futuredoctor
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Hi! I just finished reading the Millionaire Fastlane book cover to cover and I found the ideas very intriguing and hope to act on them as soon as possible. I was also hoping to get some advice or direction from other fastlaners, specifically those involved in the medical field. Here's a little bit about me:
My original financial plan was a slowlane plan that I had calculated out for my residency training years and my years as an attending physician.
Now after reading about the fastlane I'm wondering if there's a faster and more efficient way for me to accumulate my wealth. I plan to continue medical school and graduate with my M.D. since my knowledge and credentials will allow me to start businesses with high barriers to entry. However, I'm wondering if now would be too early for me to start working on any particular business since I haven't matched my medical specialty. I envision myself possibly pursuing psychiatry and launching courses / treatment plans for individuals struggling with technology or internet addiction. Am I putting the cart before the horse if I start working on this project or my branding before I've even matched to a medical specialty? Are there any other med students here who've started businesses while attending school? I'm also curious about what other paths physician entrepreneurs have pursued in order to generate wealth independently of hours worked.
- I'm 23 yrs old and am an MS1 in med school
- Attended undergraduate on full tuition scholarship
- Currently attending medical school on a half tuition scholarship (30k/year after scholarship)
- Parents are currently covering tuition and living costs (rent, food, etc) for me while I attend school
- I currently have 10k saved up in the stock market (SP 500 ETF)
- Through a bit of bank account churning I can probably make ~ $100/month to invest
My original financial plan was a slowlane plan that I had calculated out for my residency training years and my years as an attending physician.
- Invest $100/month for the next 3 years of medical school
- Invest $1,500/month for 4 years as a medical resident (predicted monthly take-home pay ~ $3,800) (trying to match in the midwest)
- Invest $11,000/month for 10 years as an attending physician (predicted monthly take-home pay ~ $14,000) (again, I want to live in the midwest)
- Be financially free with ~ 2,500,000 in investments by the age of 40 (assuming ~ 10% annual returns)
Now after reading about the fastlane I'm wondering if there's a faster and more efficient way for me to accumulate my wealth. I plan to continue medical school and graduate with my M.D. since my knowledge and credentials will allow me to start businesses with high barriers to entry. However, I'm wondering if now would be too early for me to start working on any particular business since I haven't matched my medical specialty. I envision myself possibly pursuing psychiatry and launching courses / treatment plans for individuals struggling with technology or internet addiction. Am I putting the cart before the horse if I start working on this project or my branding before I've even matched to a medical specialty? Are there any other med students here who've started businesses while attending school? I'm also curious about what other paths physician entrepreneurs have pursued in order to generate wealth independently of hours worked.
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