MtoM #297: $170K Net Worth as a Military Resident

How does this second-year military resident already have $170K net worth?

Military docs face a trade-off in their careers. They owe a time debt for medical school instead of a monetary debt and they do make substantially more during residency than civilian residents. These benefits are counterbalanced by receiving a lower salary during attending hood than their civilian peers. Because of lower attending salaries, military docs should take advantage of their low debt and extra salary early in their careers by saving more, sooner, so that compound interest can do its work.

Something like the HPSP scholarship can be a great way to pay for medical school, but ONLY if you're actually interested in military service.

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