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25. Transitioning from Residency into Practice

For doctors, one of the most significant life events is transitioning from residency or fellowship into practice. This usually involves a significant pay increase, a job change, possibly a move to a new city, student loan payments increasing, the desire to purchase a house, new car, maybe start a family, among other things. There are many things for physicians to address when it comes to financial planning around this time. If you can set the tone and start your attending career on the right foot, your long-term financial goals will be much more achievable. Today we will discuss setting up a good game plan for your transition to set you up for future financial success.    

Creating a plan can be easy when you start with a goal in mind. Assessing your needs now and in the future will help you know what you need to so in the short term to be able to adequately save for retirement, as well as those other bigger purchases you may want down the road. The key is to take it one step at a time. 

 Tip of the day: Time and money are limited resources. You have to prioritize your goals – answer the question, “what do I want to accomplish?” 

For further reading on transitioning to practice check out these blogs: For further reading on transitioning to practice check out these blogs:  

Transition to Practice:

 https://thefinitygroup.com/blog/transitioning-from-residency-into-practice

Retirement: 

https://thefinitygroup.com/blog/how-much-money-does-a-doctor-need-to-retire

https://thefinitygroup.com/blog/saving-for-retirement-is-like-biking-across-the-country 

Student Loans: 

https://thefinitygroup.com/blog/debt-some-guidance-on-how-to-get-rid-of-it

https://thefinitygroup.com/blog/medical-school-loan-dilemma

https://thefinitygroup.com/blog/how-to-qualify-for-public-service-loan-forgiveness

Buying a Home: 

https://thefinitygroup.com/blog/do-doctors-get-better-mortgage-rates

https://thefinitygroup.com/blog/should-i-buy-a-house-or-keep-renting

https://thefinitygroup.com/blog/the-doctor-mortgage-loan


 Thanks again to the Financial Clarity Blog, our amazing clients, and the whole team at The Finity Group

For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter:  @CoreyJanoffCFP and @RachelleFinance  

Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC.  Finity Group and Cambridge are not affiliated.