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Transcript - MedEd Money - Medical students’ most-asked money questions

Transcript

Henry: Hi I am Henry Annan and I am a final year medical student and I am here with Leah Aulenlach from MD Financial Management. We are here to talk about money.

So, Leah I remember the first time that I met with my financial advisor a lot of medical students including myself were very anxious about how much debt we’re in, worried about getting judged. Is this something that a lot of medical students say they experience when they meet you as well?

Leah: Absolutely, there is a lot anxiety and stress about how much money that you have owing on your line of credit. Like debt is a very personal thing and we get that, and we understand it and we know that it seems overwhelming, but we know that it’s not. And that everything will be okay if you have a plan in place an idea and an approach to how to handle it.

Henry: Okay, so what are some of the other common questions that medical students ask you in your first visit?

Leah: Do I have too much debt? Can I pay it back? And the answer is you can pay it back. It is a matter of just planning it and being smart and realizing that you are going to use the line of credit and debt is going to accumulate.

You want to be comfortable with it but not complacent about it. So, knowing that it is going to be there. and it does need to be addressed and being ready to address it when the time comes and just working within reason. Like yes, we know you are going to take vacation, just maybe don’t spend ten grand on vacation.

Yes, we know that you need to go buy clothes for your interviews and thing like that. We know all those things happen. You are going for four years and just in the debt accumulation as long as it all makes sense and it is reasonable.

Henry: Okay perfect because I really do like clothes so thanks Leah.

Leah: You are welcome.