This is just a short post to share the different resources out there on the topic of finances for medics. These resources range from YouTube videos to books, covering aspects such as how much money doctors actually make, how to make money as a medical student as well as how to start saving and investing.
Learning about finances can be quite intimidating sometimes as there is an overwhelming amount of information out there. Hopefully, these resources will help you manage your finances better. Remember, how you manage your finances is highly dependent on your own personal situation. The advice out there is not one size fits all, so do what works best for you.
Medics Money Podcast
There aren’t many podcasts out there covering finances for medics. However, Medics Money is honestly so comprehensive. They discuss a range of topics such as pensions for doctors, early retirement strategies, getting started in investing, getting a mortgage and entrepreneurship.
Check them out here.
There are an abundance of other finance podcasts out there, but if you’re looking for content specifically from a doctors’ perspective, then this podcast is a great starting point.
Junior Doctor Finance
This website has tips on basic money management as well as guides on topics such as budgeting, student loans, tax, saving and investing. They share information on areas such as sick pay, maternity pay and paternity pay. There is also an automated salary calculator where you can input information such as your training level, hours worked, any additional pay you may be eligible for (e.g. academic pay or weekend shifts) and tax codes, in order to calculate your potential salary.
Property Investing for Doctors: Proven strategies for busy professionals
This book by Dr Lafina Diamandis has been on my radar for quite a while and has amazing reviews. If you’re interested in property investing and are looking for a medic’s perspective, this is a good starting point. It’s useful for buying your first home, buying an investment property or even getting a property for your own clinic.
There are quite a few videos talking about finances for doctors on YouTube. Here are some of my personal faves.
They share some tips on how to make money as a student. The suggested sources of income are definitely quite flexible for medical students’ schedules.
This video is full of many med student friendly ways to make money.
Vote for Hani
Dr Hani has shared the methods she used to finance medical school without taking out any student loans! Definitely a good video to check out.
If you’re looking for transparency when it comes to doctors’ salaries, especially for foundation years, his videos are great to watch. He also shares ways in which he was able to supplement his income such as additional locum work.
Dr Jude has plenty of videos talking about doctors’ salaries. Additionally, he has some videos talking about entrepreneurship so if you’re interested in combining entrepreneurship with medicine you should definitely browse through his channel.
Dr Tosin has a nice video breaking down the salary of foundation year doctors as well as GP trainees.
Dr Patrice Baptiste
Dr Baptiste has many videos about doctors’ salaries, especially if you’re looking for videos that are specific to general practice. She also shares a range of ways to supplement your income.
Dr Monisha Mishra
Dr Mishra is currently in psychiatry training and shares another perspective on salaries for doctors, ranging from foundation years all the way up to consultant level. She also discusses locum pay and the cost of living and working in London.
We’re not experts on finances however these past blog posts we’ve written are also useful for further information.
Although a lot of these resources are tailored to doctors, they are definitely important to use as a medical student to boost your financial knowledge and prepare for the future. Let us know if you found these resources useful and if you have any other recommendations or resources, please do share!
Written by: Honey Ajisefini (Co-Founder of The Black & Forth Platform)