• Attorney
  • Automobile
  • Business
    • Online Marketing
    • Marketing
    • Real Estate
    • Digital Marketing Agency
  • Finance
  • Gear
    • Hair salon
  • Health
    • Fitness
    • Food
  • Home Improvement
    • Gardening
  • Technology
  • Travel
Menu
  • Attorney
  • Automobile
  • Business
    • Online Marketing
    • Marketing
    • Real Estate
    • Digital Marketing Agency
  • Finance
  • Gear
    • Hair salon
  • Health
    • Fitness
    • Food
  • Home Improvement
    • Gardening
  • Technology
  • Travel
  • Attorney
  • Automobile
  • Business
    • Online Marketing
    • Marketing
    • Real Estate
    • Digital Marketing Agency
  • Finance
  • Gear
    • Hair salon
  • Health
    • Fitness
    • Food
  • Home Improvement
    • Gardening
  • Technology
  • Travel
Menu
  • Attorney
  • Automobile
  • Business
    • Online Marketing
    • Marketing
    • Real Estate
    • Digital Marketing Agency
  • Finance
  • Gear
    • Hair salon
  • Health
    • Fitness
    • Food
  • Home Improvement
    • Gardening
  • Technology
  • Travel
HealthTechnology

What Are Financial Lessons All Doctors Should Learn?

By Laney Mosciski V
Last updated: April 11, 2019
4 Min Read
Share

It’s never too late to learn something new. Just as you learned about medical imaging storage, let’s learn more about personal finance this time.

Contents
1. Never Use Your Whole Income for Regular Expenses2. Don’t Fall for the Luxurious Lifestyle3. Clear Your Pending High Rated Debts on Priority4. Target Some Goals and Set Timeline for That5. Look for Investment Options

1. Never Use Your Whole Income for Regular Expenses

Generally, what people do is to manage their regular expenses considering their whole income and end up with having nothing in hand by month end. It is always advised to never manage expenses using the whole income and save at least 20% to 30% of it every month. Being a doctor, you need to pass several exams after certain period of time or if you desire to go for more specialization or field diversification. This saving is going to help you a lot when you don’t want to put much burden on your pocket.

2. Don’t Fall for the Luxurious Lifestyle

Usually in first three to five years after residency, many doctors fall for luxurious lifestyle which ultimately make them regret after few years. Few savings in initial years after residency are very important as there are lot of more expenses coming your way. It is better to keep your spending either same as of first year or just a 20% more than first year for upcoming three to five years if you really want to stay relax and spend some upcoming years peacefully. After that, you will be well on your way to the great financial freedom.

3. Clear Your Pending High Rated Debts on Priority

Though it is common for people to prioritize clearing the high rated debts but doctors especially become lazy doing that. It is because there are always some other important expenses comes your way that you keep those debts aside for clearing later but it is not the right practice. No matter what, always try to clear your high rated debts first and then spend on other things. You can make some financial strategies to clear your debts maybe in some kind of sequence that suits your income level and your regular requirements of expenses as well. But make sure to follow that strategy then religiously. You can also note how your hospital does that. How it pays its services like PACS medical imaging storage.

4. Target Some Goals and Set Timeline for That

Being a doctor, you always set some goals for your career but mostly doctors miss the goal planning for their financial areas. If you are targeting to specialize in some particular field, then definitely you will need certain amount for that as well so it is of no use if you are not planning to save money for that. So, it is better to target some goals for your financial plans and set timeline to achieve those goals. Limiting goals with timelines will help you to achieve those goals with much more dedication and determination.

5. Look for Investment Options

Usually doctors are not familiar with investment so they keep on thinking where to invest and this way a lot of their time is wasted. It is better to consult a financial advisor in case you are not sure about where to invest but it is really not good to waste more time in thinking about that. Or you can also search for options online and look for the one that suits you. If you have a tech guy or medical imaging storage guy as a friend, you can ask him too.

Laney Mosciski V
Laney Mosciski V
TAGGED:Medical
Share This Article
Facebook Email Copy Link Print

SEARCH NEWS

HOT NEWS

Why Should Industries Embrace Water-Based Cooling Systems For Better Thermal Management on lightningidea

Why Should Industries Embrace Water-Based Cooling Systems For Better Thermal Management?

Uncategorized
February 12, 2025
What To Consider When Choosing The Right Storage Containers For Your Business on lightningidea

What To Consider When Choosing The Right Storage Containers For Your Business

To those who own a business particularly those engaged in the movement of stocks or…

February 9, 2025
Why Storage Trailers Are The Perfect Solution For Temporary And Permanent Storage on lightningidea

Why Storage Trailers Are The Perfect Solution For Temporary And Permanent Storage

Whether you are temporarily seeking a storage unit due to home remodeling or a long-term…

November 9, 2024
Team collaboration platforms

Getting Employee Buy-In: 12 Tactics For Driving New Tech Adoption

Rolling out new team collaboration platforms stands little chance when employees cling to entrenched workflows.…

August 4, 2024

CATEGORIES

DON"T MISS

Exceptional Web Design Services For Maximum Impact on lightningidea

Exceptional Web Design Services For Maximum Impact

Digital Marketing Agency
September 16, 2024
How-to-Boost-Curb-Appeal-of-Your-House-on-lightningidea

How to Boost Curb Appeal of Your House?

1. Lighting Lighting is a very important part of any place, it improves the look…

August 7, 2019

Can People Steal Smart Camera Doorbell?

There have been various reports on the rising number of instances where people have stolen…

June 28, 2024
Office-In-Your-Pocket-Embrace-The-Power-Of-Mobile-Containers-on-lightningidea

Office In Your Pocket: Embrace The Power Of Mobile Containers

Envision tucking your whole office into one of your pockets. That's how productively mobile offices…

August 8, 2023

YOU MAY ALSO LIKE

The Best Health and Wellness Products

It's no secret that a healthy lifestyle is key to optimal performance and longevity. But with the ever-growing popularity of…

Health
March 12, 2022

Guide to Healthcare Workforce Planning

1. Challenges in Healthcare Workforce Planning Before implying the healthcare workforce planning, it is important to identify the hardships and…

Health
August 16, 2019

Top 6 PACS Software

PACS or Picture Archiving and Communications System is used for storing and retrieving medical image data. Medical images, found from…

HealthTechnology
February 8, 2020

Some Effective PDF Rules to Live with A Healthier Life

When you work, you can experience a large number of health hazards. They don’t just relate your physical health; they…

Technology
September 12, 2019

Lightning Idea is a blog site delivering insights on news, business strategies, digital marketing trends, technology innovations, and AI services, offering readers valuable content to stay informed and ahead in the industry.

Recent Posts

Tent Size Reality Check: Person Capacity vs Actual Space
July 31, 2025
Why Do Certain Air Scents Freshener Products Feel More Comforting Than Others?
July 30, 2025
Medical Treatment Plus Lifestyle Changes for Best Weight Loss Medication Program Results
August 7, 2025

Popular Posts

Tent Size Reality Check: Person Capacity vs Actual Space
July 31, 2025
What You Should Know about Telstra Student Plans So Far
December 29, 2018
Easy home improvement ideas
December 29, 2018

© All Rights Reserved & Designed by Lightning Idea

  • Contact Us
  • Write for Us
  • Privacy Policy
  • Terms and Conditions
Menu
  • Contact Us
  • Write for Us
  • Privacy Policy
  • Terms and Conditions
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?