Dr. Cory Fawcett and Chase discuss budgeting concerns as a medical student, the right mindset to have about debt, and how to choose a medical school. As a medical student, Dr. Fawcett recalls driving past a soup kitchen and realizing that the people in the soup kitchen line had a higher net worth than most medical students. This is because many medical students owe lots of money and have a negative net worth. So, Dr. Fawcett’s first piece of financial advice to medical students is to minimize the amount of money that they borrow. Although today it is difficult to completely avoid medical school debt, students have control over the amount of debt that they incur. And you can find many ways to save money and reduce debt as a medical student, if you have the right mindset.
