4 Ways To Make Your First Million As A Physician

Most people think it’s easy to build a multi-million dollar asset as a physician. But that’s not entirely true. Most physicians are high earners yet not rich enough to retire and live off their savings.

Here are a few tips to help you make your first million and repeat the process until you have sufficient wealth to retire with and even pass on to the next generation.

Managing Your Student Loan

A majority of physicians graduate with a massive student loan debt. If you have a federal student loan, you can consider a refinance or apply for forgiveness or income-driven repayments.

Save Early And Invest

With your student loan out of the way, the next step is to keep a certain percentage of your income aside, say 10% or 20%, and invest these savings in a low-risk portfolio. A conservative approach would be to save 15% of your income every month.

Seek Employer Benefits

If you are working for someone, you can benefit from employer-offered investment schemes, such as 401(k).

Spend Wisely

Showing off can cost you big time. No one really cares about what you drive or how many diamonds you have on your Rolex. All that matters is your net worth and financial freedom at the end of the day.

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