3 Common Doctor Financial Mistakes #SHORTS

Between opportunity costs, rising medical school tuition, and increasing interest rates, finances have become a huge stress for future doctors. Here are 3 financial mistakes to avoid.

Number one is pushing off financial education. The average medical student graduates with about $240,000 of debt and ultimately pays between $365,000 and $440,000 for their student loans.

Educating yourself about finances early into your academic career can help you avoid mistakes that cost you tens, if not hundreds, of thousands of dollars.

Number two is failing to practice self-restraint. Due to the compounding effect of student loan interest, anything you pay for now will cost you significantly more in the long run.

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Track your expenses and practice simplicity. Appreciate what you have rather than always longing for something new.

Lastly, don’t cheap out on your health or your education. If you aren’t healthy, nothing else matters.

And missing an extra year or two because you failed to get into medical school the first time can cost you hundreds of thousands of dollars in missed earnings. Invest in your education early so you only have to apply once.

If you need help getting into medical school or matching into residency, check out MedSchoolInsiders.com.

🖋Accompanying Blog Post: https://medschoolinsiders.com/pre-med/avoid-these-pre-med-med-student-financial-mistakes/

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Doctor Common Financial Mistakes: https://www.youtube.com/watch?v=a_dZzaEkp5Y

#premed #finance

Disclaimer: Content of this video is my opinion and does not constitute medical advice. The content and associated links provide general information for general educational purposes only. Use of this information is strictly at your own risk. Kevin Jubbal, M.D. and Med School Insiders LLC will not assume any liability for direct or indirect losses or damages that may result from the use of information contained in this video including but not limited to economic loss, injury, illness or death. May include affiliate links to Amazon. As an Amazon Associate, I may earn a commission on qualifying purchases made through them (at no extra cost to you).

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