Finance Fridays

1
Hey everyone, it’s Finance Fridays again and this is going to be a relatively short post about Catchup Contributions. Stock Photo from: Pexels What are “Catchup Contributions”? Well, your normal allowable yearly contributions to 401k/403b and 457 are $18000 (as of 2017). However, after the age of 50, this limit increases by $6000 to $24000 in order to help “catchup” in preparation for retirement. This also increases the prior maximum contribution of $54,000 (2017) from all […]

Catchup Contributions #illumedati

This entry was posted in Attending Finance Finance Fridays Medical Student Residency Retirement on by
3
Hey everyone, it’s Finance Fridays again and I’m going go back to the basics again. Most of Finance Fridays is geared toward securing a stable retirement. However, the more immediate goal is to establish Positive Net Worth. Stock Photo from: Pexels What is Positive Net Worth? Well, it’s not too difficult to understand. You tally up all your financial assets that you have and subtract your liabilities (debt). As a physician, this is important because […]

Positive Net Worth #illumedati

This entry was posted in Attending Finance Fridays Medical Student Residency on by
3
Hey everyone, it’s Finance Fridays again. I have a few things that I was planning to talk about today, but something new happened that I think is worth talking about. For many of us, Student Loans are a heavy burden to bare. For some, you may have opted to go the route of Public Service Loan Forgiveness (PSLF) to have some of your loans forgiven. However, Trump’s new proposal may throw a monkey wrench in your […]

Public Service Loan Forgiveness (PSLF) and Trump #illumedati

This entry was posted in Attending Finance Finance Fridays Financial Aid Medical Student Residency on by
1
Hey guys, it’s Finance Fridays, and this is kind of related to last week’s post, Inheritance Tax. Today I’m going to be talking about Estate Tax. Stock Photo from: Pixabay Ok, first things first. Before we get in too deep here, I want to make something clear. For the majority of people (and doctors), it is unlikely that you will need to pay an estate tax.  The figure I see tossed around is that only […]

Estate Tax #illumedati

This entry was posted in Finance Finance Fridays Retirement on by
1
Hey everyone! It’s Finance Fridays, and I’m going to talk about something that most people probably don’t know about (I didn’t). I’m going to do a short post today about Inheritance Tax. Stock Photo from: Pixabay What is inheritance tax? Well, it’s kind of there in the name isn’t it? It’s a tax that is triggered when you inherit something from someone who is recently deceased. However, that is where the simplicity ends. Everyone hates […]

Inheritance Tax #illumedati

This entry was posted in Attending Finance Finance Fridays Medical Student Residency on by
Hey guys, it’s Finance Fridays… and I’m sick again…or maybe it’s allergies from the vog or something. Either way I got up late and that’s why this post is late. However, I was able to fix my problem with WP-Admin dashboard not working, so at least there’s that. This post will be a short about Social Security. Stock Photo from: Pexels What is Social Security? I think everyone kind of has a general idea of […]

Social Security #illumedati

This entry was posted in Attending Finance Finance Fridays Medical Student Residency Retirement on by