Finances for the Resident and Early Attending

On this week's episode of EMRA*Cast, host Matt Dillon, MD, (@mdmd_8889) talks to Jim Dahle, MD, FACEP (@wcinvestor) about physician finances. Now known as the White Coat Investor, Dr. Dahle shares how the school of hard knocks made him financially savvy - and able to offer advice via his book, website, and "White Coat Investor" blog.

This episode is directed at the resident and early attending.

EMRA*Cast host Matt Dillon, MD, (@mdmd_8889) recently spoke with Jim Dahle, MD, FACEP, (@wcinvestor) about physician finances. Now known as the White Coat Investor, Dr. Dahle shares how the school of hard knocks made him financially savvy - and able to offer advice via his book, website, and "White Coat Investor" blog.

This episode is directed at the resident and early attending.

Take-Home Points

• Early Residency goals: get disability insurance, consider life insurance, develop a loan repayment strategy
• There are two primary strategies for loan repayment. The first strategy is to consolidate your loans early and pay them off aggressively. The second is to pursue Public Service Loan Forgiveness (PSLF). Avoid putting off dealing with your loans, as they will continue to accrue interest.
• Budgeting is one of the first steps towards healthy financial habits. There are a variety of apps out there that will automatically tell you where your money is going. (My personal favorite is Mint.com.)
• Professional financial advice may not be cheap, but it may be worth it for those not familiar with the realm of personal finance.

Resources

• White Coat Investor: One-stop shop for financial advice, forums, podcasts, and finding your financial planner
• March 24 Webinar: Financial Wellness for Graduating Medical Students Entering EM Residency
• Laurel Road: Specialists in providing low-rate student loan refinancing, mortgages, and other financial services, with discounts for EMRA members.
• Integrated WealthCare: Multi-specialty wealth management firm serving the unique needs of physicians and medical professionals, with discounts for EMRA members.
• Doctors Without Quarters: Student loan advisory firm dedicated to early-career physicians, with discounts for EMRA members.
• Doctored Money: Nonprofit organization run by Dr. Haslam and Dr. Keros ("No ads, no affiliate links, no profit motives. Because medical school tuition already emptied your wallet.")