Money Meets Medicine

50% of doctors change jobs in the first 2-4 years of their career, but knowing how to properly handle a job transition is relevant to every physician at every stage of their career. Financial advice for doctors doesn’t often cover this topic, so we’re more than happy to dive into it with you here.  Maybe you’re coming out of your first job in training, maybe you’re an attending changing jobs, or you’re moving out of academics to another field. You honestly don’t know when certain opportunities will arise, or how life will happen and cause you to change your plans. Lisha has a job transition on the horizon herself as she prepares to leave her residency in LA and become an attending physician, so it’s a timely topic and widely applicable no matter where you are in your career journey. Job transitions can be tricky enough when you’re careful. There are a few more things to consider in a new job as a physician than in most other careers - we’re going over 9 today. Be sure to keep them in mind as you set the course for your next career move.   Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future?  Make sure to check out HelloAttend.com 

You may have already heard about President Biden’s student loan forgiveness plans, but what does that mean for you? We’re covering those qualifiers today, plus identifying three 2023 dates in particular that really matter for those managing student loan debt. Join us as we walk through those three important dates, what they mean, as well as the potential impact.  Plus: find out how to make sure you don’t get stuck with a surprise 4-figure loan payment. It’s everything you need to know about student loans as a doctor in 2023. Full disclaimer: this episode was recorded in advance. Please know any of this information could change at any time, but all information is true and correct to the best of our knowledge as of the time we shared it with you.  White house memo on student loan changes: https://www2.ed.gov/policy/highered/reg/hearulemaking/2021/futureofpslffactsheetfin.pdf?utm_content=&utm_medium=email&utm_name=&utm_source=govdelivery&utm_term= Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future?  Make sure to check out HelloAttend.com

Did you know that it's possible to make great financial progress while you spend money on things you enjoy? Yep, you read that right. It might be surprising to hear this in the financial space, but you worked hard to get to where you are. You deserve to enjoy some of the spoils and riches of all of that work that you put in to go through college, medical school, and residency. In the physician finance blogosphere, there are financial gurus that are out there who paint a dichotomous picture of only two possible money management options. Either you eat ramen for five years after you finish residency so you can meet your financial goals. Or you fall into the camp of YOLO hedonism, living it up, spending every dime and not saving anything. This black-and-white approach skips the view that you can do a little bit of both. You can be financially responsible for those first three to five years and for every year after that. AND, at the same time, you can actually enjoy life. It’s about finding balance. Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future?  Make sure to check out HelloAttend.com

Did you know that as interest rates rise, the value of bonds falls? Should you even care about that? Are bonds a good investment for doctors?  In this episode, we’re tackling these questions and discussing the purpose of bonds in a doctor's portfolio, as well as the nuance of our current high interest environment. Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future?  Make sure to check out HelloAttend.com 

Maybe you're starting your intern year and you're considering investing as one of your steps in that journey. As July approaches, maybe you’re transitioning as a trainee from an institution or to a new job, you might be asking yourself, “Should I be investing in pre-tax vs Roth?”  It’s a really interesting topic and an important question, especially as interest rates and inflation changes.  When someone slides that 401k or that 403b form in front of you, it often gives you the option to choose whether you want to invest in a traditional pre-tax method where the money is taken out of your paycheck before it ever gets taxed. Or do you want it to get taxed immediately, and then get invested knowing that it'll never get taxed again in the future?  As it's been a couple of years since we tackled pre-tax versus Roth on this show, that’s what we’re diving into in this episode. We'll help you figure out the answers to these questions, or at least help you to make a more informed decision.  Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future?  Make sure to check out HelloAttend.com

If you’ve ever needed to save up for a wedding, a car, or a home, yet you weren't quite sure about the best way to do it, this episode is for you. There are lots of reasons why you might be thinking about setting up short-term savings (savings you intend to need within 3-5 years).  But figuring out how to save money can be easier said than done. With so many options for investments and money management, how do you know the best place to start? And how can you be sure you’ll reach your savings goal by the time you’ll need the money? Let’s go over the 4 qualities your short-term savings methods should have, as well as ways to save money that feel simple and aligned with your personal finance goals.  Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future?  Make sure to check out HelloAttend.com

It often pays to work smarter, not harder, yet many doctors put in more and more hours to make more money in medicine. But is working more always a good idea? I think there are pros and cons to working more shifts in medicine. Personal finance is personal, and you have to assess whether you feel you’re being compensated fairly for the time and energy you put into your work.  If you’re not, you might be working for diminishing returns. Yes, you have expenses to cover, but remember the importance of work life balance, especially as it pertains to physician burnout. Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future?  Make sure to check out HelloAttend.com 

With inflation and interest rates being what they are, one of the most common questions that we get nowadays is, “Should I invest or pay off debt? What should I be doing with my money?” Everywhere in medicine, inflation has an impact. One of the common areas where this naturally happens a lot is in regards to reimbursement rates and income. Doctors realize, “Hey, I haven't gotten a substantial raise in five or ten years, maybe more. And yet, inflation in 2022 is 6-9%.” So when we face these unprecedented rates of inflation, it makes sense to ask, “Should I invest or pay off debt?” Let’s dive in by covering specific financial tasks that doctors need to take into consideration. Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future?  Make sure to check out HelloAttend.com

Even though we’re self-proclaimed money nerds, it doesn't mean we don't make mistakes.  Physician finance isn’t your run-of-the-mill financial strategy. We have certain exceptions and special circumstances to watch out for. And sometimes even the most seasoned pro can make money mistakes. We’re still human, after all. So let’s normalize the idea that we’ll run into snags and learn new lessons as we work to figure out our personal finance goals. Tune in as Alicia and I share all the gory details of the financial mistakes we made in 2022. Looking to increase your financial literacy?  Make sure you check out Medical Degree Financial University: MDFU.CO