Money for Med Students with Kinza Hussain
Key Learning Points
- Surrounding yourself with people who already have a solid background in personal finance and can teach you or inspire you to learn more about your own financial literacy
- Be smart with your money and don’t carry a whole lot of loan money besides your tuition!
- If you can get scholarships for dual degree programs like an MBA, then why not go for it!
- Look for the opportunity to do a dual degree when it would be at a lower cost or for free
- This is a great way to keep your options open in the future
- As a person with an M.D. degree you can do a lot more than just take care of patients in the hospital
- When choosing medical schools consider whether institutions are formally or informally teaching students about financial literacy and how it will impact your future once you graduate
- Do they hold informal lunch sessions discussing financial wellness?
- Do they have a solid financial advising office?
- Do they have entrance counseling when you start medical school and exit counseling to prepare you for residency?
- Do they teach students about loans, interest rates, and repayment plans?
- Medical school is already so time-consuming, reflect on any skills or hobbies you already might have that would require minimal effort to monetize
- A few dollars here and there can cover your groceries, rent, and allow you to save for the future
- For example, if you already do art as a hobby, think about selling digital prints on Etsy
- If you’re smart about your spending today, you will have to worry much less years down the line
- Think about others ways you can reduce your loans like doing side hustles, investing in the stock market or real estate
Key Action Items
- Read the books –> Rich Dad Poor Dad or the White Coat Investor
- Watch YouTube video on what loans are, how they work, and understanding interest rates
- Log how much money you are making and spending every month
