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Author of The White Coat Investor: A Doctor’s Guide to Personal Finance and Investing
Originally Published: Modern Resident August/September 2015
I’m occasionally asked to give very young physicians, i.e., students and residents, some financial advice. Typically these doctors have a low income, a dramatically negative net worth, little financial education and plenty of naiveté. In fact, I was recently questioned by a student how anyone could possibly spend more than $10,000 per month (to which I replied that I spent more than that on taxes alone.) The truth is that many of these physicians will find themselves spending more than $10,000 a month long before their net worth even reaches zero.
