How to Live Like a Resident

Some of the best financial advice ever given to me by a colleague is encompassed in these four words: “Live like a resident.”

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Simple, yet profound. There are really five pieces of advice encompassed in this short phrase.

Live Like a Resident

Remember that part of your salary is to make up for the fact that you spent over a decade of your life to train for your chosen profession.

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Your college roommates not only have lower loans, but they also have had more years for their savings to compound. You will need to save a higher percentage of your income to get to the same place for retirement as them.

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When you do upgrade your lifestyle, remember that 5 times the pay doesn’t equal 5 times the lifestyle. You will pay far more in taxes as an attending. You will have a lot more business and CME expenses also.

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You’re probably coming out of a residency where you’ve gotten used to 60-90 hour weeks. As one of my emergency medicine colleagues recently said, “I just got done working 20 shifts a month for three years; Why can I now only work 14?”

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He figures if he only cuts back to 17 he gets an improved lifestyle and a few extra thousand a month, which will go a long way.

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