I track my net worth and shares it openly with FPMD readers every 3 months. Honestly it can be a bit embarrassing. Here I am a grown man in his early thirties, yet my net worth has been stuck solidly in the red for as long as I can remember. The reality is we medical trainees are faced with a very unique set of financial challenges that make the early accumulation of wealth very unlikely. Today I want to remind you to check your "White Coat Net Worth".Read More
It's been some time since I last wrote about student loan refinancing. One reason is there hasn't been a lot of changes in student loan management strategies. The threats to PSLF by the Trump administration has yet to materialize so I continue to recommend to all medical graduates to strongly consider PSLF to help repay their student debt. Another reason is there hasn't been a lot of changes to the student loan refinancing industry. Many of the names are entrenched - SoFi, CommonBond, Earnest etc. and only one (Laurel Road) specifically targeted medical student loans. Today I want to introduce a newcomer to the medical student loan refi industry - Splash Financial.Read More
Happy Thanksgiving everyone! Hope you are all enjoying some much needed relaxation time with family and friends and not on call at the hospital. Besides stuffing yourself with good food until you're ready to burst, Thanksgiving also has the distinction of preceding Black Friday when you can find some of the best bargains no matter what you're looking for. But I'm a gadget junkie, so here is a list of selected gadgets at bargain prices worth considering.Read More
Well it's that time of the year again! Many FPMD readers are now jetting across the country in search of their perfect residency or fellowship position. Last year I wrote a post about Money Saving Tips for Interview Season. Instead of rewriting the same post over and over again each year, I want to put together this "evergreen" article so new readers won't have to dig through the archives. This will be nested under the "TOP 10" menu in the navigation bar. Here are my top 10 sites to save money on interview travel.Read More
As we inch toward the holidays, you are going to get bombarded by different retailers with their best Black Friday specials. Most should be "leaking" their Black Friday ads within the next week. I hope to give you a helping hand by highlighting some of what I consider to be the best bargains. Let's start with my favorite electronics retailer - Best Buy.Read More
Over my short stint so far as an adult, I've learned a few things. One of the maxims I live by is "If it sounds too good to be true, it probably isn't." So when a friend told me about this great subscription service where you can sign up for $9.95/month and watch any movie in any theater once a day, my first, second and third reactions were - "BullS***!" Some of you may have already heard of MoviePass. But now that I've had the opportunity to try out the service firsthand, I can tell you 2 things:
- It's real.
- It's glorious!
Many credit cards offer you cashback on your purchases. Almost all cashback cards now offer you at least 1% cashback on all your purchases, only a few offers as much as 5%. The catch is that the categories rotate every quarter and you have to opt in online. Below are the 5% rotating categories from October to December of 2017. And many are in time for your holiday shopping. Make sure to sign up!Read More
In my previous post ROTH IRA - the Cadillac of Retirement Vehicles I talked about why the Roth IRA is the best overall tax-advantaged retirement vehicle. I briefly discussed the income limit required to qualify for Roth IRA contributions. While most medical trainees are unlikely to make a high enough income to be disqualified from direct Roth IRA contributions, those residents/fellows with a lot of moonlighting income or transitioning to their first attending jobs are a different story. Here is how you can continue contributing to a Roth IRA even after you exceed the income limit. Hint: It's called a Backdoor Roth IRA.Read More
Sometimes it seems like the only financial perk we have as resident physicians is the ability to commiserate with other residents about how little we get paid. It's even worse for medical students - you're shelling out big $$$ for the privilege to provide free labor to your medical school and training hospitals. But all is not lost. Here are 8 financial perks of being a resident physician (most also apply to medical students).Read More
First of all, Congratulations! You made it! Before this point, you were known as one of many tens of thousands of "pre-meds". But now you have officially taken that first step to become one of the future physicians of America. As you prepare for your white coat ceremonies, I have a few money tips for you. I know you've got a lot of things on your mind, so I'll keep this short and sweet...Read More