8 Ways Doctors Go Broke

Make no mistake about it: Doctors can and do go broke, too. Here are eight explanations for how that could happen.

Today’s Classic is republished from White Coat Investor.  You can see the original here.

By Dr. James M. Dahle, WCI Founder

So much of personal finance and investing isn’t about winning; it’s about not losing. That’s because investing is a single-player game; it’s you against your goals, not you against your neighbor or your partner or some yahoo on social media.

However, there are precious few whose ultimate financial goal is to be broke, and if you can avoid doing that, well, that’s one mark of success. There really aren’t that many ways for doctors to go broke.

But in today’s post, we’re going to discuss them so you can avoid them.

#1 Go to Medical/Dental School

First, let’s get this one out of the way. For the vast majority of doctors, the decision to become a doctor means not only going broke, but becoming worse than broke. Broke is a net worth of $0. A typical medical student graduates with >$200K in student loans, and it…