What this blog is about

Chances are this is not the first financial site you have ran into.  And that’s OK! There is nothing wrong with reading more than one blog about finances, especially those that are directed for doctors. Heck, I read at least 4 different blogs a day about finances and try to read a different book every few months about it.

But, if this is the first site you have come to, well then I must congratulate you! You are making a great big step to becoming savvy with your personal finances, which will save you thousands if not millions!

The word Savvy is defined as “shrewdness and practical knowledge; the ability to make good judgments”.   And if there is something that most doctors seem to lack, it is “the ability to make good judgments” on their finances.  Because of this lack of knowledge, they tend to make foolish financial decisions and not savvy ones.  However, those that become educated about how to manage their finances tend to stay away from those unwise choices and are quite successful.

If and when they become educated is usually on the later side and they are playing catch up. I already have a late start to the financial industry.  I won’t even see a nice paycheck until I am 29!  Man, what am I doing?  Anyways we have a late start and you do NOT want a later start on understating your finances.  You can’t play catch up with the interest that should have started compounding years ago.

I want to change that! I really do! Hopefully, before you all become accredited doctors.  That’s the whole purpose why I’m going to attempt to write this blog.  To help those, that are wanting to become health professionals of any kind, get a better grip on the reins of finances before they are doctors. Before they are making big bucks.

Do you know who is even worse at being financially savvy?

My colleagues.

It is sad but seems to be true! This is what I have observed and come to know by talking with my fellow classmates. They know that the career path they have chosen will bring in a solid income, at least it better. I mean after all the years of stress we go through and the incredible amount of debt we get into, we better be getting some sort of reward for it.

What a few of my classmates can’t seem to grasp is that there is a whole slew of things you need to do with that future paycheck. Yes, there is A LOT more than just spending the money you earn.  You need to learn what to do with that money, how to save that money, andmake that money work and earn for you.   Otherwise, you will never see that hard earned money again. EVER.

I am currently in dental school which means I will mainly talk about the following topics:

  • Financial decisions one should be making while they are currently in school
  • Financial choices for those that are trying to get into a health program (pre-health)
  • I’ll even touch on financial ideas for those in a residency program

From time to time I will also talk about some studying tips, pointers on interviews and how to relieve some stress while in school or residency.  I do, however, want to have this blog focus on good financial choices while in school and preparation for when we start making money. I plan on continuing this blog even after I have graduated dental school and talk about the decisions one should be making after they have graduated.

But for the most part, I will avoid that topic because I don’t feel like it is fair for me to counsel on something that I have not gone through myself.  Even though I want to I will refrain myself from doing so. I already have a whole financial plan laid out, we all know that nothing goes according to plan so we shall see how that plan turns out. But at least I have a plan! Do you?  If not I hope the posts you read from my blog will encourage you to make such plans.

Before I end this, another reason why I wanted to write about debt and other financial topics while in school is because I follow (or at least I used to until I realized this wasn’t very applicable to me) student loan hero and I was sick and tired of reading posts about how a person paid off their debt of 35k or this student has 89K in student loans! Please, I accumulate 40K in student loans every semester, which means in a course of a year I will have roughly 100K dollars (I take a summer semester which is 20K, no worries I can do the math)  in debt with just student loans! That is ludicrous.  Granted that is the max I can withdraw.

Which I am not doing.

Realistically I will have about 370K in debt by the time I graduate, still a freaking ton, in student loans by the time I graduate dental school that is a rough estimate with the 7% interest it will accumulate over course of the 4 years.

Being a first-year dental Student( to which I will refer as D1 throughout further posts) I am going to attempt to make a post at least 2 times a month and then during my D2 year start posting 1-2 times a week.  I take the part I boards in December 2018 so I am anticipating more free time to work on this blog after that great wonderful test.


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