Tyler Olson
@olsonplanner
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Financial planner to physicians and other kind and motivated people. Enrolled Agent.
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Joined September 2011
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This is a safe place to learn about finance.
Every question is valid!
#MedTwitter
#MedStudentTwitter
#financialplanning
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Because they spent over a decade to learn.
Because they made $12/hour for years (as physicians).
Because they put their training ahead of many valuable life goals.
Because they’re on call throughout their working years.
Because they advocate for us.
Because they save lives.
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CW: unknown cause of death
Just found out my 32 year old cousin in Texas died.
He got turned away at the ER on Friday bc there wasn't enough people to help. His parents found him in his apartment 3 days later. We are waiting on the autopsy.
We all need to be really careful.
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Why don't physicians know exactly what each procedure they regularly perform costs the patient?
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Attending physicians -
When applying for your latest job, when did you find out how much you would get laid?
Before or during the interview?
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Physician compensation is not the reason why you can’t afford your healthcare.
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I’ve been working full time, making a living in my field for 18 years.
Just ran into an old high school friend who only two years ago became an attending physician.
Wow 😯
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I know adulting sucks, but if you’ve got kids, please get your will written.
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Doctors are in a tough spot.
Your supposed unfairly high salary is blamed for high healthcare costs.
Even if you did take a pay cut, it wouldn’t make things better, bc your pay isn’t the problem.
The only thing to do is show the truth, but repeatedly doing this is exhausting.
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My three-year-old son can eat an entire avocado in one sitting.
Needless to say, our financial plan is in shambles.
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Resident starting pay should be $100k/year
🙋♂️ What’s your unpopular opinion in medicine that will get you in this position?
#MedTwitter
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Should primary care physicians make more than $61.22/hour?
Cuz that’s a $150,000 salary.
Working 50 hours/week.
And 3 weeks vacation.
A resounding YES is the right answer.
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If there’s a physician shortage, particularly in family medicine and pediatrics (correct me or add-on if I’m missing something), shouldn’t there be upward pressure on compensation?
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Normalize paying family medicine doctors $500,000/year.
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I really miss filing taxes in Sweden.
1. Governments emails, says what your employer set aside is the correct amount.
2. You reply, “confirmed.”
That’s it.
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A physician I know just paid off their student loans, 14 years after starting medical school.
Amount borrowed: 345,000
Cumulative interest paid: 247,296
Effective average interest rate: 5.12%
That’s $115.90 per day for 14 years to fund their education.
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It’s really sobering to see a timeline of both attending physicians expressing their need to get out of medicine *and* college students expressing sheer excitement that they just got accepted to medical school.
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An attending physician making $330,000 a year who agonizes over the purchase of a $165 blender…
What is this behavior?
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Every time someone blames physician compensation for high healthcare costs, the health insurance executives and shareholders smile.
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How does one finish their last shift of residency at 10:00pm on 6/30 and then travel across the country to start their first shift of fellowship on 7/1 at 6:00am?
Asking for a friend.
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If you’re a trainee working tonight, DM me if you’d like breakfast tomorrow paid for.
Will be sending funds ($20/person) via Ca*h*pp or V*n*o.
If you’re anyone else who wants to add to the pot, DM me.
Will be providing receipts for verification.
I’ll start with 10 from me.💜
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What is something fairly modest you spend money on that makes you feel like you?
First thing that comes to mind for me is a $65 5 lbs bag of coffee from a local roaster. I pick one up once a month.
Sipping it now. ☕️
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I’m 39 years old, run a successful financial planning practice and I just put the frozen pizza in the oven upside down on the rack.
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This is an incomplete and perhaps naïve thought.
But I think it should merit strong consideration.
Egg freezing and IVF - fully covered and paid for - for anyone going into residency.
For if and when they choose in the future.
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I’m not even in medicine and it is so tiresome when I meet with the common ignorant thought that physician income is the reason healthcare is so expensive.
I have no idea how y’all handle it.
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Wait, hospitals send meds internally through pneumatic tubes??
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Charging residents and fellows for parking?
Seriously admin??
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If you think doctors’ pay is why healthcare is so expensive, then you’ve been taken in and the insurance companies have won.
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Should hospital CEOs comp be capped?
At like, say, 10x the comp of the lowest paid employee they hire, for example.
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Why don’t the medical schools reduce their new student intake each year by the number of those in their graduating class who go unmatched?
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What are some financially inexpensive yet mentally rich activities you really enjoy?
🌳 🌳 🌲 🌲 for me
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Shout out to the Northwest mutual advisor for selling a $650/month premium whole life policy to the EM intern who has $390,000 in student loans.
Great job ignoring their massive debt planning needs so you could earn a commission. That takes dedication.
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Med students who can’t afford to go home and visit their families?
Something is definitely wrong.
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Asking for higher pay does not mean you don’t care about your patients.
Asking for a reasonable work schedule does not mean you don’t care about your colleagues.
These are tricks meant to isolate you and make you feel selfish.
You are not selfish. You are a human.
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Ok I can’t fake it anymore. What in the heck is internal medicine? Isn’t all medicine internal? (Except derm I suppose)
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Lost a person’s business yesterday after I told him our son will be getting the vaccine once he’s eligible.
Said my thinking is compromised.
Bye 👋🏻
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Personal note.
I’ve decided not to pursue medical school.
We thought about it a lot and it took time to know for sure.
I really appreciate y’all hearing me out last fall. I love what you all get to do. It is AMAZING work. And I will continue to be silently jealous and publicly
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One physician I work w/ was concerned about the moral rightness of them being a recipient of the $10k forgiveness since they have a high income now, even though their 2020 income qualifies them.
They were working as a resident in the Covid wards in 2020.
Please take the money.
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Advocating for physicians to be included in the proposed loan forgiveness action is not asking for a handout.
They provide an essential service.
We ALL benefit if our doctors can better focus on taking care of their patients.
And it’s a modest “thank you” for the past 2 years.
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If you have $400,000 in student debt, work 80 hours a week and make $12/hour, you might be a physician.
In fact you’re definitely a physician.
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State school undergrad will cost over $200,000 for newborns today.
What’s your plan?
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It seems reasonable to me that a $10,000 increase in resident salary would barely register on a hospital’s cashflow statement, but it would make a huge difference in the life of the individual.
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Seems more and more likely that the federal student loan payment pause is going to be extended AGAIN.
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I’ve never understood people who love to wake up early on weekends. It’s your time off and you’re gonna waste it not sleeping in!?
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Your school curriculum that is costing you $350,000 isn’t enough to pass the exams you need to complete in order to graduate said school?
Come again??
Your school curriculum probably isn’t nearly enough to safely pass Step 1. Don’t over-rely on it during M1-2. Create a parallel curriculum of third-party resources early.
Yes it sucks to do prep simultaneously for in-house exams and boards, but it will pay off in the long run.
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Hot take:
Don’t fall in love from 22-99, there’s too much to lose.
Your career will thank you.
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Student loans have again been deferred now until May 2022. 👏 👏 👏
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If they’re gonna work you 80-100 hours a week, at least make egg cryopreservation an employee benefit.
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What’s the most amazing procedure or diagnosis you’ve ever been a part of that saved someone’s life?
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A couple of days ago a friend died.
He was 40.
He had built up a lot in his 401(k).
And guess how much his kids care about that?
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My idea for a gradual income increase for trainees:
PGY1 - $75,000
PGY2 - $85,000
$10,000 more for each successive year in training.
More experience = more compensation
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8+ years making little or no money
Then 3-9 years of making 50-70k
Then making double, triple, quadruple of that or more.
That’s gotta feel so weird.
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How valuable do you think 2 or more years of work experience could be before a person goes to med school?
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Physicians will literally go to school and train for over a decade just so they can _____________.
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What is $474,349.12?
The tax-free money available to you 30 years from now if you invest $6,000 a year ($180,000 total invested) and the internal investments averages a 6% profit per year.
Invest. In. A. Roth. IRA.
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Resident math is making $12/hour while accruing $65/day in interest on their student loans.
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Of all the physicians to pick on, he chose pediatricians??
That’s the way to start a conversation about this, put pressure on (among) the lowest paid, highest volume specialty in the biz.
This is jerk behavior.
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MS4s -
Go out and make a couple hundred dollars doing something.
Then you have income to report.
Then e-file your 2022 tax return.
Then link it to your income-driven repayment plan app next summer, showing nearly $0 income.
Then your first year’s payments will be $0 🤩 🤩
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Every time I think about wanting a newer car, I try to remember that I have no car payment.
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Good evening to everyone except the advisor who last year negligently recommended my now client refinance her loans to a private lender though she was 2 years from PSLF. 😡
$275,000 in forgiveness. Poof.
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A lifetime of carefree grocery shopping is how I personally define wealth.
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@RyManMD
@MelissaAReed
Me either! 🤦🏼♂️ it’s like my wife says: going for a walk with me is an entirely different experience than on her own 😞 and that fills me with sadness and rage.
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90%+ of medical students and residents who ask me financial questions in DMs lead with an apology for bothering me.
I see a pattern and it’s a bit sad.
For the record, I want you to ask me questions. It makes me happy.
Every question is valid and welcome!
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Normalize community college being recommended to future doctors.
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Every residency program should have a dedicated financial advisor who knows how to teach finance so new docs can protect themselves. And the advisor isn’t allowed to sell them any products independently. They work FOR the program.
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Residents deserve to make more money.
Residents deserve to make more money.
Residents deserve to make more money.
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Med students -
If you have federal student loans, you will be in line like everyone else for the $10k forgiveness, as long as you’re not personally making more than $125k or if you are married and you collectively make more than $250k.
It does not matter that you are in school.
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Did it hurt? When you went to Starbucks and ruined your entire financial future?
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Which would you rather have?
A $10,000/year pay increase
A slightly warm slice of pizza in the break room
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The "attending buys the resident lunch" results in an excellent return on investment.
For an attending that earns $200k, works 55 hrs/wk, $20 is 25 mins. of work.
To a resident earning $60k, works 80 hrs/wk, $20 is 106 mins. of work.
Not to mention the benefits of generosity!
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How and why did MGB offer these benefits to residents?
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If you're graduating from medical school this year, have significant student debt and need to minimize pymts, it is ideal to file a 2021 tax return so that you can prove low or $0 income that produces a low or $0/mo pymt for your first yr out of school.
Why is this important?
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Is this accurate?
“Being on call is being 50% at work mentally ready to jump to 100% at any moment.”
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What do doctors do when they’re visiting their doctor and waiting for them to come in the exam room?
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You haven’t lived until you’ve paid utility bills on a 100 year old home with original windows.
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Do orthopaedic surgeons get paid more than orthopedic surgeons?
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