The First Paycheck
At the end of June after you graduate from residency, if you start working right away, you may experience “sticker shock” when your first paycheck lands into your bank account. Whether you ever become wealthy or not depends on what you decide to do with that first paycheck. Show me what happened to the money you made in your first year out of residency and I may be able to predict your financial future with surprising accuracy.
You might think you deserve to have a high income just because you went to medical school and completed residency; however, you may never reap the benefits of the years you invested in your education if you cannot carve out a significant chunk of that high income and put it toward building wealth.
- Did you pay off all your consumer debt?
- How much of it did you put toward retirement?
- How much of your student loans did you pay off?
- What are you now driving?
- How much did you pay toward a mortgage?
- What was your tax burden?
You can continue to read more about Financial Life Planning-The secret to becoming a rich doctor by following this link:
James Dahle, MD
Author, Founder of The White Coat Investor, Practicing Emergency Physician