Attention, young veterinarians: These financial secrets will change your life


Attention, young veterinarians: These financial secrets will change your life

Are you a penniless new veterinary grad? These two strategies can make a huge impact on your bank account and debt load.
Sep 01, 2013

Graduating from veterinary school and managing to get established financially can be a pretty tough accomplishment—especially once the student loan payments start rolling in. Of course, there are thousands of websites that offer reasonable and sound (if somewhat intuitive) financial advice for young people, including the newly minted and fairly impoverished health professional.

These sites advise being thrifty, consolidating debt and delaying large vacations—the usual suspects. In my experience, though, anybody with a fresh DVM degree who hopes for a future home and well-educated children probably needs to be a little more daring and a bit more clever than the typical financial-blog reader.

You might balk at the concept of jumping into the residential real estate market as a newly graduated veterinarian, but this outside-the-box strategy could be the golden ticket to paying off your student loans ahead of schedule. (GETTY IMAGES/DAVID JOEL)
Now, I admit I'm a bit more interested in all things pecuniary than the average veterinarian—my law school concentration was in federal taxation. Nonetheless, it doesn't seem right to me that so many young physicians, dentists and veterinarians are ignorant when it comes to money. Many young docs are oblivious to the huge benefits of having a creative and well-considered financial plan on day one of veterinary practice.

With these thoughts in mind, I decided to devote this month's column to exploring a pair of very powerful financial strategies that will help young professionals prepare for their own economic futures. I not only believe in these tools, I've used them both myself.