Finally! Training is over and now it is finally time to become an attending! All those years of training has enabled me to practice medicine without someone watching over my back (that part somewhat scares me!). Another benefit is a massive bump in salary, likely the biggest increase in salary I am going to see in my entire career. Getting off on the right foot financially has important implications for long term wealth and financial independence.
Rebalancing a portfolio is essential to maintaining the risk profile that you originally set for your portfolio, and can actually improve the performance of a portfolio compared to if you never rebalanced at all. This article discusses what it means to rebalance a portfolio, why you should do it, and how to do it.
The idea of multiple options for additional moonlighting income during training is obviously appealing. First of all, more money at a younger age has a multitude of benefits. Second, you have options, so you can pick the jobs that fit what you’re looking for at any given time. Third, you get experience in multiple settings and this gives you a better perspective of the “real world” of medicine. Unfortunately, there are some downsides of juggling multiple moonlighting gigs during training. This is not to say that it is not worth it, but it is important to understand them when signing up…
Published in Moonlighting
Cash Drag is the nemesis of any long term portfolio, as it reduces returns and also has a large opportunity cost when not invested in something with better potential growth. Learn what cash drag is and four strategies to minimize it.
What if you are above the income limits to contribute to a Roth IRA? Ugh, right? Mo' money, mo' problems. You can't even get a tax deduction if you contribute to a traditional IRA! Fret not, for all is not lost. You CAN get a Roth IRA, and it's called the Backdoor Roth IRA.
Saving a lot of money as a Resident because you're not spending 50% of your take-home pay on rent? Making extra money because you're moonlighting like a boss and wondering where to save that extra money? Wondering whether a pre-tax or Roth investment is best to start investing in first? What about paying down loans or investing in the market? I describe how you should prioritize all of that in this post!
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