tag:blogger.com,1999:blog-3724844774287846418.post2609755586544094097..comments2023-10-10T03:36:38.659-07:00Comments on Doctor's Wallet: Graduating residents and fellows: financial challengesDocbloggerhttp://www.blogger.com/profile/18023415729537116723noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-3724844774287846418.post-77200088167479916432008-07-04T13:30:00.000-07:002008-07-04T13:30:00.000-07:00I remember when we had our financial aid exit inte...I remember when we had our financial aid exit interview just prior to med school graduation. Much of what they said was very useful, however it didn't last past the glee and wonder that was my first real paycheck. There is the initial binge and then the horror six months later when you realize you should have listened and stuck with your budget. The problem I think for the resident to attending transition is that the toys you can binge on are far more expensive. Upgrading your shopping from Payless and Walmart to Famous Footwear and Gap is nowhere near as bad as purchasing a $50K car, a boat, a house, etc etc on your newly plump salary. A resident I know mentioned that he wished he hadn't upgraded his lifestyle so much, now he was working in a group he hated because that money was maintaining the lifestyle he couldn't step back from. I am hoping, whenever my first check arrives, I am still listening to my spreadsheet. :) <BR/><BR/>Thank you for respondingAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-3724844774287846418.post-46117647100329243852008-07-04T09:24:00.000-07:002008-07-04T09:24:00.000-07:00Nikki, Very interesting idea-financial exit interv...Nikki, <BR/>Very interesting idea-financial exit interview. I think it might help the residents keep things in prospective, so that even if they go on the binge spending initially, they might start practicing fiancial conservatism a bit later.Docbloggerhttps://www.blogger.com/profile/18023415729537116723noreply@blogger.comtag:blogger.com,1999:blog-3724844774287846418.post-11969693492302778452008-07-03T17:40:00.000-07:002008-07-03T17:40:00.000-07:00I actually think the first real paycheck might be ...I actually think the first real paycheck might be my largest stumbling block. I wonder if my slow boat to debt would have gone faster or deeper if I had more of a paycheck. Right now, I practice fiscal conservatism because I have to. But I always wonder, what if I didn't? Would I really live like a resident and get rid of the debt during that first year or would I spent because I didn't have to worry?<BR/> From discussions with other residents and fellows sometimes the only thing that keeps you going is the fantasy of the big check and what you will do when you get it. <BR/> I always think that before we complete residency, there should be a financial exit interview. From what I have learned, the vast majority of physicians just don't have it together.Anonymousnoreply@blogger.com