guitarguy23ParticipantStatus: ResidentPosts: 19Joined: 11/29/2018
Topic title says it all. Just finished residency-man it does feel good. But I want to continue to make sound financial decisions. What one thing made the most impact for you personally (I realize this will be a different answer for most). And why? Thanks!June 28, 2019 at 6:56 pm MST #226242engerland66ParticipantStatus: PhysicianPosts: 16Joined: 03/17/2017
Enjoy small things that seem big.
And pay yourself first.June 28, 2019 at 7:02 pm MST #226244MPDOParticipantStatus: PhysicianPosts: 39Joined: 01/31/2018
1. Rent is the maximum you will pay for housing every month. This allows you to have more control over your finances during those crucial first couple of years.
2. By renting, you’re buying flexibility. In case things don’t work out at that first attending job (as is more common than you might think), you can just pack your things and go.KambanParticipantStatus: PhysicianPosts: 2489Joined: 08/01/2016abdsParticipantStatus: PhysicianPosts: 242Joined: 01/16/2017
Work really hard.June 28, 2019 at 7:36 pm MST #226248IntensiveCareBearSpectatorStatus: PhysicianPosts: 235Joined: 12/22/2018
Not getting married (esp to someone financially dependent/incapable)… or at least not signing the papers to make it legal. There is nothing wrong with doing a ceremony, going on honeymoon, living together, having kids, sharing insurances, etc. The actual legal marriage creates an unnecessary financial minefield (and potentially excess taxes), though.
Everyone thinks the statistics and horror stories don’t apply to them. Everyone starts with the best of intentions… not all end that way.
I has been discussed in detail… people disagree, but we all know the downsides. The truth is that there are no real upsides.
…other than that, yeah, as was said: make a budget, meet with a (per hour) CFP to discuss ideas once in awhile, go sloooow on the lifestyle increases, take your time with considering a house (make sure you are paying down high interest loans and maxing roth and match accounts first), and develop your billing coding skill and most important, your effective and swift comm style with patients. You can wait until your debt is lower, you are sure you like your job/location, and/or housing market slumps to buy… if you even choose to buy at all. GL man
"Hmm, that sounds risky." - motto of the middle classuptoolateParticipantStatus: PhysicianPosts: 269Joined: 01/31/2016June 28, 2019 at 7:42 pm MST #226251LordosisParticipantStatus: PhysicianPosts: 1862Joined: 02/11/2019
We eliminated all debt other then our mortgage. Took 2 years but yeah.
Take your time to do the annoying crap at work. Really learn the emr and make good templates. You are not super busy at first and use that time to get off on the right foot.
“Never let your sense of morals prevent you from doing what is right.”InfinityParticipantStatus: PhysicianPosts: 92Joined: 05/25/2019
Find a reasonable low cost of living state. Choosing a high cost living state and you will pay high price for the air you breath in.ENT DocParticipantStatus: PhysicianPosts: 3518Joined: 01/14/2017wonka31ParticipantStatus: PhysicianPosts: 701Joined: 03/24/2018
Limit the big expenses like housing and cars.White.Beard.DocParticipantStatus: PhysicianPosts: 937Joined: 02/06/2016
First year completing training:
Stayed in a nice rental house.
Saved aggressively for a house down payment.
Had parents close by for help with childcare as it was free for the first year while my better half continued towards law degree.
Developed habit of maxing out tax deferred accounts that year and every year since, investing in Vanguard index funds before most people had ever heard of the concept of index funds.
Bought nice used furniture at estate sales at perhaps 20% of the cost of new.
Purchased an inexpensive new Japanese vehicle and kept it for a long time providing trouble free, reliable transportation to the hospital.
Bought our first positive cash flowing investment rental property with a small down payment.
Remained on faculty at the fancy pants university hospital for the attending job with continued faculty appointment so my spouse continued with free law school tuition.
And finally, thank you for asking this question. I had never stopped to fully reflect on those decisions that first year when I completed fellowship. I just looked at my spreadsheet. I earned $174,825 that year, first half of the year from fellowship and moonlighting income, the second half with the attending salary. I knew that we got to the current 8-figure net worth from thousands of careful, small financial decisions. When I stopped to ponder your question, it really hits home how true that is.
As a result of careful financial habits, we are wealthier than we could have ever imagined. We enjoy international travel, financial security and great health. We are fortunate in the extreme. I continue to enjoy meaningful work that is impactful. Just last night at midnight I made the decision to return to the hospital to help someone in need. I easily could have left it to those that were there on site, but when I surprised them by walking through those doors to provide direct assistance rather than simply phone support, their eyes became wide and bright. Later when I left I got a big hug of thanks from a young colleague as an expression of her extreme appreciation. I definitely made the right decision to go back to the hospital. Heck, I probably got as much benefit from that decision as anyone.CordMcNallyParticipantStatus: PhysicianPosts: 2854Joined: 01/03/2017
Keep spending low while paying off loans.
“But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
― Benjamin Graham, The Intelligent InvestorJune 29, 2019 at 5:24 am MST #226298ZaphodParticipantStatus: Physician, Small Business OwnerPosts: 6191Joined: 01/12/2016
I found this website, but since you’re already here, also renting.wa2106ParticipantStatus: PhysicianPosts: 185Joined: 11/29/2017
Just finishing first year out. Easy answer: renting.
Happy enough with my job but still not sure about staying beyond 2-3 years.
One of my fellow attendings who is also 1 year out just took the leap to buy right as hospital announced financial difficulties. He’s stuck if something happens.June 29, 2019 at 5:58 am MST #226301