Скачать или смотреть Creating A Money Plan For Medical Residents: Budget Building 101

When we first moved to Philly in 2015, we had the opportunity to have our new neighbors over for dinner and drinks. It just so happened that our wonderful neighbors were medical graduate students at Drexel University. After that realization, the three of them were deemed the first official focus study group of WealthKeel. Not only did we learn about the medical master’s route prior to medical school, but they also shed some light on what their biggest concerns were, financially, going into their medical school years and subsequently their residency.

It should come as no surprise that student loans and repayment were their #1 concern — and it seems like that trend will only continue. We’ve talked in-depth about student loans, but we wanted to dig a little deeper and find out what else was on their mind financially.

Their second main financial concern was budgeting (we must say, hearing that made us proud). At this point, we put ourselves in their shoes: if we had to build a budget while in residency, what would it look like?

Budgeting is a core pillar of a great financial plan and it’s actually a lot easier than you may think! When you have a budget, you’re in control of everything— debt, spending, you name it. It’s not a word to be intimidated by. On the contrary, it’s a very empowering process.

Key Insights 💡
💰 Building a budget as a medical resident involves accounting for taxes, employer deductions, and net income.
🏠 Housing expenses can vary depending on location, while transportation costs should consider car payments and pre-tax transit benefits.
💸 Student loan payments should be organized and aligned with either public service loan forgiveness or aggressive payoff strategies.
💡 Utilities and food expenses should be tailored to individual circumstances, with the opportunity to take advantage of free meals.
🛡️ Disability insurance is crucial for residents, with a recommended base plan and consideration for unisex rates.
💵 Saving for an emergency fund is essential, even with a small amount per month, to prepare for unexpected expenses.

Highlights 🕒
0:00 🎶 Introduction to the video and the sentimental value of the topic.
1:14 📝 Explanation of the blog post and the free Excel spreadsheet provided.
2:10 🖥️ Screen sharing to walk through the blog post and the spreadsheet.
3:30 💰 Discussing the average salary for medical residents and accounting for taxes.
5:10 🏥 Employer deductions and pre-tax savings to lower income for loan forgiveness.
6:55 🏠 Budgeting for housing and transportation expenses.
8:20 💸 Managing student loan payments and avoiding forbearance.
9:45 💡 Tips for utilities, food expenses, and taking advantage of free meals.
11:30 🛡️ The importance of disability insurance for residents.
12:45 💵 Saving for an emergency fund.
14:00 🎵 Conclusion and call to action for budgeting and financial wellness.

📚 Read More Here: https://wealthkeel.com/blog/building-...
🆘 Other Resources:
1. Budgeting tools:
-Tiller: https://www.tillerhq.com/
-YNAB: https://www.youneedabudget.com/
2. ADP Tax Calculator: https://www.adp.com/resources/tools/c...
3. WealthKeel Medical Resident Budget Template: https://wealthkeel.app.box.com/s/rpyw...

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Music from Intro Video: Sunburst by Tobu & Itro - http://bit.ly/2p6JaWw

Disclosures: This information is for general purposes only. This information is not intended to be a substitute for specific professional financial or tax advice, as individual circumstances vary. Please see a financial professional, CPA, and/or an attorney in regards to your own individual situation.