[Book review] UK Doctor Finance Guide by Rory Chan
Time for a new type of post!
Being someone who was born into a reasonably well-to-do family with some inkling on finances, I have always taken an interest in growing my wealth. Whilst I love my job in medicine as much as ever, I would prefer to be able to continue developing my career without having to worry about money. This is why I sought out some useful resources on this topic and happen to come across this book, which I feel can be a helpful read for a lot of people.
Summary:
Rory discusses his personal journey to accrue just over a quarter of million pounds in net worth as a doctor before turning 30. It shares the key ways of accruing wealth, the pros and cons of each method, and incorporating his personal experience in each example. Also includes discussion on the concept of wealth and perception, with a nice touch on the importance of work-life balance and eventual retirement.
Things I liked:
The writing is concise and straight to the point
Very practical advice with some general points but also many specific examples for someone working as a doctor
There are detailed discussions to digest and think about, and a summary at the end of each major section with actionable points for readers
Does not feel overly preachy, the book lays down the facts and lets readers decide the best way to achieve financial independence for themselves
Who this book might not be for:
Someone who wants to learn about in-depth investment strategies e.g. trading and reading financial data
Verdict:
As I mentioned, I feel that I already have a good grasp of finances, its importance and how to work towards achieving it. My preferred method is stock investing and there are certainly plenty of books out there covering this topic in much greater depth. What separates this book apart from others is that it is specifically targeted towards an audience of medical doctors. Takeaway points for me personally were therefore the first section about choice of specialty, investing in our professional development and locum income. Others who want to learn about basic financial concepts such as compounding, inflation and managing taxes should also find this very helpful. Overall, this has been an enjoyable read, just over 100 pages but easily readable over probably 3-4 hours for an average reader.
Check out the book here : https://www.ukdoctoronfire.com/product/uk-doctor-finance-guide/
Other good finance books I recommend:
The Little Book That Still Beats the Market: 29 (Little Books. Big Profits)
Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!
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