PracticeLink Magazine


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 38 of 91

WINTER 2015 39 2 0 1 5 AN N UAL Quality of Life issue $250,000 per year. It is much easier to never increase your spending than it is to cut it back. Graduating residents will still "feel" a huge raise by spending $75,000 (a 50 percent raise), and can use the additional income to save up for down payments, pay off student loans, and catch up to their college roommates by stuff ng their retirement accounts full. Adrienne Collier, M.D., a pediatri- cian in Bowie, Maryland, recommends, "Do not buy a new house or a new car within one to two years of completing residency." Chaudhari says he could have used that advice. "My f rst year as an attend- ing I fooled myself into thinking that I wasn't keeping up with the Joneses; I was just doing what all 35-year-olds who are married with children do. I closed on a house in my last month of fellowship and bought a car in my second month out and started f lling my house with expensive furniture and audio/visual equipment. It took two years of seeing my hard-earned money going out so quickly to energize my resolve to start changing my ways." Principle 3: Remember that it is the big things that mat er most. Personal f nance books love to talk about "the latté factor," which is the fact that small expenses, paid daily, quickly add up into huge sums. You may have heard things like, "that $5 latté costs you $1,500 a year." However, the real money is not found by cutting out your daily latté. The real money comes from the money you spend on big items—especially your housing and taxes. A recent study from Redf n showed that a typical physician in San Francisco could only afford to purchase 23 percent of the houses in the city. That number was over 96 percent in the vast majority of the country. Physician incomes tend to be very similar in both high and low cost of Contact: Physician Services States Represented: Indiana & Illinois Phone: (844) FPN-DOCS/(844) 376-3627 Illinois Indiana Indianapolis Lafayette Crawfordsville Chicago Michigan City Munster Michigan Franciscan Physician Network includes more than 750 physicians at 260 practice locations who care for more than 3 million patients annually. This organization brings together, under one name, the many primary care and specialty physician groups associated with Franciscan Alliance's hospitals and access points across Indiana, Illinois and Michigan, including in these cities: Crawfordsville Chicago suburbs, including Chicago Heights, Olympia Fields Indianapolis area, including Carmel and Mooresville Lafayette area Northwest Indiana, including Crown Point, Dyer, Hammond, Michigan City, Munster, Valparaiso New Buffalo, Michigan Franciscan Alliance is one of the largest Catholic health care systems in the Midwest, with 13 hospitals and a number of nationally recognized Centers of Health Care Excellence. Franciscan Physician Network offers opportunities in primary and specialty care throughout the Franciscan Alliance system. Please contact us for additional information or visit our website at MIDWEST PRACTICE OPPORTUNITIES Connecting Physicians to Patients Large mortgage payments… expensive cell phone contracts, car payments and private school tuition are all dif cult to cut back on when money becomes tight, which it eventually will for one reason or another. Continued on next page

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