With the coronavirus pandemic, many cities across the country have shut down. While some people are working from home, many others have been furloughed or lost their jobs altogether. With this rapid decrease in economic activity, the stock market has taken a huge hit. Many people who had a big chunk of their network in stocks, have seen a sharp decline in the overall value of their investments. In the ...

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As COVID-19 continues to spread throughout the country and leave lasting impacts on our economy, many of us are trying our best to cope with the changes. While this can take a huge toll on our mental health and leave us unsure of our next move, there’s one thing we need to do in the midst of the chaos: Buy long-term disability insurance. Here are six things you ...

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1. Stay up to date on recommendations. Information on the coronavirus changes daily. Last week we were only screening patients with travel history. This week, we’ve realized travel history no longer matters. At first, we assumed those infected would have fever, cough, and shortness of breath. Now we know that younger people could present with a mild cold. In the midst of ever-changing recommendations, it’s imperative that we stay up ...

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It’s 2020, and many of us are more motivated than ever. We want to get fit, eat healthier, and continue to survive residency. While these are noteworthy goals, consider one more thing: making money doing something you love … outside of medicine. A.k.a., start a side hustle. If you’re unsure of where to start, here are a few side gigs to pursue as a resident. Start a blog For those who love ...

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As we embark upon this new decade, many of us are committed to improving our finances. We may have vowed to stick to a budget or have a general goal to live below our means. While these are noble goals, let’s challenge ourselves to do even more. Here’s my six step-money challenge for 2020:

1. Buy 1 or 2 finance books to read. There are many different ways to ...

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1. Increase retirement investments. As young professionals who will eventually retire or cut back on work at some point, we need to start investing in our future. While many of us may already have started setting aside money for retirement, others of us may not have begun that process. In 2020, let’s strive to do even more. Let’s commit to increasing our retirement savings, even if it’s by a small ...

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This is one of my favorite times of the year. Thanksgiving dinner with my family, cool air that calls for cute winter clothes, and holiday festivities that invoke the spirit of love and positivity. As we embark on this season, inevitable holiday sales may tempt us more than we can imagine. In order to deal with this temptation and stay within our budgets, we may need a little motivation to ...

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As a young college student or post-grad, you may have accumulated credit card debt. I certainly did. However, somewhere in the process of “adulting,” you may have realized that having lots of debt isn’t a good thing. You may have even heard investment gurus like Dave Ramsey preach that all debt is bad and insist that people do any and everything to rid themselves of the terrible “D-word” as fast ...

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As resident physicians, we work a ton! Fortunately, it’s not all in vain. Unlike our life as medical students, we finally get paid! Before we spend all the money from our first checks and start treating ourselves to overpriced dinners, let’s set some financial goals and create a spending plan. Since everyone’s priorities may differ, it’s important to tailor your spending plan to your own individual needs. As you start getting ...

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If you’ve ever delved into the world of personal finance, you might have heard of the phrase “pay yourself first.” In fact, many investment gurus mention this approach as one of the keys to getting your finances on track and building your net worth.

This concept can seem confusing initially, so let me break it down. Paying yourself first simply means making yourself a priority. It’s actively choosing to ...

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As a young professional with many competing expenses, it is paramount for me to prioritize my spending. However, adhering to a strict budget can seem a bit daunting and restrictive. To get over this anxiety, I started out with a spending plan that mirrors the “50-30-20 rule” by allocating money into three different buckets: things I have to buy, things I want to buy, and things I should buy. Let ...

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Whether you are starting a new job, like me, or extending the contract at your current one, part of the process may involve signing up for retirement accounts. Most people have heard of a 401(k), but you may have other options available to you such as a 403(b) and Roth IRA. Let me breakdown the pros and cons of each account, so you can better determine which one is best ...

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I recently graduated from medical school and will soon start residency. Yay! Although I'm happy with my decision to become a doctor, I can't help but notice that there are several ways that going to medical school and becoming a physician helped — and hurt — my ability to build wealth. Ways it helped me build wealth: 1. I will have a high income. Most of us doctors will make at least ...

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As an incoming resident physician, I need disability insurance. Although a group policy is offered through my employer, it doesn’t provide enough coverage to adequately cover my monthly expenses or insure my future income. Thus, I purchased an individual long-term disability insurance policy. This is what I discovered: 1. Disability insurance is expensive. A substantial number of people use disability insurance, so companies raise the price to cover the payouts and ensure ...

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As resident physicians with a tight budget, one of the last things on our mind is paying for added insurance. Trust me; I get it. However, as a [future] high-income earners, long-term disability insurance is essential. It may not be at the top of our priority list, but it should be. What is it and who needs it? Unless you are already financially independent or were lucky enough to have a trust ...

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As a graduating medical student with around $200,000 in student loans, I’m planning to enroll in Public Service Loan Forgiveness. When I shared this proclamation with my classmates they had mixed reactions and several questions. Just in case you’re wondering the same thing, I’ve answered them all below: 1. What is Public Service Loan Forgiveness? Public Service Loan Forgiveness (PSLF) is a government-sponsored student loan forgiveness program. If you work in public ...

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If you’ve ever tried to learn about student loan repayment plans, you might have felt overwhelmed and confused. Instead of spending days researching information — as I did — here’s a summary of the different repayment plans to help you choose the right one. 1. What is the standard repayment plan? With the standard repayment plan, you will pay off your student loans in 10 years by making “fixed” monthly payments. The ...

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If you’re like me, or one of the millions of med students with student loan debt, you need a plan on how to repay it. Learning about the different loan servicers, repayment plans, and complex financial terms can be a bit daunting. As a graduating med student, I understand your plight. Here are some simple steps to help you tackle your student loan debt: Step 1: Figure out how much student loan ...

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I’m a graduating fourth-year medical student, and as most physicians know, this has been one of the best years of my life. I just matched into my top choice residency and am one step closer to becoming a primary care sports medicine physician, my dream job. Many of my classmates have capitalized on this time of excitement by making the controversial decision to buy a home before they start residency. I have not. ...

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