This past week, I had the honor of speaking money and finance with medical students at the New York Institute of Technology College of Osteopathic Medicine in an event set up by the school’s Business and Medicine organization.
We had a great conversation about the importance of finance in medical school and training. Check out the full video as well as an overview below!
We started with a very important point regarding where financial education falls in the hierarchy of learning in medical school (hint: focus on becoming the best doctor first and foremost!).
A lot of the discussion to follow obviously centered on the best ways to handle finances in medical school, when the downstream effects of your present decisions can seem so far away and cloudy.
My main advice for medical students has stayed constant:
- Learn about finances even if you just pick one blog or one book to follow/read
- Become familiar with your loans
- Meet with a loan officer just to learn the basics
- Build the financial habits that will make you financially successful
- These will be small habits that will become very big as you progress and certainly when you become an attending
I also review my simple budgeting system and how it works for medical students. (Remember my free budget template is available here).
We finished up with an amazing Q&A with the audience that covered a wide range of topics including:
- Financial advisors
- Maintaining your credit score
- Day trading vs. index fund investing
- Finding your risk tolerance
- How I found my first attending job
I had an amazing time speaking money matters with this extremely bright group of medical students (who are thankfully well ahead of where I was at their point in training!)
I really encourage you to follow them on Instagram, @bamnyitcom. They put out some great content and regularly have these types of events!
What do you think? How was your financial literacy as a med student (mine was 0)? What are the things that a medical student can do to make the biggest impact in their future financial journey? Let us all know in the comments below!
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