Ep94: Navigating the Financial Leaps in Medical Training - From Medical Student to Resident to Attending

Welcome back to the Finding Financial Freedom Podcast with Dr. Disha Spath. Today, we’re joined by Amy Holbrook, Associate Program Director at Abbott Northwestern Internal Medicine Residency Program and Chair Elect of the National ACP Council. Dr. Amy is passionate about helping new attendings navigate the financial shifts that come with earning their first attending paycheck.  

In this episode, Dr. Amy shares how she got into financial wellness and the biggest financial mindset shifts that occur when transitioning from residency to attendingship. She breaks down key financial milestones, how to balance financial responsibilities while enjoying life, and strategies for building long-term financial stability. 

Key Topics Covered:

1. From Resident to Attending: The Financial Mindset Shift

• The biggest financial changes new attendings face.  

2. Smart Saving Strategies

• What percentage of income new attendings should aim to save.
• What to do after maxing out a 401(k).  

3. Balancing Lifestyle and Financial Responsibility 

•  Enjoying life while staying financially responsible.  
•  The importance of understanding retirement accounts.  

4. Debt vs. Retirement Savings 

• Should you focus on paying off debt or saving for retirement?  

5. Insurance & Financial Planning

• Must-have insurance policies for new attendings.  

6. Financial Education for New Attendings

• How Amy teaches residents to manage their first big paycheck.  

Resources Mentioned:

• Take-Home Paycheck Calculator
• Pearson Ravitz
• White Coat Investor
• Simple Path to Wealth
• Millionaire Life Next Door

Listener Takeaways:

• The key financial shifts that occur when transitioning from resident to attending.  
• How to build financial literacy and understand taxes.  
• The best strategies for saving, investing, and balancing debt.  
• Financial milestones every new attending should look out for. 

Connect with Us:

• Host: Dr. Disha Spath, The Frugal Physician

• Guest: Dr. Amy Holbrook

 

If you're a new attending looking to take control of your finances, this episode is packed with actionable insights to help you build wealth and financial confidence. Tune in now!

 

This episode is sponsored by

Reza & Sharif CPAs - They provide more than just tax returns and financial statements—they deliver strategic financial solutions tailored to your needs. Whether you're a business owner, physician, or investor, they help you navigate complex tax laws, maximize savings, and build long-term wealth.

With expert tax planning, accounting, and advisory services, they ensure your finances work for you—not the other way around.

Take control of your financial future today. Visit rezasharif.com to see how they can help.

 

This episode is also sponsored by

Set for Life Insurance – Providing more than just insurance policies—they deliver personalized coverage and expert guidance tailored to your need