5 MONEY TRAPS to avoid as a New Pharmacist or Doctor in your 20s

[@DrJessicaLouie]

What money trap will (or did) you avoid? Please LIKE this video and SUBSCRIBE for weekly advice. Cultivate joy my friends!

[@HappyPharmLife]

Great tips!! I was so grateful my parents warned me about the student loan trap. I only took out tuition during pharmacy school and worked for my living expenses. I'm still paying on my loans but putting away 8% into my 401K which is my employer match!

[@DrJessicaLouie]

Great to hear Sierra! I worked for my living expenses as well. Getting at least the employer match is important. I started there and over the last 8 years increased to our 70-85% savings rate now.

[@SmartHobbies]

Dave Ramsey says to get rid of debt with gazelle like intensity (when being chased by a lion). Your tips are timeless and helpful and apply to so many more people than just those in the medical profession. Thanks for the straight talk and using your experience to help others.

[@DrJessicaLouie]

Thank you for watching!

[@s_kuku25]

Great tips Dr. Louie! 👌🏽

[@DrJessicaLouie]

Thank you. Is there one you will (or did) avoid?

[@rineilperez1633]

Awesome content Jessica! Glad I found your channel! - from a fellow creator and also a rph. ✌🏼

[@DrJessicaLouie]

Thank you Rineil! Are you working on a goal for your financial well-being right now?

[@rineilperez1633]

@@DrJessicaLouie Yes! Like yourself I’m also on that FIRE journey although that entrepreneurial bug recently hit me, that may change my course just a bit… but I’m documenting it all and sharing my tips and tricks on my new channel! Saw you paid off 300k plus lf debt, very impressive- can’t wait to see your new content!

[@DrJessicaLouie]

@@rineilperez1633 Great to hear you are also pursuing FIRE. I just subscribed and look forward to following your journey!

[@davidmangan3790]

To start, maximize your 401k/403b at least as much as your employer would match if you cannot max out the federal limit. Almost all investment firms offer a year of retirment based products; 2060, 2050, 2040, 2035 that do not require an individual to thoughtfully select a industry target. Don't buy a brand new car unless it is an economy car. Drive it into the ground. Every time you get a raise, plan ahead what to pay off or save as opposed to what you want to buy that you may not need. Strongly discourage a "starter home" that you plan to sell when you have a family. Consider only if you would see yourself renting it out if the rent is greater than the mortgage. Pack your lunch and make your own coffee/tea. I didn't do this, but now I wonder that if I had taken out more in student loans to take advantage of the interest rates and put them into a IRA if I would be better off............