Career and Life Planning Workbook for Medical Residents

WWW . A D V E N T U R E S I N M E D I C I N E . C O M 83 Finance Basics “ “ When I started practicing, I was consumed with SLHYUPUN H UL^ IPSSPUN Z`Z[LT [OL ÅV^ VM [OL VѝJL my new patients. I planned to meet with an advisor when things settled down, but I never did. My advice [V YLZPKLU[Z PZ [V ZP[ KV^U ^P[O H ÄUHUJPHS HK]PZVY VY H *7( ILMVYL `V\ JVSSLJ[ `V\Y ÄYZ[ JOLJR HUK WYVQLJ[ your taxable income, your discretionary income, your pension contribution, your savings, and your emergency fund. Then, create a budget for all of your expenses. Sneak Peak Muhammad Akbar, MD Practicing Physician Mercy Health System 9 1. What’s the process for estimating my take home pay? 2. How do I estimate my living expenses and calculate my disposable income? 3. When should I start saving for retirement and other long-term goals like my children’s education?