As you know, as part of the PhREI network, we decided to start a weekly roundup to share new activity from across the network. Enjoy!
Ian Cook of Carpe Diem MD received advice as a resident: “become a tripod”. Well, Ian took that advice and turned it into even better advice: become a stable table. What does he mean by that? He’ll explain in detail. But, in short, he’s explaining that although there are many different physician financial bloggers out there telling you the “right” way to do things – i.e. right way to save, right way to invest, etc. – there are several “right” ways. Some people might argue that a table has four leg. But, some tables CAN stand on three legs, right? And they’re still stable? Exactly. You get the point.
Daniel Shin of the Darwinian Doctor did some heavy reading so that you don’t have to. Thanks Dan! He details three huge lessons he learned from an even more huge tax book. Here they are:
- Employees have little ability to deduct expenses;
- As your income rises, your tax deductions are limited even more; and
- The tax code favors businesses and real estate investors.
As a resident, we’re given little to no education in terms of finances or how to build healthy financial habits. How can this be improved? Opt out retirement plans for trainees. Do you think this should be an option? Let’s dive into it!
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