Category: Financial Foundation
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As physicians, we often feel financially secure with our high incomes. Yet having substantial earnings doesn’t eliminate the need for an emergency fund—in fact, it might make it even more crucial. Let’s explore why emergency funds remain essential for high-earning medical professionals and how to structure them effectively. The Unique Financial Risks Physicians Face Professional…
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Between patient visits, charting, and call schedules, the last thing we need is another time-consuming task. After trying multiple elaborate budgeting systems that I never maintained, I’ve finally found a sustainable approach to tracking finances. Here’s how to keep tabs on your money without letting it consume your precious free time. Simple Systems That Actually…
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The first time I calculated my net worth as a new attending, the number was shocking: negative $247,000. Between student loans, a car loan, and credit card debt, I felt like I’d never climb out of the red. Five years later, my net worth had finally turned positive. Let me share what I’ve learned about…
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I remember staring at my first attending paycheck with a mixture of excitement and confusion. After years of resident salaries, the numbers were larger – but so were the deductions, and what exactly was an RVU? This guide breaks down everything I wish I’d known about physician compensation when starting my career. Physician Compensation Models:…
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Just as I remind parents to schedule their children’s annual check-ups, I recently realized I needed my own financial wellness visit. After finding a concerning “lab result” (my credit card statement after the holidays), I knew it was time for a thorough financial examination. Let me share what I’ve learned about conducting regular financial check-ups…
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Recently, during a particularly busy workday, I found myself chatting with a colleague during our rushed lunch break. Between bites of hastily eaten sandwiches, we shared our biggest financial regrets from our early career years. Her story about buying a $75,000 BMW 5 Series right after residency – complete with all the upgrades and a…
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As a pediatrician and parent, I’ve experienced firsthand how challenging the journey to financial literacy can be for medical professionals. Between managing a busy practice, keeping up with well-child visits and sick kids, and trying to maintain work-life balance, many physicians find themselves equipped with exceptional medical knowledge but uncertain about financial decision-making. Let me…
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Every stage of a medical career brings unique financial challenges. Whether you’re drowning in residency debt or wrestling with partnership buy-in decisions, knowing that others share your concerns can be surprisingly comforting. Let’s explore the common financial challenges at each career stage and discuss practical solutions. Early Career: Managing the Transition The leap from resident…
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Every financial decision you make is more than just a transaction. It’s a story—a narrative shaped by your experiences, upbringing, and the complex world of medical training. Understanding this story is the first step to transforming your relationship with money. The Origins of Your Money Narrative Imagine your financial mindset as a complex medical case…
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As physicians, we’ve dedicated years—no, decades—to mastering the most complex human system imaginable: the human body. We’ve navigated grueling training, countless exams, and life-and-death decisions. Yet, when it comes to managing your own finances, you might feel like a medical student struggling through rounds. You’re not alone. In fact, you’re in good company. The Hidden…