You are a planner who is working with a newly licensed Medical Doctor who has finished his residency and is about to accept a position paying him $240,000 net of taxes and retirement contributions as a single individual. He has $220,000 in student loans ($100,000 each at 4% and $120,000 at 6%, a mixture of Federal and Perkins loans) both with 20 year terms. He also has $5,000 of credit card debt at 9.5%, a car loan for $50,000 at 4.5% for six years, and believes he can purchase a $500,000 house within a year with 5% down through a special program for new doctors. He has $12,000 in liquid savings accumulated during residency. What would be a reasonable recommendation for this new doctor based on this scenario which would allow him to balance a purchase of a new home while paying down debt?

The Certified Financial Planner (CFP) certification exam tests your ability to apply financial planning skills and techniques to real-life situations. Topics on the CFP test include: financial planning process and principles, tax planning, income and retirement planning, estate planning, risk management and insurance, investment planning, tax planning, retirement savings and income planning, estate planning and psychology of financial planning. The exam is 170 questions (multiple choice, short scenario and case study) and is three hours long.