How to Choose a Financial Advisor

By the end of residency I would be willing to bet that many graduates had at least one financial planner give a talk to their class. My residency was no exception with multiple groups who billed themselves at wealth builders came to visit out campus to get people to sign up for their service. Some of them were good, but most others had complicated fee structures and aggressively pushed poor investment choices such as whole life insurance.… Read the rest

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It’s Payday At Last

I finally received my first paycheck and it feels sooooooo good to finally have an income again. Everyone with the group went though the same payment delay and it seemed that they were all excited for me that I’m finally received my first paycheck. When the coworkers reminisced about their time waiting for their first paycheck, we started to talk about retirement and our contributions.… Read the rest

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Should You Pay Off Debt Or Save

Physicians often face a dilemma upon graduation, to pay off loans, save, or spend the money on upgrading their lifestyle. As noted in another post, the average debt of graduating residents is nearing $200,000. With all of this debt on a new graduates shoulders and a life awaiting them outside of residency, its not uncommon to ask the question, would it be better to save or pay off debt?… Read the rest

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New Calculators

This past weekend I spent some time creating online calculators for different financial situations. I’ve been using the loan payoff date calculator on other websites for a year now and wanted a quick way to calculate different situations on my website. Below you will find various calculators ranging from how long till you pay off your loan, to how much money will have potentially have saved for retirement.… Read the rest

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Why Doctors Need A Budget

No matter how much money someone makes its always important to have a budget (MC Hammer blew $33 Million dollars and subsequently filed for bankruptcy). The time to develop a budget is not when you feel that you “need” one upon graduating residency, but its when you start managing your own money as a young adult. Knowing where each dollar is made and where each dollar is spent will give you the knowledge to live within your means and avoid financial hardship.… Read the rest

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15 vs 30 year mortgage for doctors with student loan debt

Some recent graduates desire buying a home soon after finishing residency. After delaying “real life” for so many years, many are tired of renting or need more room for their growing family. For physicians, there are many lenders that offer doctor mortgages with little to no money down. Most individuals interested in personal finance advocate to spend a maximum of 2 to 3 times gross earnings on the purchase price on their new home (including other debts).… Read the rest

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How I Made Extra Money During Residency

The budget and life of a resident physician often leave little room for wants and free time. My budget before I started moonlighting and other means of income was only $200 of discretionary income which is a frightening low cushion. I was able to make some extra money in residency by using some of the methods as below. Of course not all of these methods may be an option for you, however, if so they are good ways to increase disposable income.… Read the rest

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Mindfulness Money Meditation

Meditation can help reduce anxiety, improve happiness, and decrease stress levels. In the past decade, this technique has started to catch on in the United States with an increasing amount of individuals using meditation to achieve various goals. I will argue that meditation can be used to help obtain your financial goals while increasing happiness and decreasing stress along the way.… Read the rest

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Poor Financial Decisions by Students and Doctors

As a resident and even medical student there were no shortage of poor, sometimes borderline nonsense financial decisions by my colleagues. Since I’m pointing the finger at others, I will also admit that I am not totally immune. I made one poor financial decision (spent more on vacation that I should have). This post will explore some of the comment ways that we blow money and why they are often poor decisions.… Read the rest

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