Your first few years as an attending are critical. Avoid these common mistakes to build wealth faster and protect your financial future.
| Mistake | Cost | Description | Impact |
|---|---|---|---|
Lifestyle Inflation | $500,000 | Spending increases match income increases, leaving no room for wealth building. | Missing out on ~$500K in retirement savings over 3 years by not "living like a resident" |
Missing Employer Match | $150,000 | Not capturing the full employer 401(k) match is leaving free money on the table. | Missing $5K-10K annually compounds to $150K+ over a career |
Wrong Insurance Products | $200,000 | Buying whole life, variable life, or indexed universal life instead of term insurance. | Overpaying $5K-8K/year for 30 years = $200K in lost opportunity cost |
Inadequate Disability Insurance | Career-ending | Skipping own-occupation disability insurance or accepting only group coverage. | Risk losing $10M+ in lifetime earning potential without proper protection |
Ignoring Backdoor Roth | $100,000 | Not taking advantage of backdoor Roth IRA contributions for tax-free growth. | Missing $7K/year in tax-free space = $100K+ in lost tax-free growth over 30 years |
High-Interest Debt | $50,000 | Carrying credit card balances or car loans at 15-20% interest rates. | Paying $3K-5K/year in unnecessary interest adds up quickly |
Wasting Signing Bonus | $75,000 | Spending signing bonus on consumption instead of student loans or retirement. | A $50K bonus invested properly could grow to $200K+ by retirement |
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