Thursday, January 17, 2013
Living like a resident...Financially
Living like a resident means working 80 hours per week, snagging free food, and driving an old beater car.
When doctors graduate and become attending level status, we want to spend our hard-earned money. For the most of us, this is a big mistake. Why?
First, we have an ocean of student loans to pay off.
Second, we have little to no savings during our time as students and residents.
Third, we will get used to a "rich" lifestyle and may get stuck on the never-ending treadmill of having more.
So, what's the solution? Continue to live like a resident until you have all loans payed off, maxed out on your savings, have a 6 month emergency cash reserve, and work as much as you can healthily handle.