Retired rheumatologist Timothy Harrington, MD, offered some financial tips for young physicians, so they can enter retirement with sufficient money and no debt, according to AMA Wire.
Here are his seven strategies:
1. Find your passion in a specialty. Dr. Harrington doesn't advise choosing a specialty for its lucrative features, but rather choosing one that you love. He added, as long as you make sound financial decision during your career, you will be able to pay off debt.
2. Ask for help when it comes to employment contracts, as you need to fully grasp how the financial implications align with your income expectations.
3. Team up with a great financial advisor early on, especially to deal with debt and family responsibilities.
4. Minimize debt as much as possible — don't keep digging deeper into a hole.
5. Live comfortably in the middle class, so you have more once you're older.
6. Identify ways to maximize revenue and boost volume in your practice, perhaps with a team-based care approach.
7. Look to older generations' mistakes and successes. Don't repeat history by committing the same financial failures.