R
Rajiv Modak
Preparing for a sudden increase in income and the value of formally planning and setting priorities: 1. Pay off high interest credit cards or loans 2. Ensure disability coverage 3. Maximize employee sponsored IRA contributions that are matched. 4. Start automatic monthly direct deposit investing in a low cost Index fund and increase over time. 5. Continue to maintain a modest lifestyle as long as possible and avoid the doctor traps of expensive cars, vacations, meals, etc. 6. Start saving cash to accumulate 20% down payment on future home.
Intention financial planning in the first 10 years as an attending can lead to accelerated wealth accumulation and financial freedom at a younger age.
Muhammad Pervaiz
Importance of passive income!
Muhammad Pervaiz
- Importance of Disability.
- Understanding the importance of saving for retirement as early as possible.
- Not to mess around with retirement money. Physicians make enough money so that they should not tap their retirements.
- Saving for emergency.
- The importance of entrepreneurship.
- Having a plan in place for when one may want to retire.
- Be realistic about medicine and burnout. If a physician can reach financial independence as soon as possible, the more he/she can enjoy medicine as his/her 'bills' will no longer be dependent on practicing medicine.