ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 144: If We Had 20 Minutes with a New Attending, Here’s What We’d Say

It’s officially summer! Which means change is in the air for new attendings. Let’s set the stage a bit – typically work responsibilities are new and stress-inducing. And when it comes to finances, that tends to leave three different options. The first is it’s all so overwhelming, so it’s better to do nothing or procrastinate. The second is the understanding that something needs to be done, but that something ends up being rushed and likely does more harm than good. And finally, there’s a methodical and strategic plan created that sets the foundation for financial success into perpetuity.

Notice how two out of the three options are actually detrimental. That’s what we’ll discuss on today’s episode: how getting it right from the start makes such a difference. It’s for that very reason so many ER docs tell us they wish they had been introduced to us right out of residency.

Topics Discussed:     
  • What’s unique (financially) about new attendings.
  • Why it’s important to set yourself up financially right out of the gate.
  • How to maximize your new income and benefits in the first year.
  • What you need to avoid.
  • The important thing to know about investments and insurance.
  • How to navigate insurance and disability.
  • The key to financial wealth and why you need to get cash flow in order.
  • How to prioritize your savings, retirement, and debt.

Resources Mentioned:

Tags

ER doctor, emergency medicine, emergency doctor, ER, financial planning, new attendings, start early, post grad

by 
Scott Wisniewski, EA