Product Description
Medical students and residents have a late start at generating wealth. This book was written in order to educate students and residents about personal finance. Topics addressed include IRAs, 401(k), real estate, insurance, automobiles, credit scores, and much more. After finishing this book, the medical student or resident will possess a thorough understanding of these important personal finance issues, which will serve as the foundation for a solid financial futu… More >>
Personal Finance for the New Physician — Money Management for Residency and Beyond
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This book was just what I was looking for. It covers everything from buying a car, insurance, student loans, and investing for retirement, etc.. For once I actually understand this stuff! Plus, it’s a relatively quick read that gets the job done fast. I have looked at other books that looked like they would have taken forever to read. I’m a medical student, and I don’t have a lot of free time. I felt like this was the perfect starting point for learning about personal finance. The glossary at the back is a nice feature, too.
Rating: 5 / 5
Having previously been disappointed by the irrelevance of other personal finance books (e.g. Personal Finance for Dummies) to the particular circumstances of a graduating medical student — such as very high loan debt, relatively low immediate earnings, and relatively high long-term earnings — this books is refreshingly specific. Unlike most personal finance books I’ve seen, which seem to be aimed at those too clueless to keep track of a personal budget or avoid credit card debt, this book clearly explains topics such as when and how to defer payment on loans, choosing retirement accounts, and taking out extra loans just before and during residency. Unfortunately, Dr. Lefebvre allows his (leftist) political views color his advice on choosing medical insurance or discussions of tax brackets, but these are relatively minor issues. Also, I was disappointed that, although he repeats the well-worn, general advice that one should begin saving for retirement as early as possible, he provides no clear financial breakdown of just why a young physician earning $45K per year should set aside a significant amount of scarce money for retirement now rather than waiting for a few years when that same physician may be earning over $300K per year.
Overall, it’s a quick, easy, and highly relevant read for those about to graduate from medical school, and this would be an excellent gift for a gruaduting medical student. I’m surprised that other reviews view it as so applicable to “young professionals” in general, but be aware that it is written on the assumption that you are a physician, or about to become one; the more your financial circumstances diverge from this, the less value the book will have for you.
Rating: 4 / 5
I think the title should read “for the Young Professional,” because the book really discusses topics that are relevant to everyone, like student debt, insurance, real estate, retirement investing, etc. It’s quick and easy to read and really explains things well. Highly recommended.
Rating: 5 / 5
I have read Dr. Lefebvre’s book, and must admit that it was very well written, and more importantly very informative. In fact, my only critique for this book is that the title should be corrected to read, “Personal Finance for the Young Professional” as the information contained within is applicable to anyone.
I have put into practice some of the values that are preached in the text, and I am already noticing some positive changes in my overall financial health. I highly recommend this book to anyone even remotely curious about personal finance-you should be if your not already.
Finally, I just wanted to say that authors Lefebvre, and Hungerford should be commended for their efforts in producing this much needed master-piece of how-to-books.
Rating: 5 / 5
Overall impression: Excellent Book, Very informative, and a must read for medical students.
The book itself is very nicely organized and can be read in 2-3 DAYS.
I start medical school this year and this book is truly worth reading before starting school. I have read other financial books and this one is very easy to understand, the glossary is superb, and the organization of the book is amazing.
The only thing I did not agree with was on how the author at times advocated managed funds but would later go on to agree that index funds outperform managed funds. He would contradict his original statement. Also, he claims that residents should look into life insurance policy if they have kids…I kinda disagree…but I guess its personal when it comes insurance policies.
I would recommend reading other financial books with this to get different perspective.
Rating: 4 / 5