Residency is when you build your financial foundation. Avoid these mistakes to set yourself up for success as an attending.
| Mistake | Cost | Description | Impact |
|---|---|---|---|
No Disability Insurance | $100,000 | Waiting until attending to get disability insurance means higher premiums and risk. | Rates lock in based on age and health. Waiting = 30-50% higher premiums over career. |
Not Negotiating Contract | $150,000 | Accepting first offer without negotiation leaves significant money on the table. | Average negotiation adds $15K-30K to base salary. Over career = $150K+ difference. |
Wrong Loan Repayment Strategy | $215,000 | Making standard payments on federal loans when PSLF-eligible wastes $200K+. | Consolidating or refinancing federal loans destroys PSLF eligibility permanently. |
No Emergency Fund | $30,000 | Using credit cards for emergencies creates high-interest debt spiral. | One emergency without savings = months of 20% APR credit card debt. |
Lifestyle Creep During Training | $400,000 | Increasing spending during residency reduces ability to save as attending. | Living at max budget now = harder to live like resident as attending = $400K less wealth. |
Moonlighting Tax Mistakes | $20,000 | Not setting aside taxes or tracking expenses for 1099 moonlighting income. | Surprise tax bill + penalties on 1099 income you already spent. |
Bad Contract Terms | $75,000 | Accepting restrictive non-compete, low CME allowance, or no tail coverage. | Bad terms limit future mobility and cost thousands in tail insurance. |
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