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Maybe every doctor should have The Millionaire Next Door as required reading?????

I have handed out my copy of TMND to any medical resident or medical student willing to listen. On slow nights on call, when we aren't discussing a patient or an interesting case, I usually end up turning the discussion toward personal finance. I'm shocked to hear about the amount of med. school debt that some of these folks carry. One resident and her husband that I have talked to have $500,000 in medical school loans between the two of them. Imagine a $5000/month payment for 10 years on any level of income, how could anyone save but a small amount until they were done paying it off. That leaves only 15-20 years to accumulate sufficient retirement funds, instead of the usual 30+. It aint easy folks!

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