Financial Losses For The Medical Practice

Let us have a post that looks closer at the “cost of doing business.” Also called financial losses for medical practices.

You may have heard this term before, but it is essentially the financial hit that one takes while running a business.

Every company has these costs. Think of the last time you were at a restaurant, and they messed up your order.… Read the rest

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New Issue With Commercial Loan For My Medical Practice

Those who have been following along with this blog may know that I have purchased a condo within a new build to move my practice into. We have now been in this office for over 6 months and starting to fill it up with patients. Things seem to be going very well. However, I have run into a bit of a hiccup with my commercial loan for the space.… Read the rest

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How I Paid Off $150k In Loans In 1.5 Years

About one and a half years after graduating residency, I paid off all my student loans! In total, I paid off  about $150k in student debt. Yes, this post is a bit delayed since I paid off my debt almost 2 years ago but it is one of the most common questions that I get emailed to me. How did you pay off all your debt so quickly? … Read the rest

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Earnest Has Been Acquired By Navient for $155 Million

Navient, the Sallie Mae spin-off created in 2014, this week made public that they bought student loan refinancing company, (Earnest) for 155 million dollars. This is a major step for Navient, which previously has focused on servicing and collecting federal or private student loans. The acquisition now allows them to start originating loans in addition to servicing them. The market seem to of had a lukewarm reaction by evidence of its stock, NAVI, dropping 14% the day this was announced.… Read the rest

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How To Find Scholarships For Medical School

One way to minimize debt is to obtain scholarships for medical school. There are two main reasons why my student debt was lower than the average doctor. First, I went to a less expensive medical school. Second, I was able to get more than 35,000 dollars in scholarships for medical school. Not one of the scholarships came easy. Each one took a lot of effort to find.… Read the rest

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REPAYE vs PAYE for Medical Students and Doctors

One of the most common questions that medical students, residents, or fellows will ask is should I use REPAYE or PAYE? These two programs seem to be the most popular plans available with IBR being a close third. Determining what plan is right for you could save you thousands of dollars if unable to use the standard repayment plan or refinance for lower interest rate.… Read the rest

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When To Delay Contributing To Retirement Accounts

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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One Year Post Residency Financial Update

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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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

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Refinance Student Loans With One of These Banks

 

I started residency with $110,000 in student debt at 6.8%. Since I knew that I wanted to get out of debt as quickly as possible and was unlikely to work for a hospital in my area that qualified for public service student loan forgiveness, I decided to refinance my loans. I refinanced my loans at an interest rate of 3.3% to save $11,500 over 3 years.… Read the rest

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