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medical student needs beginner's financial advice

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  • #16
    Not a fan of Orman at all I think her advice is a bit too sugar coated and may actually keep you in debt if you don't know what you are doing (IMO), but Ramsey isn't to bad, His book helped me get out of my credit card debt, but I didn't follow it to the T.

    Millionaire Next Door is a GREAT book to read

    A great book that I have read that is somewhat of a shocker is Gene Simons' Sex, Money, Kiss

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    • #17
      Originally posted by facebookdigg123 View Post
      just wondering disneysteve, what kind of doctor are you?
      Family practice
      Steve

      * Despite the high cost of living, it remains very popular.
      * Why should I pay for my daughter's education when she already knows everything?
      * There are no shortcuts to anywhere worth going.

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      • #18
        Originally posted by whey2big4u View Post
        Not a fan of Orman at all I think her advice is a bit too sugar coated
        I've never heard any critique of her along those lines. I only get to see snippets of Orman shows so I'm not thoroughly familiar, but my impression is that she is fairly strict in her advice. Would you say more about the sugar coating aspect?
        "There is some ontological doubt as to whether it may even be possible in principle to nail down these things in the universe we're given to study." --text msg from my kid

        "It is easier to build strong children than to repair broken men." --Frederick Douglass

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        • #19
          I'm one of the other doctors here - there is a dentist, I believe also. I am a chiropractor.

          I would only add another thing to what DisneySteve said about doctoritis.

          Doctors are prone to becoming victims of financial fraud. Ponzi schemes, the old seminar of "The Constitution Doesn't Impart An Obligation To Pay Taxes and Here's How You Avoid Paying" and all the skulduggery and flimflam that's out there.

          RULE OF THE DAY I INVEST BY: If you don't understand it, don't buy it. Usually, the more complex a product is, the more questionable it is.

          I am not sure why. . .doctors are obviously intelligent but perhaps a bit overempathetic human beings so I have seen a lot of my own colleagues get caught up in stuff they shouldn't have in the first place and no specialty seems immune. The family doctor next door keeps doing Amway and other network marketing stuff every 2-3 years. He's a smart guy but I am not sure where he's coming from but I think he get caught up in this stuff where it could money and time better spent elsewhere.

          You want to get some basic books, I like Kiplingers Guide to Personal Finance, learn the language and if you really don't like it or care to learn, you can punt it to a professional, a CFP or other certified financial advisor. Your accountant is another member of your advisor team that you need to rely on.
          Last edited by Scanner; 02-02-2011, 11:28 AM.

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          • #20
            Joan of arch......I meant that when she speaks it just seems so cookie cutter and perfect, and I don't like how she promotes credit cards and taking out loans and mortgages especially for the younger crowd. She talks about those things as if people have self control, when in reality most people do not. I am one of those that do not have any and I have to learn

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            • #21
              The best I can offer is if you get a job where 401k (or other retirement account) is offered and they do any type of matching ... take full advantage! If you need to contribute 6% to get the entire match, do it.

              As for the reading, everyone seems to find good and "less desirable" opinions from many of the popular "gurus" of today. My advice for reading is the Millionaire Next Door and then just go to the library and once you find the financial section, just pick one. You will see the authors that have many books, I would recommend reading one of each (Orman and Ramsey come to mind from above). Once you read (or listen) to a few, you will favor one over some others. I have read and listened to many and continue to read and listen because it is calming to me. I started young saving in a ROTH IRA when I was in college, then started right away with my 401k but in all honestly, I didn't know what I was really doing. You pick investments that sound good to you and see where they take you. After reading and listening to so many different authors, I now understand what I did back then ... and the best thing was that I started young!

              Oh, and the 1.1% interest on savings sounds like a good place to start. Just read the fine print for things that are going to cost you a fee.

              Do what you can to keep costs down now and don't let friends talk you into too much spending (now or in the future). If you have the time part-time work can help you to borrow less and that could help you to avoid years of payments after to leave school.

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