Paying for something that you can do yourself might bring about the question: “Do I really need this?”. In today’s world where you can “YouTube” just about anything, someone who is looking to save money might cut out the personal trainer or gym membership and opt to throw Richard Simmons on the Smart TV to get a quick workout in before work.

“Defense wins championships” is a common phrase used in the sports world. While high-powered offenses are “flashy” and can certainly carry teams to success, oftentimes the teams with the most stout, consistent, and opportunistic defenses reach championship levels. As I was reading the book, The Millionaire Next Door, by Thomas J. Stanley, I found a lot of parallels to this sports truism and the world of personal finance.

After the financial foundation has been set in the first five years after residency, there may be lifestyle adjustments to make for some. Now that your loans are paid off, you are saving adequately for retirement and you are properly insured, you might find yourself with some extra income and looking for answers as to what to do with it.

Most doctors don’t start earning a living wage until their 30s. Four years of undergrad, four years of medical school, three-to-five years of residency — that’s more than a decade of higher education before their first real job. Not to mention the tuition costs.

Doctors in today’s society face more financial hurdles than one may think. To start, most of these young professionals do not start earning a living wage until their 30s. After four years of undergrad, four years of medical school, and three to five years of residency, that’s over a decade of higher education to be completed before they start their first real job.