Want to build wealth? Live like a resident

Published on October 8, 2024

by Chirag P. Shah, MD, MPH, and Jayanth Sridhar, MD

Key takeaways:

  • Make a one-time splurge to get the pent-up delayed gratification out of your system.
  • Then, buckle down and live like a resident — pay off student loans and begin to build wealth.

The concept of delayed gratification has been ingrained in us throughout medical school and residency. This mentality can sometimes lead to explosive spending as an attending when one enjoys a significant salary boost.

Try not to fall into that trap. Get the pent-up delayed gratification out of your system by making a one-time splurge. Take a nice vacation or buy some designer clothes or do whatever feels luxurious to you. But do so within reason. Then, buckle down and live like a resident for the next few years until you pay off student loans and begin to build wealth.

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Read the full article here: Building wealth: Take these initial steps post-training

About the authors:

Chirag P. Shah, MD, MPH, is a soccer and Nordic ski coach, who also practices medicine and teaches in Boston. 

Jayanth Sridhar, MD, is an award-winning podcaster, physician and educator who is chief of ophthalmology at Olive View Medical Center in Los Angeles. 

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