Two spine surgeons weigh in on personal finance and what they wish they had known at the beginning of their careers.
Ask Spine Surgeons is a weekly series of questions posed to spine surgeons around the country about clinical, business and policy issues affecting spine care. We invite all spine surgeon and specialist responses.
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Question: In terms of personal finance, what do you wish you had known earlier in your career?
J. Brian Gill, MD. Spine Surgeon at Nebraska Spine Hospital (Omaha): I always knew the power of compounding was great but I never understood how great it is, and I wish I would have put more away sooner in the early years of my training and career.
Brian R. Gantwerker, MD. Founder of the Craniospinal Center of Los Angeles: The basics of how and when to pay off financial debts. The old adage of paying off the highest interest debt regardless of principal is still the best. I would also recommend that those physicians starting a new venture not get an SBA loan, but opt for a smaller revolving line of credit. Establish a relationship with a small, private bank, move your accounts over as recompense and get a personal banker you can talk to. Having that money available on an ongoing basis is critical and much better than having a one-time lump sum loan that immediately starts accruing interest. Also, don't be afraid to not own the fastest model sports car or biggest house. Invest wisely and know your risk tolerance.