But to be a bit more helpful, you’re not the first resident in this boat! (Why I mentioned heading over there.) they will likely direct you to “the white coat investor.” Doctors are notorious for being terrible with money for all the reasons you’ve expressed. Step two is finding a FIDUCIARY financial advisor (they have a duty to you, not their own profit). A lot of it will be reading and trial and error for what works best for you and one step at a time. Figure out how to make and keep a budget that makes sense . Then tackle emergency fund. The rest requires some insight a fiduciary should be able to help with.
White coat investor will sell you classes for a lot of money. You can find the same, or better, services by fiduciary insurance/financial planners who work specifically with doctors… for free. They take a commission on insurance plans you should be buying.
Uncomfortablynumb1 t1_j1t8njb wrote
Reply to I’m 27, have yet to have a salary, about to finish residency, and know nothing about managing finances by redcavzards
But to be a bit more helpful, you’re not the first resident in this boat! (Why I mentioned heading over there.) they will likely direct you to “the white coat investor.” Doctors are notorious for being terrible with money for all the reasons you’ve expressed. Step two is finding a FIDUCIARY financial advisor (they have a duty to you, not their own profit). A lot of it will be reading and trial and error for what works best for you and one step at a time. Figure out how to make and keep a budget that makes sense . Then tackle emergency fund. The rest requires some insight a fiduciary should be able to help with.
White coat investor will sell you classes for a lot of money. You can find the same, or better, services by fiduciary insurance/financial planners who work specifically with doctors… for free. They take a commission on insurance plans you should be buying.