MtoM #208: PM&R Resident Gets Back to Broke and Finance 101: Turning Your Home into a Rental Property
Feb 3, 2025
A resident shares his journey of returning to a 'back to broke' status despite early financial support from his parents. He emphasizes the importance of financial education, living frugally, and smart spending. The discussion shifts to transforming a home into a rental property, weighing its pros and cons. Key strategies for managing finances during residency, like tackling student loans, budgeting for weddings, and smart investing, are highlighted, alongside insights on tax implications when selling or renting property.
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question_answer ANECDOTE
Parental Support and Frugal Choices
Greg's parents, both lawyers, significantly lowered his medical school debt.
His mother's employment at his undergraduate institution and a 529 plan covered a substantial portion of his tuition.
volunteer_activism ADVICE
Cost of Living Considerations
Consider the cost of living when selecting a medical school and residency.
Greg prioritized locations with lower living expenses, which contributed to his financial success.
question_answer ANECDOTE
Supplemental Income
Greg supplemented his resident salary with various side gigs.
He worked as a nursing assistant during medical school and as an academic consultant during intern year.
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A Doctor's Guide to Personal Finance and Investing
James M. Dahle, MD, FACEP
This book, written by Dr. Jim Dahle, is designed to help medical students, residents, physicians, dentists, and other high-income professionals navigate the complexities of personal finance and investing. It covers topics such as graduating from medical school with minimal debt, escaping student loans, purchasing the right insurance, investing sensibly, and protecting assets from lawsuits. The book also provides advice on tax minimization, estate planning, and choosing the right business structure. It is known for its clear explanations and actionable advice, making it a valuable resource for those in the medical profession seeking to manage their finances effectively.
Today we are talking to a resident who is already back to broke. He had a leg up from fantastic parents who were able to help pay for his first few years of medical school. He is a great example of showing that you can get started on your financial journey before you even get your first attending paycheck. His secret to success is educating yourself early, living like a resident, and being extremely conscious of where you are spending you money. His next goal is aggressively paying off his student loans as soon as he is out of training. After the interview we are talking about flipping your home to a rental property for finance 101 and if that is a good idea or not.
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