15 vs 30 year mortgage for doctors with student loan debt

July 25, 2016July 24, 2016 admin 0 Comments 15 vs 30, mortgage

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

personal finance Residency

How I Made Extra Money During Residency

July 20, 2016July 20, 2017 admin 0 Comments make extra money during residency, 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

personal finance

Mindfulness Money Meditation

July 13, 2016July 13, 2016 admin 1 Comment Financial Independence, 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

personal finance

Poor Financial Decisions by Students and Doctors

July 6, 2016September 6, 2022 admin 0 Comments financial advice, personal finance

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

personal finance

Financial Advice to Medical Students

July 1, 2016July 2, 2016 admin 0 Comments advice to medical students, financial advice, what I wish I would have known

What financial advice I wish I would have known before starting residency

Today is a very special day, its the day that I am no longer in residency and have graduated to an attending. Now that I have graduated with a plan to aggressively pay off debt and increase retirement contributions I wanted to take a minute to look back at what financial advice I would have like to received when I was a pre-med or medical student.… Read the rest

personal finance

Budget of a Medical Resident

June 29, 2016July 4, 2016 admin 6 Comments budget in residency, finishing residency, how to budget, medical school debt, residency debt payments

Looking back at finances during residency:

This post has been cross posted from Student Doctor Forum, the site I originally posted this budget. I’ve been getting more and more into personal finance since I am a soon to be attending. Since the new interns are going to be starting soon, next week, I figured I would post my budget and update it over time after I become an attending in a month or two as I will not be doing fellowship.… Read the rest