Career and Life Planning Guidebook for Medical Residents

In This Chapter O U T L I N E G O A L S 1. Live like a resident 2. The first paycheck 3. Location, location, location 4. Get your family on the same page 5. Order your priorities 6. Develop a housing plan 7. Develop a student loan elimination plan 8. Financial priority list for attending physicians • Grow into your attending salary slowly. • Position yourself for long-term financial success. • Calculate your net income (Income after taxes). • Budget for your investment and savings plan. • Deploy your income according to your priorities to purchase your dream home, pay off your student debt and hatch a nest egg. L E T ’ S G E T S T A R T E D For most physicians, whether you’ll ever be wealthy depends on how you spend your first paycheck post training. The secret to building wealth as a physician is to grow into your attending income as slowly as possible, especially in that first year out of training. This chapter will help equip you with the mindset needed to make good financial decisions for your first 12 paychecks to help you pay down your student loans, save up for a down payment on your dream home and build a substantial retirement nest egg within just a few years of residency graduation. Financial Life Planning 349 WWW.PHYSICIANCAREERPLANNING.COM