The life of a resident in training can be very stressful and time consuming. During these years, residents will take on responsibilities almost equivalent to that of an attending, but without the compensation or recognition. In addition to this daily stress is the daily acknowledgement of interest compounding on a resident's student loans. The psychological burden of this liability can be significant. Most of this stress is caused by a lack of answers to unspoken questions. What are my options with debt repayment? How can I be a good steward of what discretionary income I do have, and what obstacle should I address with these funds now? What would happen if I have an injury or an illness that prevents me from finishing my training? How will I then pay my debts, support my family, etc... Should I invest now with what I have, or should I make an effort to reduce debts? Do I have enough in an emergency fund? Will my age and health be an issue for me when I try to qualify for different forms of coverage? The list goes on and on, which is why we help residents with strategies that can prepare them for the future as soon as they enter training.
This Graph was illustrated by White & Mcgowan Financial. Incomes may vary.
Most of the questions can be answered mathematically and with financial structure or organization. Every resident addresses these questions during residency, be it deciding to be prepared or postponing these decisions until the moment arrives. Planning with us around these questions can save you a tremendous amount of stress, wasteful spending, unnecessary interest, and will ultimately allow for a smoother transition out of residency. Dr. Blake McGowan has asked these same questions in his lifetime, and can now speak to the practical solutions with hindsight knowledge of a medical professional's situation. Prather, White & McGowan provides an acute knowledge of the financial industry and is specifically equipped to help residents with these persistent questions. If you would like to find a time to meet with John Prather, CFP, Matthew White and Blake McGowan, M.D., please click the contact now button below and someone will be in touch with you shortly.