Altelisha Taylor is a family medicine resident and can be reached at Career Money Moves.
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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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