Smart Ways to Use Your Sign-On Bonus as a Doctor: A Strategic Guide to Build Wealth, Stability, and Peace of Mind

Every year when schools and residency programs graduate a cohort of doctors, without fail I get some questions - one of which is, “what do I do with my sign on bonus?”

Here’s how doctors, dentists, and healthcare professionals can wisely use their sign-on bonus to set a strong financial foundation and avoid common pitfalls.

When doctors, dentists, and healthcare professionals begin new positions (especially in hospitals, corporate dental chains, or large medical organizations) it’s common to receive a sign-on bonus. These bonuses are enticing, often ranging from a few thousand dollars to well into five figures.

But, what you do with your sign-on bonus can either set you up for long-term success or trap you in a cycle of financial instability and lifestyle inflation.

So let’s talk strategy. Before the bonus hits your account (or burns a hole in your pocket), here’s how to be intentional about using it.

Dr. Patrice SmithSeptember 2, 2025Money Management, thirteen, financial developmentComment

Financial Foundation: Get Good With Money

In my book club so far this year we’ve read two books on money and they were very different. The first one, Die With Zero tells us to spend our money, throw caution to the wind and live! while the second book, The Psychology of Money tells us a different story - that one should prepare for life’s lemons, save, invest then save some more as life will inevitably through us curveballs. Both books offered great insight and are the inspiration behind this blog post.

Professional FinancialDr. Patrice SmithFebruary 27, 2023saving, investing, money, Money Management, money basics, elevenComment

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One of the most challenging parts of getting a grip on your finances is finding money “leaks” and plugging them. I speak a lot on saving/investing for retirement and tackling student loans. However, I must address the topic of unknowingly wasting money aka money leaks. The faster we figure out where all our money is going the better we will be able to plan and have more money to put towards saving, investing, paying off debt, etc.

Best Money/Finance Podcasts for Young Professionals

On the path to becoming a professional regardless of the field you’re in, the focus has been getting to the place where we finally start our careers. Nobody taught us anything money or finance related. We lacked knowledge regarding taxes, refinancing/consolidating student loans, insurances, retirement, and investing.

Turning Your Hobby or Passion Into a Business

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Spring Clean Your Finances

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