Retina Today - Fellowsa?? Financial Fitness Forum: Part One (November/December 2015)

摘要

As we near the turn of the calendar, we focus this column on how vitreoretinal fellows or recent fellowship graduates can avoid financial pitfalls and achieve fiscal fitness early in their careers. To this end, the Fellows’ Focus section editors put together a forum of vitreoretinal surgeons from varied geographic, financial, and educational backgrounds to offer insights on important topics. Although retina surgeons are highly trained in repairing macular holes and delivering anti-VEGF injections, they are not necessarily experts in finance. Luckily, the mentors who trained us in the OR have experienced the issues we face with student loans and personal finance. It is as prudent to learn from their experiences in personal finance as it is to accept their pearls on membrane peeling, and they are eager to ensure that the next generation of retina doctors finds financial security. We are pleased to present the first part of this conversation; Part 2 will appear in the 2016 January/February issue. — Jayanth Sridhar, MD SAVINGS AND DEBT How do I manage student loan debt? Chirag Shah, MD, MPH: Student loan debt is, generally, good debt to have, as it is usually low-interest. If your net investment return can beat your student loan interest rates, then there is no need to rush to pay off your student loans. The same goes for any kind of debt, such as a mortgage. Ryan Isom, MD: At today’s student loan rates, you are likely better off paying down debt than investing. Given the guaranteed return, I would consider paying off any debt with interest rates above 4% or 5%. I advise paying off debt before saving a substantial emergency fund, but once it is paid off, saving 3 to 6 months of living expenses in a liquid savings account is typical. At a Glance • The decision whether to pay off student loans or to invest and save must be calculated based on return on investment versus the cost of maintaining the loan. • Each type of retirement investment account has benefits, but, in general, investing pretax dollars maximizes financial security. • Illiquid investments such as real estate should be considered only after the investor decides on long-term lifestyle and career choices. James Vander, MD: This is a math problem that depends on loan rates. If the loan rate is low, then create savings sooner. Remember that student loans are essentially never forgiven and, even if investments tank, you still have to pay off your loans. If the loan rate is high, then pay it off as quickly as possible. How much in savings should I keep as a fellow or junior attending? Dr. Vander: This is a highly variable number that depends on many factors. The compounding effect of time works very much in the favor of a fellow, and one should try to start saving as much as possible. The temptation of nice trips, cars, and other luxuries, however, competes with the need to save. Life is about the balance between choices and sacrifice, right? Dr. Shah: Choosing a lifestyle is very much an individual decision, and it affects how much or little you choose to save during every stage of your career. Some live extravagantly, paycheck to paycheck, with little savings or financial planning. Others live well below their means, saving and investing every penny with a disciplined financial plan. Dr. Isom: The most important time period for financial success is the first few years of a junior attending’s career. If you continue to live like a resident for a few years, you can do it all. You can even double your lifestyle and live off of $80 000 a year instead of $40 000, but do not quadruple your lifestyle. Do not buy a fancy car, a boat, and take out an interest-only mortgage on a $1.5 million home. Once you increase your standard of living, it is difficult to decrease it, and you will find yourself a 60-year-old physician with very little in your retirement accounts and a mortgage on a vacatio