There are several occasions when it may make sense to delay contributing to tax advantaged retirement accounts. Tax advantaged retirement accounts include plans such as a 401k, or an IRA. For most people, it is in their best interest to invest in these retirement accounts. However for certain situations, it may actually make sense to delay contributing to these retirement accounts.… Read the rest
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In many ares of medicine, there is the ability to undergo additional training for specialization. For most specialties, additional training via fellowship usually means increased income. One example of increased income is a physician who completed an internal medicine residency and then goes on to complete a cardiology fellowship.
Internal medicine is a 3 year program. Cardiology is at minimum another 3 years of fellowship beyond internal medicine training.… Read the rest
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This year I’ve finally made enough money to reach the Social Security contribution cutoff. The Social Security paycheck bonus occurs when an individual makes more than $127,200 per year. Any income beyond this amount no longer has taxes taken out for Social Security. New attendings who scrutinize their paycheck may notice a nice bump up in the take home pay when this threshold is reached.… Read the rest
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We’ve all heard the line before, “If you didn’t document it, it didn’t happen.” This phrase is often used in medical training as a method to strive for better documentation. Though there is some truth to this phrase, some residents and physicians have taken it a bit too literal. The phrase in some aspects has morphed into a way to encourage doctors to cover their tail.… Read the rest
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There is no better time than now to give a financial snapshot of what life looks like one year post graduation. One year ago, I graduated from residency and was anxiously wondering how things were going to work out. I signed a contract with no guaranteed income which had me worried if I would make as much money as I hoped for. … Read the rest
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The word entrepreneur in the past decade has seemed to take on a very different meaning, especially for new doctors. Two to three decades ago, being a doctor who was an entrepreneur often meant having a practice that was physician owned with a focus on growing this practice. Fast forward to today and many new physicians think of medicine and entrepreneurship as something that may no longer be possible for them. … Read the rest
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It’s been over six months since I started my job in Austin, TX. In that time, I have built an emergency fund to last 6 months, a wedding fund, and savings to have the ability for a small down payment for a house. The next financial step that I’m interested in is home ownership. One of the largest reasons I am considering buying is that I plan to stay in Austin area in the foreseeable future. … Read the rest
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A few years ago my mother underwent an elective surgery. She had a posterior hernia located on the left side of her back behind her kidney. This over time was starting to become a cosmetic issue for her and increasingly painful as the size of the hernia grew. She decided to seek medical attention for surgical repair. Both her and my father have been long time insurance policy holders for over ten years with the same company.… Read the rest
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On an occasional Friday I plan on change the mood a little by posting something fun with a financial twist. These post will be lighthearted to focus on activities rather than investing or personal finance. This post I would like to focus on gaming and its ability to bring doctors together with a short mention of the financial implications.
Gaming has come along way since my first regular Nintendo console.… Read the rest
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The popular TV show, Shark Tank, is a Hollywood snapshot of what some entrepreneurs go through in order to get to market. Yes, we all know that there are a lot of made for Hollywood moments. However, behind those dramatized moments are often stories of a struggle to build their dream.
My family is made up of various entrepreneurs. Each one started a company that could be described as a blue-collar industry.… Read the rest
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