Good Financial Reads: For Physicians

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Catch up on some of the latest posts with this week's roundup:

Roth Accounts for High Earners

by Britton Gregory, Seaborn Financial, LLC

You may have heard that Roth accounts are an excellent way to save for retirement, providing you tax-free income in your post-working days, but you may not have delved further, knowing that your income is above the contribution limit (as of 2018, $133,000 for single taxpayers and $186,000 for married couples filing jointly). Of course, that's a great problem to have -- but it's not necessarily the last word in terms of Roth contributions. 

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The 4 Biggest Financial Challenges Facing Young Doctors

by Andrew Mohrmann, Modern Dollar Planning

As a physician, your sole focus in your twenties (and likely into your thirties) was learning your craft--undergrad, med school, internships, fellowships, post docs, etc. You’ve given up countless hours with your nose in books and days on end at the hospital to become a physician. Now that you’re an attending physician (or close to it), you’re hoping that the hard work will pay off for you financially. Unfortunately, though, many physicians fall prey to traps that will hinder them from flourishing financially once their income finally rises.

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Three Biggest Reasons to Pay Student Loans in Residency 

by Brad Bobb, Bobb Financial

Many medical students pile up student loans through under grad and medical school. A 100k or even 200k balance can seem insurmountable for a resident, but is this way of thinking accurate? I have found that most residents choose not to make payments on their student loans while they are in residency. Why is that? Here are some reasons taken directly from residents.

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Five Steps to Improve Your Financial Health in Residency

by Ryan Inman, Physician Wealth Services

When you dedicate years to studying and practicing medicine, you learn that certain steps are required to maintain good health and prevent illness and disease. However, the concept of systematically and proactively cultivating good habits applies to many aspects of life, including your finances. You may be headed for a career in which you expect to earn a high income after residency, but that’s not enough to insure financial health today and in the future. That’s where many residents (and physicians) get stuck. In this post, I describe five steps you can take to achieve strong financial health. 

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Public Service Loan Forgiveness for Doctors and How It Can Help

by Nathan Schorsch, Head to Toe Financial

In celebration of the new medical year and a bunch of new residents and attendings, I wanted to take a close look at the Public Service Loan Forgiveness (PSLF) program and how it can benefit you when it comes time to repay your student loans.  I’ll start by looking at what you actually need to do in order to apply for PSLF and some common pitfalls with the application process, but I will mostly focus on the benefits of the program and why the decision to stay at a not-for-profit hospital may make more sense than private practice in the beginning.  Lastly, I’ll go into the future of the PSLF program as there has been some anxiety about whether or not the government will continue with the program or defund it through new legislation.

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