Since our establishment, we have been dedicated to not only providing excellent products and services built for the needs of doctors, but also sharing financial, lifestyle and professional resources that can help you throughout your career.
We’ve compiled all of our articles on common financial topics and questions into one easy-to-access resource.
Managing your finances in every career stage
Budgeting can be difficult, especially in school, training and early in career. These articles focus on managing your finances and building a budget.
Why Monthly Budgeting is Critical for Doctors in Training
Budgeting can be especially important during training when money is tight and financial stress is common. A budget can give you control over your money, make you aware of your spending, and keep you focused on your goals.
This article answers:
- How do I create a budget as a doctor?
- What tools can help me create a budget?
How to Cover Expenses During Medical Residency
Many residents struggle to find funds to pay for moving costs, unanticipated expenses and general spending, while receiving inadequate pay. Options for covering these expenses include credit cards, borrowing from friends and family, moonlighting and personal loans.
This article answers:
- What are my options for covering expenses in residency?
- Which option will work for me?
How Can Doctors Avoid Lifestyle Creep?
Transitioning from resident to practicing doctor typically means a steep jump in pay, which can be exciting but come with challenges. As individuals earn more money, there can be a tendency to spend more and more, even beyond their means.
This article answers:
- What is lifestyle creep?Â
- Why is lifestyle creep common for doctors?
- How can doctors avoid lifestyle creep?
Building your savings
Many doctors have difficulty building savings through school and training, but savings can help you adapt to moments of financial strain or plan for long-term goals.
How a High-Yield Savings Account Can Help Doctors Save Money Faster
High-yield savings accounts are a great tool for storing and growing savings passively.
This article answers:
- What is a high-yield savings account?
- What can doctors use a high-yield savings account for?
- What should a doctor look for in a high-yield savings account?
A Doctor’s Guide to Building an Emergency Fund
An emergency fund is a readily accessible sum of money that is set aside to use during unexpected expenses or periods of unemployment. This financial tool can help you avoid or postpone the use of credit cards or high-interest loans.
This article answers:
- What is an emergency fund?
- Do doctors need an emergency fund?
- How can doctors build an emergency fund?
Learning the financial basics
Many physicians, dentists and veterinarians receive very little financial education. Understanding basic financial topics can help you make educated decisions to get you closer to achieving your financial goals.
Hard Credit Check vs. Soft Credit Check: What Doctors Need to Know
“Credit check” is a phrase you may hear often as you search for banking products that work for you.
This article answers:
- What is the difference between a hard credit check and a soft credit check?
- How do credit checks affect doctors?
How Doctors Can Improve Their Credit Score & Other Common Credit Score Questions
Doctors can often become burdened by a low credit score because of their need to take on substantial debt early in their careers.
This article answers:
- How is a credit score determined?Â
- How can I improve my credit score?
Tackling student loan debt
Physicians, dentists and veterinarians typically take on a significant amount of student debt. Navigating repayment and/or forgiveness can be easier once you know the basics of your options.
Pros and Cons of Public Service Loan Forgiveness for Doctors
Public Service Loan Forgiveness is an option for getting rid of substantial student debt, but there are benefits and drawbacks to this program.
This article answers:
- What are the benefits and drawbacks of Public Service Loan Forgiveness for doctors?
- Is Public Service Loan Forgiveness a good option for you?
As a Doctor, Should I Refinance My Student Loans?
There are many student loan payment options for doctors: PSLF, income-driven repayment, refinancing and paying the balance directly.
This article answers:
- What is student loan refinancing?
- What student loan payment or forgiveness option is best for me?
A Doctor’s Guide to Refinancing Student Loans
Refinancing your student loans could reduce your interest rate or lower your monthly payments.
This article answers:
- Is student loan refinancing the right choice for me?
- How do doctors begin the refinancing process?
Taking control of non-student loan debt
It is widely known that doctors take on significant education debt, but they also often take on other debt to pay for things like relocation, medical expenses and other unexpected costs.
Personal Loans for Doctors: What You Need to Know
Personal loans are a good alternative to the high interest rates of credit cards.
This article answers:
- What is a personal loan?
- What can doctors use a personal loan for?
- How do I apply for a personal loan?
What You Need to Know About Credit Card Consolidation for Doctors
25% of physicians are currently paying off credit card debt, according to Medscape’s 2021 Physician Wealth & Debt Report. Credit card consolidation can help you tackle your debt efficiently.
This article answers:
- What is credit card consolidation?
- How can doctors consolidate credit card debt?
Preparing for retirement
It’s easy to put off preparing for the long term, but it’s important to start early. Don’t play catch up throughout your career. Start now, so you can be set up for success in your golden years.
How to Prepare for Retirement as a Physician, Dentist or Veterinarian
High debt load, late start in earning, excessive spending, and lack of knowledge can get in the way of making a retirement plan, but preparing for retirement should be a priority throughout your career.
This article answers:
- When do doctors typically retire?
- How should doctors prepare for retirement?
- Should doctors use a financial advisor to prepare for retirement?
What is a 401(k) and an IRA? What Doctors Need to Know About Retirement Savings
There are many retirement savings account options, but two of the most common are 401(k)s and IRAs.
This article answers:
- What is a 401(k)?
- What is the difference between a traditional and Roth IRA?
Finding experts to help you along the way
Life as a doctor can be challenging, but it can be made a little easier with a strong team behind you. Don’t navigate the challenges of personal and professional life alone.
A Doctor’s Guide to Selecting and Using a CPA
CPAs can ensure your personal or practice finances are in order and give you tax advice to avoid overpaying on your taxes.
This article answers:
- How does a CPA help doctors?
- What should I look for when using a CPA?
Finding a Practice Lender & Bank: Choosing Wisely Today for Your Practice Tomorrow
When financing a practice need, a lender may seem like an easy choice—just pick the best rate. This decision is actually much more complex.
This article answers:
- What factors affect a practice loan?
- What should I consider when choosing a practice lender?
How Contract Lawyers Help Doctors
Whether an employment contract or a business deal for your practice, contracts are a common part of professional life that require careful review.
This article answers:
- What is a contract lawyer?Â
- When do doctors need a contract attorney?
There’s more!
We have plenty of other articles focused more specifically on individual career paths—physician, dentist and veterinarian. Visit our Resources page to find more.
Want to know more about a topic we haven’t covered? Send us an email to let us know what doctor and/or financial topic you are interested in.
