Money matters

Money tips for each step of your medical journey

Read The DO’s top financial advice for physicians, residents and medical students alike.

Making sense of your finances while in medical school and beyond can be daunting. Whether it’s advice on paying back loans, buying a new home or car, or basic money management, The DO has helpful money tips for doctors to provide assistance on each step of the way.

Here is a roundup of our top financial advice for physicians, residents and medical students alike.

1. Is a physician mortgage right for you?
DOs should consider the pros and cons of a doctor loan, a specialized home loan financing program designed for physicians.

(Image by Getty Images-adogslifephoto)

2. Budgeting after your first doctor paycheck
Fresh out of residency or fellowship is a good time for new physicians to give their finances a check-up and map out short- and long-term goals.

For new DOs, managing your money, setting goals and checking your financial health should take priority over instant gratification. (Getty images)

3. Why your FICO credit score matters so much
As a DO, keeping an eye on your credit score—and knowing what factors influence it—can help you get approved for future loans.

A good credit score is important to maintain when it comes to qualifying for future loans. (iStock/Getty Images )

4. 6 smart ways to manage your student loans during residency
When it comes to handling student debt during residency, flexible payment plans provide the option of paying now or later, but it’s important to factor in the trade-offs to determine what’s best for your situation.

Trade-offs abound in loan repayment options after graduation. (Getty images)

5. Buying a car? What new DOs should know before splurging on a set of wheels
After years in med school and residency, the desire to spend is strong for new doctors. Before splurging on a fancy new car, heed this advice.

6. How to finish medical school with less debt
Paying for medical school is one of the biggest challenges medical students face. The costs can be astronomical, leaving new graduates hundreds of thousands of dollars in debt. Fortunately, there are many options for trimming the bill.

When it comes to paying for medical school, there are tactics that can help defray the cost. (iStock/Getty)

2 comments

  1. What are the options? I have a nephew who just finished his first semester of medical school and he could use some advise. Thank you.

  2. The article appropriately concentrated on the early steps of the medical journey. From the title though the article would have been enhanced by tips for the whole medical journey including retirement. Perhaps the set up is for Money tips for each step of your medical journey 2.

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