This is a post that was originally put up by the American College of Cardiology on this page, but it’s good information for everyone to be honest.

As doctors, we constantly learn. Every day we push to learn more about cardiology and the mysteries within the heart. Although we strive everyday to understand out vital organ better, we often neglect to learn about finance. I started learning about money in medical school once I realized that financial education was largely ignored in training. The six figures of debt started to weigh down my shoulders and I decided that I needed to learn more - a lot more. There is a lot that is written on finance, a lot of it is junk. There are a few gems, a few classics that I'd recommend to anyone starting to figure out their financial life. This is that list.

The White Coat Investor - Dr. James M. Dahle

Most trainees know about his book. If you haven't read it or even skimmed through it, you should, like now. This book was initially a blog that he turned into a book. The blog itself is a goldmine of information tailored to physicians. The book doesn't have as much debt to it, but it is worth reading to gain an appreciation of the need for you to have a strong financial foundation.

Key quotes:

• “The Big Squeeze,” which is simply this: it costs more to get the job, the job pays less once you get it, and increasing liability and compliance concerns make the job less pleasant.

• "An employee by definition is never paid what that person is worth" - This applies in medicine just as much as it applies in other businesses.

• "Money isn't everything, but to pretend it doesn't matter at all probably is a mistake" - I understand that talking about money is just as taboo as politics and religion, but I'm not sure it helps us. Even those that "don't worry about money" end up worrying about money.

The Total Money Makeover - Dave Ramsey

Dave Ramsey has a strong, in your face energy. His book, like him, reads like a fired up Southern Pastor. He has a radio show and podcast where he drops a lot of hate towards doctors. As doctors we are notoriously silly with our money. While other books tend to be vague and complicated, Ramsey gives us a clear cut, simple plan to follow. First he promotes creating a budget and then moves on to his seven steps:

1. Save $1000 into an emergency fund

2. Aggressively pay off all debts using a debt snowball (aggressively paying off one debt while making minimum payments to the others)

3. Save 3-6 months expenses

4. Put 15% into a retirement account

5. Save for kid's college

6. Pay off mortgage

7. Built wealth by investing

Key quotes:

• “We buy things we don’t need with money we don’t have to impress people we don’t like.”

I Will Teach You to Be Rich - Ramit Sethi

Ramit Sethi writes like a kid in his twenties because that is how old he was when he started writing his website-turned-into-book I Will Teach You to Be Rich. Sethi dives into the nitty gritty of personal finance to the point of giving written scripts for dealing with credit card companies. He advocates for systems to make using or saving your money effortless. For instance: saving Dave Ramsey's $1000 emergency fund (as above) is as simple as creating a savings account and setting up automatic deposits into it. To me, ideas like that are worth the cost of the book.

Key quotes:

• "Sadly, although some people are limited by circumstances, most people will never get rich simply because they have poor attitudes and behaviors about money."

Rich Dad, Poor Dad - Robert Kiyosaki

This book caused a frameshift mutation in my thinking about money. Kiyosaki delves deep into the psychology of his rich dad and poor dad and weaves in the important financial concepts. There are some polarizing sentences, so this book is not for the faint of heart. If you can get through the book you will be rewarded with a new way of thinking: money is a tool to be used. As a businessman, Kiyosaki encourages his readers to nurture their entrepreneurial side. This creates financial stability, not through a job, but through creating jobs and making money work for you.

Key quotes:

• "It’s like planting a tree. You water it for years, and then one day it doesn’t need you anymore. Its roots are implanted deep enough. Then the tree provides shade for your enjoyment." -

• "Today, I often meet people who are too busy to take care of their wealth. And there are people too busy to take care of their health." - How many times do we see this in medicine?

• "Rich dad believed that the words “I can’t afford it” shut down your brain. “How can I afford it?” opens up possibilities, excitement, and dreams."

The 4-Hour Workweek: Escape the 9-5, Live Anywhere and Join the New Rich - Tim Ferriss

The audacious title is not for people in the medical field. This book centers around the author's online sports supplement business and how he was able to set up the business to run itself. The book has plenty of examples of other people that set up online businesses to create a life that they want to live. There are pearls for fellows though. While we are not in control of our working lives at the present moment, now that I'm a PGY6, I'm reminded at how quickly time flies. As my co-fellows and I start thinking about jobs and what we will be doing for longer than 3 years, we should keep in mind that the pay or the prestige should not be the focus. Instead, it is important to think about how much we will be expected to work, what productivity looks like to the hospital, how much call do we have to take, or cost of living in a specific location.

Key quotes:

• "Who is better off: the person on $40K per year but working 30 hours a week, living well within their means, investing aggressively and spending the rest of their time pursuing other passions, or the Investment Banker on $400K working 100 hours a week, sacrificing their long term health, and living a very expensive lifestyle." - This quote really hits it home. For me, my long-term health is worth more than egregiously long working hours or an expensive lifestyle. Long-term health, like time, cannot be gained back once lost.

What’s your favorite finance book or lesson? Comment below!