Personal Finance/Investment Resources
- Recommended Reading
- Student Loan Refinancing
- Insurance Agents (Life and Disability, Malpractice and Tail, Home and Renter's)
- Primary Mortgages and Mortgage Refinancing
- Personal Loans
- Fee only Financial Planners
- Personal Finance Course
- Personal Finance Tracking Tools (Retirement/Net Worth Trackers, Budgeting Tools, etc)
- Accountants/Tax Strategy
- Asset Protection
- Estate Planning Resources
- Guide to the Backdoor Roth
To establish a basic foundation in personal finance, I recommend starting with a quick read such as the books below. They will give you an overview of the space, allow you to distinguish good advice from bad advice, and know what questions to ask. I highly recommend doing this before going to a financial advisor. After that, there are so many great websites where you can supplement that information with deeper reading on the topic of concern, including financial blogs, podcasts, YouTube Channels, and others. They offer forums and posts packed full of great FREE information. Find one that matches your style and read up. There are also useful free personal finance tools like Personal Capital, which allow tracking your net worth, savings and budgeting planners, cash flow trackers, retirement and education planning, employer plan analysis, and fee trackers.
Great intro book to the basics of investing philosophy, and topics such as the backdoor ROTH, ETFs, estate planning, and retirement accounts.
This book will teach you the concept of index fund investing and how to diversify your portfolio with minimal fees and historically same or better performance than most financial advisors. This is a LOT easier than it looks. As in, checking in on your investment account a few times a year. Strongly believe this book can save you hundreds of thousands, if not millions, over the course of your career.
A classic book on personal finance as it relates to physicians. A great read for residents and early career physicians who are starting from scratch. There aren't lots of details about 'how,' but lots of pearls. This is supplemented well by its sequel, which has more concrete advice.
Student Loan Refinancing
Splash Financial: Splash Financial has partnered with Physician Side Gigs to provide a $500 cash bonus to its members who refinance. Splash was originally founded to help physicians, so there is no maximum loan limit. Checking your rate does not impact your credit score, and the entire application can be completed online. Splash also offers the option for residents and fellows to refinance and pay $100 a month during training. Members must refinance at least $100k to receive the $500 bonus. Do so here (affiliate link) at splashfinancial.com/physiciansidegigs.
Credible: Credible has partnered with Physician Side Gigs to offer bonuses to members who refinance. Members receive a $1000 bonus paid by gift card for refinancing amounts at or above $100,000 and $500 bonus paid by gift card for refinancing amounts below $100,000. Do so here (affiliate link) at www.credible.com/physiciansidegigs. Terms and conditions apply.
SoFi: SoFi has partnered with Physician Side Gigs to provide a preferential rate discount to our members, which over the course of a loan repayment, can save you thousands given the average amount of debt carried by most physicians coming out of training. SoFi is a leading student loan refinancing provider and evaluates borrowers holistically to offer low rates. You can check your rate in 2 minutes with no impact on your credit score at SoFi.com/physiciansidegigs, and must sign up through this (affiliate) link to qualify for our preferential rates. If you have questions, feel free to reach out to (833) 277-7634 or Partner@sofi.com.
Life, Homeowner's, and Rental Insurance:
Policy Genius is a convenient online way to compare rates amongst multiple lenders without having to call around. They're well regarded in the space and have niche knowledge in life insurance, and can help you go through options.
Life Insurance: http://policygenius.go2cloud.org/aff_c?offer_id=411&aff_id=1847&redirect_slug=physiciansidegigs-life
Recommend going with a company that knows concerns for physicians very well. These are our sponsors, who thousands of members of the group have used and said positive things about.
Pattern for Disability Insurance: http://www.patternlife.com/partner/psg. This convenient option will allow you to enter your information and immediately begin generating quotes from the major disability companies, as well as schedule a meeting with the Pattern team to discuss the options and figure out which plan is best for you. Many in the group have had a great experience with this process.
Lawrence Keller of Physician Financial Services is wonderful, and can help with both disability and life insurance. He has been doing this a long time and has a lot of experience. Contact him at www.physicianfinancialservices.com or by email at LKeller@physicianfinancialservices.com.
Malpractice and Tail Insurance:
Alera Group: Jason Shah (Jason.Shah@aleragroup.com) is a physician who started a malpractice company, now under the umbrella of Alera - he's great and has helped quite a few members of the group. Really nice person and very honest - we do have a referral relationship, so please mention I sent you if you decide to reach out!
Mortgage and Mortgage Refinancing
Credible: Credible has partnered with Physician Side Gigs to offer options for primary mortgages and mortgage refinancing. Explore options at (affiliate ad link) www.credible.com/physiciansidegigs. NMLS #1681276, in all states except NV, NY, UT, and WA.
Fifth Third Bank: Tony Lupescu (email@example.com) does physician loans. He can do loans in Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee, and West Virginia. NMLS #224410.
Doc2Doc Lending: Doc2Doc Lending has partnered with Physician Side Gigs to provide physicians with fast access to personal loans. It's a novel lending platform created by doctors, for doctors. Doc2Doc loans can be used for a number of reasons: relocation expenses, refinancing of credit card debt, unexpected medical expenses, practice buy-in — you name it. Rather than evaluating potential borrowers based purely on one’s FICO score, Doc2Doc’s algorithm considers doctor-specific factors to gauge one’s creditworthiness, and ultimately, to generate more favorable rates than are typically available at traditional banks. Use our affiliate link at www.doc2doclending.com/psg if you want to apply, as it will provide you with a $100 cash rebate with any newly funded loan, a 0.25% discount if you use auto payment, and your first payment due date held for 30-45 days.
Personal Finance Course
This is an excellent online course created by the White Coat Investor, Jim Dahle. It presents information in an easy, digestible format - while still being packed full of pearls that would take much longer to piece together from internet searches. Highly recommended. Topics include: Investment tools and classes, asset allocation, asset protection, real estate, retirement accounts, financial advisors, different types of insurance, student loans. There are two versions of this, one of which qualifies for CME if you have CME money to spend! (PSG affiliate)
Fee only financial planners
While we think that every physician should have a basic foundation in personal finance, we recognize that many want some help to ensure that they're on track with their finance goals and get advice personalized to their financial situation, and periodically review their financially picture, and help manage their portfolios. Personally, we prefer using someone who charges a flat fee instead of a percentage of your assets under management, someone who is a fiduciary, and someone who doesn't sell products.
Some resources from our advertisers are here:
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Connects you with an independent, fiduciary financial advisor that specializes in healthcare-professional specific financial planning.
Allows you to search their national network for advisors that fit your needs. Please note this platform has both flat fee and AUM advisors. Their fee structure is transparently listed under the matches they provide you, along with other information about each of them, so look at the disclosure pages and the fee structures of any matches before picking one you might want to schedule with.
If you qualify to meet with a Zoe Advisor, we will receive a referral fee at no cost to you. This is not contingent upon your use of the financial advisor or based on the fees that you pay. Full advertising disclosure here.
Personal Finance Tracking Tools - Retirement Planners, Budgeting
Personal Capital (PSG affiliate link) allows tracking your net worth, savings and budgeting planners, cash flow trackers, retirement and education planning, employer plan analysis, and fee trackers. It is convenient and very useful to see if you are on track to meet your goals.
Accounting/Tax Strategy/Business Strategy
Physician Tax Services: Physician Tax Services is one of our sponsors and offers tax planning and strategy services, year round tax services, as well as a free webinar series geared specifically towards physicians and taxes that you can sign up for at https://physiciantaxsolutions.com/PSG-PTS-Webinar-signup/ . In addition to this, they offer a 'Strategic Blueprint (mention PSG for 10% off). In the Blueprint, they have you fill out information about your previous years' taxes and personal/professional situation, and then create a 'blueprint' that outlines places where you can implement tax strategy for tax savings. They will schedule a Zoom with you and explain it in detail. You can then take the prepared blueprint to your normal CPA if you elect to, or choose to use PTS for permanent services. The greatest value here is if you have any sources of NON w2 income.
Anderson Advisors: Anderson offers a comprehensive suite of services, including year round tax services, tax planning, registered agent services, business consulting, and entity formation. Our affiliate link at http://aba.link/psg will get you a free strategy session to discuss these issues and explore what's right for you, as well as give you access to packages at a discounted rate.
Anderson Advisors: For those interested in implementing asset protection tools, Anderson offers a comprehensive suite of services, including planning, registered agent, and entity formation. Our affiliate link at http://aba.link/psg will get you a free strategy session to discuss these issues and explore what's right for you, as well as give you access to packages at a discounted rate.
Estate Planning Resources (In Case of Emergency Binder)
This binder is not a substitute for estate planning, but is comprehensive and gives you peace of mind to hand things off to someone in the offchance that you are not able to. It's a binder or file that you save (can password protect) or print and store in safe that literally lists everything as well as the passwords to access everything - retirement accounts, investment accounts, real estate investments, bills, medical forms, insurance information, etc. Highly recommend. PSG affiliate link: https://nishamehta--smart-money-mamas.thrivecart.com/ice-binder/
Backdoor Roth tutorial:
Physician on FIRE (Financial Independence Retire Early) has an easy, step by step guide to the Backdoor IRA, which is a great financial tool for physicians. Check it out here: https://www.physicianonfire.com/backdoor/
Disclosure: We may receive compensation through clicks to our affiliate programs through this website, or we may receive compensation through advertising and sponsorships from commercial businesses. These help support the existence and mission of the group (at no cost to you), but I genuinely feel they are helpful resources! This disclosure is intended to comply with the US Federal Trade Commission Rules on marketing and advertising, as well as any other legal requirements which may apply. Any decision to do business with these companies is purely your own. We are not licensed real estate professionals, business, accounting, legal, or investment advisors. You should do your own due diligence if applicable.