White Coat Investor Podcast MtoM #203: Intern Saves Up an Emergency Fund and Finance 101: Year End Calculations
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Dec 30, 2024 An inspiring intern shares how he built an emergency fund just four months into residency, emphasizing the power of small financial milestones. The discussion covers the journey to financial literacy post-medical school, highlighting the importance of setting goals and managing student loans. Listeners learn about budgeting essentials and the significance of short-term and long-term financial planning. Tips for saving and key year-end financial tasks are also explored, guiding future physicians on wealth accumulation and smart investment management.
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Intern's Emergency Fund
- Philip, an intern, saved an emergency fund covering two months' expenses.
- He achieved this just four months into residency, highlighting the impact of early financial planning.
Early Financial Literacy
- Start building financial literacy early in your career, even in medical school.
- Utilize resources like the White Coat Investor podcast and book for guidance.
Renting During Residency
- Consider renting during residency, especially in shorter programs like internal medicine.
- Renting simplifies life by avoiding homeownership responsibilities and transaction costs.