EP 15
From Residency to Riches
About this episode
In this personal finance episode, Drs. Naqvi and Ahmed share the money mistakes and wins from residency through attending life, explaining compounding with Warren Buffett's late-life wealth, employer 401k and 403b matching and vesting, Roth versus traditional IRA timing, and self-employed options like SEP IRAs and cash balance plans. They cover index funds and the S&P 500, the dangers of high-interest student loans, and why locking in own-occupation disability insurance with a rider early in residency is critical.
What we cover in this episode
- why high income doesn't make you wealthy
- the power of compounding and starting early
- 401k and 403b employer matching and vesting periods
- Roth IRA vs traditional IRA tax timing
- self-employed retirement plans: SEP IRA and cash balance
- index funds, ETFs and the S&P 500 explained
- high-interest student loans and the debt trap
- own-occupation disability insurance for physicians
- lack of financial literacy in medical training
Your hosts
Dr. Humayun NaqviPreventive Cardiologist · West Houston Heart Center
Dr. Adil AhmedOrthopedic Surgeon · Baylor College of Medicine