As a physician just starting your career, should you use your money to invest or to pay down debt? It’s an important question. In this MD Quick Clinic, you will see how an MD Advisor will help you: • Create a strategy • Pay down debts • Seize investment opportunities • Track your progress MD Financial Management is owned by the Canadian Medical Association (CMA) and offers expert total financial management advice to physician members of the CMA, from medical students and residents to practicing and retired physicians.
New Physicians: It Pays to Save Early
As you’re establishing your career, you may not have a lot of money to invest. You may also be facing a lar...
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Overcoming 5 common hurdles that keep residents from saving money
After investing so much time and money in medical school, you are no doubt finding residency to be a life-changing start to your professional career. While your paycheque may not be large right...
Should medical residents start saving or pay down debt?
Most medical students in Canada today will finish school and enter residency with debt, with 46% owing $100,000 or more.1 Residency is often the first chance for physicians-in-training to start...
Medical Residents: Your Top 10 Questions About Lines of Credit Answered
How is a Medical Student and Resident Line of Credit different from a student loan? Lines of credit and student loans each have two parties: a borrower (that’s you) and a lender. ...
How Getting Through Med School Is Like Summiting Everest, and Four Simple Rules That Can Help
The path to becoming a physician can be like climbing Mount Everest. It demands unquestioning dedication and effort—but the reward is the fulfillment of a major personal goal.
How to Prioritize Your Goals
Residency: you’ve accomplished so much to get to this stage. As you approach the end of your medical training, you’re probably thinking about all the things you need to do, including setting up...
One Resident’s Plan to Get Financially Fit
When Dr. Sarah Liu (not her real name), 26, graduated from the School of Medicine at Queen’s University in 2016, she was shocked to find her debt had grown to $100,000. While this was in line with...
5 Tips for Reducing Your Travel Costs
Medical school can be expensive for many students, so it’s wise to manage your expenses and cut costs where you can, including travelling costs. Whether you are going to see family or friends,...
New Physicians: It Pays to Save Early
As you’re establishing your career, you may not have a lot of money to invest. You may also be facing a large student debt. The one advantage you have is time. When you save and invest money, it...
Will med school debt derail this student’s goals?
“David,” 24, is borrowing a lot of money for medical school. But a solid plan provides peace of mind.
Financial advice helped this client recover from one financial mistake, and avoid another
Dr. E counts himself among the lucky ones. After overcoming a financial setback in his early 40s, he nearly made a colossal mistake a decade later that could still be affecting him.
Can a young physician start a family and avoid debt?
Dr. B, a 29-year-old family physician in Quebec, worries about balancing maternity leave with her financial goals.
Is incorporation the right choice?
Dr. A, a 37-year-old family physician in Toronto, wonders whether incorporation is a worthwhile strategy.
Tackle Your Debt by Managing Your Cash Flow
To tackle your debt, start with a plan, get to know your net cash flow, follow this debt reduction plan: analyze your monthly cash flow, set your debt-reduction targets, create and monitor your plan.
5 Questions You Should Ask About Medical School Debt
Most medical students expect to incur debt by the end of their education. Depending on the amount of money you owe, the debt can be a source of stress and may influence your career choices.
Pay Down Medical School Debt or Invest? Five Steps to Finding a Balance That Works for You