Is Entrepreneurship Still Possible For New Doctors

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

Read more

What Entrepreneurs Can Teach Doctors

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

Read more

Seven Months Post Residency I Finally Reached A Positive Net Worth

After seven years, I’ve finally done it. I’m back to having a positive net worth. The last time I had a positive net worth was in the year prior to medical school. I have to say it feels good to climb out of the hole and start to see some light at the end of the tunnel. Here is a synopsis of my past net worth and how I got to where I am today.… Read the rest

Read more

Financial Steps To Take For New Doctors

Graduating medical school, residency, or fellowship is an exciting time as you turn to the next chapter of your career. After all the years of hard work, the paychecks have finally started to roll in. The next problem is deciding what to do with the money from those larger paychecks. I previously wrote about financial changes from going to a resident to an attending.… Read the rest

Read more

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

Read more

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

Read more

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

Read more

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

Read more

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

Read more

How to file your taxes as a Med Student and Resident for free

The IRS offers a service where almost any individual making less than $64,000 a year can file their taxes for free. Sounds too good to be true, well the catch is that you have to be comfortable with some basic math. In past years, I have taken advantage of the service and it worked quite well. Filing taxes may seem daunting and expensive, but rest assure – the thought of filing is worse than the actual process.… Read the rest

Read more