72 - Loonie Doctor

The Loonie Doctor wants to keep new doctors from falling into the lifestyle inflation trap.

The Loonie Doctor prefers to remain anonymous so all I can tell you is that he is a doctor and he lives somewhere in Southern Ontario.

As you may have heard, doctors are always the best at managing their own personal finances and it’s not surprising. I want my doctor to be really good at being a doctor. They have tons of information in their brains and for many, there is no more room for finances.

And it may seem like doctors don’t need help because they make so much money, but the sad truth is that the more money you make, the more debt and subsequent trouble you can get into.

The path to getting your medical licence is often very long. You get your undergrad, then 3 to 4 years of medical school, and then 3 or more years of residency, before you start making what you and I would consider to be real doctor money.

So the shift from the student/resident lifestyle to the doctor lifestyle can be shocking for some and can lead them on a path of spending money they think they have, but really don’t, not tackling their debts right away and not thinking about saving money at all. Often they end up working longer than they need to, and burning out as a result.

The Loonie Doctor decided to start a blog to try to help new doctors get a handle on things as early as possible in their careers.

He joined me in the studio to tell his personal finance story.

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73 - John Lanza