written by
Matthew Rensberry, MD MBA
on 2016-10-28
Here are some thoughts that came to my mind one day as I reflected on what I wish I had done earlier in my career. There are likely a lot more...
- Never forget WHY you went into medicine.
- Write it down today. This is something to keep close and to reference during the difficult times that will surely come your way through your training.
- Make it less than 3 sentences - concise, personal, written in the active form
- Keep it close at hand.
- Memorize it.
- Invest in people - money and time
- Pick good friends - take your time to choose who you want to be close to and then develop those key friendships
- Support - Be willing to support others, be willing to ask for support before you depend on it to stay afloat
- Identify mentors - mentors in medicine, leadership, life
- Experiences - Enjoy the ride
- Study hard - This is just prioritizing your life - work hard. As I was told in the Army, learn to "embrace the suck"
- Emergency Fund
- Start an emergency fund - put \$1000 in today. Build it up to cover up to 6mo over time
- You will have debts - be smart about them
- It is ok to have a cheap car -don't be embarrassed driving an older car as you learn to succeed in life.
- It is ok to have a small home - Live for experiences, these will mostly be out of your home. A home while in medical education is only a place to sleep, study, and eat. The bigger it is, the nicer it is, the more time and money you will throw away in maintenance and upkeep.
- Prioritize for the long term - Keep the distance in mind.
- Learn about finances.
- Start a budget and follow it
- Develop smart finance habits now
- Open a Roth IRA and start funding it as you are able to
- Learn what protected assets are and use them (IRA, Homestead/Home loan, 529s, etc)
- Invest in Index funds and Diversify those index funds
- Pay off loans ASAP - at minimum, develop a plan and stick to it.