Medical school is behind you and now you can focus on your residency in Emergency Medicine. You are finally going to have some positive cash flow but knowing what to do with it can be tricky. Seems like the answer should be easy but when you break it down the choices you make can mean the difference between financially secure now and in the future or being broke again.
The first thing you want to do is get a complete understanding of your current expenses. The best way to do this is break them down into categories. Start with your fixed necessary expenses such as: Rent, Student debt, Disability Income Protection, Auto Loan etc. Then your non fixed necessary like groceries, medical expenses, gas, clothing etc. Now add in your wants category items like dining out, morning starbucks, impulse purchases, event tickets (you get the idea). Keep in mind this is the category that typically gets everyone in trouble.
Once you've got all that then take that number and deduct it from [...]