CYP Personal Finance Blog

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 ...

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 ...

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, ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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. ...

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 ...

The days are getting longer, and spring is fast approaching. But before we can enjoy the warmer weather, we all must get past one of the most dreaded financial hurdles of year: tax season. Here are some concrete strategies to maximize deductions and minimize ...

Thanks to the internet, it's now even easier to manage one's finances. But even these online tools require inputs based on highly individualized budgeting decisions. Here are five key questions you must answer to create a budget that truly works for you. ...

For many, recent volatility in the stock market has been scary. For young physicians and other potential long-term investors, it can be an opportunity. By Cobin Soelberg, MD, JD, FASA Mortgage rates are at their highest level in over a decade . ...

As a young physician my income has been changing rapidly and, come to find out, I wasn’t withholding enough. It’s more complicated though, and I have learned a great deal about tax code and tax reform while researching the “why.” By Chelsea Altinger ...

Why Public Service Loan Forgiveness (PSLF) is such a particular boon to indebted physicians. By Chris Malgieri, MD Eleven years ago, on a balmy late-spring day in Columbus Ohio, I entered my medical school lecture hall for a mandatory student loan ...

If we’re serious about long-term financial planning we must first understand the emotional drivers—overconfidence, unconscious bias, even jealousy and envy—that may be getting in our way. By Cobin Soelberg, MD, JD, FASA When many physicians think ...

It can be a headache finding the right person to look after your home and your children, but when you are lucky enough to find a keeper, you will need a financial plan – and hopefully not encounter another headache. By Chelsea Altinger Casey, MD ...

While not part of a traditional investment plan, several arguments can be made for having some amount of alternative investment funds. By Matthew Dellaquila MD MBA FASA If limited to a small percentage of your investment fund, alternative investment ...

As we settle in for the winter months, the holiday season gives way to a much less welcome time of year. Here are a few things young physicians should keep in mind as Tax Day approaches. By Christopher Malgieri, MD Tax season used to be a much simpler ...

Disability insurance maybe the furthest thing from your mind right now but, without it, you may be creating a major gap in your overall financial plan that could quickly dissolve your savings and future. By Chelsea Altinger Casey, MD It’s one of ...

Every time you change your employer (even going from resident to attending at the same institution), your benefits package will likely be different. To secure your financial future, it is important to review this benefits package thoroughly and intentionally ...

The journeyman path that many of us take through medical school and training leaves a dust cloud of landlords and leases. For those finishing training and beginning life as an attending physician, July 1 st confers a whole new meaning – and, hopefully, ...

The conflicts of interest within medicine are pretty easy to spot when you know what to look for. Let’s just say the financial industry is set up a little differently. By Jeffrey Steiner, DO, MBA It is not unusual for me to get asked personal finance ...

Upon finishing training, many new anesthesiologists will have debt (usually in the six-figure range) from medical school and college. They will likely also have debt from credit cards, relocation loans, car payments and possibly housing debt. Monthly ...

There is more than one road to financial success, but the key is spending less than you earn. Outgrow your new paycheck too quickly and you may find that you are struggling to meet your financial goals. Here are a few basic principles to put you on the ...

Your ability to work is the foundation of your financial plan. In previous blog posts we have discussed student loan management and how to plan for retirement . This post focuses on protecting your ability to execute those well-thought-out career goals ...

For the young physician just beginning their career, retirement can seem infinitely far away. Retirement planning, however, requires dedication early in your career to ensure a smooth transition years down the road. Here is the first installment of several ...

If you've got student debt - and if you're a young physician, chances are you do - you're probably wondering about the best and fastest ways to get rid of it. Here's a quick overview of your options. By Christopher Malgieri, MD You know the numbers. ...