White Coat Investor Podcast MtoM #252: Psych Resident Maxes Out Spousal and Personal IRAs and Finance 101: Boosting Your Income
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Dec 8, 2025 In this entertaining discussion, Matthew, a PGY-4 psychiatry resident, shares his financial journey of maxing out Roth IRAs for him and his wife. He emphasizes the importance of early financial education and reveals how lucrative moonlighting boosted his income to $152,000. Matthew stresses the need for open conversations with his spouse about finances while maintaining a balanced lifestyle. Listeners also gain insights on practical income-boosting strategies, including taking surveys and seeking side gigs, to achieve financial goals efficiently.
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Early Roth IRAs During Residency
- Matthew opened a Roth IRA as a PGY-1 and gradually funded it through residency.
- By his PGY-4 year he and his wife maxed their Roth IRAs and reached about $40,000 in Roth savings.
Moonlighting Enabled Big Income Jump
- Matthew started moonlighting in PGY-2 and found lucrative inpatient psychiatry weekend shifts.
- That moonlighting boosted his gross income from residency levels to about $152,000 last year.
Pay Yourself First With A Waterfall
- Pay yourself first and prioritize retirement and emergency funds before discretionary spending.
- Use a simple waterfall allocation to fund retirement, an emergency fund, and then enjoy leftover funds guilt-free.
