The Art of Living Like a Resident:

Dear Aspiring Attending Physicians,

Transitioning from residency to your first attending role is an exhilarating milestone, accompanied by a significant financial leap. That first attending paycheck is a moment of pride and potential; it's a testament to your hard work and dedication. However, this financial turning point also brings a critical opportunity to set the tone for your future financial health and lifestyle. This edition is devoted to the concept of "living like a resident," a principle that, when adopted wisely, can pave the way for long-term financial success and satisfaction.

🎉 The Initial Celebration: A Rite of Passage Receiving your first paycheck as an attending physician is indeed a cause for celebration. This moment marks the culmination of years of rigorous training and sacrifice. Allow yourself to savor this achievement, but let the extravagant celebrating end there. The true challenge—and opportunity—lies in what comes next.

📈 Crafting a Sustainable Financial Plan With this increase in income comes a significant responsibility: to become a savvy manager of your newfound wealth. For many physicians, this period is also a time to confront substantial student loan debt, which has likely grown due to interest accumulation during residency. Adopting a conscientious approach to your finances from the start is crucial.

🔧 The Practicalities of Living Like a Resident Embracing the "live like a resident" philosophy doesn't mean perpetuating the same financial constraints you experienced during residency. It's about smartly managing your increased income. Consider modestly increasing your living allowance, providing a bit more room in your budget for small luxuries or conveniences that make life enjoyable. If your residency income was $4,000 per month, allowing yourself a bump to $5,000 or $5,500 can offer that needed flexibility without compromising your financial goals.

🏃‍♂️ Embracing the Long Game It's essential to balance frugality with occasional indulgences. Too much restriction can lead to burnout, just as it can in your professional life. Allowing yourself the occasional luxury purchase or vacation can serve as a reward for your hard work, helping to sustain motivation and enjoyment in both your career and personal life. Remember, achieving financial independence as a high-earning physician is a marathon, not a sprint. The goal is to maintain a steady pace that supports wealth accumulation and personal fulfillment over time.

In Conclusion: The journey from residency to attending physician is as much a financial transition as it is a professional one. By embracing a lifestyle that mirrors the fiscal prudence of your residency days—with adjustments for the realities of your new income—you lay the groundwork for a future characterized by financial security and the freedom it affords.

To a future built on wise choices and fulfilling experiences, 

A.K,MD