Residency teaches you how to save lives, but does it teach you how to save money? In this episode of BackTable Urology, Dr. Sammy Elsamra joins host Dr. Gina Badalato to unpack the essentials of financial planning during and after urology residency. From budgeting and managing loans to covering living expenses, Dr. Elsamra emphasizes the importance of building an emergency fund, addressing high-interest debt, and following the 50-30-20 rule to maintain stability.
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SYNPOSIS
The conversation also dives into long-term strategies like Roth IRAs, tax-advantaged accounts, and the role of disability and life insurance in protecting your future. With recommendations such as The White Coat Investor and foundational financial books, Dr. Elsamra equips trainees with the knowledge and resources they need to set themselves up for lasting success. This episode is a must-listen for residents aiming to take control of both their careers and their financial futures.
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TIMESTAMPS
00:00 - Introduction
01:56 - Post-Residency Financial Realities
04:43 - Budgeting During Residency
07:23 - The 50-30-20 Rule
08:06 - Investing During Residency
15:29 - Financial Planning for Attending Physicians
24:42 - Understanding Insurance: Life and Disability
33:11 - Resources and Advice for Financial Success
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RESOURCES
The White Coat Investor (podcast and books):
https://www.whitecoatinvestor.com/
The Millionaire Next Door (book):
https://themillionairenextdoor.com/