YOU DID IT!!! Congratulations on finding out where you will be spending the next 3-6 years of your lives. All your hard work has paid off. Residency won't be easy but you've officially earned a spot on the list of future physicians of America. It is an exciting day and WCM is here to help you celebrate with the following curated selection of blog posts for graduating medical students.Read More
Doximity is an online social networking site for US physicians. They claim to have "over 60% of US doctors as verified members today." If you haven't heard of it before, it's like a LinkedIn that's restricted to only people with a medical degree. I've been a member of Doximity since medical school. I would occasionally check out some of their curated medical news articles but have never used it much for the social networking services. I recently discovered the Doximity Career Navigator and let me just say - "Wow!" It's like discovering Google for the first time.Read More
Happy New Year! As we flip to the first page of 2016, it's a great time for new beginnings. For the White Coat Money readers out there, I challenge you to come up with 3 New Year's resolutions that deal with money. These should be challenging but achievable goals. For example, paying off $200,000 student debt would not make a good resolution as it is very much un-achievable for the average medical student or resident. Why 3? Because best things come in threes - the Godfather trilogy, the original Star Wars trilogy (episodes IV-VI), Virchow's Triad etc. And also because I can't keep track of more than 3 things. Here are my 3 new year's money resolutions.Read More
If you're a reader of WCM, there's a good chance you've heard of Dave Ramsey - bestselling author of The Total Money Makeover and host of The Dave Ramsey Show. Ramsey is arguably the most successful personality in the personal finance business today. One of his go-to advices is to create a budget and stick to it. So it's only fitting for his company to create a budget tool. Today we take a look at the EveryDollar Budget by Dave Ramsey.Read More
Let me start with a classic social psychology question from my home country of China: Two grandmas, both buying a house. The Chinese grandma works hard her entire life, saving every penny, never spends any money outside what's absolutely necessary, buys a house with cash at age 80, lives in it for 5 years and passes away at age 85. The American grandma takes out a mortgage at age 35, makes regular payments on it, takes her children and grandchildren to Disney World etc. Finally pays off her house at age 80 and then passes away at age 85. The question is: which grandma are you?Read More
Have you checked the interest rate on your savings account recently? I'll save you the time and just tell you - it's a miserable number. In the next 5 minutes, I will share with you one of my favorite investment brokerages that has a HIGH likelihood of giving you more back than what you can earn from the banks: Betterment.comRead More
Whoever coined the phrase "Ignorance is bliss" probably died broke and hungry. Anyone who practices medicine understands that knowledge is power. The same principle applies to your personal finance. For many, the biggest roadblock to change is ignorance. How are you suppose to cut back on your expenses if you never knew you were spending $150 a month on Starbucks?! That means becoming organized and finding out what you have and where they are. Today I'd like to share a few FREE financial tools I've found helpful in my daily life:
NOTE: All of these services are online and there are risks of identity theft and hacking and other scary things you may have heard about in the news (think SONY). But for me the convenience and benefits far outweigh the risks.
Overall Financial Organizer
- Mint.com - My overall favorite personal finance tool, Mint.com allows you to connect all your accounts (bank, credit card, loans, mortgages, investments, etc.) and view all your financial information in a simple user-friendly interface. There are additional tools to help you organize your money such as a budget maker, bill tracker, spending trend tracker and many others.
- CreditKarma.com - CreditKarma.com has some overlapping features with Mint.com but the website is more focused on credit. You can check your credit report and credit scores from 2 out the 3 major reporting bureaus for free (TransUnion and Equifax). The website offers free credit monitoring service and will notify you for any new changes to your credit profile.
- Readyforzero.com - You're starting to see a trend here, Readyforzero.com allows you to connect all your accounts just like Mint.com and CreditKarma.com, but this time with a focus on eliminating debt. The site collects all the information regarding your debt and allow you to customize a payment plan to your liking. For those who have a Chase Credit Card with Blueprint, it's a very similar concept but will work across all of your accounts.
- National Student Loan Data System (NSLDS) - NSLDS is the ultimate aggregator of your federal loans. It will keep a tally of all your federally funded student loans and grants. Note it will not display your private student loans.
- Sigfig.com - For those with investments, there are quite a few portfolio tracker sites available - from Personal Capital to Morningstar to Google Finance and more. I settled on Sigfig.com in the end because of its automatic linking with brokerage accounts and singular focus on investments. The website also recently underwent a major overhaul which, in my opinion, makes it even more user friendly.
- Cloud Storage - The best way to keep track of tax-related documents is to put it in a digital locker. Be it Dropbox, OneDrive, Google Drive, Amazon Cloud Drive, Box.com or some other service you use, having copies of your W-2s and 1099s in one place will make tax-prep time that much easier. Heck, with the convenience of the smartphone camera and the automatic backup feature of most cloud storage services, it's malpractice not to take advantage.
References: See clickable links above.