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How important is it to save money during residency
#1
I generally understand the benefits of putting money into a Roth IRA or 401k in terms of long term wealth development and growth. I am able to save some money during residency but based my understanding of what attendings salaries can be in both private practice and an academic setting how much of a difference does this make in the long term once you are making an attending salary.
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#2
If you don't have any student debt, come from money, or married rich, you can probably afford to do this.

For anyone else, this is such a terrible idea. Especially if you have or are planning to start a family. The first attending decisions you will make will probably be to move your life somewhere and buy a place a live. If you're in private practice, your income may not come in until you start building up case volume. There are unseen costs ranging from attorney fees to malpractice insurance premiums, each of which will run you in the thousands. You need some money in the bank up front.

More importantly, the attitude that you can afford not to save because you're relying on future income just sets bad precedent for your financial future. Many a rich neurosurgeon and NBA star have learned the tough lesson of not managing money the right way. Learn the discipline and skills to do so right now, when you really need it.
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#3
Great advice
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#4
(09-05-2020, 12:29 PM)Guest Wrote: Great advice

Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it.” - Einstein
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#5
Only if you're going to yolo it on GME and PLTR options.
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#6
As an incoming resident, what is the wisest thing I can do with my money for long term growth? Graduating with zero debt due to scholarships and saved on rent living with my parents so this is really my first time managing an income.
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#7
Max out a Roth IRA in index funds every year
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#8
How to save money in residency: don't get married
How to save money post-residency: don't get divorced
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#9
(03-18-2021, 10:03 PM)Guest Wrote: How to save money in residency: don't get married
How to save money post-residency: don't get divorced

serious question: don't you save on taxes reporting jointly?
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#10
(03-18-2021, 10:05 PM)Guest Wrote:
(03-18-2021, 10:03 PM)Guest Wrote: How to save money in residency: don't get married
How to save money post-residency: don't get divorced

serious question: don't you save on taxes reporting jointly?

Childcare is a mortgage payment
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