PracticeLink Magazine

Spring 2019

The career development quarterly for physicians of all specialties, PracticeLink Magazine provides readers with feature articles, compensation stats, helpful job search tips—as well as recruitment ads from organizations across the U.S.

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Page 27 of 91

28 S PRIN g 2019 ▼ T HE J O b S E A r CH ISSUE D E P A R T M E N T S Financial Fitness chr ISTI a N c L a UDI o Upping your income (and $ know-how) How to successfully transition from the salary of a resident to that of a practicing physician. T he T ra NSITI o N F ro M re SID e N c Y T o beco MING a FULLY LI ce NS e D P h YSI c I a N IS a N e X c ITING o N e T ha T TYPI ca LLY IN c LU D e S a S IGNIFI ca N T FIN a N c I a L IN crea S e . Invest the time now in managing your new financial situation, and you'll likely reap rewards both in the short- and long-term. So what are some of the basic issues that newly-graduated residents should be contemplating? I asked Jerret Sykes, CFP, a Northwestern Mutual financial advisor who has been counseling new physicians for years. Claudio: What is the most important first step physicians should take following graduation from their residency program? Sykes: The first step, which is perhaps the most important, is preparing a financial plan. You've been living like a pauper for the last several years, working your fingers to the bone and not getting compensated adequately for it. You've no doubt seen all your non-resident friends from high school and college buying homes and taking bucket-list vacations. Your income is about to increase significantly, and the temptation is to try and catch up with them as quickly as possible. This instinct, while understandable, can lead you to make a string of poor financial decisions. The solution is, instead, to work with a trusted financial adviser to develop a proper financial plan. Claudio: One of the biggest issues new physicians have to contend with is student loan debt. What's your advice for dealing with student loans? Sykes: You're likely entering your career with six figures of student loan debt. There are multiple options that you can look into in order to efficiently pay these down or have them forgiven altogether. One of the best things to do now is to look into whether it makes sense to refinance your loans to get a more favorable interest rate. If you'll be working for a 501(c)3 (and still have federal loans), you'll want to understand how to qualify for PS l F (Public Service Loan Forgiveness). A couple of really good resources to get educated on student loan options are and

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