AVOID These Financial Mistakes Doctors Make
ฝัง
- เผยแพร่เมื่อ 4 ก.ค. 2024
- In this video, I wanted to touch on the common mistakes a lot of fresh/young doctors make either just out of medical school and/or just out of residency. A lot of these mistakes are financial related...as you can imagine! The goal of this video is to point out the financial mistakes I see happen most often, in hopes to shed some light on them, and ultimately prevent you from making these mistakes! Let me know what you think.
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#doctor #medicalschool #fiancialmistakes
I have been following you for awhile now. As someone who is in law school with a focus in financial planning you give solid advice. There is always the argument about whether someone should invest rather than pay off loans because of returns, but you do a good job of giving a good foundation.
Awesome video! Personal finance for medical students next? 🤔😬 As a nontrad student, I’ve been consistently investing into my Roth throughout school but idk of there are other things I could be doing. Thanks!
ER doc here ! Great video amigo !!!!! Keep it up !!!! Working on my financial life now. Agree with all you said. Doc and other health professional should put it upon themselves to learn finances to stay ahead of the curve. jaja. STAY SAFE ALL !!! 🚑🙌🗽
On number 4, a lot of residences actually have an employer match in the 401k/403b but don't advertise it for some reason. Lots of missed "free" money!
What's an employer match?
@@TusharSingh-zh5tq employers will match your investment up to a certain amount or percentage of your income.
LOVE the finance videos. Have had numerous attendings tru to explain finance due the the extreme lack in general med Ed. It seems to be recognized more and more now… so thank you
great advice doc!
Disability Ins: I've always been good 👍 with my money 💰 but as a single gal, I never dreamed of not being able to work. 😥 You can guess what happened 2 months after accepting a new position. 🙀
Buying a house now sounds awful. But if you bought a townhome (where the HOA covers the roof) in a suburb college town 8-10 years ago and that townhouse can later be rented out to future students...then that investment sounds pretty awesome. Buying a house now sounds crazy.
Love these finance videos. Keep 'em coming!
Love the finance videos. Hope you continue to do these going forward!
Very useful information. Thanks.
Love the dave shout out lol
This is so accurate I knew someone who took out extra loans to live lavishly in med school. Luxury car, clothes, apartment. I was anxious for them.
Awesome video!
Make a video discussing how to make income/handle finances as a medical student that would be very helpful as well!
Love 💞 your videos 📹 Love 💞 the variety of content
Great video, as always 👍👍 will you recommend a disability insurance for an hospitalist?
Nice program
Seems like most debt forgiveness programs are for practicing primary care not specialty care but globally speaking 5 billion people lack access to necessary surgical care for conditions that have advanced too much to be fixed by primary care. Do we have such programs for aspiring surgeons?
Good advice for *anybody*!
This content feeds my brain
Would love more info on the back door roth IRA (im newly into practice)
Hey 👋 whoever was on the phone lol 😂 great video 👍
What are your thoughts on buying a house during residency for the soul purpose of an investment property that you can you live in first to avoid capital gains tax? I’ve been looking into the route and wanted to know what you think
#6. Listen to Papa Dave and attack those loans as soon as possible. Get them out of your life. When you start working and getting paid as a physician, live like you are a college student. You will thank yourself later.
Great video. Also just wanted to express my gratitude for booking an Airbnb in Ukraine. I have family there and even though it may not be my family you have to, I still appreciate the support.
It’s around 2100€ per year for tuition
I didn’t know you were an uga alum!!! go dawgs 🐾
Yay, another doc interested in personal finance!! (:
Would you move to Florida or any other state than ny
A video on how to make some income as a medical school student?
You dont lol
@@migueltorresiii6826 nooo 😭😭
Investment property.
Yes
Thank you on behalf of my late two besr friends who sadly passed away last year
My two late best friends were the best. God Speed Brooke and Lynn RIP
I paid off my student loan during my first year of pediatric residency. It is possible.
In the Netherlands we don’t have student loans 😄
As a recently graduated doc, yes we do lol. The good thing about it tho is the 0%-0.5% interest. But unless your parents paid for your tuition and life, we do have student loans.
@@de_cokamer my parents never paid a single euro and I paid for everything myself. Had a job in the weekend. Paid my own rent. At the end of the six years I did not have a debt at all!
@@Snoezzzzz Good for you!
Buying a house is an excellent investment strategy. I bought two houses, I live in one that's totally paid off, and the rental property pays me $4,000 a month.
“Dont be like Michael” 😂 get ROYT IRA
commenting for the algorithm
Solution: marry rich. Lmao. Jk. But this was very useful. Thank you!
What crypto app do you use?
$50K? When I retired several years ago from a major academic medical center in Chicago interns came in at $59K. Add to that a minimum 3% annual increase on top of step increases of 4-5% annually, as well as free parking and $40/month health insurance premiums. Life wasn’t terrible. Tell the truth, Dr. Cellini.
Don’t confuse big city salaries with the rest of the US. I started at 54k in the south. And had to pay $400 every 6mo for parking
@@DrCellini The south always lags the rest of the country. Check the AAMC data going back decades. At the two other institutions my career included…Univ of Colorado being one…it was the same story regarding parking and health insurance. Not to mention free or greatly reduced cost for meals. Don’t confuse salaries in the south with the rest of the country.
@@barrykamin8776 so what’s your point? Salary varies across the country, and I’ve made multiple videos about the differences between salaries in the south vs NYC. Guess you missed those and are willing to start a fight instead. Maybe if you would have gone to med school yourself, you would actually know the financial burden one experiences in residency. Hope you have a great day!
I got paid 42 to 48K 10 years ago in Pennsylvania and Maryland. Life was barely adequate and I didn't have a family at the time. I lived in the bad part of town paying super cheap rent, drove my old Mazda, it was a little sad considering I was almost 30 and my software engineering friends were making $$$