I briefly touched on asset allocation in my last post about 529s. So I felt it was a good segue into this post: Asset Allocation is an all-encompassing term for where and why you put your money in certain places for retirement. At its most basic, the two most general categories are Stocks and Bonds. For simplicity’s sake, consider Stocks as “More Aggressive” and Bonds as “More Conservative” in a general sense. What this really […]
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This is a followup to this post – What is a 529? Please read that one first before continuing on to this one, if you haven’t already. I hope by now I have convinced everyone that a 529 is a great option for saving for college. For simplicity’s sake, think of it like this: You put away money for college and although the contribution itself is not deductible, it can grow federal tax-free AND is […]
Choosing a 529
Match Day has come and gone. A whirlwind of emotions has hit medical students on that day. Some joy, some of ambivalence, some of disappointment. However, no matter what emotion you feel that day, you will need to start planning for lays ahead of you. The rest of your 4th year should be relatively easy as you will probably need to spend some time finding a new place to live and things like that. Please refer […]
Student Loans
“Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.” Who said that? I have no idea. People attribute it to Albert Einstein, but the truth is he probably didn’t say it either. In fact, people quote Albert Einstein a lot when he didn’t say the majority of those things. It’s simply trying to add more weight to whatever they are saying. “A […]
Compound Interest
So after this first round of finance Friday posts we’ve gone through the basic definitions and established general priorities. Now I want to step back and remind everyone of the philosophy. Most, if not all of you, are young physicians or other highly educated young professionals. My investment philosophy is mostly tailored toward you because well, I am a young physician who went through the opportunity cost of 4 years of medical school and 6 […]
The Philosophy
This is my first “Finance Fridays” post so this is what I would consider an introduction and Talking the Talk. A huge part of understanding any concept is understanding the vocabulary. In medicine, this concept holds true even as a medical student. You spend the first two years of medical student learning anatomy, biochemistry, and physiology. This continues into the higher level subjects of pharmacology and pathology. However, I would argue that a substantial portion of both Pathology […]