financial advice

[obiwan]

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what are some resources that you guys (particularly those making real doctor money) utilize when it comes to sound financial planning, now that i'm about to become a hospitalist, i feel like i should get a financial planner but don't want to really spend money on someone

 

[gutonc]

what are some resources that you guys (particularly those making real doctor money) utilize when it comes to sound financial planning, now that i'm about to become a hospitalist, i feel like i should get a financial planner but don't want to really spend money on someone

Ask around at your current and future hospital. There are a fair number of financial planners out there with experience working with physicians who will work with residents for cheap/free in the hopes of establishing a working relationship for later. I did this and continue to work with her now that I'm out "in the wild." We're doing some very basic stuff for now and it's costing us ~$400/yr which I can make in less than a half day of work.

 

[jdh71]

buy gold - that's what they say on the radio!

and, this is just some common sense advice . . . while you will be able to afford better hookers and cocaine, for the first few years out of training, if you continue with the resident hookers and cocaine you can afford on a resident's salary, you'll have less chance of getting in over your head until you see where you settle out financially

 

[tartesos]

buy gold - that's what they say on the radio!

and, this is just some common sense advice . . . while you will be able to afford better hookers and cocaine, for the first few years out of training, if you continue with the resident hookers and cocaine you can afford on a resident's salary, you'll have less chance of getting in over your head until you see where you settle out financially

Hookers and blow!
Its Good to leave 10% of Your salarary( 95% if you are Charlie sheen) for it.
I hope op knows we are kidding!
🙂

 

[obiwan]

Hookers and blow!
Its Good to leave 10% of Your salarary( 95% if you are Charlie sheen) for it.
I hope op knows we are kidding!
🙂

eh, i'm more into massage parlors

 

[jdh71]

eh, i'm more into massage parlors

right, though same principle applies

You have to continue to have the handy from the cross-eyed girl for a little bit longer before taking on the girl with the blonde wig and breast implants

it's all about making sound financial decisions

 

[flipmd]

To the OP,

I went through what you're going through a year ago (and to a great extent, I still am). Here's a start:

whitecoatinvestor.com - general information and leads on what you may need to do
personalcapital.com - if you don't want to get your hands dirty, they have advisers that can work for you
betterment.com - probably somewhere between doing it yourself and having an adviser

Like you, I am also quite inexperienced at managing my new-found financial independence, so my advise may not weigh a whole lot. Also, you can also search through the Finance section of SDN.

Goodluck!

 

[tartesos]

right, though same principle applies

You have to continue to have the handy from the cross-eyed girl for a little bit longer before taking on the girl with the blonde wig and breast implants

it's all about making sound financial decisions

He can Still get Those blonde implanted for cheap but they have to be in their older side and with a lot of miles like an old school bus!

 

[obiwan]

To the OP,

I went through what you're going through a year ago (and to a great extent, I still am). Here's a start:

whitecoatinvestor.com - general information and leads on what you may need to do
personalcapital.com - if you don't want to get your hands dirty, they have advisers that can work for you
betterment.com - probably somewhere between doing it yourself and having an adviser

Like you, I am also quite inexperienced at managing my new-found financial independence, so my advise may not weigh a whole lot. Also, you can also search through the Finance section of SDN.

Goodluck!

thanks!

 

[michaelrack]

Start off with a good accountant to do your taxes. The accountant can refer you to other sources if you need more advice.

 

[tartesos]

There are some great books on finances you can pick up dirt cheap at amazon or download online( cant tell you how for legal reasons here).
I found one useful
Real wealth without risk by jj Childers.
Dave Ramsey has some good ones and Jim Cramer if you like his style.
And mostly the best advice is to live below your means and save 30% of you income for a rainy day in your first year.

 

[Direct Laryngoscopy]

Take a look at the anesthesiology forum. There's a thread about student debt and managing your cash and handling debt once you finish your training. There are different perspectives on how to pay off loans and how to save. Some of the advice that was given here is similar to what was said in that thread.

My advice to you is look at the debt you have, decide how long you want ti take to pay it off (the longer you take more more interest you pay), continue saving for retirement (you should have started July 1st of intern year), learn about investing (white coat investor is a start), start saving for a rainy day (FU account), don't fall into the trap of living like a balla (no need for 2 100K cars, 5 million dollar home, etc) especially right after residency/fellowship.

Despite significant student loans, you're gonna be financially, in one of the better positions than most people in this country. If you are fiscally responsible, you should have a nice nest egg when you're ready to retire.

 

[michaelrack]

buy gold - that's what they say on the radio!

yes, but buy real, physical gold/silver- not some crappy precious metals/mining mutal fund. Stay away from ETF's like GLD and SLV.

Personally, I think Gold and silver are going to hit a floor around early May and then rapidly rise when people realize that the Fed has been manipulating the gold market with naked shorts.

 

[Raryn]

yes, but buy real, physical gold/silver- not some crappy precious metals/mining mutal fund. Stay away from ETF's like GLD and SLV.

Personally, I think Gold and silver are going to hit a floor around early May and then rapidly rise when people realize that the Fed has been manipulating the gold market with naked shorts.

Gold hit a multi year low yesterday. Historically, investing in gold long term underperformed every other form of investment, with the possible exception of (in many, but not all, cases) putting your money under your mattress.

 

[usmletools]

The spring months of your final years as a “Training Doctor” bring forth excitement, anxiety, and various mixed emotions, whether you are moving on to fellowships, starting a Job, or embarking on a practice, multiple ducks need to be aligned. Choosing a job offer, reviewing contracts, obtaining appropriate licenses, DEA’s, state registrations, and references all the while fulfilling your residency and call obligations. It’s important to allot about 4-6 months to work through these processes. If you require a work visa, the process will likely be longer. After obtaining these privileges, it is also important to keep these docs in order, as renewals, will creep up.

Contact me if you need advice on how best to keep Track of your credentialling docs

Best of luck

 

[michaelrack]

Gold hit a multi year low yesterday. Historically, investing in gold long term underperformed every other form of investment, with the possible exception of (in many, but not all, cases) putting your money under your mattress.

Paper gold/silver are rebounding... http://wallstcheatsheet.com/stocks/gold-and-silver-log-best-day-of-2013.html/?ref=YF

Real gold and silver are doing even better...http://theeconomiccollapseblog.com/...ges-of-ammo-physical-gold-and-physical-silver

Don't trust in paper. Buy something real- gold , silver, land, housing (not a REIT, a real house), your own business. Buy farmland, timber.

 

[jdh71]

Paper gold/silver are rebounding... http://wallstcheatsheet.com/stocks/gold-and-silver-log-best-day-of-2013.html/?ref=YF

Real gold and silver are doing even better...http://theeconomiccollapseblog.com/...ges-of-ammo-physical-gold-and-physical-silver

Don't trust in paper. Buy something real- gold , silver, land, housing (not a REIT, a real house), your own business. Buy farmland, timber.

Exactly.

Just go to a bullion dealer and try to get any. Good luck. Heh. When the paper markets, realize there is no physical reality to their shenanigans, prices will head back up, at least in dollars, and probably most other currencies as well, because it currently looks like a race to the bottom - sure they're trying to be slow and controlled about it, but with the economic trade being what it is, gotta sell your good somewhere, and if everyone is devaluing, what a brotha' to do?

There is not much time left relatively speaking for the current financial paradigm, and any paper assets valued in dollars is going to be rather embarrassingly worthless when the current system grinds to a halt, so people are going to need to try and have something real, because at the end of the day if you can't touch it, you don't really own it, because you don't really control it.

The current global economic situation is like a dead pateint - dead except for the pressors, the vent, and the abx. I can keep someone like that alive rather indefinitely, in the same way the all of the central banks working together have the world economy on life support, though the world economy is dead in it's current form, much the same way the patient on 4 pressors with blown pupils is donezo, and just the way the family doesn't really get it, we have the world hoping, whistling in the dark, that it will all continue on as it always has. Normalacy bias is a bish, but you get stuck in it right now to your detriment. Though the current economic cannot continue - it's a mathematical impossibility. Too much toxic debt. No one is going to ask us or warn us when they pull the plug on it either.

Good luck everyone.