Welcome to the world of self-employment. As an independent contractor physician, you are in the enviable position of being in high demand. Being self-employed creates a series of challenges that your peers who aren't independent contractors might not experience. One of these challenges is finding
How to Buy Disability Insurance While in Residency
As a resident you face a dilemma. You are probably aware you need disability insurance but the cost can be prohibitive. A “good” resident policy with a $5,000 a month benefit can cost between $1,500 and $3,000. With an average PGY1 salary in 2016 of $52,200, that cost represents 3% to 6% of your
Switching from RePAYE to another Repayment Plan, Part 2
The only time switching from RePAYE to PAYE while still in residency will help is if your loan balance is low compared to your increasing income.I discussed why switching after residency does not work in my blog post here. I thought it would be helpful to go through some specific scenarios on
Thinking About Switching from RePAYE While in PSLF? Think Again!
Pursuing PSLF and planning to switch from RePAYE to PAYE after residency does not work. You are better off choosing the best plan up front or switching to PAYE while still in residency.You will not be able to change to IBR once your income increases, nor will you be able to switch to the 10-Year
Do Not Trust Advice from Your Student Loan Servicer
Business Are in Business to Make Money The main objective for most businesses is to make a profit. Some businesses will attempt to meet this objective at any cost even when it seems counter to what the public believes is their mandate. This is why we have been telling people not to trust the advice
The First Thing You Need To Do for PSLF
If you have made the decision to pursue Public Service Loan Forgiveness (PSLF), one of the first things you need to do is consolidate your student loans. You need to do this as soon as possible. The day after you graduate would be a good time. "Consolidate Your Federal Student Loans as Soon as
Think of your medical student loans as a business investment
Medical School Loans Viewed Like a Business Loan I have observed that many recent medical school graduates seem to be embarrassed about their student loans. As I talk with these individuals you can see in their body language that they feel taking on approximately $200,000 in debt to get a medical
Welcome to the Financial Rounds Blog!
The goal of this blog is to help guide new doctors to financial independence and minimize mistakes along the way.This blog will be most relevant for you if you just graduated from medical school or are early in your medical career. Our articles will focus on questions like how to handle existing