Finance – Page 14 – Physician In Numbers

What Should You Budget For Intern Year?

It’s June! Many medical students have graduated already, and the rest will be getting their diplomas very soon. Possibly via Zoom this year. What this means is that for the vast majority of new MDs, internship year will start in the next 30 days.

If you are one of those lucky new doctors, you have a lot on your plate: licensure, ACLS, orientation, possibly moving to a new town. Figuring out a reasonable budget should also be on your list of to-dos.

If you are a traditional student who went straight through high school, college, and medical school, this may be the first time you have earned a decent salary that you had to live on.

Though many people pay attention to the big jump in salary that comes with the end of residency and the start of the attending paycheck, you are also enjoying a huge income increase this summer. You are going from no income, or negative income (borrowed money), to a positive income. How you handle this change in fortune can lay the foundation for a financially successful future, or make your finances more difficult once you finally reach the attending stage.

Victory! Or, On Completing A Huge Challenge

After writing about clearing my bookshelf for nearly a year and a half, last week I emptied it! The thrill is starting to fade, as I deal with the downstream effects, but let me tell you, I mentioned it once an hour the day I accomplished it.

To some of you, this may not seem like a huge accomplishment. I myself thought I could get it done in just 4 months–how deluded I was! I had no idea it would take me another year beyond that to accomplish my goals.

In many ways, achieving this goal was like achieving any other intimidating goal, like paying off a mortgage or student loans. And in other ways, it is very different.

Interview After Another Money Date

When my father became very ill last spring, I realized that my mom didn’t really know everything she needed to in order to manage the household finances. I couldn’t believe that she didn’t know how to get to all the accounts.

Then I realized that my husband was in the dark about much of our household finances. We had our first money date while on vacation, visiting family, this February.

Now that COVID-19 is going around, I feel a little more urgency to make sure he can really manage if I am unavailable for some reason. We took care of the bills together at the beginning of April and May.

I asked if he would be willing to be interviewed about the process again. We will see if third time is the charm, as far as feeling ready to tackle things on his own. This time I have added my commentary to his answers, the editor’s prerogative.

4 Market Crashes, 5 Lessons On Risk Tolerance. And 1 On Life.

I have had the dubious pleasure of investing through a number of market crashes over the years. Each one has taught me something about my risk tolerance, and I hope that the lessons I have learned may be helpful to you. If only to show you what not to do.

I decided not to present each past market drop chronologically, but rather to discuss each drop in terms of my personal risk tolerance, from least to most. Please keep in mind that, of course, your risk tolerance will change depending on your age and life circumstances.

9 Things I Am Grateful For During The Pandemic

I was talking to a colleague at work today (how exciting to talk to someone new!) about some of the things we are grateful for in these challenging times. I thought I might share a few (with a slant towards personal finance).

I still have a job…
… which is still paying me my full paycheck.
I didn’t give away my scrubs from residency
…and they still fit.
We usually eat at home, and our evening entertainment is usually watching DVDs (I got a bunch from the library before it closed) or listening to music. So that hasn’t changed much.
If I get bored, I already have lots of books to read.
My gym automatically suspended billing while it is closed by order of the state.
My auto insurance is supposed to be giving blanket discounts, giving that many fewer miles are being driven during this time of social distancing.
And, most importantly, my loved ones and I are currently enjoying good health!

I hope you have plenty to be grateful for as well. Feel free to share, if you wish.

Monday Melange

My mind is still tremendously distracted as I try to adapt to life in a pandemic. Instead of writing a full post for today, which would require a bit more concentration than I have right now, instead I would like to highlight a few pieces I found on line and have been referring to frequently.

Future Me, COVID-19 Follow Up

I started this series of posts at the end of October 2018. I had just cut back my hours from full time to 90%, and wanted to use my new free time wisely. Some of that time was to relax, but I also wanted to improve my fitness, make my home a more pleasant place to stay, and work on becoming a more well-rounded human being.

My last update was in January of this year, with a few wins, and a bunch of misses. I set new goals, many of which are not going to be possible to hit given the new recommendations around social distancing (#flattenthecurve).

I had planned to follow up at the end of May, but I would like to review my progress so far, and offer some course correction to my goals for the next few months.

This Is What You Have Been Saving For

The last few days have been a whirlwind of unexpected spending: food, electronics, and, yes, toilet paper.

All of this has come with a price tag, and I see the savings accounts dropping and dropping and dropping, which makes me anxious.

My husband points out, though, that this is what we have been saving for. An emergency.

While it would be great if the COVID-19 pandemic skips over our community, leaving little impact, we can’t count on it.

Wednesday Woolgathering, Procrastination Edition

Yesterday was a long day, and the post I was planning just didn’t get done. I’m putting it off to another day, and instead have some short snippets and updates, mostly about procrastination. Fitting, since I am publishing this late in the day.

A Money Date Interview

When my father became very ill last spring, I realized that my mom didn’t really know everything she needed to in order to manage the household bills.

I started thinking about my own household: I have been taking care of the bills ever since we got married. Most of our discussion about the bills has gone something like this:

Me: I’m going to pay the bills this morning.

Him: Thank you for taking care of this.

Me (sometimes): Can you believe this water bill?

Him: I don’t know what to do about this, I do a lot of cleaning.

Clearly, we haven’t been communicating well about our expenses. I wasn’t really sure that my husband would be able to manage things if I were incapacitated.

Before our last vacation (which conveniently fell over the first of the month), I asked him if he would pay the bills that month. Of course, I would help him.

This would be our first real money date. I asked him if I could interview him afterwards, to see what he thought about it.

I note that my husband has a strong internal censor.