Steps To Take If You Have A Lot Of Student Debt

Student debt for doctors continues to increase year over year, often above inflation (Source: AAMC). Hearing cases where doctors graduate with $400,000 in debt 10 years ago was almost unheard of. Now, it unfortunately seems to be increasingly common with some dual physician couples coming close to a million dollars in student debt. The number may seem overwhelming but if you follow the steps below, its possible to eventually become debt free while still enjoying your career.… Read the rest

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My Spending On Fun Expenses Was Out Of Control Last Month

February was a big spending month for me, actually the biggest yet excluding months when I took a vacation. In February I spent $902.17 on items or experiences that can only be classified as wants and not needs. If you think spending $902 on restaurants and going out with friends is out of control I would say that I completely agree.… Read the rest

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Top Ten Expenses During Residency and Medical School

I have been tracking my expenses for years with excel files and PDF’s. The benefit of this is it gives me an ability to look back and see where I was able to save, and where I had large expenses. Both medical school and residency were filled with opportunity to spend large sums of money. In this post, I take a look back at some of the largest expenses during medical school and residency.… Read the rest

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The Benefits of Locum Tenens For Saving or Paying Down Debt

I’ve decided to become more serious about my debt payoff and increase the amount of money I’m saving. The quickest and easiest way to do this is to pick up extra shifts. My company pays well, but the highest pay per hour in my area comes in the form of using Locum Tenens contracts. In order to accelerate my debt payoff and savings rate, I’ve decided to sign up for these jobs during my time off.… Read the rest

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Financial Discussions To Have Prior To Marriage

The fiancée and I are getting closer to saying “I do” and part of our conversation of things to do before the wedding turns into a discussion about finances. I run a personal finance and investing blog for doctors, so this should not be a huge surprise to my readers. Luckily, my future spouse and I appear to be almost on the same page financially with our wants and needs.… Read the rest

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Insurance for Medical Professionals Post Residency

I am happy to have a guest post for today’s article, written by Jamie K. Fleischner with Set for Life Insurance. Planning your financial future should include risk management. Part of risk mitigation is obtaining the right amount and the right kind of insurance. Spending money to help mitigate a one time financial loss that could lead to bankruptcy is on the surface a wise choice.Read the rest

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Why Residents Should Learn How to Bill

Newly graduated physicians may find themselves dealing with a foreign process, billing. The amount of training for billing while in residency varies widely. Some programs have only brief discussions while other programs have residents do some of the billing. I was lucky in that my residency program had us rotate through 4 different hospital systems. In two out of the four, the residents were responsibility for entering in the diagnosis and bill for level of service.… Read the rest

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Financial Changes Going From a Resident Salary to Attending Salary

This weekend I met with a good friend of mine who decided to take a weekend vacation to Austin. It was a good time to catch up on how life has been going since we last had seen each other several years ago. We reminisced about the good times we had in medical school. Since he is also a new attending the discussion arose as to how life naturally changed with an increase in pay.… Read the rest

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I splurged and bought a drone

There are some occasions where it makes sense to spend a little extra. Buying tires for cars, a quality mattress, good shoes, and good food are all times when paying for quality doesn’t seem like a bad idea. After years of being frugal I finally spent some money on a purchase that serves no other practical purpose but my enjoyment. This week I bought a DJI Mavic drone.… Read the rest

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