I’m back! I can’t believe it has been a month since my last post. Work became a little more time intensive than I anticipated which left me with little time to write for fun and this blog on the side. Don’t worry, I do plan on keeping up with the blog and keeping to a regular posting schedule in the future and I’m sorry for the delay.… Read the rest
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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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Now that I have my first attending job outside of residency, its time to set up my first 401k. I opted not to create one during residency which I discussed in my post about my retirement mistake during training. No need to dwell on the past, I’ve already learned from it and moved on. Looking forward, I plan to take full advantage of tax deferred accounts which means I will max them all out this year.… Read the rest
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Ask any physician why they went into medicine and I would bet that would you get a response that did not include becoming wealthy. Its possible to still have an excellent quality of life as a physician, but to amass amazing amounts of wealth at an early age (<40) is nearly impossible. This is mostly due to how training takes a decade or more of a physicians times.… Read the rest
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No one ever thinks they would fall for a scam or enter into a bad deal…but it looks like it happened to me. Several of you have emailed me asking why there have not been any new posts this past week and the reason for that was the situation discussed in this post. Don’t worry, I plan to continue with new posts every MWF.… Read the rest
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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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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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When I was fourteen I recall working a job with my grandfather on a newly built house. We were wiring the house for electricity since my grandfather is a plumber and electrician by trade. He yelled at me, “Do you have the wires screwed into the socket yet?” He told me which wire goes in what location but me being fourteen with quitting time on my mind I soon forgot which one went where.… Read the rest
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This guide was written for residents or fellows who are near graduation and want a guide as to how to find the first job. I initially wrote this at the request of internal medicine residents who were wondering about the process of applying to their first attending job either as a hospitalist or primary care physician. The method of how to look for a job still applies to other specialties.… Read the rest
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A good financial adviser or blog would almost never make a blanket that applies to everyone and the same goes for this blog and the reason for this post. My last post touched on 10 reasons why residents should not buy a house during residency. For many residents, buying a house for residency is a poor financial decision. However, for some resident physicians buying a house may actually make sense.… Read the rest
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