Tuesday, August 17, 2021

Tips for new attendings

I had written on a post when moving between residency and fellowship. You can find the link here http://neilnf.blogspot.com/2018/06/moving-tips-for-residents.html   

I am updating the post to make it more all-inclusive and financial savvy. 

Things to do before graduating and planning the move.

Disability insurance: 

This is one thing that skyrockets as soon as you get out of residency/fellowship. I would try to get this one ASAP since your earning potential and disabilities will only go up as you get older. This insurance just safeguards your family and you, should something happen to you. I have found the following links to be really useful when trying to understand disability insurance and would recommend reading the same. 

The White coat investor is an amazing site for financial literacy, and this is the one for disability.

The following links are quick facts on the same so that you can quickly understand it.


Group vs individual (an eternal dilemma during residency is if we need it but I hope these links are useful)

Utilities

You will have to end your current utilities i.e., water, electricity at your current place and begin the same at the new location.

Use USPS mail forwarding service to forward any/all mail addressed to you at your old location to the new place https://bit.ly/3pPwqia. There is a charge of <$2 when I did this, but this is worth it.

Bank accounts

  • Close old accounts that you will not use and streamline the ones that you will use going forward.
  • Consider opening a new bank account in the new job place to get account opening bonuses (check https://www.bankrate.com/banking/ or https://www.doctorofcredit.com/best-bank-account-bonuses/ for the latest information.
  • I would recommend updating your banks with your new details around 2 weeks before the move since this will help you in using the same as address proof for getting your driver’s license (they need 2 forms of address proof). 

Credit cards

Consider opening new credit cards since you may have a LOT of expenses while you are house hunting/doing a house make over. My list of credit cards is as follows https://maxrewards.app/refer/neilf120 

International graduates

Do not forget to update USCIS with your new address since your immigration is linked to the same. https://www.uscis.gov/addresschange 


Financial tips

This podcast/video by the white coat investor is worth a watch https://www.whitecoatinvestor.com/financial-priorities-as-a-new-attending/. In summary

  1. Do a back door roth IRA 
  2. Max out the 401k/403b
  3. Max out the 457b if available- This is a judgment call since it depends on the financial stability of your practice.
  4. Max out the HSA (please note that you can contribute money ONLY for the months you are eligible) For example, for me I became eligible in Aug and hence I can contribute only 300*5months= $1500.
  5. DO NOT opt for COBRA since you can retroactively activate it should you become ill.

#tipsfornewattendings