Financial planning is essential for future and new doctors. Whether just starting medical school or your first job as a physician, the path has no doubt been stressful. You know the amount of debt will subside once you’re established, but preparing for every step of the way is crucial to long-term financial health.
Fortunately, many doctors and financial experts have shared their knowledge. Financial planning books for doctors can be a great tool to keep on hand as you prepare for your future.
From overall guidance on finances to doctor-specific and advanced financial tools, we’ve got a list of books every doctor should read. These experts share advice on choosing the perfect first practice, navigating a work-life balance, negotiating your contracts, and finding your dream home no matter what you currently have in your bank account.
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Basic Finance Book Recommendations
1. I Will Teach You to Be Rich by Ramit Sethi
Personal financial expert Ramit Sethi teaches readers how to set up investments and automate finances to tackle debts and start saving. He also provides word-for-word scripts you can use to get rid of late fees, negotiate contracts at work, and discuss finances with your partner.
2. The Total Money Makeover by Dave Ramsey
Author Dave Ramsey wants to provide simple, straightforward, results-based plans for tackling debt and securing finances for retirement and emergencies. Beginning with advice for a written budget, Ramsey follows with seven small steps to give your financial situation a complete makeover.
3. The Little Book of Common Sense Investing by John C. Bogle
If investing seems complicated or overwhelming to dig into, this book aims to take that perspective and shift it. The author shares how using low-cost index funds is a simple yet powerful way to build wealth over time while you can sit back and let it work.
4. The Millionaire Next Door by Thomas J. Stanley and William D. Danko
Author Thomas J. Stanley has studied the affluent since 1973 — and he wants to share the data he has acquired. “The Millionaire Next Door” lists the seven most common traits wealthy people share, including budgeting and investing. The authors aim to show how many millionaires are not what we think, and that this status is within reach for all of us.
Financial Planning Books for Doctors
5. The Physician Philosopher’s Guide to Personal Finance by James D. Turner, MD
Going beyond general finance tools, this author knows firsthand the challenges doctors face: overwhelming student debt and not much time to focus on tackling it. This book focuses only on what doctors need to know, including specific investment plans, protecting your assets, and paying down student loans. It has been praised by reviewers for being clear, concise, and action-focused — which is necessary for a busy doctor.
6. Financial Planning Basics for Doctors by Marshall Weintraub, Michael Merrill, and Cole Kimball
The authors — three financial advisors — held thousands of meetings with doctors to make a book just for them. They found that while physicians receive excellent training to care for others, most new doctors graduate without ever having a class on managing finances. This book aims to fill that gap, with actionable advice on home buying, college planning, disability insurance, and behavioral finance.
7. The White Coat Investor by James M. Dahle, MD
Another doctor-specific pick, this book was written with medical students, residents, physicians, and dentists in mind. The author seeks to teach his fellow professionals how to graduate with as little debt as possible. You’ll also learn how to get rid of student loans 2-5 years after graduating, invest in a low-cost manner, when and how to buy a house. He also has advice on how to become a millionaire within five to 10 years of practice. This is a well-known, heavily praised option for financial planning books for doctors.
Advanced Finance Book Recommendations
8. One Up on Wall Street by Peter Lynch
A more advanced — yet still accessible — take on investing, this book shares how average investors have an advantage over professionals, effectively. Author Peter Lynch says we each encounter products and services all day, and if we pay attention to the best ones we can find the right companies to invest in before the pros discover them. Lynch offers advice on how to spot these opportunities by reviewing a company’s finances and knowing which numbers matter.
9. A Random Walk Down Wall Street by Burton G. Malkiel
Interested in new opportunities such as bitcoin? Unsure where to begin with your first investments? This guide has insights on the wide range of investment opportunities available to you, whether you are just starting your career or contemplating retirement. Reviewers praised the book for being well-organized and easy to understand.
10. BiggerPockets Rental Kit 3-Book Series by Brandon Turner and Heather Turner
In three books, the authors tackle multiple methods professional real estate investors use for success. With a focus on creative finance methods, the authors argue that readers can still achieve great deals no matter what is in their bank accounts. Each book builds on your investment knowledge and offers easy-to-follow strategies and in-depth advice on getting started, finding deals, and effectively managing your properties.
Kit includes:
- Investing in Real Estate with No (and Low) Money Down
- Rental Property Investing
- Managing Rental Properties
11. Financial Freedom with Real Estate Investing by Michael Blank
At this point, it’s no secret how powerful real estate investing can be to ensure lifelong financial freedom. Although this author wants you to know you can make real-estate investing your full-time job, being an apartment investor on the side while you are starting your career as a physician can mean you are on the fast track to a debtless life. Then, you can focus on buying your dream home, saving for retirement, and focusing fully on your patients — with your mind free from financial worries.
Start establishing your financial team
As you will learn from these financial planning books for doctors, having a trusted network of financial professionals is essential to your success.
The perfect mortgage professional should be part of this team. Reaching out early to a mortgage loan officer can help you stay focused, on track, and fully prepared when you’re ready to buy your first home.
Get started with My Perfect Mortgage today.
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