Finance

Pro tips for residency or fellowship relocation

Arun Ganti, MD

Finance

August 7, 2019

Each spring, thousands of students and residents will relocate for their next career stages facing the same question: How am I supposed to move my stuff? The answer is varied and can be surprisingly complex.

Relocation is part of any industry, but medical trainees, in particular, relocate during a narrow time frame often without any employer reimbursement.

How does your move fit in with other major life events such as a wedding …

How to make $5 million from investing in real estate

Passive Income, MD

Finance

August 6, 2019

When I first started working on this blog post, the working title was “Different Ways to Make $1 Million in Real Estate.”

However, I realized that if you’re reading this, you’re likely looking for a similar type of life that I’m interested in: a life of financial freedom where I’m also able to make huge contributions to society as well.

Unfortunately, $1 million may not be enough these days to make that …

Work hard now, enjoy later. Is it time to rethink that?

Passive Income, MD

Finance

August 2, 2019

Something I’ve been thinking about lately is the path that we’ve all been somewhat conditioned to take. And that is working really hard now so we can reap the rewards later. If you don’t work really hard now, you risk not being able to enjoy life when “later” finally comes.

Does that sound familiar to you? Well, it should, because that’s the exact path we took to become successful in our careers. …

Which retirement account is best for physicians?

Altelisha Taylor, MD, MPH

Finance

July 30, 2019

Whether you are starting a new job, like me, or extending the contract at your current one, part of the process may involve signing up for retirement accounts. Most people have heard of a 401(k), but you may have other options available to you such as a 403(b) and Roth IRA. Let me breakdown the pros and cons of each account, so you can better determine which one is best …

Considering locum tenens? Think about these factors first.

Cory Fawcett, MD

Finance

July 16, 2019

Locum tenens is a great way to make a living or earn some extra income. But frankly, there are some groups of physicians who should not even consider doing locums work. When you pair the right person with the right job, you can get employment bliss. But when the wrong person takes a job, both the employer and the employee are often unhappy.

I believe everyone should enjoy the work they …

The pros and cons of being a part-time physician

Passive Income, MD

Finance

July 12, 2019

“Burnout” has been a buzzword circulating in the medical community quite a bit lately. The World Health Organization has just recognized the term as an official medical diagnosis as part of ICD-11.

One moment you’re graduating medical school, full of hope and excitement for residency. The next moment, you’re overly stressed and working insane hours every week. Honestly, it isn’t a huge surprise that nearly half of all physicians …

The conundrum of dual physician households

Smart Money, MD

Finance

July 10, 2019

Two incomes are better than one, right? As we all know, the answer isn’t clear cut. If we have to actively “work” to generate income, we have to balance exchanging time for money. Nothing comes for free. When you throw in a tax system to convolute matters, certain households are actually punished for going into the workforce. There is a delicate balance between each income-earning member and what each profession …

Thinking about changing jobs? Here’s what physicians should consider.

Smart Money, MD

Finance

July 5, 2019

A large percentage of doctors end up switching jobs within the first five years of practice. This really isn’t surprising given that the medical training experience doesn’t necessarily correlate with the medical practice experience. Many doctors work hard throughout their entire training only to realize that their expectations do not necessarily align with reality. Is it our fault that we don’t really know what we got ourselves into?

Perhaps taking q3 …

8 incredible side effects of being debt free

Cory Fawcett, MD

Finance

July 5, 2019

Most Americans live their lives on borrowed money, constantly spending a little more than they make, leaving them with a growing debt. These debt payments, and the added interest they must pay on their debt, decreases the amount of money that they have available to spend on future needs. Paradoxically, borrowing to buy depreciating items, decreases one’s net worth.

Stop the madness this year. No more spending more than you make. …

How becoming a doctor can help and hurt the ability to build wealth

Altelisha Taylor, MD, MPH

Finance

June 26, 2019

I recently graduated from medical school and will soon start residency. Yay! Although I’m happy with my decision to become a doctor, I can’t help but notice that there are several ways that going to medical school and becoming a physician helped — and hurt — my ability to build wealth.

Ways it helped me build wealth:

1. I will have a high income. Most of us doctors will make at least …

4 reasons why doctors are bad with money

James Turner, MD

Finance

June 22, 2019

Whenever I tell people outside of medicine how bad doctors are with money, they are always shocked. Almost universally, they wonder why we don’t save enough money. They understand that – to become a doctor – you must be hardworking, intelligent, and dedicated to the cause. These are the same attributes – when they are applied correctly – that result in financial success. How in the world can …

9 things I learned when purchasing disability insurance

Altelisha Taylor, MD, MPH

Finance

June 9, 2019

As an incoming resident physician, I need disability insurance. Although a group policy is offered through my employer, it doesn’t provide enough coverage to adequately cover my monthly expenses or insure my future income. Thus, I purchased an individual long-term disability insurance policy. This is what I discovered:

1. Disability insurance is expensive. A substantial number of people use disability insurance, so companies raise the price to cover the payouts and ensure …

How to save tens of thousands of dollars on your medical school loans

Rishi Thaker, DO

Finance

June 5, 2019

If you’re planning on applying for Public Service Loan Forgiveness (PSLF) and spending the first ten years of your career in academic medicine or working for 501c(3) employers, this scheme could mean paying off your loans six months sooner, saving you an average of $30,000.

Consolidate your loans with your loan servicer and begin one of the income-driven repayment plans (IBR, RE-PAYE, ICR, or PAYE) immediately, foregoing any deferment or grace …

Home buying tips for physicians

John Dameron

Finance

May 29, 2019

Financial planning is comprised of the six decisions people make with their money. Physicians need to make decisions as to how you earn, spend, save, borrow, give, and protect yours. Home buying typically touches on all of the six money decisions.

Home buying often begins with a mortgage, so you will have to make decisions about borrowing money. You also must earn money or at least have the potential to earn …

Read more…

Home buying tips for physicians

Physicians and the risk of a plateauing net worth

Smart Money, MD

Finance

May 28, 2019

Wealth accumulation can follow many trajectories, depending on discipline and external factors like stock market health or economic fluctuations. With a proper financial plan, doctors can stick to a game plan that should allow them to reach financial milestones rather predictably. The adage that wealth begets wealth certainly does hold true most of the time, but it doesn’t necessarily guarantee financial victory. One of the issues with wealth accumulation is …

The financial disadvantages of being a doctor in California

Smart Money, MD

Finance

May 20, 2019

Geographical arbitrage is a huge component to being able to build wealth in a timely manner. For doctors, the formula for rapid wealth accumulation calls for geographical arbitrage even more strongly as our salaries do not have wide ranges across the country. A doctor in Texas will probably command a similar salary in Arizona (maybe slightly less). A doctor in the midwest might earn more, spend less, and work less …

Questions about physician disability insurance answered

Altelisha Taylor, MD, MPH

Finance

May 12, 2019

As resident physicians with a tight budget, one of the last things on our mind is paying for added insurance. Trust me; I get it. However, as a [future] high-income earners, long-term disability insurance is essential. It may not be at the top of our priority list, but it should be.

What is it and who needs it?

Unless you are already financially independent or were lucky enough to have a trust …

Avoid the stigma: money advice for young doctors

Randall S. Fong, MD

Finance

May 9, 2019

Whenever I discuss matters of money and business with medical students and residents, I‘m surprised by the responses: “Zilch, nothing,” or “Are you kidding?” Sadly, our doctors-in-training still receive little to no education in this arena.

There’s a stigma surrounding physicians and money, based largely on fact, which has become a beacon for all sorts of disingenuous, exploitive people who view doctors as over-stuffed pinatas, belly-full of money, ready to be …

What are the best student loan repayment plans for medical students and residents?

Altelisha Taylor, MD, MPH

Finance

April 26, 2019

If you’ve ever tried to learn about student loan repayment plans, you might have felt overwhelmed and confused. Instead of spending days researching information — as I did — here’s a summary of the different repayment plans to help you choose the right one.

1. What is the standard repayment plan?

With the standard repayment plan, you will pay off your student loans in 10 years by making “fixed” monthly payments. The …

What physicians should know about investing in real estate

Passive Income, MD

Finance

April 19, 2019

As someone who can’t stop talking about passive income investments, I inevitably end up having a lot of conversations about investing in real estate.

I’ve heard countless stories of how real estate investing has helped people achieve their goals, but from those who don’t invest, I often hear this objection commonly voiced, “I don’t want to be called in the middle of the night to unclog a toilet.”

What I …

Finance

Most Popular

Past Week

Past 6 Months

Recent Posts

Subscribe to KevinMD and never miss a story!

Most Popular

Past Week

Past 6 Months

Recent Posts