Physician Finance Guide for Emory Residents

We have created a guide to help you manage the most important aspects of personal finance during residency. Whether you plan to hire a financial advisor or do it yourself, every physician should have basic knowledge of a few finance topics.

This finance guide focuses on 6 Main Topics:  

1. Master the Basics(5 Things Every Resident Physician Needs To Know)  
2. Student Loans(Repayment Options and Public Service Loan Forgiveness)  
3. Insurance(Disability and Life Insurance)  
4. Investing 101 and Retirement Plans (Investing Basics and Retirement Plans at Emory) 
5. Graduating Resident Key Takeaways(Including How to Vet a Good Financial Advisor) 
6. Additional Resources(For assistance with finances, student loans, personal loans, buying a home, etc.) 

Physician Finance Guide for Emory Residents PDF

You can read it all or skip to the area(s) most applicable to you. Section one on Master the Basics is copied below. All other sections you can refer to in the PDF guide. If you have any questions about the guide, feel free to contact Dr. Altelisha Taylor (altelisha.taylor@emory.edu).

5 Truths Every Resident Needs to Know: 

1. You are not guaranteed to be rich. Just because you are a doctor and will have a high salary, does NOT mean you don’t need a plan for your finances. Most people who make more money, get into more debt. Many doctors’ net worth is not nearly as high as it should be considering how much we get paid. Learning a few finance basics can go a long way.  
2. Have a plan for your student loans. Choosing to “deal with it later”is NOT a plan. Read about the different repayment options and choose one, likely an income-driven repayment plan, so that your payments are affordable in residency. (More info on student loans in Section 2 of this guide.) 
3. Spend less. Save more. Minimize debt. Try to live below your means. Create a budget if you need to. Avoid accumulating credit card debt. Save money in an emergency fund. Try to pay for vacations in cash. The goal in residency is to keep your head above water financially and avoid getting into more debt.  
4. Get Insurance. As Emory resident docs, you have free health insurance but that isn’t all the insurance you need. Every resident physician needs long-term disability insurance. You get a small amount of that for free here at Emory but it is unlikely to be enough. Most residents and attendings will need to purchase additional coverage. If you have a spouse, kids, or family members that you support financially, you may also need life insurance. (More info on this in Section 3 of the guide.) 
5. Think twice before you buy a house. Owning a home can be a major milestone and lifelong dream, but it may not be wise to do so in residency. You cannot just compare the monthly mortgage price to the monthly rent price and make your decision. There are additional fees and costs associated with home ownership that can be challenging to deal with as a resident. Here's a blog post that explains more about it: 10 Reasons Why Residents Shouldn’t Buy A House and another article about it: I don’t plan to buy a home after medical school. Here are 12 reasons why. Do what is best for your family, but make sure you consider all the costs before you make the decision to rent vs buy.