4 Ways To Make Your First Million As A Physician

Making a million-dollar is the first stepping stone to wealth. And once you have made your first million, making 10 or 100 million becomes relatively easy.

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.

1. 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.

2. 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.

If you are working for someone, you can benefit from employer-offered investment schemes, such as 401(k). Combining your 401(k) with the above-mentioned saving and investing plan can help you achieve your FIRE(Financial Independence Retire Early) goals early on. 

3. Seek Employer Benefit

If your next-door neighbor has a Mercedes, you don’t have to follow in their footsteps. All that matters is your net worth and financial freedom at the end of the day. 

4. Spend Wisely

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