Finance for Physicians

Flexible Spending Accounts

matt — Fri, 29 May 2009 12:47:04 +0000

FSAs are a fantastic way to pay for dependent care and health care expenses tax free – a likely savings on these expenses of 25%. How FSAs Work At the beginning of the plan year, you estimate how much you will spend over the next 12-15 months on either health care or dependent care up to [...]

Health Benefits

matt — Tue, 26 May 2009 13:17:44 +0000

Your new residency, fellowship, or ‘real job’ programs, if they haven’t already, are probably beginning to mail out information about the benefits you will receive as their employee. There are often several choices to be made and making the wrong ones may force you to pay for services you’ll never use. Over the [...]

Improve Your Financial Situation by Decluttering

matt — Thu, 21 May 2009 14:54:15 +0000

Since many of you will be moving at the end of June / early July, now is the time to start paring down your belongings and figuring out what means enough to you that it’s worth hauling to a new place. Most of the advice out there says you should go through your place room [...]

Deducting Moving Expenses

matt — Mon, 18 May 2009 13:38:45 +0000

After reading our post detailing several tips for moving to start your new medical position, Bill at FP Pad suggested that I write a post talking about the potential for deducting the expenses you incur during your move on your taxes. Reducing taxes for something you have to do anyway? We’re all over [...]

Moving Tips for Your New Residency, Fellowship, or Job

matt — Thu, 16 Apr 2009 12:12:01 +0000

It’s getting close to July and that means that many of you will be moving to begin your new residency, fellowship, or real-life job – Congratulations! With that next step, though, comes the process of moving all your earthly belongings on to your new residence. Andrea and I are performing a pre-wedding move right now, [...]

8 Ways to Save Money on Car Insurance

matt — Thu, 02 Apr 2009 13:18:14 +0000

Have the Right Coverage Levels Remember the first rule of purchasing insurance – only purchase it if you can’t afford to lose the bet you’re making with the insurance company that the event will occur. Check out our post about life insurance for residents for more details on what insurance really is. In our last post, [...]

Carnivals – 3-30-09

matt — Thu, 02 Apr 2009 10:43:32 +0000

This week, our post that described 9 ways for medical students to begin building wealth was included in the 198th edition of the Carnival of Personal Finance – World Record Edition hosted by Ashley at Wide Open Wallet. Not only were we included, we were one of the five editor’s picks! Thanks Ashley!! Last week, [...]

A Crash Course on Car Insurance for Residents and Medical Students

matt — Sat, 28 Mar 2009 12:52:42 +0000

Paying for auto insurance is something that most of us have to deal with but probably don’t spend enough time on to understand what we’re paying for. Here, we detail the various coverages provided by car insurers. Types of Automobile Insurance When you contact an insurance agent, they’ll ask you about your desired limits for several types [...]

9 Ways for Medical Students to Begin Building Wealth

matt — Thu, 19 Mar 2009 14:00:09 +0000

Happy Match Day 2009! Hopefully you got into your choice of programs and can now relax and enjoy your last couple months as a med student. This post should help those of you who just matched and those of you who still have a couple years of school left to begin on your path towards [...]

Compound Interest – The Eighth Wonder of the World

matt — Tue, 17 Mar 2009 14:05:08 +0000

Albert Einstein referred to compound interest as the eighth wonder of the world. He was a smart guy, so it may be worth paying attention to his statements. Here we discuss what compound interest is and how it can help you on your path towards a wealthy future. What is Compound Interest? Compound interest is the [...]