Sometimes in life you luck out. We lucked out bigtime by selling our house at the top of the market for half a million dollars in tax free gains. My wife and I stumbled upon a great house in the central part of the city we live in. Little did we know that this house would transform our financial future. It all began with a modest 1400 sq ft house in the heart of town, a purchase made pre-marriage and pre-kids.… Read the restRead more
The Department of Education on 10/17/2022 launched the application for the federal student loan forgiveness program. Borrowers who qualify may see relief in as soon as 6 weeks. While most attendings that have been practicing a while will not qualify, this will be important for residents, fellows, and APPs.
What is Federal Student Loan Debt Relief?
A program that provides eligible borrowers with full or partial discharge of federal loans up to $20,000 to Federal Pell Grant recipients and up to $10,000 to non-Pell Grant recipients
What Does It Take To Qualify For Federal Student Loan Relief?… Read the rest Read more
Rather than starting your own practice, it is much more common to take a job where there is a potential buy into the practice. Today’s post is going to go through everything you need to know when you are thinking about buying into a medical practice.
Be warned. Today’s post is going to be a long one but a fun one!… Read the restRead more
Since I’ve started my clinic a few years ago, there have been some businesses that seem to have come out of nowhere to now be huge players in the health care industry. Funny thing is, once I started to research them they all had one thing in common… Amazon. Amazon has invested in multiple businesses both upstream and downstream of patient encounters.… Read the restRead more
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 restRead more
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 restRead more
Financial planners, also known as financial advisors, can be helpful for doctors who don’t have the time, energy, or the desire to take control of their financial plan. I decided to meet with a financial advisor when our group offered to pay for a meeting. There can be advantages and disadvantages to using a financial advisor. I felt like an hour meeting could do little harm, so I gave it a shot. … Read the restRead more
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 restRead more
Part of my retirement portfolio includes individual stocks and several of them pay dividends quarterly. The online trading platform I use gives several options on what to do with these dividends. The money gained from dividends can be either reinvested in the company automatically (Hence the name dividend reinvestment plan / DRIP) or deposited into a savings account. Having dividends automatically reinvested can benefit a retirement portfolio by adding compounding returns to an individual stock.… Read the restRead more
I’m getting close to being 6 months into my first job post residency and I have felt myself getting the urge to buy a house. The biggest factor came when my fiancee moved into my one bedroom apartment and we quickly realized that we simply do not have enough room. I find that my desire to buy a house is always at its peak when I write a check for $1,800 for a 800 sq ft apartment close to where I work.… Read the restRead more