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Travel, Travel, Travel

Travel, Travel, Travel

Do you like vacations? Well of course you do. The problem is that it is difficult to take one while living on a Resident’s budget. Whether your specialty is Anesthesia, Radiology, Emergency Medicine, Dermatology and all the others, you and I both know that vacation although necessary and desirable can put the pinch on your pocket book. The purpose of this blog today is to enlighten you on some of the many affordable options available so that you can get the much needed R&R at prices that won’t wreak havoc on your bank account and will allow you to enjoy that desired destination. Let’s start with airfares. There are many wonderful sites out there built to help you take advantage of the deals and be your own travel agent. 1. Kayak.com is probably one of my favorites for finding flights if you have specific days to travel. It populates the carriers and schedules offered to your preferred destination. It also shows pricing and when you decide who you want to fly with simply click[...]
Are you Bleeding Money?

Are you Bleeding Money?

As a resident specializing in the field of Anesthesia, Emergency Medicine, Oncology, Dermatology or any of them really you are now earning upward of $50,000 annually.  Fantastic but do you find yourself scrambling to figure out where your paycheck went at the end of the month?  If so, you are not alone.  According to the Center for Financial Services Innovation (CFSI) almost half of you say that your expenses are either the same or greater than your incomes.  That is a rather startling figure. They also go on to say that, well over half of you are struggling financially.  For many of you the cause is mounting school debt compounded by monthly living expenses.  There are additional costs that you can control zapping your wallet.  You know what they are (admit it or not).  Those trips to the coffee shop, impulse purchases when you only went in for 1 or 2 items, water bottles, dining out too much the list goes on.  All this may seem elementary but sometimes we need to take a hard l[...]
The Disability Stats

The Disability Stats

Dear Resident Doctor I am writing to explain the importance of investing in your financial future by first securing your own private disability income protection policy. … That is a wonderful introduction and one you should take seriously if you have received it. You as a specialist in Emergency Medicine already have some idea of the immense value owning a disability protection policy has. I say this because you see the ramifications of accidents and illness daily. You must also see and hear your patients trying to make sense of how to pay for their recovery and maintain their lifestyle if the damage is permanent. You are not immune this can happen to you. Here are some startling statistics • The chances of you becoming disabled for five or more years is 1 in 8. Most people think it to be quite higher at 1 in 50. Of course we all want to believe we are invincible. • Almost 30% of all disabilities are back and joint disorders. You spend a great deal of time on your feet. This makes [...]
The Ultimate Business Overhead Protection Cheat Sheet

The Ultimate Business Overhead Protection Cheat Sheet

Hi to all of you out there I am sure by now your summer is in full swing.  Many of you are preparing to begin your residencies as specialists in Anesthesia, Neurosurgery, Emergency Medicine, Radiology and the numerous other medical specialties and many of you are entering into private practice.  By now you should have already invested in your most valuable asset and purchased the best disability coverage for your income protection.  If you have not what are you waiting for?  Ok enough with the lecture today I want to talk about Business Overhead Expense Disability Insurance.  You are probably thinking ok but I am not going into my own practice right now or maybe never. That doesn't mean you shouldn't understand what it is.  You never know what the future holds or if one of your colleagues will benefit from this information.  Lets get started. Business Overhead Expense Insurance is a type of disability coverage that enables you to maintain your business as a specialist in Radiology i[...]
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Should You Rent or Should You Buy?

So you are thinking about buying a home/condo. That is the American dream right? White picket fence, friendly neighbors, good schools, perfectly manicured lawns even a membership to your local country club. Whoa Nelly! First you need to make sure you know the basic differences before you jump in with both feet. The list below itemizes some of the expenses that you will be responsible for if you own.  Many are included in your rent if you live in an apartment.  It is a good idea to think about these when you are considering whether to rent or buy. Basics: Renting(offers no future financial advantages) or Owning (builds equity and credit) Payment:  Fixed monthly in an apartment versus Fixed or Flexible Mortgage Utilities: Gas, Electric, Water, Sewer, Trash pick up(can be included in rent) Cable/Internet: (can be included in rent)  Maintenance (painting, lightbulbs, lawn care) all are at the owners expense.  Generally included when renting Property Taxes Fitness fac[...]