Ask any 4-year-old what they want to be when they grow up, and you’ll get a hodgepodge of answers ranging from the adorable to the extreme.
“A firefighter!” “A rock star!” “A squirrel!”
One timeless profession that has proven to be a top choice for kids decade after decade, however, is that of the doctor. Especially if they have a parent or family member they look up to who is a doctor.
What are we supposed to say to our children, who are looking up at us with twinkly eyes full of hope and excitement, when they tell us they want to be just like us? We tell them that we think it’s great that they want to help people, and they can be whatever they want to be if they work hard and study in school. We certainly don’t whisper about the pitfalls: the long hours, the rough cases, and the…dun dun dun…student loans.
Becoming a doctor is a huge commitment, and that commitment is probably at the back of your mind when your child tells you they want to follow in your footsteps. The amount of extra schooling that it takes and the subsequent debt is nothing to scoff at. Of course, you got through it, and if you got through it, your child can get through it. But after spending 10 years in medical school and residency and racking up sizable debt with student loans, it’s easy to empathize with doctors who may not wish the long journey on their own children.
One of the best things we can do for our kids is teach them about debt and credit and investments to help their future shine as brightly as it can.
The upside is that your child – like you – will make a great living if he or she follows through with medical school. One thing that isn’t taught in schools as thoroughly as it should be is financial health. Many kids are leaving high school not knowing how to balance a checkbook let alone understanding the ins and outs of IRAs or disability insurance. One of the best things we can do for our kids is teach them about debt and credit and investments to help their future shine as brightly as it can. That is invaluable knowledge passed down.
Only 21% of physicians are “very confident” in their personal financial decisions. We’re here to help you make all the right investments so that you can reduce debt and plan for a lucrative retirement. We hope that by helping you thrive, you can pass down that wealth (both literally and figuratively) for generations to come, and set a great example for your kids on how to invest in their future.