Investing and Retirement

This is one area where all of our education leaves us lacking the proper knowledge to prepare us to dive into this topic. I recommend at the beginning of either podiatry/medical school or definitely by the start of residency (where you will have an income) to meet with a financial adviser and possible a student loan advisor. They will often do this for free hoping to get your business. Some may ask for your financial situation (loans, debts, income, retirement, stocks/investing information) prior to the meeting and put together a general plan and strategy for you (hoping you will take it one step further and work with them). Most of the time you do not need to "hire" anyone at this point, and definitely do not hire anyone/sign anything until you understand the principles of "assest under management" and "fee for service" advisors and what payment method your advisor works under. More information on this can be found at the White Coat Investor here as a starting point..

It is preferable to get someone who works with physicians (they may be less familiar with DPMs, but its all the same if they are more accustomed to MD/DO) since they will understand the components of your situations including loans, a low(er) salary that will increase (hopefully) greatly over years, delayed retirement savings, etc.

It is also important to during residency to look at if your program / hospital has any sort of retirement plan / 401 plan to contribute to during that time period (and max it out if possible). As a resident you are use to living cheaply after transitioning from school and this is a good opportunity to get some early money into the retirement system and start growing.

A good way to find a financial adviser is to ask past residents what they have done, or the attendings/doctors at your hospital. Most are willing to share the name of their adviser and experience usually without bias. Furthermore, a lot of programs will have adviser groups coming through during hospital or resident meetings and the GME office may be another good place to start to get a few names.

MISC Online Resources:

General Articles:
  
Websites:
  • White Coat Investor (website) - created by Dr. Jim Dahle, a practicing emergency physician, discussing topics of investing and personal finance for physicians. (HIGH YIELD)
  • Physicians on FIRE (Financial Independence, Retire Early) -  personal finance website devoted to helping high-income professionals achieve financial independence and the option to retire early.
  • Passive Income MD (website) - "financial freedom through passive income" with topics/ideas on inspiration, lifestyle, real estate, side hustles, family, and medicine.
  • Bogleheads wiki (website) - a wiki page with resources for investing, savings, etc.
  • The Frugal Physician (website)
  • DiverseFI (website) - "personal finance with a twist."
  • The College Investor (website) - blog with information on both student loan payoff strategies and ways to make money while in school / residency.
  • Miss Bonnie MD (website) - more specific to women physician with the motto "Empowering women physicians to find financial freedom."
  • Crispy Doc (website) - physician finance blog by financially independent emergency physician; affiliate to White Coat Investor
  • Medical Economics - "business resource for busy physicians, providing the practical information and expert advice they need to successfully manage their medical practices, their personal finances, and their professional careers."​
  • Drs. Gan and Mo (website) (Instagram) - financial and investing information on a YouTube channel by a practicing podiatrist and dentist.
 
Real Estate:
  
Blogs:
  
Lifestyle:
  • Mr. Money Mustache (website) - blog about "how we can all live a frugal yet Badass life of leisure."

​Apps / Programs:
  • Tiller Money (website) - finance spreadsheet app that merges with google/sheets or excel.
  • Personal Capital (website) - track and manage financial life