Here are three ways to prevent identity theft without much work. Use a password manager Many people use a few fairly weak passwords across all websites. If a hacker gets into your Netflix account, he tries the same password at your bank and your 401(k). The best...
You can and should freeze your kids' credit. Here's why and how. Background Minor children are targets for identity theft because no one monitors their credit. A fraudster could get loans in your kid's name for years. Then your child applies for their first job or...
What is Debt Rate? Debt Rate is a key indicator of your financial health. It's the percentage of your annual gross income that goes to debt payments. Total Annual Debt Payments / Total Personal Income = Debt Rate Example: Assume your annual income is $300K. If you're...
What is Savings Rate? Savings Rate is a key indicator of your financial health. It's the percentage of your annual gross income you're saving. Total Annual Savings / Total Personal Income = Savings Rate Example: Assume your annual gross income is $300K. If you save...
Most people do not have a great way to monitor their finances and assess their financial health. Tools like Mint and Personal Capital let you see all your accounts in one place and track your spending. This helps to some degree, but it falls short in answering key...
Stop bad guys from getting loans in your name. Here's how to freeze your credit quickly and easily. Background There are three major credit bureaus: Equifax, Experian, and TransUnion. Each one tracks your credit history and calculates a credit score. When you apply...
Managing student loans during residency is often overlooked, but it has a huge impact on your financial future! This article assumes the following: You have federal loans. You're early in residency. For now, you're managing your existing loans as they are. When you...
There are two main types of mortgages. A fixed rate mortgage has the same rate and payment the entire time. An adjustable rate mortgage (ARM) can change its rate, and therefore your payment, as rates change in the marketplace. We strongly recommend a fixed rate...
This is a comprehensive resource guide covering all the key areas of financial planning for emergency physicians. This post, and all of ER Doc Finance, is dedicated to helping you cut through the noise. Most of our articles can be read in less than 5 minutes. Don't be...
One of the most common questions we get from our clients is "Should I pay off debt or invest?" When you become an attending physician, you're finally at the point where you have some excess cash at the end of the month, and you want to make sure you're using it...
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