As physicians we face many different types of risk every day, from the risk that a patient will sue to the risk of the government changing laws, or even the risk that our relief won’t show up at the end of our night shift. Risk is also inherent in how we manage our finances.

So, you are a new graduate who followed my advice and took the month of July to get your finances in order. Now you’re wondering where to start investing. Here are five easy rules of thumb to get you started.

First, congratulations on your upcoming graduation. I’m sure you are excited (and a little nervous) to finally be an attending and make your own medical decisions without someone else watching over your shoulder. You’re probably also itching to get your first five figure monthly paycheck and spend it. But before you buy that shiny new Bimmer, let’s go through the steps to get your finances on track:

If I asked you to list the biggest risks to your assets, I’m sure malpractice lawsuits would appear near the top. But lawsuits are only one of the many catastrophes that put your assets at risk. Whether you’re preparing for a natural disaster, a potential disability, or even death, you should seriously consider asset protection. Step one? Establish an emergency fund.