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Fellow resident, attendings, partners financial mistakes you have seen.

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  • Fellow resident, attendings, partners financial mistakes you have seen.

    Here are some I have seen: Fellow resident had paid-off car, but purchased a new BMW X3 during PGY-I (husband drove a 3series).  Another bought a 5800sq foot ~500k home (no kids). While in med school I observed a resident drive around on new BMW with license plate with either Dr or MD in it (not sure what).  Attendings not being aware of backdoor Roths. Fellow residents who during 1st year out of residency purchase a home for 400-500k (>2x their salary).  Attendings having extended loan repayment periods over 10 years.

  • #2
    Have seen all of the above. Tough to know what other people are doing exactly but doubt they are saving enough if they are driving new BMWs as residents. I see residents taking nicer vacations that I can as an attending.

    I've told so many friends about back door Roths. Almost no one knew about it.

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    • #3
      Attendings not maxing out their 401ks. Buying 50k cars while still having 100k plus in student loans. Many are definitely taking 10+ years to pay off loans. Lots overspend on housing although we are in an incredibly hcol area so that one is tough. 500k sounds positively restrained (and not possible short of a tiny 1br condo)!

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      • #4
        I had never heard of backdoor Roths either until I started frequenting WCI, BH, investing books... I just assumed all Roths were no longer an option after residency/fellowship because of income limits.

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        • #5
          Biggest things have to do with cars, houses, (lack of) retirement savings, and student loans.

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          • #6
            When I was a resident it was a joke that the students drove BMWs and wore rolexes. The poor residents had timexes and toyotas. Family money (Vanderbilt).

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