Blog Archives

Medical Debt Can Be Crushing

I recently saw a short piece in US News that reported that the average debt among medical school graduates who borrowed for their medical education was $184,000, excluding undergraduate loans. 

There are many reasons to think hard about a career as a physician, and monetary ones are first or second on the list. For those with severe financial need, the AAMC offers their Fee Assistance Program (FAP). (Please note that I also offer a discount for those who have a current FAP grant.)

Most applicants, however, don’t qualify for the FAP and may be looking at hundreds of thousands of dollars of debt after they complete their medical education. For many reasons, make sure that a career as a doctor is the right one for you.

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White Coat Investor Podcast Interview

Two years ago this week (which may seem like a lifetime ago), I was honored to be the featured interviewee on the White Coat Investor (WCI) podcast. For those of you who aren’t familiar with WCI, it’s a website/blog/podcast founded by James Dahle MD, an emergency physician whose interest in personal finance and the FIRE (financial independence – retire early) movement has sparked a slew of physician devotees. My interview focused on how Insider Medical Admissions helped me create autonomy and flexibility while balancing a clinical career and a family. Check it out here or on your favorite podcast app. 

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White Coat Investor Scholarship Winners Announced

For the past few years, the White Coat Investor has funded a scholarship for full-time professional students, including those in medical, osteopathic, dental, law, pharmacy, nurse practitioner, physician assistant, optometry, and podiatry schools. The goal is to both reduce the winning students’ debt burden and spread “an important message of financial literacy throughout medical, dental, and other professional schools.”

This year’s first place winner’s essay is here. It’s great and worth a read. Second through fifth places can be found here. Keep your eye out for next year’s contest. The financial support is significant.

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Four Ways to Save $ in the Medical School and Residency Interview Processes

1. If you are ambivalent about an institution, schedule your interview later. By late-season you may decide not to interview there at all, saving you some money.

2. Group your interviews geographically. If you think this is impossible, consider this: There is nothing wrong with calling an institution you are waiting to hear from and politely letting the assistant know you have been invited to interview at a nearby school/program. Let him/her know you would like to save money by flying out to the area once, and ask if the admissions committee/ residency might be willing to let you know now if the institution will be offering you an interview. Believe it or not, this technique sometimes works.

3. Check out travel web sites daily or better yet, set an alert on Kayak, Hopper, or Google flights. Occasionally, a low price is available only if you catch it quickly.

4. Consider staying with students/residents if the institution offers. Hotels can be expensive, and sometimes you can gather useful information about the school/program this way. Just beware that anything you do or say may be repeated to the admissions committee/residency. (Make sure to write a thank you note.)

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Reading this Article Could Make You Wealthier than Working Long Hospital Shifts

Work smarter, not harder. Read this funny, informative Student Doctor Network article by CrispyDoc on financial literacy for the newly minted physician. Have little idea what an “alternative asset class” really means? Don’t know which is a bear- and which is a bull-market? This piece is for you. Learn that do-it-yourself investing is not that hard with the technological tools now at our finger tips and start saving so that you can gain financial independence early and avoid burnout.

Also, make sure to check out CrispyDoc’s awesome blog for tips on financial independence and finding your mojo in and out of medicine.

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About Dr. Michelle Finkel

Dr. Michelle Finkel

Dr. Finkel is a graduate of Stanford University and Harvard Medical School. On completing her residency at Harvard, she was asked to
stay on as faculty at Harvard Medical School and spent five years teaching at the world-renowned Massachusetts General Hospital.
She was appointed to the Assistant Residency Director position for the Harvard Affiliated
Emergency Medicine Residency where she reviewed countless applications, personal statements and resumes. Read more

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Listen to Dr. Finkel’s interview on the White Coat Investor podcast:

Listen to Dr. Finkel’s interview on the FeminEm podcast: