Financial Clarity Blog

Many of you have had to endure a pay cut in 2020. Many of you have even been furloughed temporarily or laid off. While most of the people who read this blog work in healthcare, which is rumored to be “recession-proof,” 2020 has proved that even the most stable jobs aren’t 100% waterproof. Who knows what will happen to our world and economy the rest of this year, or in years to come? Today we want to write about ways to survive a pay cut so you can be prepared if you are ever faced with those circumstances. With that, let’s take a look at 7 ways you survive a pay cut. Start implementing them now, so you aren’t scrambling if it happens to you.

The 2019-2020 academic year is behind us, which means there are approximately 45,000 new doctors entering practice in America (according to the ACGME Data Resource Book). That's a lot of new doctors who have a fantastic opportunity to achieve financial independence if they get started on the right foot. Today we are going to dive into six ways to achieve financial success as a new attending physician.

Everyone wants to achieve financial independence, whether you are making large strides or taking baby steps. Not everyone has a plan to get there, but everyone would like to be in a position where working for a paycheck is optional. When it comes to getting on track for financial independence, there are two types of people: 1. The people who are on a mission from day one to become financially independent. They make a priority at the beginning of their career to live well below their means and set aside a significant portion of their paycheck for their future (sometimes over half of their take-home pay!). 2. Everyone else.

With healthcare workers on the frontlines of this COVID-19 battle, many companies have stepped up to offer perks, discounts and freebies for healthcare workers.

For most doctors buying a house, especially early in their careers, a mortgage is a necessity. A common question you may be wondering is, do doctors get better mortgage rates?

How much money does a doctor need to retire? It depends. That being said, there are some general guidelines that doctors can follow to know what to shoot for when it comes to retirement planning.

People assume that doctors are rich, because being a doctor is a considered prestigious job and most prestigious jobs pay good incomes. However, having a good income and being rich are two different things.

While most of you reading this don’t earn anywhere near $1M/year, it may seem crazy to think that you would find yourself going broke if you earned that much. However, I have seen enough people’s finances to tell you that there are people out there earning $1M/year living paycheck to paycheck.

Every time I hear someone say they plan to renovate the kitchen or upgrade the master bathroom, I wonder to myself, “Does this make sense financially?”

I use a real example from my own life of the cost of owning a home for less than five years. I compare that to the cost of renting to help you decide whether renting vs. buying a home is the right choice for you.