Good Financial Reads: Financial Tips for Medical Professionals

Achievements and Pitfalls for Medical Professionals

by Nathan Schorsch, Head to Toe Financial Planning

For most people, getting to broke is usually the worst possible scenario but for most medical professionals it’s something to be celebrated. Doctors and dentists typically leave school with over 200k in student debts, with nurses and other providers incurring less but still substantial debts.  When you’re starting out that far in the red, getting to broke is a major accomplishment and a huge cause for joy. Now that we’ve identified the big accomplishment of going broke, what’s the common pitfall?

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Student Loan Options for Nurses, Doctors, and Dentists

by Nathan Schorsch, Head to Toe Financial Planning

I typically work with doctors and nurses and as such I spend a good portion of my time discussing efficient student loan repayment strategies. To this end, I am going to spend some time discussing three of these different strategies that are available to doctors and nurses who qualify.

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Recovering from Financial Mistakes

by Nathan Schorsch, Head to Toe Financial Planning

There’s a fairly common phrase among doctors and other medical professionals when it comes to building wealth and that is “live like a resident”.  Basically that means that once you finish your residency and get a nice attending job, continue to live the lifestyle you had during residency. Spend like you’re making resident money, and use the extra from your attending income to pay off student loans, put a down payment on the house you’ve always wanted, and maximize your retirement accounts.

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Resident Checklist

by Nathan Schorsch, Head to Toe Financial Planning

I want to offer up some financial priorities you should focus on once you get into your groove at the hospital. Given your scant amount of time to focus on these priorities I don’t want to overwhelm anyone with a laundry list of things they “need” to do as soon as possible, but these three items should be your first priorities while in residency. They all focus on protection so that you can begin to build a solid financial foundation and not have to worry about “what if” scenarios.

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