money management

Financial Management as a New Doctor: Where to Start

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Congratulations to all the new doctors! You are all going to save a lot of … Read more

How The Timing of your Doctor Job Search Could Lead to a Financial Windfall

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You most likely believe the best time to start your medical job search is late autumn of the final year of training. That’s the standard advice, but it may not be the best for you. First, you will be just one of many job-applicants fighting for limited openings. Secondly, you will not have adequate time for preparation—you need your market value report and negotiation skills training completed before you start the process. In the rush to prepare for board exams, move, find a place to live, and find a job all at the same time you may have to skip the prep work and might not be able to bargain for the best deal.

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7 Ways to Shrink Your Student Loans and Pay Them Off Faster

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Updated September 2, 2021. The article was updated to correct minor grammatical errors and to … Read more

Financial Literacy for the Newly Minted Physician Part II: Introduction to Do-It-Yourself Investing

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In our last installment, we recognized the value of money as a means of allotting your time in accordance with your values; identified financial independence for physicians as a goal worth pursuing from the earliest stages of your medical training; and discussed poor decisions that physicians commonly make, with the hope that we might tame the impulse to buy a new car or an irrationally expensive home fresh out of med school or residency.

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Financial Literacy for the Newly Minted Physician: Part One

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“Compound interest is the eighth wonder of the world. He who understands it, earns it…he who doesn’t, pays it.
-Albert Einstein
Your Life Of Abundance
The first thing to note about your life the day after you finish residency is that, despite the fashionable whining of your peers, yours has been an existence of relative abundance: You have likely never driven a nicer car, earned a higher salary, or had greater autonomy.
In 2014, the average resident salary one year out of medical school was $51,000 (Medscape). For perspective, in 2014 the median U.S. household income was $53,657 (U.S. Census Bureau). Given that the median household size was 2.54, a new, single intern fared better than most families that year (Statista).

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Chronicles of a Med Student: All Aboard the Financial Struggle Bus

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Chronicles of a Med Student

I remember the sheer joy of ripping open the letter that granted me a medical school spot. Everything was roses and rainbows, and I was thrilled that my dreams were coming true. This cute little fantasy carried on until I received the tuition numbers a few weeks later . . . wow. I had no money, and I was being expected to pay how much? Regardless of what you hear from other people about how doctors make enough money to quickly pay back their debt, those five digits after the dollar sign per year are still scary.

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