Hey guys!
I am a FMG (MD from abroad) who just completed his training. I am 27 yo, and I just completed my GP training in my home country; however I will sit the medical residency admission examination on September (I will also sit the USMLEs, bc of fellowship purposes only). I intend to apply to Anesthesia (A 3 year long residency program); however I am aware that I won't be able to work through 100 hours/week once I hit my late 60s, so I was hoping if anyone could tell me of some smart ways to invest my money once I join the workforce, so as to generate passive income ... I might add that I don't mind learning other trades (Always had a knack for math, chose at the last minute medicine bc I genuiely want to help people) TL:DR: What to invest my money in once I start generating income?
SeasonedRP 2 2y ago
Open an account at Schwab or Fidelity and shovel as much as you can each month into an S&P 500 index fund and don't touch it for 30-40 years. You could also add a smapl cap index fund and an international fund. Don't try to get fancy or get rich quick; unless you know how to read financial statements and value businesses, stick to index funds. I found real estate to be a pain but it is.also a viable investment for those suited for it.
FrancoAP Should i (x1) 2y ago
Thank you! Will look into it
No-Stress-Cat 2y ago
Silver and Gold. Not stocks, not crypto, not gold and silver stocks, not currencies. You want coins, the kind you can hold in your hand (if you can't hold it in your hand, you don't own it). Start today. $22 will get you a Silver Eagle. You want to invest in assets that will hold value no matter what happens to the economy. Real estate when you start making the big money. When the market is good, buy more coins. When the market crashes, buy more real estate.
FrancoAP Should i (x1) 2y ago
That's a solid, palpable plan haha. Thank you!
whytehorse2021 2y ago
Many MDs are learning they can make more by making a youtube video as an expert than they can consulting patients. Personally, I'd watch a video outlining how to anaesthetize a person and then perform a full frontal lobotomy but that's none of my business.
FrancoAP Should i (x1) 2y ago
haha, yeah, I just don't believe I have the profile of a great YouTube content creator; sounds interesting though... Thank you!
whytehorse2021 2y ago
It's a different game for experts. Your studio might be your lab, your audience might be students or patients, etc. In a short amount of time you'll be an expert on residency admission exams. I imagine if I wanted to see if I want to be a Dr I'd go on youtube and listen to a Dr tell me what's required and what it's like.
Anyway, that's one passive income option. Another is to write a book. I suppose the easiest is to just buy index funds like S&P 500. Here in the US all you need is a bank account and you can sign up and trade stocks for free.
FrancoAP Should i (x1) 2y ago
You know that's true ; only this year I will be sitting like 4 different exams haha... Foord for thought indeed
whytehorse2021 2y ago
Insider info bro... you will have it... others will want it... Problem/solution. Easy money.
Problematic_Browser 1 2y ago
First, I advise against learning another trade. Your given profession will always be in demand and you should be the fucking best at it that you can be.
Competency gets compensated.
Here's what I recommend:
Learn to live below your means and learn to find comfort there. I make between 85K-95K a year. My expenses are nowhere close to that because I've learned to live a very Spartan lifestyle. I smoke cheap tobacco, find comfort in reading and exercise, and value my peace.
This ties back to point 1 - It isn't about what you make, it's about what you keep. You should spend your 20s-40s grinding your ass off. Every bit of work you do and dollar you save now will pay dividends.
Make some safe money plays. Toss 10%-15% into a mutual fund and don't fucking touch it.
Make some risky plays while you're young. I don't know the accredited investor rules where you're from, but try to get in on companies before they IPO. YOU MUST DO YOUR RESEARCH before you invest, but if you hit a winner your money will grow exponentially.
Lone_Ranger 3 2y ago
This is gold. The first sentence alone is worth the ticket price. I would also strongly advise AGAINST learning a second trade. If you are living in the developed world, specialisation is what gets the big bucks. Aim to become the best in your field. The money will be there.
The second bit of advice, about living below your means - that is also gold. I see of people that 'treat money like they hate it' - ie. as soon as it comes in, they are plotting at ways to get rid of it. The very moment they have a good year, they buy a Range Rover (on credit) and take two luxury holidays. That's insane. I see all sorts of nutty advice out there, like 'you should only buy a car that costs half of what you earn per year'. Again, that's nuts. I wouldn't buy a car for credit in any circumstances. The last car I bought was second hand, and it cost about 33% of what I make in a month. When it comes to spending, the golden rule is 'Just because you can, doesn't mean you should'. I know plenty of people that could easily buy a Porsche, but choose not to. They will always be rich. The guy that buys a Porsche on credit the moment he gets enough to afford the monthlies? He'll always be poor.
The only other bit of advice I would add is if you're going to invest your money in the stock market, just buy the exchange. Don't try and stock pick. Just put the whole lot into an index tracker fund with the lowest fees. Vanguard are usually cheapest.
Summary - be specialised in your work, and diversified in your investments.
Lone_Ranger 3 2y ago
oh, and don't be fooled by people telling you to go into crypto! (forgot that one).
FrancoAP Should i (x1) 2y ago
Thank you! This is the kind of advice I needed! Yeah, it's definitely possible to make investments on companies around here (LatAm btw), will get to work on it once I get my first paycheck haha
[deleted] 2y ago
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FrancoAP Should i (x1) 2y ago
haha, great advice; thank you