2017-10-04 21:47:06 UTC

Tips for Managing Personal Finances

Oct. 5, 2017

Advice on how to successfully manage personal finances early in your career.

Long term financial planning isn’t always the first thing that comes to mind when you’re just starting your career. But starting early pays major dividends.
 
Members have been sharing their advice on personal finances in the AGA Community. Some of their tips include:
  • Consider retirement now. Start with your company’s retirement account, and then consider putting money into taxable accounts. “A tough but good rule of thumb is save about 20-30 percent of your pre-tax income. Use those savings to pay off your loans and invest. Then let the power of compound interest work in your favor.”
  • Don’t ignore the student loan. Create a plan and start tackling it.
  • Live like a fellow a few years after training. Spend wisely and avoid the urge to splurge, when possible. Live like a fellow a few years after training. Spend wisely and avoid the urge to splurge, when possible.
  • Pay off all bad debt as soon as possible, especially credit card balances.
This week, Melvin Lau, MD, and other members are sharing their recommendations in the Early Career Group. Join the discussion.
 
The New Gastroenterologist routinely offers articles on personal finances, including: