Suggestions on how to learn business while in medical school

[juliojones123]

Hello all, I was wondering if anyone has any particular resources that they suggest reading for any sort of business/financial planning? I'm in 3rd year rotations and did not want to end up like a lot of physicians and no absolutely nothing about business, I'd like to start now and be thorough. If anyone has any recommendations that would be greatly appreciated!

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[InvestingDoc]

That's asking a pretty broad question so forgive my response for also being slightly broad.

If you want to learn about financial planning I would suggest looking into learning about personal finance first. You need to learn to create a budget then figure out what your goals on from there on. Maybe its paying off debt, buying a house, having kids, retiring early, or starting up a business. Define what you want to accomplish then start looking into that area of interest. You wont run a successful business if you cant even treat your home finances like a business and balance a budget.

While in medical school your primary business should be succeeding at medicine so that you can take advantage of the potential income a medical degree can generate. The second goal should be to minimize debt while in school and learn to avoid lifestyle inflation. These two will give you by far the highest return on investment compared to any stock or fund you could potentially buy now.

Once you've done all of that, then in your free time follow some stocks, read blogs geared towards physicians and personal finance, and you'll be way ahead of many of your peers.

 

[juliojones123]

That's asking a pretty broad question so forgive my response for also being slightly broad.

If you want to learn about financial planning I would suggest looking into learning about personal finance first. You need to learn to create a budget then figure out what your goals on from there on. Maybe its paying off debt, buying a house, having kids, retiring early, or starting up a business. Define what you want to accomplish then start looking into that area of interest. You wont run a successful business if you cant even treat your home finances like a business and balance a budget.

While in medical school your primary business should be succeeding at medicine so that you can take advantage of the potential income a medical degree can generate. The second goal should be to minimize debt while in school and learn to avoid lifestyle inflation. These two will give you by far the highest return on investment compared to any stock or fund you could potentially buy now.

Once you've done all of that, then in your free time follow some stocks, read blogs geared towards physicians and personal finance, and you'll be way ahead of many of your peers.

Thank you very much for your response! I know it was a fairly broad question to ask, but you did a perfect job of saying what I needed to hear lol! Are there any certain books you recommend particularly for personal finance? I have a personal finance textbook actually that I used when i was getting a business minor in college about 5 years ago or so, but you know that text books can be a little more daunting and not as straight to the points. But im def worth giving anything a shot! thank you again for your response!

 

[InvestingDoc]

Books that I have read that I really enjoyed in no particular order to get started:

Most of these books changed how I looked at money rather than having more of a text book like teaching approach to personal finance.

The millionaire next door
The richest man in babylon
Total money makeover (for getting motivated to get out of debt)
A random walk down wall street

If you want a free online source about the details of personal finance, investing a good start would be:
Getting started - Bogleheads

 

[Another Second Opinion]

Books that I have read that I really enjoyed in no particular order to get started:

Most of these books changed how I looked at money rather than having more of a text book like teaching approach to personal finance.

The millionaire next door
The richest man in babylon
Total money makeover (for getting motivated to get out of debt)
A random walk down wall street

If you want a free online source about the details of personal finance, investing a good start would be:
Getting started - Bogleheads

I agree with Investing Doc that if you're a 3rd year, just focus on succeeding in medical school. Even through residency, focus on doing your best there. Once you have a job lined up toward the end of your residency or even in the first few years coming out, that's the perfect time to start studying the art of business/finance.

If you're itching to start sooner, these are great books to get you started.

I'll also recommend "How to Win Friends and Influence People." Nothing pertaining to personal finance, but good for anyone looking to improve their business/people skills.

 

[Hercules]

Adding to that list:

Rich Dad Poor Dad by Robert Kiyosaki (not much specific advice but great overview for thinking about finances)

Millionaire Real Estate Investor by Gary Keller (great intro to real estate investing with specifics)

The Alternative Answer by Bob Rice (good look at investment vehicles you may not already be familiar with)

Miracle Morning by Hal Elrod (not investing or business per se but great book on developing some awesome habits)

White Coat Investor's book is an awesome book at your phase as well.


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