Where to start?

[DPTinthemaking15]

Advertisement - Members don't see this ad

Hi everyone! I am new to this side of the forums, so excuse my dumb questions. Recently I was accepted to medical school, and I have some down time before it begins, so I figured I would learn about investing, finance, stocks, etc. Most of my undergrad was in science/nutrition classes, and I know nothing about the business world.

After reading the Finance for Dummies sticky thread, I failed to find a website I really liked. Can anyone recommend a good website, app, or Youtube channel for beginners? If it helps, I don't mind paying for decent classes. Any help would be appreciated!

 

[Dr.Optic]

If you want to learn about investing and don't mind reading, I would check out the book called Rich Dad Poor Dad. If you don't have time, I will provide a link that is a video that will give you some information about it. If you like it I would highly suggest reading up on it.

 

[DPTinthemaking15]

If you want to learn about investing and don't mind reading, I would check out the book called Rich Dad Poor Dad. If you don't have time, I will provide a link that is a video that will give you some information about it. If you like it I would highly suggest reading up on it.

Thank you so much! I just purchased this book on Amazon.

 

[TheAverageDoctor]

I started with the book "I Will Teach You To Be Rich" by Ramit Sethi. It's a week by week approach to getting your personal finances in order with a decent amount of information on investing. After that, there are plenty of other options. I ended up reading The Four Pillars of Investing and A Random Walk Down Wall Street to give me a better idea of the stock market.

After two of those three books you should have a solid foundation for understanding this stuff. From there go wherever your curiosity takes you. Youtube, Reddit, More Books, etc. etc.

 

[Stroganoff]

Some free suggestions:

1. The White Coat Investor: Blog/Website - From an SDN native and partner! Devour this and read until you've read everything. There's both generic articles that apply to everyone as well as articles that apply specifically to health care professionals, especially physicians.
2. Bogleheads Wiki and forums - Such a wealth of free knowledge and information. Maybe start with the "Getting Started" wiki article. Learn all about the value of passive investing to reduce costs and know how to diversify properly and how to manage income, taxes, and wealth properly. Many people in the forums are older and wise and very kind. And many are worth well north of $10M. Learn from them.
3. (Note, this link is a PDF) - If You Can: How Millennials Can Get Rich Slowly by Bill Bernstein, MD, PhD - a short, free, 16-page e-book that provides casual wisdom to those in their 20s and 30s. Dr. Bernstein is a finance author and guru and retired physician and also a "Boglehead" who subscribes to Boglehead wisdom.

I might even recommend #3 first since it's free and the link is right there.

Also some book lists of popular finance/investing books for deeper dives into individual topics and philosophy:

• Investment Books
• Books: recommendations and reviews - Bogleheads

Additionally (and not listed in the links above), I personally liked The Millionaire Next Door by Thomas Stanley and William Danko. Surveyed and analyzed the habits of self-made millionaires. Spoiler: They found that physicians, in general, were at the top of the chart of high-income earners who, for various reasons they discuss, don't save as aggressively as they should and spend, spend, spend more relative to other high-earning occupations.

 

[redfish955]

Follow the 28/36 rule through life after school and you should come out pretty well. Bundle any reoccurring expense into it. Cable, gym membership, cell phone bill, fuel, car note, and ect. So, if your earning 60k a year on a resident salary you can spend $1400 on an apartment and 400 a month on a car loan cable cell phone and ect. If your earning 240k a year you can spend $5600 on a mortgage payment and $1600 a month on car payment internet and ect. Where lots of millennials are getting into trouble is they get an apartment, cell phone, cable bill, and gym membership that adds up to 65%. That leaves them with next to nothing for travel and food let alone retirement.
First pay off your student loans.
Second invest for retirement.