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White Coat Investor Podcast
MtoM #213: Resident Acquires a Six Month Emergency Fund and Finance 101: Two Doc Households
Mar 10, 2025
A second-year resident shares their impressive journey to building a six-month emergency fund while saving 35%. They discuss effective financial strategies tailored for medical training, including smart student loan management. The podcast also delves into the unique financial dynamics of dual-physician households, covering debt repayment and tax implications. Listeners can gain valuable insights into retirement planning and mindful spending. With a focus on achieving financial stability, this episode offers a roadmap for healthcare professionals seeking to balance career and finances.
34:26
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Quick takeaways
- A PGY2 resident successfully saved a six-month emergency fund, demonstrating that financial progress is achievable during medical training.
- Dual-physician households enjoy increased income potential but must carefully strategize student loan repayment to maximize financial well-being.
Deep dives
Establishing a Six-Month Emergency Fund
A resident has successfully created a six-month emergency fund, a notable achievement given the financial constraints typically faced by those in medical training. This decision was influenced by general financial wisdom suggesting a six-month buffer for emergencies, although some argue that two to three months may suffice given the often stable jobs in healthcare. By transferring funds to a high-yield savings account associated with their checking account, the resident ensures quick access to these savings when needed. This accomplishment reflects a commitment to financial responsibility that can set a solid foundation for future financial planning.
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