Student loan refinancing is when a private lender pays off your student loans and provides you with a new loan with different terms, often at a lower rate. Refinancing may be a good option when you want a lower interest rate, to change the repayment terms, or to reduce your number of monthly payments. Avoid …
Stress around your personal finances can negatively impact your ability to put patient care first. Financial stress has been identified as the second highest cause of depression among physicians. However, you can alleviate money-related stress and distractions by creating and managing a budget, gaining control over your spending, and planning for the future. As a …
Why Monthly Budgeting Is Critical For Doctors-In-Training Read More »
Emergency funds serve as a financial safety net for unexpected expenses or periods of unemployment. Both doctors and doctors-in-training can benefit from the financial security provided by an emergency fund, regardless of income. High-yield savings accounts can be a great place to allow your emergency fund to grow passively. COVID-19 put a strain on the …
CPAs can be incredibly useful for doctors with complex financial situations. CPAs can help doctors with tax preparation, financial planning and income tax advice. When choosing a tax preparer, be sure to verify their credentials, choose someone with experience with doctors’ finances, take note of their service fee structure, and conduct interviews before beginning to …
A high-yield savings account is a simple concept: You save money faster due to a higher rate. There are a few key considerations when choosing a high-yield savings account — such as the Annual Percentage Yield and fee structure. A high-yield savings account is a simple concept: You save money faster due to a higher …
How A High-Yield Savings Account Can Help Doctors Save Money Faster Read More »
Key takeaways: Your credit score can have a big impact on your ability to borrow money or open new credit cards. Raise your credit score by making on-time payments, decreasing your credit usage, and keeping existing credit cards or other accounts open if possible. Panacea Financial does not use a doctor or doctor-in-training’s credit score …
How Doctors Can Improve Their Credit Score & Other Common Credit Score Questions Read More »
Key takeaways: The most important part of saving for retirement is starting as early as possible. 401(k)s are employer-sponsored retirement accounts that are most beneficial when the employer matches a portion of the employee’s contribution. IRA accounts are individual retirement accounts that allow more freedom to invest on your own terms. Speak with an experienced …
What Is A 401k & An IRA? What Doctors Need To Know About Retirement Savings Read More »
Key takeaways: Credit card consolidation takes multiple credit card balances and rolls them into one monthly payment. Doctors can often build up credit card debt in school and residency, which can quickly become toxic when not paid off. Personal loans are one option for consolidating credit card debt. Americans have over $840 million in credit …
What You Need To Know About Credit Card Consolidation For Doctors Read More »
Key takeaways: Personal loans offer doctors money when they need it most for any need — credit card consolidation, application fees, relocation and more. Panacea Financial’s PRN personal loan was created specifically for doctors and doctors-in-training with a number of unique benefits. With examination fees, residency relocation costs and credit card debt, becoming a doctor …
Personal Loans For Doctors: What You Need To Know Read More »
What You Need to Know About Buying a Dental Practice Key takeaways: Buying a dental practice allows the owner to get started right away with the security of historical finances. New owners may face difficulty in adjusting policies and dynamics in an existing practice. New owners may need to update dated offices and equipment. After …
What You Need to Know About Buying a Dental Practice Read More »
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