Presentation on finances for residents

[EyeballGuy]

Hi everyone.  I'm looking to give a 30-minute talk to our residents about the basics of financial planning for physicians.  Does anyone have a PowerPoint to share that covers the basics like disability insurance, refinancing, investment accounts, etc.?

 

If not, I will try to share what I make.

 

Thanks!

[MPMD]

i do this quite a bit and don't use many slides.

if you only have 30 min i would stay away from student loans, way too complex and it is a very individual decision as opposed to something like DI.

if i had 30 min i would cover:

• 20% savings rate and how to get there


• term life


• disability insurance


• cash reserve/emergency fund

[Dreamgiver]

PM me your email

[notadoc]

If only 30 minutes why not base your presentation based on the FAQs page of this blog at https://www.whitecoatinvestor.com/faq-frequently-asked-questions/  You could go over some basics and also let them know about the site.

[The White Coat Investor]

MPMD wrote:

i do this quite a bit and don’t use many slides.

if you only have 30 min i would stay away from student loans, way too complex and it is a very individual decision as opposed to something like DI.

if i had 30 min i would cover:

• 20% savings rate and how to get there


• term life


• disability insurance


• cash reserve/emergency fund

Click to expand...

Yes, definitely leave out the information they're most interested in and need most. /sarcasm

Topics I think residents need are:

1) Developing a plan for their first year as an attending so they hit the ground running instead of handicapped by bad decisions their final year of residency

2) Life insurance

3) Disability insurance

4) Student loan management. It's not that complicated for most. - PSLF vs refinance for attendings, REPAYE for most residents for federal loans, refinance private loans. Don't put them in deferment or forebearance. Seriously, if you can give them that much information, you've done them a huge service. Are there some residents in a situation where PAYE + MFS can make sense? Sure. Mention that if they're married to another significant earner with or without student loans that they would benefit from learning more on the topic and/or seeking advice. But you don't have to run the numbers with them to sort that out.

[MPMD]

The White Coat Investor wrote:

MPMD wrote:

i do this quite a bit and don’t use many slides.

if you only have 30 min i would stay away from student loans, way too complex and it is a very individual decision as opposed to something like DI.

if i had 30 min i would cover:

• 20% savings rate and how to get there


• term life


• disability insurance


• cash reserve/emergency fund

Click to expand…

Yes, definitely leave out the information they’re most interested in and need most. /sarcasm

Topics I think residents need are:

1) Developing a plan for their first year as an attending so they hit the ground running instead of handicapped by bad decisions their final year of residency

2) Life insurance

3) Disability insurance

4) Student loan management. It’s not that complicated for most. – PSLF vs refinance for attendings, REPAYE for most residents for federal loans, refinance private loans. Don’t put them in deferment or forebearance. Seriously, if you can give them that much information, you’ve done them a huge service. Are there some residents in a situation where PAYE + MFS can make sense? Sure. Mention that if they’re married to another significant earner with or without student loans that they would benefit from learning more on the topic and/or seeking advice. But you don’t have to run the numbers with them to sort that out.

Click to expand...

Ha. When I give short lectures on this my treatment of student loans is this:

 

"unlike a lot of what i talk about student loan strategies are fairly individualized depending on your job and loan burden. i'd like you direct you to a website  called White Coat Investor where there is a great summary page on how to tackle this."

 

Do you feel bad yet Jim?  :lol:  :lol:  :lol:

[adventure]

The White Coat Investor wrote:

1) Developing a plan for their first year as an attending so they hit the ground running instead of handicapped by bad decisions their final year of residency

Click to expand...

Includes the "move" (read: gap in pay for 3 months during vacation and credentialling) from training to starting the new job. That's what I hear residents stress about.

[Miss Bonnie MD]

I have a talk for residents. pM me your email and I will send it over

[djohnflatfeecfp]

This is great you are doing this presentation!  So much better to come from a practicing physician than some financial salesperson.  Seriously!  I have never heard any of my physician clients say they ever received a presentation on personal finances from a senior physician, which would have been very helpful for them.  If it isn't already commonplace in most residency programs I sure hope it spreads.

[DoubleMDs]

I also have "financial basics for residents" talk I've given I'm happy to share. Send me your email and I'll send it your way.

[wideopenspaces]

I'm doing a 60 minute lecture in early spring and I'm SO excited about it! As are the residents. So I will probably hit up some of y'all for ideas as well ????

[escott]

Eyeballguy-

I do frequent talks for residents regarding their personal finances and how to make smart decisions. I would be happy to share all of my material if you like. just respond to my post here and I'll send you what I have.

I would tend to keep it simple - not too many slides (no one likes a presentation where the speaker is simply reading the ppt slides outloud). Instead, I prefer to simply address each topic of your presentation (in your case disability insurance, investments, refinancing) with a general description of the pros/cons and then solicit specific questions from the audience. It sometimes takes awhile for the audience to speak up, but once they do you can really address what is on their minds and help them with sound advice. just my 2 cents.

[bean1970]

I also wrote a paper with a colleague of mine.  Basic content applies to all, but references our specialty how a lot of the decisions we make practicing should apply to financial decisions as well....Feel free to hand out.

http://www.archivesofpathology.org/doi/abs/10.5858/arpa.2017-0360-ED?code=coap-site

 

[adventure]

bean1970 wrote:

I also wrote a paper with a colleague of mine.  Basic content applies to all, but references our specialty how a lot of the decisions we make practicing should apply to financial decisions as well….Feel free to hand out.

http://www.archivesofpathology.org/doi/abs/10.5858/arpa.2017-0360-ED?code=coap-site

 

Click to expand...

Awesome. Glad to see this published.

[Craigy]

Index funds!