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
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
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
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
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
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
https:/ / www.va lue pe ng uin.c o m/ a ve ra g e -c re dit-c a rd-de b t
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
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
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
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
*Ame ric a n Me dic a l Co lle g e s (no t c o unting unde rg ra d)
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
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:
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
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
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!!!
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 !
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
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
So fi/ simila r L
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)
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
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 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
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
No n pro fit fo r 10 ye a rs
I
nc o me Drive n
Ca n tie a ll to PSL
F
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/
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/
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
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
Bo o ks
T
he White Co a t I nve sto r
Da ve Ra mse y’ s T
T
he Millio na ire ne xt do o r
T
he F re e do m F
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
Stude nt L
https:/ / white c o a tinve sto r.c o m/ stude nt-lo a n-re fina nc ing /
Info rma tio n a nd c a lc ula to rs fo r stude nt lo a ns:
http:/ / www.yo uc a nde a lwithit.c o m/ b o rro we rs/ c a lc ula to rs-a nd-re so urc e s/ e stima to r/ inde x.shtml
https:/ / stude nta id.e d.g o v/ sa / re pa y-lo a ns/ unde rsta nd/ pla ns
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/
https:/ / www.white c o a tinve sto r.c o m/ stude nt-lo a n-a dvic e /
Info rma tio n o n re tire me nt
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.mrmo ne ymusta c he .c o m/ 2012/ 01/ 13/ the -sho c king ly-simple -ma th-b e hind-e a rly- re tire me nt/
Budg e ting
https:/ / www.yo une e da b udg e t.c o m/
https:/ / www.e ve rydo lla r.c o m/
https:/ / www.mint.c o m/
Na o mi Sc hmid
njdsc hmid@ g ma il.c o m 406-450-1857