Get Started Here!

Finance Flash Go! Episode #13: Contract Benefits

The topic on the Finance Flash Go podcast today is an important one! It’s all about an overlooked but very important aspect of your contract negotiation.

Listen to the full episode and subscribe here!

Learn your benefits, they are part of your salary!

Mutual Funds
Contract Benefits

Another overlooked aspect of contract negotiation is making sure that you have a comprehensive understanding of the benefits offered by your employer. Your benefits package makes the difference in tens of thousands of dollars but most people don’t even learn about them until after signing the contract. Ask to speak with a benefits representative during your interview or on the phone.

Find out what tax protected retirement accounts are offered and specifically if the employer offers a match. Let’s say the employer will contribute up to $22,800 to a retirement account like mine.  That’s $22,800 additional money that will grow tax free via compound interest that is basically a part of your contract. As an aside, make certain that you contribute enough to your retirement account to trigger the employer match. Failing to do so is leaving money at the negotiating table.

Also find out if your employer offers a Health Savings Account (HSA). I won’t go into detail about HSAs here, but in brief, it is one of the very few triple tax free investment vehicles and is a nice advantage if they have one (my employer does not).

Learn if your employer offers group malpractice, disability, or life insurance and how much it covers. This will reduce or eliminate the need to buy expensive individual policies on your own dime. The malpractice insurance that my group offers is so strong that I did not need an individual policy. The life insurance, however, was minimal and no group disability is offered so I did purchase these on my own.

Related posts:
How to Find the Perfect Balance Between FIRE & YOLO
5 Easy Steps for Physicians Who Hate Personal Finance
Finance Flash Go! Episode #45: Small Cap vs. Mid Cap vs. Large Cap Stocks
My Stock Portfolio Is Better Than Your Financial Advisor’s
Stress Free Stock Market Investing Is Easier Than It Seems!
Important Money Lessons That I Learned From My Wife
Finance Flash Go! Episode #44: Understanding Growth vs. Value Stocks

I really hope that you all enjoy the Finance Flash Go podcast! We plan to release a new episode every weekday answering important finance questions. If you ever want to submit a question to our podcast, send an e-mail to [email protected]

And please subscribe and give us a 5-star rating if you enjoy the podcast! It helps us continue our mission of helping all of us to achieve financial well-being!

Learn more about my flagship course!

Love the blog? We have a bunch of ways for you to customize how you follow us!

Join the Prudent Plastic Surgeon Network

And accelerate your path to financial freedom with my free FIRE calculator!

    We won't send you spam. Unsubscribe at any time.

    Join The Prudent Plastic Surgeon Facebook group to interact with like-minded professional seeking financial well-being


    The Prudent Plastic Surgeon

    Jordan Frey MD, a plastic surgeon in Buffalo, NY, is one of the fastest-growing physician finance bloggers in the world. See how he went from financially clueless to increasing his net worth by $1M in 1 year and how you can do the same! Feel free to send Jordan a message at [email protected]

    Leave a Comment