greenngold

2+ Year Member
Jun 3, 2017
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Medical Student
Hey there, intern heading into residency in about a month. How useful would it be to hire a certified financial planner (CFP) to help navigate loan repayment and general financing? Any recommendations of firms in the Midwest?
 
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Oct 8, 2016
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Attending Physician
I'd wait until you're out of residency and have more of an income coming in. Then they can help you with investing too. I recommend a fee-only financial advisor. Paying this fee makes the most sense when you're making a sizeable income. There's only so much they can advise you on while you're still in residency. It's good that you're planning ahead though!
 
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Apr 18, 2019
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Pre-Medical
I strongly do not recommend getting a CFP. Unless you are getting a discounted rate from your employer, they usually charge an exorbitant amount of money for the service they provide. Try making a spreadsheet and running numbers and different scenarios. You can find all your credit info for free at creditkarma. In addition there a million and one apps to track and manage your spending while setting goals. Most CFP's will take advantage of you knowing that you are a doctor, because there is a stereotype that physicians are poor handlers of money.
 
Apr 10, 2018
433
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Non-Student
Earmark 43% of your earnings for saving, house bills and house payments.
Get a home you can pay off in fifteen years with 28% of your income. Save the other 15%.
Pay off student loans before you save with that 15%. Once your house is paid off keep investing that money.
If you get 401k match do what it takes to get the match. Something like that should make a millionaire out of a nurse.
 
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May 22, 2019
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Both ideas are great, I will also second the idea of @southerndoc. But, hiring a CFP could be a more expensive step. but to get rid of the financial complexities and troubles, get services from a financial management firm. Not all financial advisors are CFPs but some are even great without having any certifications or affiliations.
 

Moko

Fluffy Doggo
2+ Year Member
Sep 7, 2015
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"The little book of common sense investing" by Bogle, "The intelligent investor" by Graham, and "The white coat investor" by Dahle. They are all easy to read, well-written, and are great primers for new investors. Huge fan of Bogleheads as well.

I've spoken with financial advisors at different banks (Wells Fargo, BoA, M&T, etc) and they quite frankly didn't add much to what the books already addressed. Not to mention that the books are much cheaper than these financial advisors in the short- and long-run (but especially the long-run).

I'm still learning to manage my own investments, but it has proven to become a fun hobby.
 

The White Coat Investor

Practicing Doc and Blogger
Partner Organization
15+ Year Member
Nov 18, 2002
5,185
2,316
www.whitecoatinvestor.com
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Attending Physician
Hey there, intern heading into residency in about a month. How useful would it be to hire a certified financial planner (CFP) to help navigate loan repayment and general financing? Any recommendations of firms in the Midwest?
If your primary goal is to get student loan advice, hire a specialist in student loan advice. I keep a list of them here:


But if you need a more general financial advisor, that's not the right list.

No reason you need a local or even a "Midwest" person.
 

The White Coat Investor

Practicing Doc and Blogger
Partner Organization
15+ Year Member
Nov 18, 2002
5,185
2,316
www.whitecoatinvestor.com
Status
Attending Physician
Earmark 43% of your earnings for saving, house bills and house payments.
Get a home you can pay off in fifteen years with 28% of your income. Save the other 15%.
Pay off student loans before you save with that 15%. Once your house is paid off keep investing that money.
If you get 401k match do what it takes to get the match. Something like that should make a millionaire out of a nurse.
Yes, saving 43% will solve all your financial problems pretty quickly. But that's like saying "First inherit a couple million dollars." It's a lot easier said than done.
 
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