Emergency Medicine Residents' Association
Opening and fully funding a Roth IRA is the most important financial move you can make as a resident. You can open a Roth IRA in minutes with virtually any online broker.
Exchange traded funds (ETFs) offer an excellent opportunity for both novice and experienced investors to earn a rate of return similar to the overall stock market with minimal effort and know-how. ETFs are aggregates of the major stock market indexes, but can be bought and sold like any stock.
From the first days of medical school through the first few years in practice, effective cash management can either make or break your checkbook, your psyche, and ultimately even your career. Let’s face it; the medical training process does an excellent job of preparing individuals to practice medicine, but it does not teach effective money management.
By Mark Reiter, MD, MBA, University of North CarolinaPublished in EM Resident December/January 2004
This time of year always brings discussion regarding the importance of disability income protection. As EM practitioners, the ongoing rate of disabling injuries is no surprise to you. In the first 20 years of a career, your disability program is one of the most vital components of your financial plan.
Most medical school financial aid offices will advise you to pay off your loans in the shortest possible amount of time. Do NOT listen to these misguided creatures.
At this time of year, many departing residents are faced with the issue of relocation. Paramount is the issue of where you are going to live, and under what terms! With interest rates at near historic lows and very liberal financing, it is easier than ever for starting physicians to purchase a new home.
The transition from residency to practice will be a rewarding and challenging time in your career. One day, you walk out of your training making $42,000 and into a new practice with income having quadrupled. Effectively dealing with the many issues that come along with this income can be a challenge.
Physicians are afforded an unique opportunity in life. With intelligent planning, physicians can enjoy both a very comfortable lifestyle and true financial security. Unfortunately, this opportunity is sometimes lost through a lack of attention to sound personal financial practices.
You get that dream job and you're ecstatic. If you have not already established a financial plan you risk getting yourself into debt and wondering what happened to all the money. Setting short and long term financial goals will help ensure your financial security.