Even though I'm a UK-based doctor, the principles are the same. You can bet this video's going in my "save for later" on RUclips for when I inevitably refer back to it when I properly start investing and diversifying!! 🙌💰
Financial literacy is still something I’m trying to master and as someone about to enter medical school this is extremely helpful and informative. Thanks for another great video ☺️
Hey Doc Schmidt!! 👋 Thank You So much for Your work as a Dr and All the Brilliant Advice and Laughs from your Fantastic videos! You have a Dedicated Fan here!
I will never regret making the 1 additional full payment to principle on my mortgage every year. We didn't finish in 15 vs 30, as is often quoted, but it saved us about a decade of payments. We still have annual property taxes and monthly home owners insurance, but it feels good to have some life security.
Here's a tip for parents: research 529s for your kids. It's a school investment savings program that can be used for private schools and/or trade/technical/university later. Also, as someone who is going through this right now, I cannot overstress the importance of having a will. Yes, this is a financial tip, too, since how you allocate inheritance to beneficiaries can significantly effect taxes. If you want to leave your wealth to your family and not the government, you need a will.
Not in medical but a graduate student in Singapore. I’m lucky not to be in debt but financial planning is crucial to me and while I was kinda confused because this is rooted in US finance, I thought it was helpful!
As someone working at a 403b qualified organization are you considering PSLF as a pathway to take care of your student debt? Asking because that’s currently my main strategy after I finish med school
You may be interested in the channel OneBigHappyLife too. They have a video on PSLF, and one of them got their loans forgiven through the program. They're lawyers, so they can relate to having six-digit student loan balances like doctors often do while participating in PSLF.
Thanks for sharing! I'm kind of attacking my student loans now because I plan to have a car payment (car replacement) around the time payments are due, so I want to lower that future payment a bit. I'm paying them down from the highest interest rate to lowest to save money in the long-run, and I'm not just paying down interest but principal as well. But I'm only kind of doing that, I'm still investing for the reasons you said.
Great stuff man. Great to hear that you use ETFs. If I were you I would just buy total world index funds. That's what I'm doing. You can allocate a bit more money to small cap ETFs or other known factors (Ben Felix channel is a great source). I personally don't bother because my country doesn't have cheap ETFs of those premium factor's. Anyway as long as you passively invest and save you will do well. Cheers!
loved this, Doc!! thank you for this video, definitely motivates me to keep moving towards financial literacy! my question is: right now I am only working to gain PCE and planning to apply to PA school when the cycle opens late April. I’m not making a lot of money as a CNA but have been growing my emergency fund, and living with my partner while paying off my monthly car payments. any tips or thoughts on how to tackle student loans (applying for them, which ones are more financially-friendly) and how to continue investing&saving during PA school (given i’m accepted) while still paying my monthly bills (rent, utilities, food, car payments, etc) and living life in general? thank you so much. APPRECIATE YOU!!
Well, I do know what I'm doing and have advised exceptionally wealthy families and their trusts over many decades. The good doctor is absolutely correct. Since I have a few minutes now, I may make a few additional comments.
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Even though I'm a UK-based doctor, the principles are the same. You can bet this video's going in my "save for later" on RUclips for when I inevitably refer back to it when I properly start investing and diversifying!! 🙌💰
Financial literacy is still something I’m trying to master and as someone about to enter medical school this is extremely helpful and informative. Thanks for another great video ☺️
Hey Doc Schmidt!! 👋
Thank You So much for Your work as a Dr and All the Brilliant Advice and Laughs from your Fantastic videos! You have a Dedicated Fan here!
Doc Schmidt:
HOW A DOCTOR INVESTS and SAVES WHILE in FELLOWSHIP
Me, a well known genius:
HOW INVESTS WHILE in A DOCTOR and SAVES FELLOWSHIP
You're right, money is not something we learn about so thank you so much for doing this!
I will never regret making the 1 additional full payment to principle on my mortgage every year. We didn't finish in 15 vs 30, as is often quoted, but it saved us about a decade of payments. We still have annual property taxes and monthly home owners insurance, but it feels good to have some life security.
Debt is a four letter word.
Most humble doc I’ve seen
Love this content! Thanks Doc!
Here's a tip for parents: research 529s for your kids. It's a school investment savings program that can be used for private schools and/or trade/technical/university later.
Also, as someone who is going through this right now, I cannot overstress the importance of having a will. Yes, this is a financial tip, too, since how you allocate inheritance to beneficiaries can significantly effect taxes. If you want to leave your wealth to your family and not the government, you need a will.
Love your content! But anyone else pull the old “don’t dead, open inside” trying to read the thumbnail? Lol
Haha yeah that’s my bad. Tried to get fancy
Very well explained. Thank you!
Love your videos, thank you for the informative videos!
Not in medical but a graduate student in Singapore. I’m lucky not to be in debt but financial planning is crucial to me and while I was kinda confused because this is rooted in US finance, I thought it was helpful!
As someone working at a 403b qualified organization are you considering PSLF as a pathway to take care of your student debt? Asking because that’s currently my main strategy after I finish med school
You may be interested in the channel OneBigHappyLife too. They have a video on PSLF, and one of them got their loans forgiven through the program. They're lawyers, so they can relate to having six-digit student loan balances like doctors often do while participating in PSLF.
Thanks for sharing! I'm kind of attacking my student loans now because I plan to have a car payment (car replacement) around the time payments are due, so I want to lower that future payment a bit. I'm paying them down from the highest interest rate to lowest to save money in the long-run, and I'm not just paying down interest but principal as well. But I'm only kind of doing that, I'm still investing for the reasons you said.
Nice job with good basic information.
I 100% expected this video to be how to live on ramen and recycled sandwiches because residents don't make enough!
Great stuff man. Great to hear that you use ETFs. If I were you I would just buy total world index funds. That's what I'm doing. You can allocate a bit more money to small cap ETFs or other known factors (Ben Felix channel is a great source). I personally don't bother because my country doesn't have cheap ETFs of those premium factor's.
Anyway as long as you passively invest and save you will do well.
Cheers!
Jfc the speed at which you speak makes me wonder if I have an auditory processing problem.
how to invest in doctor and saves fellowship
loved this, Doc!! thank you for this video, definitely motivates me to keep moving towards financial literacy!
my question is: right now I am only working to gain PCE and planning to apply to PA school when the cycle opens late April. I’m not making a lot of money as a CNA but have been growing my emergency fund, and living with my partner while paying off my monthly car payments. any tips or thoughts on how to tackle student loans (applying for them, which ones are more financially-friendly) and how to continue investing&saving during PA school (given i’m accepted) while still paying my monthly bills (rent, utilities, food, car payments, etc) and living life in general?
thank you so much. APPRECIATE YOU!!
Mant Employers offer tuition reimbursement
am Canadian, no idea what all those acronyms are about LOL...
Google is your friend.
That thumbnail was an r/dontdeadopeninside
Hello
You won't pin this 📌
I’ll consider it
Finally some quality content... Jk jk jk
If it comes to investment, talk to me. There’s a better option than Roth IRA for you or anyone.
Why would you make a video like this when you state you barely know what you are doing???
Well, I do know what I'm doing and have advised exceptionally wealthy families and their trusts over many decades. The good doctor is absolutely correct. Since I have a few minutes now, I may make a few additional comments.