Your first contract will set the stage for your financial future. Understanding your contract beyond compensation is critical. 

About 25 percent of residents use a professional financial advisor, according to the AMA Insurance report. Not surprisingly, 62 percent say they feel “behind” for retirement, and 70 percent feel only “somewhat” or “not very knowledgeable” about personal finance. Finding an advisor should be a priority during residency.

Many residents are focused on saving: 25 percent are very concerned about having enough for retirement, 21 percent about funding college expenses for their children and 19 percent about providing for elderly parents, according to the AMA Insurance report.

The top financial concern for residents is paying off their medical school debt, according to the AMA Insurance 2017 Report on Resident Physicians’ Financial Preparedness report. That’s understandable, given that 50 percent of residents have medical school loans totaling more than $200,000.

Residents typically see a negative balance sheet when they think about their financial situation and may feel there isn’t much to protect now, but it’s important to consider your most important asset–your ability to earn an income.

New Report: 2016 U.S. Physicians’ Financial Preparedness by Age

August 31, 2016 | Posted in: Financial Preparedness

How financially prepared are you for retirement - and how does that compare to physician peers in your age group? We know physicians differ from other investors, from a delayed start in saving for retirement to the heavy debt incurred during intense training years.

7 Characteristics Shared by Physicians Who are ‘Ahead’ for Retirement

August 16, 2016 | Posted in: Financial Preparedness

If you feel ‘ahead of schedule’ in your plans for a healthy retirement, then chances are you share some or most of 7 characteristics we found that differentiate physicians who feel ‘ahead’ from those who feel ‘behind.’

AMA Insurance’s latest study, 2015 Report on U.S. Physicians’ Financial Preparedness: Young Physicians Segment, paints a clear picture of today’s physicians under age 40, and their unique financial challenges.

A Roadmap for Women Physicians: Achieving Financial Preparedness

August 06, 2015 | Posted in: Financial Preparedness

“What’s the difference between a 401K and a Roth 401K?”; “Is a 2% fee structure too high?”;  “I’m getting divorced, what is a concrete first step?”; How do I find a trusted financial advisor?” For the past several months, we have heard these and other questions from women physicians as we rolled out the 6 Traits of Financially Prepared Women Physicians. 

Do you have the 6 traits of a financially prepared physician?

April 29, 2015 | Posted in: Financial Preparedness

Physicians work in one of the busiest professions, and finding time to dedicate to personal finances can be challenging. Would you classify yourself as financially prepared or behind schedule?

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