I have written before on the topic of Personal Finance for Medical Students and Residents. This topic can be very overwhelming as there are lots of resources out there, but very few are directed towards physicians. Below are the “Top 5 Personal Finance Resources for Medical Students and Residents” I have compiled that have been very helpful to me. This list is by no means complete, but is a great start to those interested in the basics of Personal Finance.
1. The White Coat Investor. Written by a doctor, for doctors and other professionals who “wear the white coat.” This is one of the best resources I have found so far. It is very rare to find a resource that understands the amount of loan debt and future earning potential that physicians have. Every hour spent on this site is well worth it.
2. The Millionaire Next Door by Thomas J. Stanley Ph.D. This is an excellent book, and comes highly recommended not only by me, but almost every other financial resource I have come across. This book is written from a research perspective which can really appeal to doctors and their “evidence-based” approach to medical literature. This book provides a picture of what true wealth in America really looks like.
3. How to Win Friends & Influence People by Dale Carnegie. This is not a personal finance book per se, but will help with all aspects of life. This book will help you relate to others, both in your personal and professional life.
4. The Total Money Makeover by Dave Ramsey. Dave’s “Debt Snowball” is a great plan to become debt free. This book will help you get started with budgeting, planning, and evaluating your current financial health.
5. Forbes.com or similar business website. I believe it is important to stay up on some current business news, but be careful to not get distracted by the hottest new stock pick. There is a lot of great general business knowledge and helpful tips to be found on these sites.
Comment below with your favorite resources or if you have had any success with the above.