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drusso

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I was reflecting upon financial advice that I wish I would have received as a resident/fellow:

1) Live off half your salary first 3-5 years of first job. Aggressively pay down debt and save.
2) Marry partner with similar earning power who has a career outside medicine.
3) Buy own occupation disability insurance.
4) Study the book Rich Dad, Poor Dad like you did for Step I. Internalize its lessons.
5) Build a financial foundation of no-load, low cost mutual funds.
6) Forestall starting a family until after closing on your first investment/income property. One kid per property.

What else would you add to this list?

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I was reflecting upon financial advice that I wish I would have received as a resident/fellow:

1) Live off half your salary first 3-5 years of first job. Aggressively pay down debt and save.
2) Marry partner with similar earning power who has a career outside medicine.
3) Buy own occupation disability insurance.
4) Study the book Rich Dad, Poor Dad like you did for Step I. Internalize its lessons.
5) Build a financial foundation of no-load, low cost mutual funds.
6) Forestall starting a family until after closing on your first investment/income property. One kid per property.

What else would you add to this list?
I would add to join a medical group with a nice retirement package. Need to be 60 years old for max benefits. This is mine.
https://physiciancareers-ncal.kaiserpermanente.org/compensation-benefits/
 
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I would exchange Rich Dad Poor Dad with White Coat Investor. The only things I gleaned from RDPD was that the author is a jerk and the 4 quadrants are helpful.
 
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Foremost rule - don’t go in to a primary care practice.

Go in to a surgical subspecialty do you can grouse about buying an investment/income property.



We make 2 to 10 times more than internists, pediatricians, family medicine doctors, etc
 
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- Specialty choice does matter for FIRE types - seems to be more common in rads, ER, anesthesia, derm. subspecialize when possible
- locums positions are vastly underrated.
- do side gigs to supplement your income early on for as long as you can. at some point, time > money and your desire or ability to do extra work falls to zero.
- always rent early on in career or when starting a new job, buy later and buy small
- kids are expensive and have a poor rate of return, less is better
- marriage is the most important business decision of your life
 
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I was reflecting upon financial advice that I wish I would have received as a resident/fellow:

1) Live off half your salary first 3-5 years of first job. Aggressively pay down debt and save.
Can’t live off $35 K but tried to not purchase new cars for 3 years.
2) Marry partner with similar earning power who has a career outside medicine.
Wife is accountant, helps with payroll etc.
3) Buy own occupation disability insurance.
Done
4) Study the book Rich Dad, Poor Dad like you did for Step I. Internalize its lessons. Done
5) Build a financial foundation of no-load, low cost mutual funds.
Vanguard.
6) Forestall starting a family until after closing on your first investment/income property. One kid per property. It’s kid was in 2 Nd year of Practice.

What else would you add to this list?

1.)Don’t buy a big house for the first 5-7 years. I got sucked into buying a house bigger than I should have. You can always buy a bigger home once kids are 5-7 years old.

2) Value time with family and health over everything else period.
 
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Hey do any of u guys know if as a W2 u can write off licensing fees? For example this calendar year I have had to pay for 2 state licenses 2 DEAs. I was not reimbursed. I also paid for my wife’s as she is a fellow. Also her boards and mine. I feel like I prob spent 10K at least on this crap. I know I can ask my accountant but jw I’d any1 knows
 
only for tax years prior to 2018. For tax year 2018 and on, unreimbursed employee expenses are no longer deductible.
 
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Don’t live in high cost of living/highly taxed state
 
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Please people:


Throw all ur investment money in vanguard index funds (75% domestic and 25% international). Never look at it. Don’t try and time the market. Don’t try and pick funds. Don’t try and beat the market. Understand that professional traders and fund pickers with big fancy computers and software and many minions cannot and have not consistently beat the market. Max our your matching first, tax deferred second, anything else third

Refinance your loans right after becoming an attending (my interest rate went from 6.8 to 3.0)

Don’t get a financial planner. If you do, FEE BASED

Don’t buy whole life

Read WCI

This stuff is so simple, but so few docs do it right. Most leave millions on the table has been my experience, when you count the direct losses and the lost investment potential compounded to retirement
 
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Agree with previous posters. Also, I posted this on another thread recently but worth repeating here:
Before you start your job (or ASAP), make a list of ALL the CPT codes you bill (ie 63650 stim..) I probably bill ~20 different codes. Find out the contracted rates for these. Then review a DETAILED spreadsheet with patient info, DOS, CPT codes billed(including #units), collections, write offs. make sure there’s no discrepancy between your collections and contracted rate.
I’m in the middle of resubmitting claims that have been way underpaid.
It’s a lot of work up front, but it’s worth knowing what you *should be* and *actually* collecting.
 
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I think it is fine to take some fliers on individual stocks. I have done well buying stock in things I know like the neuromod companies. NVRO was so cyclical you could buy and sell it like clockwork for around 6 quarters. I think AXNX will be a great buy when it drops to around $10/share in about 6 months. They will get bought by BSX or ABT I am almost certain. Makes too much sense.
 
you will, generally, lose buying individual stocks.

However, I think its a great idea to set aside a little bit of play money to buy individual stocks. money that you are basically writing off as lost. house money as it were...
 
Hey do any of u guys know if as a W2 u can write off licensing fees? For example this calendar year I have had to pay for 2 state licenses 2 DEAs. I was not reimbursed. I also paid for my wife’s as she is a fellow. Also her boards and mine. I feel like I prob spent 10K at least on this crap. I know I can ask my accountant but jw I’d any1 knows

only for tax years prior to 2018. For tax year 2018 and on, unreimbursed employee expenses are no longer deductible.

In addition, I believe deductions are only beneficial over 10% percentage of your income. So if you're anywhere near average for a pain doc, thats a LOT of deductions that need to be made in order for this to matter. If you've got 1099 income, different story.
 
In addition, I believe deductions are only beneficial over 10% percentage of your income. So if you're anywhere near average for a pain doc, thats a LOT of deductions that need to be made in order for this to matter. If you've got 1099 income, different story.

Yeah not close to that. Such a bumber. I think I am gunna be ****ed on taxes this year since I worked in 3 states - filled out the W2s individually with out accounting for the various jobs I had and my residency is in a higher income tax state.
 
Yeah not close to that. Such a bumber. I think I am gunna be ****ed on taxes this year since I worked in 3 states - filled out the W2s individually with out accounting for the various jobs I had and my residency is in a higher income tax state.

im not an expert, but i think you can claim taxes in one state against those of another. lot of variables, though.
 
Take a Dave Ramsey course. Excellent advice.
 
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