctors reimbursement for insurance. Today the private practice is a terrible business model. A well run practice is 50% of your overhead. Surgical reimbursements have been cut to the point it’s not worth the risk. All that time you speak of the achieve the title and not get fare compensation, and there is no one fighting for fareness. The $2 million house and and lavish life are no longer achievable by most. As was stated a doctors earning potential doesn’t start until they are around 30. For all these reasons and many more I can discuss including the incredible debt that comes with just going into medicine, ie college and medical school, there will be a shortage imo. Sorry for the rant lol.
One thing you commonly hear for doctors is that they suffered for so long that they "deserve" X, Y, Z. Well fine. But when they wind up with the $2 million mortgage and $3,000 a month in car payments, they're really only screwing themselves.. did they "deserve" to get screwed? Because they're typically the ones doing the screwing to themselves.
Live like a resident after being a resident ? I assume you mean people with debt to settle their debt first
Agree Avoid the golden handcuffs at all costs
I am very much for young qualifying doctors to do a 3 year GP stint in a rural setting , before full registration can be achieved , then being seen as a family practitioner. FP to be recognized as a speciality with remuneration reflecting the same
I did that and have never had any debt other than my home mortgage for my entire career
Absolutely. One of my mentors told me to wait a few years before you buy your dream house or dream car. I waited 8 years for the dream house and 10 years for the dream car. In the mean time, I paid off all of my student loans.
Smartest strategy, but hard for most. We all think the same....."I worked hard, I deserve it!" I agree.....you did work hard.....but delayed gratification and getting out of debt is liberating.
Co-Founder/CEO @Pattern: Simplifying Disability Insurance and Personal Finance for Busy Doctors ?? | Investor | Christ-follower | Husband & Dad of 4
1 周Would love to hear your thoughts—am I onto something, or is this idea too radical??