#FinanceTip: Biggest Money Mistakes to Avoid
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Hopefully, this article will help you avoid the biggest financial mistakes as the stakes, unfortunately, are higher for doctors, who spend more time in school and accumulate more debt early in their careers, than they are for laypersons.

Blunder 1: Credit Card Debt

As a doctor, particularly a new doctor, you might feel like you’re playing from behind, because while you’ve been in school, your friends have been out in the workforce. You might be tempted, once you get that first paycheck, to spend on the things they have that you don’t. Soon, you may find yourself using credit cards to keep pace with your higher standard of living. This is known as lifestyle creep. Resist. It’s an illusion.

Blunder 2: Buying A New Car

Cars are money pits. If you buy new, you take an enormous depreciation hit as soon as it leaves the lot. Lease, and you’re basically subsidizing depreciation for the next driver.

Blunder 3: Buying Too Much House Too Soon

Hermit crabs, who have the burden of carrying their houses on their backs, select a shell that fits just right. And when they outgrow it, they jettison that shell for a bigger one. The inverse is true for more senior doctors. As your children move out, why are you maintaining the overhead of all that unneeded space? Scale down and relocate to a more tax-friendly area, if possible.

Blunder 4: Ignoring Student Loans

Stop what you’re doing and go set up an appointment with a student loan advisor. Do not pay more than you have to.

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