Hello All!
I am at the very start of my medical career journey: starting medical school this Fall. I going to provide some details on my financial situation and I would greatly appreciate any advice on how to "get in on the ground floor" of utilizing my medical career to achieve financial security and long-term success.
I currently have about $45k to my own name due to a combination of the 3 factors of having a complete scholarship with refunds, living at home, and working either part- or full-time during undergrad. The majority of this money is in a high-yield savings account and a money market fund, but I do have $2k in a Roth IRA as well.
I will be attending the medical school associated with the university where I am going to graduate with my undergrad degree this May. I am only taking out federal loans due to continuing living at home (thanks Mom & Dad). A quick projection in Excel and I determined that I will graduate with about 240k in debt, including interest and assuming no repayments at all as a medical student. I received a 10k/year scholarship from the medical school will attend, but I plan to use most (if not all) of these funds to cover my transportation costs (living at home does not mean all expenses paid by my family) and academic-related expenses (Step exams, etc.)
Like I stated previously, how do I maximize the mostly favorable financial situation I have now yield the best results later in my medical career (early attending)? My main concern now is protecting my savings against (rather high!) inflation, but if this is misguided let me know. Thanks to all in advance!