Physician's Money Digest provides physicians a roadmap to retiring at 45.
Here are five ways:
1. Choose your college wisely. Focus more on doing well at a school where you can save money and do well on your MCAT. You can also do research, volunteer and express genuine interest in a career in medicine. College tuition can vary by the thousands, so be cost-conscious when choosing a school.
2. When possible, save money on medical school. Medical school presents fewer options than undergrad, making saving money a bit more challenging. Check out all options to obtain scholarship money. While some can afford to go to a top tier medical school, this may not be an option for all potential medical school graduates.
3. Live like a resident when you are a resident, and beyond. Most residents make a salary relatively close to the average American's salary. It is paramount to save as much as you can if you want to retire by 45. Further, it is also important to save after your residency to repay loans and other expenses.
4. Accept the free lunch. If an insurance salesman invites you for a lunch or dinner, accept the free meal. The meal may come with a sales pitch, but you never know when a pitch will become a valuable resource. On the other hand, be wary of your investments and refrain from investing in technology or insurance you don't fully understand.
5. Weigh big life decisions carefully. Choosing wisely is applicable to all aspects of life ranging from finding a life partner to where you want to practice medicine. Divorces can be quite costly, and real-estate varies significantly across the United States. To retire at 45, you have to be smart about major life decisions.
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