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Financial Planning for the New Practitioner

  • William W. Feaster
  • Michael J. Corley
Chapter

Within a month of starting your new job as a practicing physician, your income will immediately jump 3–5 fold, depending on your specialty and the type of job you have entered. After taxes, that ends up being a lot less than you might expect, but nonetheless, a significant increase from when you were in residency or fellowship. One mistake people make when seeing a number like $180,000 on an employment contract is to commit too early to expenditures on new cars, houses and the like before they see what their after-tax and after-benefit paycheck really looks like. The paycheck impacts of various benefit expenses, such as practice overhead, health and malpractice insurance, were discussed in Chapter 5 and won’t be repeated here. Another mistake is to fall victim to the sharks! We will discuss this painful outcome with other pressing issues such as buying a home for a tax deduction, paying off student loans, contributing pre-tax dollars to retirement accounts, and some general concepts...

Keywords

Stock Market Mutual Fund Disability Insurance Financial Advisor Student Loan 
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Copyright information

© Springer Science+Business Media, LLC 2009

Authors and Affiliations

  • William W. Feaster
    • 1
  • Michael J. Corley
    • 1
  1. 1.Department of AnesthesiaStanford University Medical CenterStanfordUSA

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