MDNews - Long Island

Bridging Problems with SOLUTIONS™ 100 Quentin Roosevelt Blvd., GaRden City, ny 11530 Phone: (516) 296 1000 n Fax: (516) 296 1030 n www.milleRmilone.Com 49 wiReless Blvd., hauPPauGe, ny 11788 99 Quentin Roosevelt Blvd., GaRden City, ny 11530 Attorney Advertising At Miller & Milone, P.C. the whole surpasses the sum of its parts. Many of today's healthcare issues are quite complicated and require a multifaceted approach to achieve a solution. Our integrated five department system allows our firm to address complex problems with a myriad of solutions. Inquire about our ED Financial Assist™ Medicaid Program. NAVIGATING FINANCES as a Resident BY STEVE BARRETT RESIDENCY CAN BE A TIME OF GRE AT E XPECTATION AND R APID LE ARNING. STUDENT DEBT AND OTHER FACTORS ALSO MAKE IT A TIME OF FINANCIAL UNCERTAINT Y, IF NOT STRUGGLE. AV E R AG E R E SID E N T PAY i s a b out $ 5 7, 0 0 0 p e r y e a r , a c c o r d i n g t o Medscape's " Residents Sa la r y & Debt Repor t 2016." You ca n ma ke do dur- ing this period with a bit of discipline a n d p l a n n i n g , C h a d C h u b b , C F P, fou nder of f i n a nci a l a dv i s or y f i r m Wea lt h Keel LLC, notes in a n a r ticle on KevinMD.com. A mon g ot her su g ges t ion s , Chubb urges residents to: + H ave a n emer genc y f und . T h i s s h ou l d a m ou nt t o a t l e a s t t h r e e mont h s of i nc ome , not mer e ly of e x p e n s e s . T h e m on e y s h ou l d b e placed i n a sav i ngs accou nt , not a checking account. + Set a budget. Set a budget. And yes, set a budget. Regular, if modest, pay- checks make this doable. Stick with the resident budget for several years even after you become an attending so you can achieve goals such as paying o loans and adequately investing. + Resist the impulse to buy a home. You likely cannot make a 20 percent down payment at this point, so a home purchase is suboptimal. Long hours mean you won't really be able to enjoy a home anyway, and you don't want to have to contend with maintenance. ■ 1 2

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