The best way to get a head start on a better financial future is to “live like a resident” for the first couple years out of residency. That’s right. Take that six-figure job, the fat signing bonus, and pretend nothing has changed.
It’s actually good advice, but living like a resident is much easier to say than do, particularly when your new colleagues have years and decades of real-world experience under their gold-buckled belts.
When you work as a locum tenens physician, you are living better than a resident. You can expect better working conditions, fewer hours, better pay, and more respect.
Be prepared to see you hourly rate jump at least 10 or 20-fold. Locums rates vary by specialty, but as a physician, I don’t imagine you’ll see anything less than $100 an hour.
It costs very little to be a locum tenens physician. The expenses you do incur that are related to work are tax-deductible. You can easily live well for much less than you did as a resident.
There are some expenses you will incur as a locum. You’ll want to check out the local scene. You might spend a little money on area attractions, like museums, festivals, and honkey tonks.