The boring decisions that do most of the work: a cushion, the right insurance, a plan for debt, and low-cost long-term investing. In order, without jargon or sales.
What this topic answers
The questions we are working through, in your words.
- What should I do with my first stipend?
- How big should an emergency fund be?
- Should I invest or repay debt first?
- How do I help family without derailing my plans?
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Everything we have published on this topic.
A doctor’s first money plan
Your first stipend or salary, in the right order: know your numbers, build a cushion, protect what you cannot afford to lose, deal with expensive debt, then invest simply for the long term.
In preparation
Commissioned and being written. They appear above when they are ready.
Work it through
Tools and references for this topic. Every assumption is visible; nothing you enter leaves your browser.
How much freedom do my savings buy, and how could that grow?
The money words doctors meet, defined plainly.
Terms to know
From the money glossary.
- Emergency fund
- Money kept somewhere safe and easy to reach, set aside for the unexpected: a job change, an illness, a family need. How many months of essential costs it should cover depends on how secure your income is.
- Runway
- How long your savings would cover your essential costs if your income stopped. We think it is one of the most useful measures of financial freedom: it is the time you could take to choose, rest or change course.
- Savings rate
- The share of your income you save or invest. Over a career it usually matters more than finding the best investment.
- Net worth
- Everything you own minus everything you owe. A snapshot, not a score: a resident with an education loan can have a negative net worth and be on an entirely sensible path.
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In preparation
The Handover
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