Personal Finance for the New Physician -- Money Management for Residency and Beyond
by Daniel R. Lefebvre
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Book Summary Information
Author: Daniel R. LefebvreEdition: Paperback
Audio: English (Unknown); English (Original Language); English (Published)
Published: 2007-10-23
ISBN: 1425793932
Number of pages: 160
Publisher: Xlibris Corporation
Book Reviews of Personal Finance for the New Physician -- Money Management for Residency and Beyond
Book Review: Clear advice on finance specific to graduating medical students
Summary: 4 Stars
Having previously been disappointed by the irrelevance of other personal finance books (e.g. Personal Finance for Dummies) to the particular circumstances of a graduating medical student -- such as very high loan debt, relatively low immediate earnings, and relatively high long-term earnings -- this books is refreshingly specific. Unlike most personal finance books I've seen, which seem to be aimed at those too clueless to keep track of a personal budget or avoid credit card debt, this book clearly explains topics such as when and how to defer payment on loans, choosing retirement accounts, and taking out extra loans just before and during residency. Unfortunately, Dr. Lefebvre allows his (leftist) political views color his advice on choosing medical insurance or discussions of tax brackets, but these are relatively minor issues. Also, I was disappointed that, although he repeats the well-worn, general advice that one should begin saving for retirement as early as possible, he provides no clear financial breakdown of just why a young physician earning $45K per year should set aside a significant amount of scarce money for retirement now rather than waiting for a few years when that same physician may be earning over $300K per year.
Overall, it's a quick, easy, and highly relevant read for those about to graduate from medical school, and this would be an excellent gift for a gruaduting medical student. I'm surprised that other reviews view it as so applicable to "young professionals" in general, but be aware that it is written on the assumption that you are a physician, or about to become one; the more your financial circumstances diverge from this, the less value the book will have for you.
Summary of Personal Finance for the New Physician -- Money Management for Residency and Beyond
Medical students and residents have a late start at generating wealth. This book was written in order to educate students and residents about personal finance. Topics addressed include IRAs, 401(k), real estate, insurance, automobiles, credit scores, and much more. After finishing this book, the medical student or resident will possess a thorough understanding of these important personal finance issues, which will serve as the foundation for a solid financial future.Finance Books
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