Today’s guest post comes from Ryan Inman of Physician Wealth Services and FinancialResidency.com. He is a financial advisor and a real estate investor, so I thought he’d be perfect to give his perspective on this subject. Take it away, Ryan. Many of my physician clients ask me about investing in real estate. They are either ready to buy their […]
Key Points: He outlines 8 steps and includes an awesome infographic: Learn about Personal Finance Refinance your student loans Insure yourself Contribute max to tax-advantaged accounts Save up emergency fund Pay off moderate-to-high interest debt Top off emergency fund Pay off all remaining debt except mortgage Read the full article here: New Attending Physician Baby […]
Key points: The four pillars to Financial-Aid Planning for Physicians with college bound students are; 1. School selection, 2. The child’s contribution, 3. College savings, 4. Your current earnings. There is no pillar called debt. There is little reason for any student to have student loans when finishing a bachelor’s degree, especially the child of a physician. College education for the children of […]
Key points: The main types of loans that individuals have most often are either a Direct Subsidized or Direct Unsubsidized Loan. Two major category types of repayment plans; income based and non-income based. Many residents take advantage of the income based repayment plan. People who benefit most from income based repayment plans have a long time […]
Key points: According to the AAMC the average debt of a graduating resident in 2015 is $180,000. The two biggest factors that will affect the price of education are location and private vs. public medical school. New doctors need to be aware of the financial burden they’ll take on. Read the full article here: Average […]
Key points: Look into the Revised Pay As You Earn plan (REPAYE). It could provide an enormously helpful interest rate subsidy and will maintain your eligibility for loan forgiveness if you remain at a not for profit hospital after training. Submit the Public Service Loan Forgiveness (PSLF) employment certification form. Finally, the tried and true “live frugally and pay […]
Key points: Its known that 15 year mortgages, over time, cost less as the borrower pays less interest over time. The trade off is that the monthly payment on the 15 year mortgage is often too high for new doctors. This forces many physicians to opt for the 30 year mortgage instead of the 15 […]
As physicians, we’ve all felt the crushing weight of the almighty student loan. Some have felt it more than others, perhaps, but a vast majority of medical school graduates wonder if they’ll ever pay their loans off. In fact, according to the AAMC, the average medical student leaves school with $183,000 in student loan debt. […]
