6 $ Tips I Would Tell Dear Younger Me

I love the song Dear younger me by Mercy Me. “Dear younger me I cannot decide Do I give some speech about how to get the most out of your life Or do I go deep And try to change

5 Ways Good Finance Parallels Good Cooking

Having grown up on the kitchen counter while my gourmet chef mother cooks, surrounded by the aroma of her 24 hour simmer chicken broth, and her 200+ types of wines jam packed in our 1,000 square foot apartment, cooking is

5 Reasons I’m cutting My First Attending Paycheck in Half

I asked a few wise, seasoned, and revered radiologists, what is the minimum amount of work days per week a radiologist need to stay sharp in her trade? Average answer is 2 days per week. That’s the sweet balance I

5 Reasons to Not be a Doc, If You Wanna Be Rich.

Perhaps I’m preaching to the choir. It’s not hard to know that you are poor when you are in you 35 without a house, with a 20 year old Honda accord, without money in retirement savings, and with a student

What Resident Meal Card Taught Me about Retirement

  Don’t spend money just because you have it. I see residents buying $3.50 brownies, $2 surgary, or worst diet drinks from the cafeteria. I would never do that for a multitude of reasons. For one, drinks loaded with sugar

How I Contributed $23.5k to Roth IRA/Roth 403b in 2015 as PGY2

How I Contributed $23.5k to Roth IRA/Roth 403b in 2015 as PGY2

I’m a big proponent of maxing out available Roth space during low income/training years. However, most of us don’t have enough income to put $23,500 post-tax dollars away on resident/fellow income. Below I will share how I contributed $23,500 post-tax

Revised Pay As You Earn (REPAYE) or Refinance?

Revised Pay As You Earn (REPAYE) or Refinance?

This is an in-depth discussion about whether to go for Revised Paye As You Earn (REPAYE) or refinance your student loans with private banks like DRB or LinkCapital. Reader wrote: “My current thought is if someone wants to stay and

Company Match Q&A Part II

Anyone who enjoys getting 100% instant return on their invested dollar is excited about getting a company match. This post is the 2nd part of 3-post series to answer all your questions on maximizing your company match. While this series answers specific questions

Company Match Q&A Part I

Company Match Q&A Part I

  Anyone who enjoys getting 100% instant return on their invested dollar is excited about getting a company match. However, the information on how exactly the employer match works is not easy to obtain, especially for a large organization like

Where to put limited PGY dollars?

As we become aware of how the time value of $ works against us (student loan interest), we will also learn about how it works for us. After refinancing your student loan, not only do you enjoy paying off an

Christmas, a gift that keeps on giving!

Are you scratching your head for gift ideas? For most of us, we have everything we need. It is increasingly hard to come up with gifts that really add value to one’s life. Does my kid need yet another toy?

Employer Match! Great news for UA residents and fellows.

UA used to only match retirement contribution for attending physicians, but starting 7/1/2016 when Banner takes over UA residency, residents and fellows may now get 4% Banner employer match to their retirement accounts, specifically 401k pre-tax account. To get this

Net worth building steps in residency Part II

For the super savers, as you have managed to get your 4% employer match, max out your 18k annual contribution limit to 401k/403b, AND max out your 5.5k ROTH IRA. Here are some more steps you can take to build your

Net worth building steps in residency

As residents/ fellows, most of us student loans, personal loans, credit card debt, car payment, mortgage payments, our residency paychecks, potentially moonlighting/ side job income, and a future promising 4-6x of our current income. Since training is a significant chunk

What should I do? 350k @ 6.8% interest rate, 3 more years of training.

What should I do? 350k @ 6.8% interest rate, 3 more years of training.

I recently met a colleague in the surgical field, who’s in his 4th year of training, with 3 more years to go. His numbers may apply to many at the same level of training. I figure I can take this

How can I possibly save more?

Yesterday (wrote this a few weeks ago) was my first day of Radiology. I was beyond excited to meet very friendly, intelligent people who are passionate about teaching and learning radiology. My cohort, class of 2019 includes 7 guys and

What to do with 80k?

What would you do with 80k cash flow over 2 years? Pay down/off student loan? Buy your first home? Buy a second home? Pay off credit cards? Max out ROTH space? Max out pre-tax retirement savings? Buy term life insurance?

Best of Both Worlds: How to Truly Maximize Your Roth Funds

My mentor WCI, recently wrote a post “9 Ways to Expend Your Roth Space.” The link will lead you to his website/article. His advice regarding finances has always been fantastic, but I see a unsolved dilemma facing most people. IE, when you

DWM meets WCI (in person)

WCI (White Coat Investor) gave a lecture at our associated medical school today, geared towards residents and fellows. One very important question he asked the audience was along the line of “what percentage of your income do you plan to

Need motivation?

Need motivation to save more for retirement? Check this link out, “How does your retirement savings progress stack up?” For age 30-39 year old, the national stats are: Average Contribution Rate* 7% Average Account Balance $40,500   For age 30-39