3 Financial Priorities for an Early Career Physician  

Are you a new physician who has finally hopped on the career bandwagon? You must be on cloud nine, and we congratulate you on making it. There is no denying the fact that your in-depth knowledge and years of hard work can land you a high-paying job in this lucrative field, but only if you make the right decisions.

Did you know that many physicians have to leave their job because they did not make accurate financial decisions? This article will guide you about the crucial aspects of financial planning as an early-career physician so that you are relaxed and decadent when you reach mid-career. First, ensure you understand the owner’s occupation disability insurance so that you don’t agree to any default insurance plan and leave your earnings at risk.

Let’s discuss the top 3 financial priorities for an early-career physician to keep you and your job secure for years to come.

1. Consumption Control


If you think you can spend lavishly on everything you’ve been dreaming of all at once, you are right. With a six-figure salary, you can have nice things at a cost. However, excessive spending will increase your debts, leave no room for saving, and pay much more for everything with no assets.

There is no wrong in treating yourself with a fancy dinner or buying that expensive branded bag, but the instantaneous upgrade of everything can push back financial independence. To achieve financial freedom, decide what is important to you and spend on it while keeping the consumption for other things reasonably reasonable.

2. Debt Management


Student loans and other obligations, including car loans, mortgages, and credit cards, make up a considerable chunk of spending. A payment calculator for student loans, for instance, will help you calculate how many payments you will need to make and how long you’ll need to repay your loans. If you don’t manage your repayments from the beginning, you’ll be saddled with them throughout your career.

To efficiently manage your repayments, note how much you owe and for what. Then, narrow down the highest interest debt and start working on paying it off as soon as possible so you can lay off the heaviest burden. Also, avoid taking on more loans or debt unless necessary to prevent further interest payments.

3. Saving Decisions


Most physicians can quickly pay off student loans and save thousands of dollars annually by making the right savings decisions and protecting their future income. For example, if you aim to invest in your dream home, then spend moderately on travel, fine dining, and other luxuries so you can easily save up for it.

Similarly, if something can be paid through cash in hand, chuck off another loan because that will only increase interest payments. Finally, make sure you have set up a retirement amount to save up for your future, and are also friendly to your patients so that you grow in your profession and have a large customer base.

Final Word


Your financial decision can either make or break your entire career, so choose wisely and set your priorities straight from the beginning. Then, follow the above three steps to ensure you have a safe, secure, and happy future ahead of you, and all your hard work and money truly pays off.


Naomi Olson [Website • Twitter • Headshot]

I am a CFP® (Certified Financial Planner).

I have a severe phobia of bridges and dirty balance sheets.

Hobbies: blogging, meditation, and loving Bull Market (my dog).


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