Physician Finance Minute

If you haven’t yet, go to www.financialresidency.com/tip for more great tips on student loan paydown, physician mortgage loans, investing, insurance, and more!

Need a home loan? Let us help you find the right person to help! We know, like, and trust Doug Crouse. Connect with him here: www.financialresidency.com/dc 

You may be wondering if it is wise to consider a student loan refinance while you are completing your residency for medical school. Refinancing during your residency is not recommended unless it is for your private student loans only. The main reason for this is because while you are a resident, you may not have decided if you will take part in the PSLF program of which you will need to be in an income-driven repayment to take advantage of this.

Finding a financial advisor may seem like a daunting task. You’re basically trying to find someone to not only manage your portfolio, but also guide you through life’s biggest milestones. There are certain questions you should be asking up front in order to ensure you’re working with someone that you can trust.

By funding your retirement now, you are ensuring that you’ll be able to have multiple financial options later in life. For many of you, your employer can provide access to retirement accounts and I encourage you to maximize the amount that you can contribute with each paycheck.

We want you to succeed as badly as you do! That’s why you’re here. For more great tips on how to get your finances in order, go to www.financialresidency.com/tip 

You want a home but you also need a lender. Doug Crouse, one of our recommended mortgage loan experts, can help. Find him here: www.financialresidency.com/dc  

Most people assume that if you’re a physician it must mean your income allows you to purchase anything your heart desires and live whatever type of lifestyle you want. But not all physicians are able to earn that type of salary and they have to learn to manage what they make as wisely as possible. One of the smartest ways to stretch a salary and get the most out of pay is to reduce your tax liability.

How many times have you heard someone mention the word refinancing when talking about student loans? Many companies are quick to offer this option. Does it leave you wondering if this is something you should be looking into for your own medical student loans? Often times you will hear people use the words “consolidation” and “refinance” interchangeably.

Nothing gets you more excited than hearing the words “IRA Distributions” right? Ok, probably not. But this is a topic to be aware of when it comes to supplementing your retirement accounts. As physicians, keeping your eye on the goal of retirement is important, no matter what stage of your medical career you are in. So what do IRA distributions have to do with anything right now?

For more great resources on how to manage your finances better than you have, go to www.financialresidency.com/tip 

If you’re in the market for a home loan, you need someone you trust in your corner. Check out one of our recommended lenders, Doug Crouse, at www.financialresidency.com/dc! 

A common rule of thumb in planning for retirement is that you need 70% of your current income to live the same or similar lifestyle during retirement. While this will not be the same across all professions, the good news for doctors is that the actual number is probably much less. How can that possibly be? Well for many doctors, your tax burden is likely to be far lower in retirement, based on several large factors.