Residency

Financial planning tips for new physicians

Residency Program Insider, May 13, 2016

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Juggling medical school debt and daily expenses may leave little resources for new physicians to plan for their future but financial planners recommend starting early. Jerry Moran, A senior wealth strategist with Millennium Brokerage Group offered the following tips to young physicians:
•    Put 20% of your monthly salary into saving
•    Build a budget for saving for retirement and adjust it as your income changes
•    Reach out to older physicians for advice and be well-versed on financial aspects of employment contracts
•    Have an updated will and emergency fund for unexpected events

Source: AMA Wire



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