Advice Residency
@adviceresidency
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A safe space for students and trainees to get physician-specific financial advice.
Joined July 2022
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The Personal Financial Education Course for Early-Career Physicians is now available!
Cost is $99.
I think and hope it’ll lead to many many more great financial decisions without having to hire professional help while you’re in training!
to get started!
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🚩 🚩 🚩 of physician contracts, job interviews and work culture:
1️⃣ Non-competes.
2️⃣ "This is the same contact everyone signs. Don't waste $ on a contract laywer."
3️⃣ Lack of tail coverage.
4️⃣ If private practice, business manager is the spouse of a partner.
What else?
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Residents need financial education far more than they need a financial planner.
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Personal finance course for the MD to Residency path is in post-production.
Should be ready soon!
But now I can see we need to replicate this educational effort for the MD-PhD path.
Very different with unique challenges that need to be addressed!
Getting started on that asap!
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Most medical students and trainees do not need to create a comprehensive financial plan.
But an education in personal finance?
It’s critical.
What I do with
@olsonplanner
is cover the broad bases, trying to do so daily. And DMs with your personal questions over there are
/1
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One of the best starting points for med students to take in financial education?
Read and apply
@ramit
’s book “I Will Teach You to Be Rich”
We will be doing a 100 book giveaway at the beginning of May to low SES first generation physicians-to-be.
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Residents -
Build up savings for emergencies (3 months of expenses) before beginning to invest in a Roth IRA or paying off non-credit card debt.
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A significant component of what we are building is a schedule of live classes each month throughout the year.
- Student Debt/PSLF
- Program retirement plans and other benefits
- Disability insurance
- How to make a financial plan
- Home buying
What else would you like to learn?
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Own occupation disability insurance can cost around 4% of the income you’re protecting.
Say you make $200k and protect 60% of that (tax free benefit if it’s ever used).
To get that $120k or $10k/mo, you have to pay about $4800/year for the insurance.
Expensive. But worth it.
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Own occupation disability insurance with:
Ameritas
The Standard
Principal
Guardian
MassMutual
is critical to every physician.
Start with a Guaranteed Standard Issue if available.
It’s more urgent than starting a Roth IRA because it represents protecting your long-term income.
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$22,500/year can go into your 401(k)/403(b).
$6500/year can go into your Roth IRA.
If you’re able to do this at least, after training, it’s an excellent start!
If you’re not able to do any of this DURING training, that’s okay!
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25+ videos of “from medical school to the end of training” financial education in production!
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PDs and Senior Residents -
@olsonplanner
does free education sessions for groups of trainees.
It'll be about debt management, insurance considerations, taxes, and investing principles.
The only requirement is it be on a Thursday or Friday between 10am and 4pm EST.
DM him!
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Comprehensive financial education for med students and trainees via:
- a 25 video series
- an accompanying workbook
Cost: $99
Enter your name and email address at the following website to get an alert when it’s ready:
The 25 videos are about complete.
Now we are working on the accompanying workbook.
The focus?
To simply teach a personal finance foundation for the particular benefit of med students and trainees.
I hope this proves to be a sustainable and accessible educational tool.
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📚 The 3 Journeys of $1000 📚
If you are trying to decide between investing in pre-tax, Roth, or taxable investment accounts, this is for you.
Assumptions:
- an average annual gross profit of 8% (6% from growth, 2% from dividend/interest) for 20 years.
👇🏻
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The main limitation of most group disability insurance policies:
It does not go with you.
You’ll need to apply for it separately later and the state of your health at THAT time in the future will be substantially relevant.
Get your own “own occupation” disability insurance.
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The 25 videos are about complete.
Now we are working on the accompanying workbook.
The focus?
To simply teach a personal finance foundation for the particular benefit of med students and trainees.
I hope this proves to be a sustainable and accessible educational tool.
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Post-Match Financial Q&A
#1
is today from 1-2pm EST!
It’s intended for graduating med students, though attendings and trainees are also welcome to attend.
If you see this and want to attend, DM me this morning and I can send you the zoom link.
No selling, no cost. Just help.
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Post-Match Financial Q&A Session
#1
Monday 3/20 @ 12:00-2:00pm EST
@adviceresidency
subscribers will get the zoom link the day prior.
@olsonplanner
will send it to Twitter DMers that day as requested.
If
@JeffSteinerDO
@drmoneymatters
@GreeleyWealth
want to join, let me know!
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Learn all you need to about the financial decisions you’ll need to make during residency. 👇🏻
Cost: $99/year
Annual updates plus added chalk talks to illustrate financial principles.
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Med students/trainees -
Mark it on your calendars!
Join
@JeffSteinerDO
and
@olsonplanner
on Wednesday November 9th at 7-9pm EST for a personal finance session!
We’ll discuss budgeting and debt among other things.
Go to to sign up for the zoom link!
The first quarterly
@adviceresidency
financial education session will be the evening of Wednesday, November 9th.
@JeffSteinerDO
and I will be teaching this session.
If you want access, go to to sign up!
There is no cost for attending these sessions! 😊
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Med students/Trainees -
The primary costs of borrowing money for tuition is illustrated below:
1) Origination fee
2) Interest
That “7” represents years, as in how much interest will accrue b/w the start of med school and PGY3.
The time/interest impact is pretty substantial.
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Got federal student loans? Don't miss out on the new SAVE repayment plan! 💯 Cut down your payment calculations to size—DM us for tips!📲
#StudentDebt
#SAVEplan
#MedStudentLife
#fedstudentdebt
#PAYEplan
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This session is being revised to just one hour.
1-2 PM EST on Monday!
Graduating medical students are welcome to join and ask any questions you have.
Go to and subscribe to get the zoom link.
Joining
@olsonplanner
is
@ChrisGure
and
@GreeleyWealth
Post-Match Financial Q&A Session
#1
Monday 3/20 @ 12:00-2:00pm EST
@adviceresidency
subscribers will get the zoom link the day prior.
@olsonplanner
will send it to Twitter DMers that day as requested.
If
@JeffSteinerDO
@drmoneymatters
@GreeleyWealth
want to join, let me know!
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EM docs -
Considering refinancing your federal student loans?
Don't rush to ditch PSLF unless you're 100% sure it's out of reach!
Patience is key. ✨
#ResidencyLife
#SmartRefinancing
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If you’d like us to teach a personal finance class to your residents or fellows, reply below or DM us!
Your time being quite valuable, the session will 💯 be focused on the education.
If you have questions, they are welcome! 😊
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@RobertWhiteMD
$0 for the live group classes.
$0 for access to the quarterly
@adviceresidency
initiated group classes.
We have a 25 video and workbook series coming out in January that will cost $99 for those interested in a rapid self study.
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Beware of non-compete agreements! ⚠️ These sneaky clauses can limit where you work after leaving a job.
Ensure you understand the radius and timeframe before signing the dotted line.
#KnowYourContract
#CareerMove
#SigningContractTips
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A few minutes should be enough time to teach and absorb a single piece of financial education.
A little at a time is all that is needed if you start learning well before major decisions are imminent.
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If you need life insurance, the only kind you likely need is...
TERM life insurance.
If you need some kind of permanent insurance, you'll know it unequivocally.
Just. Get. Term.
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Want to figure out what income will actually be yours to spend on life and to save?
Single residents can multiply their gross income by 0.70 and get an approximate result. It’ll vary if you’re married/have kids.
Or you can use this calculator:
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Doing a backdoor Roth IRA and found interest in your traditional IRA? Simply move it to your Roth and report it—it's taxable, but likely a small sum.
Need help with Form 8606? Slide into our DMs for expert assistance!
#InvestmentTips
#RothIRA
#TaxSeason
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Two essential moves to kickstart your financial journey:
1. Grab group disability insurance.
2. Take advantage of the 403(b) plan.
Personalize your plan, invest in your future!
#doctorlife
#financialplanning
#retirement
#disabilityinsurance
#investing
#futureproof
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Access to fiduciary-level financial advice will typically cost at least $300.
It should!
There is a lot they must do to back up their advice.
I hope here can be a reliable place to learn the basics freely.
Next session is tmrw at 7pm EST!
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You’re watching a video lesson about say…student debt management.
How many minutes before you check your phone or something else similar?
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Whole life insurance isn't an investment; it's a costly way to save! 💯 Focus your funds on emergency savings and retirement, not expensive policies. 👌
#WholeLifeInsurance
#FinancialPriorities
#MedEd
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What questions do you have that you’d like
@JeffSteinerDO
and
@olsonplanner
to answer at this week’s personal finance session?
Reply below! 👇🏻
Students, trainees and attendings are welcome to join our free personal finance class next week!
Hosted by
@JeffSteinerDO
and
@olsonplanner
To receive the meeting information and zoom link, please enter your information using the link below!
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The purpose of Advice Residency is to provide structured financial education for medical students and trainees.
It will cost something, between $100 and $600 per year, depending on what is needed.
The education will be grounded in primarily two activities:
⬇️
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Monthly net cashflow is the result of income minus expenses.
Whenever a big life event happens - new job, moving, having a kid - shortly after it’s good to refresh those three numbers.
The net result tells you what you’re saving, or what debt you’re build.
Informs next steps.
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“What is investing?”
- A good question, but assumes the listener knows a lot about money already.
***************
“What is money and where can it be kept?”
- A question like this is where the real foundations of financial education start.
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Medical students should establish healthy financial habits despite accruing debt. With Advice Residency, they can access financial education during their training. Start early and conquer the world, future doctors!💯
#MedicalStudents
#FinancialHabits
#CashFlow
#FinancialEducation
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Medical trainees! Career choices ahead could shape your loan repayment strategy. 💪 Nonprofit work keeps PSLF in play, but private practice means rethinking your plan. Choose wisely! 👌
#MedicalResidency
#StudentDebt
#FinancialPlanning
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Our next personal finance education class is this coming Thursday 2/2 from 7:00-8:30pm EST!
Join
@JeffSteinerDO
and
@olsonplanner
as they discuss tax filing, student debt and financially preparing for career transitions in medicine.
No cost!
Sign up at:
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Disability insurance and term life insurance are both important.
For physicians, disability insurance is more *urgent*.
Nothing like lost income for a sustained period of time will ruin one’s financial plan.
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Build your financial safety net with an emergency fund! 🚨 While it's a stretch during residency, it's a goal to grow towards as an attending. 💯 Ready to start saving? DM for advice! 📩
#EmergencyFund
#FinancialSecurity
#SavingsGoals
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A 403(b) matching contribution means your employer is willing to put a % of your salary into a retirement account that is in your name, as long as you contribute at least that same %.
Sometimes you have to work for that employer for ___ years before the matched portion is yours.
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Advice Residency will be a safe place for medical students, residents and fellows to get physician-specific financial advice.
If you want to get an email when we launch with details, click the link below. 👇🏻
No spam ever. Unsubscribe anytime.
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Investing while carrying high interest credit card debt would be like deciding your goal is to reduce caloric intake except you can eat as much as you want between 8-11pm.
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📖 Personal Finance Series for Early Career Physicians 📖
It is *almost* ready for release!
The 25 video series provides advice on substantially everything a trainee needs in the realm of personal finance.
Cost: $99
Visit to sign up for notifications.
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Salary got you excited? Don't forget the money basics! Intentional budgeting now = freedom later. Practice smart money habits and watch your future self thank you!
#savvyspendsmart
#buildingwealth
#financialplanning
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Feeling the financial squeeze? Master your cash flow and make your money work for you!
#cashflow
#financialplanning
#medicalschooldreams
#budgeting
#moneytips
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The checking account endures much violence during this timeframe:
M4 July - loan disbursement
M4 January - loan disbursement
Intern year July - first paycheck
****************
What happens in between is cash flow, and planning it out leads to higher quality of life.
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If your mortgage rate is 3.5% and your savings account rate is 5%, it is rational to NOT make extra payments on your mortgage.
The banks are actually willing to borrow YOUR money for more interest than they’re charging you to borrow THEIR money.
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@ParivashSanders
@olsonplanner
Yes, that will be an option! Individuals can also buy it for themselves.
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@CheeksSports
@olsonplanner
Yes. As soon as the person can reasonably afford it.
Group coverage is pretty common for residency programs.
Next would be to add a personally owned GSI policy, if available.
Ultimately want to get that supplemental own occupation policy from one of the above companies.
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Graduating resident/fellow? High income might block your direct Roth IRA route, but don't sweat! The "backdoor Roth" unlocks tax-free retirement savings.
#resident
#backdoorRoth
#taxes
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Whole life insurance is NOT the same as term life! 🙅♂️ Whole life covers you to age 100, and yes, it's pricier. Before you commit, understand what you're buying into. Follow to learn more! 👍
#WholeLifeInsurance
#FinancialAwareness
#MedEd
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How to make the financial decisions every resident will need to make.
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Protect your hard-earned career with your occupation disability insurance. 🛡️ It ensures income replacement if you cannot perform the specialized tasks you've trained for, even if you can work in another field.
#DisabilityInsurance
#IncomeProtection
#CareerSecurity
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Students, trainees and attendings are welcome to join our free personal finance class next week!
Hosted by
@JeffSteinerDO
and
@olsonplanner
To receive the meeting information and zoom link, please enter your information using the link below!
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It’s not so much the ability that’s lacking as it is the time and brain space that’s limited to really take in real financial education.
We want to help you carve out small but productive increments of time to focus on this important component, as you complete your training.
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Next post-match financial education session is coming up!
April 17th! Time TBD
Debt management and employee benefits will be discussed.
Sign up at to get the zoom link.
This is free and you’ll leave the session with actionable information!
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We are expanding our team of teachers to the point that we could take on the financial education needs of as many residency programs who ask for such support.
Financial education can mitigate burnout in our opinion.
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Refinancing your med school debt? Don't rush a 5-year plan. Opt for 10-12 years! Why? More flexibility! Do your research, compare options, and make sure it's the right move for you. Follow me for more tips.
#medicalschoollife
#debtfreejourney
#refinancehacks
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Whether you're a US medical student or an International Medical Graduate (IMG), it's essential to understand the wide cost range and plan accordingly.
#ERASapplication
#medicalstudents
#financialplanning
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Don't wait until your 60s to enjoy freedom! Increase your savings beyond traditional retirement accounts like 401(k), and consider a taxable brokerage account for more flexibility.👌
#EarlyRetirement
#FinancialFreedom
#InvestingTip
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Confused about where to invest?
403(b)s are great for work-based savings, while a Roth IRA lets you invest on your own. Target date funds are a smart option, automatically adjusting risk as you near retirement.
#investingtips
#retirementplanning
#targetdatefunds
#financialtip
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@BostonFootAnkle
@olsonplanner
😆 need to work on my memes I suppose!
No I meant it as in an overflow of information. It’s the primary source of info for student loans, but it’s really overwhelming!
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The development of this program is fluid and will continue to be adaptive as the field of medicine changes.
Equipping medical students and physicians to be able to advocate for their own financial and career decisions is the intent of this Advice Residency.
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As you start your intern year, your employee benefits are more than just perks; they can help you financially in the long run. ✅ Follow us for tips on navigating these important decisions! 👍
#ResidencyLife
#EmployeeBenefits
#FinancialPlanning
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Since
@olsonplanner
does not formally work with med students at this time, he has created a 25 video course that will give you a good financial foundation as you transition into 4th year and on into residency.
It costs $99.
You can find it here:
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@ljennings0
@ramit
I’m trying to position what we do to benefit those who need good financial advice the most!
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Personal finance is best learned a little a bit at a time.
Taking time to learn in increments is more conducive to real life.
Who has time to sit and study a subject for hours that is not directly connected to medical training, developing business or making money right now?
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@curious76208787
@olsonplanner
@drmoneymatters
If you pay for the appropriate level of licensing, you can do it with their blessing. It is not cheap.
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Understanding graduate loans is crucial! 🎓
Be knowledgeable and stay ahead. Follow for more tips! 💪
#StudentLoans
#GraduateLoans
#LoanInterest
#FinancialLiteracy
#MedicalSchool
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Attention
#MedStudents
: Your 4th year brings extra costs!😬 Prep for ERAS, virtual interviews, and moving expenses. And if you heed a budgeting strategy? Follow for financial guidance! 👌
#MedSchoolBudget
#FutureMDs
#FinancialPlanning
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1) A prepared video series teaching the fundamentals of making effective financial decisions and plans. This will be a static DIY learning activity, updated as needed with current financial principles and tax laws.
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Got student loans? PSLF could be your path to forgiveness.👌DM for more info! 📩
#PSLF
#StudentLoans
#MedEd
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Personal financial advice compensation tends toward those who already have wealth or at least a high income.
Which is why personal finance education needs to be accessible to all, particularly when people have neither wealth nor a high income!
That is a significant value of AR.
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What are some of the most useful exam prep tools/programs med students like to use that their school does not pay for?
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during the 20 years. So it grows to $4927 in 2043. Your in-retirement tax rate of 20% means this money is really worth $3942.
Meanwhile your tax refund of $240 was also invested - in a taxable account in 2024 when you got the refund.
If you stick to a buy and hold strategy,
👇🏻
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Don't let inflation deters you from investing! While short-term dips are possible, history shows investing wins out in the long run (>10 years). Savings accounts just can't keep up with rising costs.
#financialgoals
#investing
#tips
#investnow
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We have to invest.
Our money has the chance to grow faster than the cost of things go up in price.
Otherwise our money loses purchasing power over time.
For example, I paid $6500 for a ‘96 Honda Accord in 2003 (7 years old) with 95,000 miles.
20 years later..,
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Who’s willing to pay $350,000 for medical school but won’t pay 3% of their attending pay to protect it against a 1 in 4 chance of becoming disabled?
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Money Chalk Talks
Or
Money Paper Towel Talks
🤔 🤔 🤔
Either way, brief lessons that tie complex money concepts into actionable advice is what we are working on over here!
@olsonplanner
I started calling them "paper towel talks" because I can grab about 10" of paper towel off a roll and start drawing/outlining/etc. It's easily my favorite method of teaching.
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Loan tip: Avoid interest snowball! Before consolidating loans or choosing a repayment plan, watch out for Loan Interest Capitalization. Be informed financially to save BIG!
#LoanTips
#FinancialLiteracy
#DebtFree
#StudentLoans
#SmartBorrowing
#InterestRate
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@RobertWhiteMD
$0 for the live group classes.
$0 for access to the quarterly
@adviceresidency
initiated group classes.
We have a 25 video and workbook series coming out in January that will cost $99 for those interested in a rapid self study.
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Navigating the ocean of med school debt can be challenging. 💡 Understanding how borrowing money impacts your future is essential to avoid drowning in financial strain. 🌊✨
#MedicalSchool
#StudentDebt
#FinancialAwareness
#InterestRates
#Empower
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Cash flow: it's the heartbeat of your finances! 💯 Know where your money goes, and you control the flow.
Want to get a grip on your finances? Follow for more actionable tips! 👌
#CashFlowIsKing
#FinancialLiteracy
#MoneyManagement
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Our next live personal finance class will be an evening in mid-Feb TBD.
It’ll be
@JeffSteinerDO
,
@olsonplanner
and you trainees and students!
Sign up at to receive the zoom link. (No cost!)
We have some ideas for discussion, but what’s on your minds?
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