F ina nc e fo r Physic ia ns 101 Na o mi Sc hmid, DPM Go a l - PowerPoint PPT Presentation

F ina nc e fo r Physic ia ns 101 Na o mi Sc hmid, DPM

 Go a l  Pro vide va lua b le fina nc ia l a dvic e to yo ung physic ia ns  Ob je c tive s  I ntro duc e diffe re nt a re a s o f pe rso na l fina nc e tha t a yo ung pro vide r ma y no t re a lize a re a va ila b le o r impo rta nt to c o nside r  Give pa rtic ipa nts re so urc e s to a llo w fo r furthe r e duc a tio n

Why me ? 35 se par ate loans = $426,791.84

Ab o ut me  Sinc e :  Se lf ta ug ht a b o ut fina nc e  Re fina nc e d to priva te le nde rs sa ving us 10’ s o f tho usa nds o f do lla rs  Pa id o ff o ve r 45% o f o ur c o nsume r/ stude nt de b t  Pa id fo r a c a r in c a sh  On tra c k to b e a b le to re tire b y a g e 55 https:/ / www.b ing .c o m/ ima g e s/ se a rc h? vie w=de ta ilV2&c c id=Wy08Y7ZG&id=1AB9D46815F 4C2BB96A31550CBC298F B60687441&thid=OI P.Wy08Y7ZGjE hX9JY_4i- SSwE sCv&q =pic ture s+a b o ut+dig g ing +o ut+o f+de b t&simid=608007018279930122&se le c te dI nde x=32&a ja xhist=0

Why is this impo rta nt? https:/ / c o o king b ride .c o m/ wp-c o nte nt/ uplo a ds/ 2013/ 08/ spe nding -mo ne y-q uo te s.jpg

Ab o ut us a s a so c ie ty  K e e p up with the Jo ne s https:/ / www.b ing .c o m/ ima g e s/ se a rc h? vie w=de ta ilV2&c c id=iiAo 7n4Q&id=4AD2EA778324631F 8A934D0CE 72A1113FAA4D472&thid=OIP.iiAo 7n4Qf_4- Nt6DL BUmXAE kE s&q =pic ture +o f+ke e ping +up+with+the +jo ne s&simid=608044079550695882&se le c te dI nde x=78&a ja xhist=0

Are o ka y with de b t https:/ / www.va lue pe ng uin.c o m/ a ve ra g e -c re dit-c a rd-de b t

No t a b le to c o ve r sma ll e me rg e nc y https:/ / www.fe de ra lre se rve .g o v/ pub lic a tio ns/ file s/ 2016-re po rt-e c o no mic -we ll-b e ing -us- ho use ho lds-201705.pdf

L a c k re tire me nt sa ving s https:/ / www.c nb c .c o m/ 2017/ 04/ 07/ ho w-muc h-the -a ve ra g e -fa mily-ha s-sa ve d-fo r-re tire me nt-a t-e ve ry-a g e .html

Ab o ut us a s physic ia ns  Ha ve a la rg e de b t lo a d  Ave ra g e me dic a l stude nt lo a n de b t:  I n 2015: $183,000*  Re la tive ly ne w to ha ve hig h de b t lo a d  Olde r do c s unlike ly to unde rsta nd this  Olde r tha n pe e rs whe n g ra dua te  F ina nc ia l ta rg e t *Ame ric a n Me dic a l Co lle g e s (no t c o unting unde rg ra d) http:/ / www.sing ula rc re ditre pa ir.c o m/ wp-c o nte nt/ uplo a ds/ 2016/ 01/ stude nt-lo a n-de b t111.g if

Ho w c a n we c ha ng e this? https:/ / www.b ing .c o m/ ima g e s/ se a rc h? vie w=de ta ilV2&c c id=41B45iX6&id=BE D90F D2BCA7035486D29F 24B18F 01E 204596E 9E &thid=OI P.41B45 iX6K dL sWnBo mJI e _wE sB4&q =pic ture +o f+c ha ng e +mo ne y&simid=608044298622078464&se le c te dI nde x=50&a ja xhist=0

3 K e ys to b uilding we a lth  Minimize / e limina te yo ur de b t lo a d  L ive o n le ss tha n yo u ma ke  Pa y yo urse lf first

Minimize / e limina te yo ur de b t lo a d  F ig ure o ut yo ur de b t  Sc ho o l, c a r, c re dit c a rd, po ssib le mo rtg a g e https:/ / www.g o o g le .c o m/ se a rc h? q =de b t&rlz=1C1GK L B_e nUS759US759&so urc e =lnms&tb m=isc h&sa =X&ve d=0a hUKE wiXpYCf7a z WAhVJ44MK HQ7T BAo Q_AUICyg C&b iw=1366&b ih=613# img rc =jT g AXJm-X0BKmM:

De b t – ho w to minimize  Stude nt T a ke o ut a s little a s po ssib le   E xtra $5000 a t 6.8% = $7924  1-2X sa la ry Pa y inte re st o n lo a ns if a b le   Re side nt Re nt / d rive c urre nt c a r  Pa y stud e nt lo a n inte re st a s  it a c c rue s  Ca pita lize d inte re st  $100,000 @ 6.8%  $121,818.64 a fte r thre e ye a rs  T a x sa ving s  Pha se s o ut https:/ / www.b ing .c o m/ ima g e s/ se a rc h? vie w=de ta ilV2&c c id=Uq rhUg sI&id=0AAE B3DC3F 7CC69A5113C24D8B1987E DE 0917AE 4&thid=OIP.Uq r hUg sIv40xvkXCwHZ-dQE sDM&q =pic ture +o f+minimizing +de b t&simid=608031834606798616&se le c te dI nde x=41&a ja xhist=0

De b t - ho w to minimize  Atte nding  Avo id “do c itis” o r “live like a re side nt”  Avo id e xtra de b t, fa nc y va c a tio ns, c a r, e tc .  Ave ra g e c a r pa yme nt:  $503 a mo nth fo r 68 mo nths  L ive in lo we r c o st o f living a re a if po ssib le

De b t - ho w to minimize  Co nside r re fina nc ing yo ur lo a ns  Ma ny o ptio ns – e ve n fo r re side nts  Priva te lo a ns c a n c ut inte re st ra te s b y mo re tha n ha lf  Sa ving 10s o f tho usa nds o f do lla rs  Ma ny o ffe r pro te c tio ns tha t fe de ra l lo a ns do a nd typic a lly do no t ha ve fe e s  Ge t mo ne y b a c k!!!

L ive o n le ss tha n yo u ma ke  F ig ure o ut yo ur ne t wo rth/ sa ving s ra te  F ig ure o ut whe re yo ur mo ne y is g o ing  Budg e t  YNAB, E ve ryDo lla r, Mint  Ha ve a n E me rg e nc y F und  Ho w to b e c o me we a lthy: !  SPE ND L E SS MONE Y T HAN YOU MAKE

Ho w to sa ve yo urse lf $$$  Budg e t  Re fina nc e  Mo rtg a g e c o nside ra tio ns  No mo re tha n 1-2X a nnua l pa y  15 ye a r mo rtg a g e  $300,000 lo a n*  30 ye a r a t 4% ve rsus 15 ye a r a t 3.25%  $1432 ve rsus $2108 a mo nth  $215,609 ve rsus $79,441  Diffe re nc e o f $136,168 *I nve sto pe dia Co mpa riso n o f a 30 ye a r ve rsus 15 ye a r mo rtg a g e

Ho w to sa ve yo urse lf $$$  Mo rtg a g e Co nside ra tio ns  Sho p a ro und a nd kno w o ptio ns  Physic ia n L o a ns  So fi/ simila r  L o c a l b a nks

Pla nning fo r the future  Stude nt/ re side nt  403(b )/ 401(k)  Be a wa re o f Ve sting  Ro th I RA  Ne w physic ia n  401(k), Se pI RA, I ndividua l 401(k), Ro th I RA, Ba c kdo o r Ro th  He a lth Sa ving s Ac c o unt (HSA)

Pla nning fo r the future  Pro je c t a g e o f re tire me nt  Sa ving 20% a llo ws re tire me nt in 37 ye a rs  Sa ving 25% a llo ws fo r 32 ye a rs

http:/ / www.b a nkra te .c o m/ c a lc ula to rs/ sa ving s/ sa ve -millio n-c a lc ula to r.a spx

http:/ / www.b a nkra te .c o m/ c a lc ula to rs/ sa ving s/ sa ve -millio n-c a lc ula to r.a spx

Just a fe w mo re thing s… http :/ / www.sla te .c o m/ c o nte nt/ d a m/ sla te / a rtic le s/ b usine ss/ mo ne yb o x/ 2011/ 12/ 111212_T E CH_mo ne y.jpg .CROP.re c t a ng le 3-la rg e .jpg

Pro te c ting yo urse lf thro ug h insura nc e  Pro te c t yo urse lf a nd lo ve d o ne s  Disa b ility insura nc e  Mo re like ly to use tha n life insura nc e  L ife insura nc e  T e rm po lic y  7-10x a nnua l sa la ry  Co ve r mo rtg a g e a nd po ssib le stude nt lo a ns  Ma lpra c tic e  He a lth  Umb re lla  T a il insura nc e

https:/ / www.b ing .c o m/ ima g e s/ se a rc h? vie w=de ta ilV2&c c id=WDMHT 23J&id=6122AF 05709E 4F E 23481441AC2A1BC170E 8E 19B9&thid=O IP.WDMHT 23Jh7dCXBxfCW634wE sDH&q =e le pha nt+pho to s&simid=608044981490288537&se le c te dI nde x=10&a ja xhist=0

Stude nt lo a ns  T ra ditio na l  Sta nda rd 10 ye a r  Gra dua te d 10 ye a r  Pub lic Stude nt L o a n F o rg ive ne ss  No n pro fit fo r 10 ye a rs  I nc o me Drive n  Ca n tie a ll to PSL F

F uture Pro o f MD Co mpa re s http:/ / drwise mo ne y.c o m/ 2016/ 03/ 31/ pslf-why-re pa ye -ma y-no t-b e -the -b e st-pla n/

F uture Pro o f MD Co mpa re s http:/ / drwise mo ne y.c o m/ 2016/ 03/ 31/ pslf-why-re pa ye -ma y-no t-b e -the -b e st-pla n/

Whe re to lo o k fo r he lp  Online  T he White Co a t I nve sto r  Physic ia n o n F ire  F uture Pro o f MD  Ro c k Sta r fina nc e  Stude nt lo a n he ro  Yo uc a nde a lwiththis.c o m  F ina nc ia l a dvise rs  L o o k fo r a fiduc ia ry

Whe re to lo o k fo r he lp  Po dc a sts  T he White Co a t I nve sto r  Sta c king Be nja mins  T he F re e do m F o rmula fo r Physic ia ns Po dc a st  Bo o ks  T he White Co a t I nve sto r  Da ve Ra mse y’ s T o ta l Mo ne y Ma ke o ve r  T he Millio na ire ne xt do o r  T he F re e do m F o rmula fo r Physic ia ns

L a st tho ug hts  Yo u a re the pe rso n tha t sho uld c a re mo st a b o ut yo ur mo ne y  T a king c o ntro l o f yo ur fina nc e s a nd b uilding we a lth is simple – b ut it isn’ t e a sy  T he so o ne r yo u a re de b t fre e the so o ne r yo u ha ve inc re a se d fre e do m  Switc h yo ur jo b  Quit yo ur jo b  Ge t yo ur ne w b o a t with c a sh