Blogs

Young Anesthesiologist's Keys to Financial Success

By Zachary Buccino posted 21 days ago
Residency is finally over and you just signed your first big contract as a staff anesthesiologist. But before you spend that salary faster than you can deposit it to your bank account, there are a few moves you should make to set yourself up for financial success. By Zachary Buccino, MD The first thing anyone should do with their money, regardless of career, is to start an emergency fund. Unforeseen events happen and usually when you least expect them. The average amount American’s have in saving is around $8,000 while the average amount of monthly expenses ranges around $6,500. That means the average American is essentially living month to month which ...

4 Steps to Making a Savings Plan That’s Right for You

By Michael Norton posted Oct 14, 2024
Having adequate savings is critical to maintaining financial health. Here are the four key considerations to create a robust and effective saving strategy, plus a primer on common savings instruments that can help you reach your personal goals. By Michael Norton, MD, MBA, FASA Recently, I wrote about credit cards and talked about some ways to spend money in a manner that’s both smart and profitable. Now I’m going to pivot and focus on the opposite side of things: saving. Having adequate savings is critical to maintaining financial health. It facilitates large purchases (such as furniture, vacations, or even vehicles) without incurring huge amounts of ...

A Beginner's Guide to Choosing—and Using—Your Credit Cards

By Michael Norton posted Aug 29, 2024
In addition to their convenience, credit cards provide security features and a wide range of rewards programs. Picking the right card and managing it appropriately is imperative. By Michael Norton, MD, MBA, FASA For many years, I had only one credit card: a Visa issued through my bank. It was a basic, no frills card that earned 1% cash back on all purchases regardless of vendor or type of purchase. It was simple, easy to understand, required no effort, and cost me thousands of dollars in missed rewards opportunities over the years. Fortunately, my wife is an absolute research queen, and while we were dating in 2021 she asked me why I didn’t consider getting ...

Member Spotlight: Dr. Christian Horazeck on Challenges and Innovations in Pain Management

By Emily Cowan posted Jul 31, 2024
Within six short years in the dynamic field of regional anesthesia and acute pain management, Dr. Christian Horazeck has already amassed a wealth of experience and insight. In this Member Spotlight, Dr. Horazeck highlights innovative strategies that improve patient care and outcomes, such as optimizing post-cesarean opioid prescribing, and discusses his research on nerve blocks for outpatient knee arthroplasty. He also shares his approach to educating future anesthesiologists, encouraging them to consider themselves "expert consultants.” Could you describe a particularly challenging case from your experience in regional anesthesia and acute pain medicine? ...

7 Steps to Smart Tax Management: Strategies for Young Anesthesiologists

By John Rose posted May 29, 2024
There’s no single prescription for smart tax management, but some essential strategies can be tailored to maximize the year-over-year earnings of a practicing physician. By John Rose, DO As a young physician embarking on a career in medicine, the journey is filled with excitement, challenges, and a sense of purpose. Amidst the rigors of medical training and the demands of patient care, one aspect that often warrants attention but may not receive the focus it deserves is financial health. To this end, managing taxes is crucial for ensuring financial health and maximizing your hard-earned income. Here, we delve into the essential strategies tailored to ...

Why Advocacy No Longer Feels Stressful: Lessons from the Hill

By Asha Padmanabhan posted May 28, 2024
Stepping outside of our comfort zone to engage in political advocacy can be daunting. After years of meeting with lawmakers, I've finally learned how to make the most of my visits to Capitol Hill. By Asha Padmanabhan, MD I recently returned from legislative visits to Capitol Hill as part of LEGISLATIVE CONFERENCE, the American Society of Anesthesiologists' annual advocacy event. Each May we head to Washington, D.C., to meet with our state's legislators and discuss pressing healthcare issues, particularly those affecting anesthesiology. In the past, I would feel a significant amount of anxiety leading up to these visits. As physicians, we are trained ...

Time to Get Your Retirement Savings Organized!

By Jeffrey Steiner posted Apr 22, 2024
Tax Day has come and gone. Since you’ve already spent time putting your financial statements together, why not take this opportunity to make the most of that effort? By Jeffrey Steiner, DO, MBA Most physicians don't have a great handle on their retirement savings and investing. Chances are, you've built your financial system as you went along. April is the perfect time of year to build some structure around that system and plan for the future. Whether you're early in your career or eyeing early retirement, there are some simple things you can do now to set yourself up for success. Make a huge impact on your retirement savings by using this four-step ...

Retirement Options for 1099 Employees

By Kayla Knuf posted Mar 18, 2024
The lure of self-employment continues to be popular for anesthesiologists. It comes with flexibility in scheduling as well as the ability to travel. Whether this is a full-time gig or in supplement to your W2 job, there are many options to manage your retirement when working as a 1099 employee. By Kayla Knuf, MD As a 1099 employee, you are on your own to plan for retirement. Two retirement plan options for self-employed and small business owners are the Simplified Employee Pension-Individual Retirement Account (SEP-IRA) and the individual 401(k). SEP-IRA The SEP-IRA has been hailed by different sources as simpler to set up than an individual ...

Financial Planning for Your Child’s Education Is As Easy As 5-2-9

By Christopher Malgieri posted Jan 05, 2024
No matter how “comfortable” I become financially, I can still always appreciate a good deal. And believe me, if you plan to finance your child’s education, there is no better deal than a 529. By Chris Malgieri, MD In a nutshell: A 529 plan is an investment fund that you own, and your child is the beneficiary. As these funds grow with the stock market, the proceeds can be realized tax free if they are used for qualifying education expenses such as tuition, housing, books, and computers. Up to $18,000 can be deposited by a parent or gift-giver annually. A two-parent household can give $36,000 each year. Alternatively, contributors can give a lump five-year ...

Member Spotlight: Dr. Elisha Peterson Aims to "Demystify" the Specialty for Future Anesthesiologists

By Emily Cowan posted Nov 13, 2023
Dr. Elisha Peterson is a Harvard-trained, triple-boarded anesthesiologist who has since added “podcast host” and “TEDx speaker” to her already impressive resume. In this Member Spotlight, she explains how her many professional activities and interests contribute to a singular goal: pulling back the “blue drapes” so that future anesthesiologists of all backgrounds can have a clearer view of the specialty and its impact on patients’ lives. First, let us say that you’ve got a lot going on! If we met you at a professional event, what would be the top three things you’d like us to learn about you? 1) I have a podcast! It’s called “Sevo Sistas,” and ...

Tokenized Real-World Assets and the Case for Cryptocurrency

By Andrew Winegarner posted Nov 08, 2023
Younger anesthesiologists focused on wealth accumulation rather than preservation should consider adding not just stocks but also cryptocurrency to any aggressive investment portfolio. Here’s why. By Andrew Winegarner, MD Anesthesiologists, especially now, have a secure job market with relatively high salaries coming right out of residency. There is a reliable safety net wherein early-career physicians can afford more aggressive investment portfolios. However, with interest rates high, more and more young physicians seem to be putting more money in high yield savings accounts, CDs, treasury bills, money market funds and so on for a guaranteed ~5% APR ...

Member Spotlight: Dr. Mary Arthur's Commitment to Anesthesia Education Worldwide

By Emily Cowan posted Oct 02, 2023
Dr. Mary Arthur recently returned from a mission trip to Ghana sponsored by Internal Healthcare Volunteers (IHCV). In this Member Spotlight, she shares her commitment to medical education and clinical care programs worldwide, including her work on ASA's Committee on Global Health. How did you first become interested in global health and come to work with IHCV in particular? I have devoted most of my career to education in anesthesiology, and I figured it was time to transition the experience I had gained educating young anesthesiologists to anesthesia education worldwide. I have been volunteering my time teaching residents in other countries, including ...

Real Estate Investing Options That Won’t Break the Bank

By Kayla Knuf posted Sep 21, 2023
Almost all financial advice suggests diversification to minimize risk if a certain portion of your portfolio takes a hit. Investing in real estate may be a good bet. By Kayla Knuf, MD Many residents and staff early on in their careers cannot afford to purchase a property (rental, commercial, etc.) outright. With increased interest rates, financing a property as an investment property is also not possible for many. Fortunately, there are a few other ways to add real estate to your portfolio separate from direct investment. Real Estate Investment Trusts (REITs) REITs are often compared to mutual funds. They are companies that own or finance income ...

9 Steps to Smart Contract Negotiation

By John Rose posted Sep 05, 2023
Before starting your new role as an anesthesiologist, there's one last hurdle: employment contract negotiation. By John Rose, DO As a newly minted anesthesiologist at the end of years of arduous medical training, the anticipation of your first attending paycheck can be exciting. However, before starting your new role, there's one last hurdle: employment contract negotiation. Here are nine steps to navigating this process so you can begin your career on the right foot. 1. Know your worth (research and self-assessment). Before you even start the negotiation process, it's essential to understand your value in the job market. Fortunately, it is an ...

Member Spotlight: Dr. Elizabeth Hansen's Climate Efforts Are Heating Up

By Emily Cowan posted Aug 17, 2023
Over the past five years Dr. Elizabeth Hansen has made it a personal and professional goal to reduce the environmental impact of anesthesia. In this Member Spotlight, she gets granular about the various projects she's working on to help hospitals cut emissions and waste while saving on costs, too. How did you first become interested in the climate impact of anesthesia, what did you learn, and at one point did you decide to take an active role in addressing this issue at the professional level? In 2019 I learned that 7% of my own hospital’s emissions were from anesthetic gases. This was the third largest contributor after natural gas and ...

Insuring Against Financial Disaster

By Daniel Kinney posted Aug 16, 2023
A financial plan is much like an anesthetic plan. Young physicians should aim to optimize outcomes and set themselves up for success while also insuring against the rare but potentially catastrophic bumps in the road. By Daniel Kinney, MD Anesthesiologists spend a great deal of time thinking about all the potential hazards that lie ahead of our patients during their procedure, and we work diligently to craft an anesthetic plan that will help avoid or minimize those risks. For example, we might plan for success by optimizing post-operative nausea and vomiting prophylaxis and incorporating multimodal pain management so that our patients wake up comfortable ...

The Top Eight Financial Mistakes Doctors Make

By Michael Norton posted May 29, 2023
Doctors are among the highest earners in America, which allows us much greater financial flexibility and freedom than most people. That means we have more opportunities for economic advancement and asset growth but also more chances for potentially disastrous blunders. Here are the eight financial mistakes physicians commonly make – and how they can be avoided. By Michael Norton, MD, MBA, FASA 1. Not making or keeping a budget This is the foundation of your economic stability, the bedrock upon which all else must be built. Without creating an adequate budget – one that allows you to provide for your immediate needs while simultaneously preparing ...

Member Spotlight: Dr. Neal Al-Attar on Residency, Training, and Volunteerism

By Emily Cowan posted Apr 25, 2023
This past January, anesthesiology resident Dr. Neal Al-Attar boarded a plane to the Philippines to participate in a global health mission. Over three days, he and his fellow volunteers performed nearly 30 cases. In this Member Spotlight, Dr. Al-Attar tells us what he learned from the experience. You recently participated in a surgical mission to the Philippines. Can you tell us a bit about the program and your experience there? Yes! My co-resident and the current President of the ASA’s Resident Component, Dr. Eric Reilly, and I were lucky enough to participate in a global health mission to Ciriaco Tirol Hospital in Boracay, Philippines. One of our ...

How Much Do You REALLY Need to Save for Retirement?

By James Turner posted Mar 16, 2023
Personal finance isn’t taught in most medical schools or residency training programs, so it’s no wonder many doctors don’t start saving sooner. Here’s some back-of-the-napkin math on how much you need to save each year to reach your retirement goals. By Jimmy Turner, MD I’d like to say it is an uncommon story, but it happens all the time: I am walking down the hall at my hospital when someone comes up to me and says, “Hey, Jimmy! Guess what I just did. I started maxing out my 403B. Isn’t that great?” My reaction is always the same. First, I give them a high-five and congratulate them on their accomplishment, because investing at any age is a “win” ...

DIY Investing: A Closer Look at Target Funds and Robo-Advisors

By Kayla Knuf posted Feb 16, 2023
While the idea of having a financial planner may seem convenient, finding an affordable financial planner who has your best interests at hand can be a daunting task. Target funds and robo-advisors are two modern tools designed to help novice investors manage their own money. By Kayla Knuf, MD Diversification, diversification, diversification. Most financial advice stresses that diversification is the key to minimizing risk while maximizing returns. But deciding how to diversify depends largely on one’s level of risk tolerance at a given point in time. Diversification often involves assets in the following classes: the domestic stock ...