Post by @moneymeetsmedicine

4 Money Mistakes Doctors Make After Residency ⬇️ 1️⃣ Buying too much house Just because you're approved for a huge mortgage doesn't mean you should take it. Aim to keep housing costs around 20–25% of your gross income to avoid becoming house poor. 2️⃣ Overspending on cars A $1,500 monthly car payment invested instead could grow into hundreds of thousands over time. Buy the car you love—but know the tradeoff. 3️⃣ Carrying credit card debt Credit card debt is a financial emergency. With 20–25% interest rates, paying it off should be a top priority before investing. 4️⃣ Refinancing federal loans too soon If you're eligible for PSLF or benefiting from low repayment programs during training, refinancing could cost you valuable benefits. What to do instead: ✅ Invest 20–30% of your income ✅ Pay off debt above 6% interest ✅ Build a 3–6 month emergency fund ✅ Keep lifestyle inflation in check ✅ Increase your disability insurance after training Your biggest asset is your ability to earn an income. Protect it. 🚨 Disability insurance is one of the most important financial decisions doctors can make. A protected income protects your future wealth. Need help? Check the link in my profile. #physicianfinance #doctorbuddeting #disabilityinsurance #taxoptimization #highincomeearners