Debt for Doctors

Debt for doctors – a double edged sword.  Many of us were taught “Debt is bad” as children.  We were warned against the evils of credit card debts and advised to buy a house and pay it off as fast as we can. 

Consumer debt steals your wealth, disguised stealthily as “affordable repayments”.  Usually, consumer debt for doctors tends to be supercharged! 

But debt for often necessary,  and even advantageous.  Many of us have incurred it for university studies that have lead to a wonderful rewarding career.

Regardless, all debt seems to take far too long to pay off! Debt pay off can be pretty overwhelming!

The initial stages are slow and painful – I call it the Debt Dung ball. But if you can get through this, the debt snowball/avalanche start – how fun do they sound! 

The articles on this page will cover which debts to pay off and which to leave while investing.  We will cover how to pay off bad debt fast, and use this momentum to go and start building a “Wealth Snowball”. 

Debt for Doctors Articles

Good Debt vs Bad Debt

Good Debt vs Bad Debt. What’s the Difference?

This article may contain affiliate links. If there are any in this article they are marked *. An affiliate link means if you click on the link and purchase a product, at no extra cost to yourself, I will receive a small commission. This weeks article on Good Debt vs Bad Debt was written as a result of collaboration with ...
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Should I pay off my mortgage

Should I Pay off My Mortgage? I Wanna be Debt Free?

This article may contain affiliate links. If there are any in this article they are marked *. An affiliate link means if you click on the link and purchase a product, at no extra cost to yourself, I will receive a small commission. Do you dream about paying off your home loan? There are several factors to consider when deciding ...
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good credit score australia

Good Credit Score Australia- Why it Matters and How to Get One

Why You Need a Good Credit Score Australia? Did you hear about the switch to “Comprehensive Credit Reporting” in Australia? Are you wondering why you need a credit score anyway? Credit reports are how lending institutions assess your reliability to pay back debt. Each time you apply for credit, the bank or credit company will use a credit report to ...
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doctor income questions

How Do We Pay off Our Mortgage FAST?

We have just brought our first home!!! Do you have any tips on how to pay off a mortgage fast? Congratulations! Tips before paying extra into your mortgage: - Consider putting extra payments into an offset. This will save you the same amount of interest but you maintain more control (bank can't stop you withdrawing unlike in a redraw account) ...
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Money management doctors

No More Keeping Up with Dr Jones: New Year New FInances

No More Keeping Up with Dr Jones: New Year New Finances Most doctors are blessed with having a meaningful and rewarding career they love. The average intern wage is around $70,000, rising well above average Australian income within a few years. Doctors are in a privileged position of earning enough to cover the necessities (food, shelter, transport) fairly easily, providing ...
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how to get more joy from your money

How to Break Free from Debt: An Aussie Doc Guide

How to Break Free from Debt: An Aussie Doc Guide Doctors are wealthy, right?  Well, that is the expectation.  Australian doctors are well compensated in arguably the country with the highest standard of living country on Earth.  But the truth is, income does not make you wealthy. Doctors sometimes also need to break free from debt.Doctors are graduating from medical ...
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Just Graduating Medical School? Seven Steps to Start Your Journey to Financial Freedom

About to Graduate from Medical School? Seven Steps to Start on your Journey to Financial Freedom So, you're about to graduate from medical school, congratulations! What an amazing achievement. You will always look back at this time with pride and an incredible sense of achievement. You may be dreaming of transitioning from the world of study and awkward loitering around ...
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