Practicing physician Archives

Completing A Financial Fellowship

July 21, 2017July 20, 2017 admin 4 Comments financial, personal finance

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

Investing Practicing physician Residency

The Social Security Paycheck Bonus

July 17, 2017July 16, 2017 admin 2 Comments investing, tax

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

Debt expenses Practicing physician

One Year Post Residency Financial Update

July 12, 2017July 11, 2017 admin 3 Comments attending, personal finance

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

personal finance Practicing physician

Is Entrepreneurship Still Possible For New Doctors

May 12, 2017May 11, 2017 admin 12 Comments debt, Entrepreneur, entrepreneurship

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

Blog Practicing physician

Buying A House In A Sellers Market With A Physician Loan, Part 1

May 1, 2017April 30, 2017 admin 7 Comments mortgage, physician, physician loan

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

personal finance Practicing physician

What Entrepreneurs Can Teach Doctors

March 22, 2017March 21, 2017 admin 3 Comments doctors, Entrepreneurs

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

Debt personal finance Practicing physician

Seven Months Post Residency I Finally Reached A Positive Net Worth

March 20, 2017March 19, 2017 admin 13 Comments debt, net worth, physician, student loans

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

Practicing physician

Don’t Doctors Drive BMW’s

March 17, 2017March 17, 2017 admin 6 Comments car, lifestyle, student loan debt

Each week I show up to work focused on my patients and getting my work done. I’ve been at my job over half a year, which apparently is enough time for a large number of people to know what kind of car I drive. I recently had an encounter with a fellow physician and nurse that took me by surprise. They both commented on what kind of car I have and somewhat jokingly asked if I “Know that I am a Doctor.” Apparently, the car that I drive did not fit into their ideal for what a doctor should drive.… Read the rest

Investing personal finance Practicing physician

Financial Steps To Take For New Doctors

March 10, 2017March 9, 2017 admin 3 Comments financial goals, financial steps, new doctor

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

personal finance Practicing physician

The Benefits of Locum Tenens For Saving or Paying Down Debt

February 22, 2017February 21, 2017 admin 0 Comments Locum Tenens, side hustle

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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