You are no longer living on loans. You are now living off an income. Make sure it's a budget you can live with. Write, talk to the residents about where they got jobs and how much they're getting paid. Figure out what you're worth, and then make sure you get your contract viewed. Your last year of residency, make sure you have a written plan in place.
The point of residency is to learn how to be a good doctor. It's not to try to get rich. But for new residents there are a few financial chores you need to take care of during residency. Don't drop the ball on these. Get in the habit of saving something each month from your paycheck, know where your money is going, and make sure you have critical insurance in place. We discuss these chores in more detail in this episode.
For our non resident listeners we also answer some of your questions about mega backdoor Roth IRAs, DFA ETFs vs Vanguard ETFs, getting rid of your whole life insurance policy, everyone's favorite tax form - form 8606, and cash balance plans.
I estimate that 80% of doctors need, want, and should use a financial advisor and/or an investment manager. Some investment gurus such as Dr. William Bernstein think my estimate is way too low. At any rate, if you want to use an advisor temporarily or for your entire life, there is no reason to feel guilty about it—just make sure you are getting good advice at a fair price. If you need help updating your financial plan or just getting one in place, check out our list of recommended financial advisors at https://www.whitecoatinvestor.com/financial-advisors. You can do this and The White Coat Investor can help.
The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs for specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor channel is for you!
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