2020 was an incredibly difficult year for all of us. We incurred so much loss and pain, along with health, economic and life changes. For months on end, and now

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2020 was an incredibly difficult year for all of us. We incurred so much loss and pain, along with health, economic and life changes. For months on end, and now

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Financial planning for american, capitalist physicians
My incomplete notes from Finity Group’s presentation 03/25/2020 by Cole Kimball
The greatest challenge and difference in financial planning for physicians is the approximately decade-long delay in compounded savings due to medical school and residency.
Steps to achieving independence: Calculate Net Worth/Match Investments/Save 20% of income during residency/eliminate “bad debt”/manage risks/use tax code to your advantage/review financial sitch yearly-> finances aren’t “set it and forget it”
Loans- 7% rule- if debt interest rate is greater than 7% then pay it off, if it’s below 7%, keep the debt and invest the coin because 7% is the historical average of the rate of return of the S&P 500
PSLF (Public Service Loan Forgiveness), you make 120 payments while working in a 501c3 program. 1. Highly recommend filing employer certification program every year. Turns out it’s challenging to track down payroll proof, so file for cert on an annual basis. 2. Speak with FedLoan servicing to identify a repayment program that works for you.
And for private refinancing, there’s no undoing it so be careful because then PSLF will be off the table. Studentloanhero.com can identify 6 banks that can help you refinance. Refinancing rates can be wicked low (like 1-3% long-term)
Risks- prepare for possible catastrophic events (disability, litigation). An umbrella policy covers home, car, rental in case someone sues you. Wage garnishment can happen even if you don’t have much net worth. Think about buying it when you buy your own house.
Life insurance- you’ve got 1) Term- you pay an amount but it only applies for a limited time so if you die within that time period (10, 20 or 30 years), then you’re insured. 2) Permanent- you pay an amount which lasts forever no matter when you die, so it’s more expensive.
Tid-bits Rainy day fund- 3-6x your monthly expenses in an online high-interest rate savings account. bankrate.com
20% down when you buy a house is expected to avoid mortgage insurance (PMI or private mortgage insurance) - though this doesn’t apply to physicians because we get special loans. Another exception is regardless of profession, you’re gonna need 30% down in SF and the Bay Area.
You can do a broker check on any advisor at finra.org
Here are some of the parts I didn’t pay much attention to: Long-term disability insurance- recommended own-occupation long-term disability insurance. Gotta protect your income up front.
Saving- short-term (5 years) -saving account. medium-term - non-retirement funds. long-term (30 years) - IRA, Roth IRA, 401(k), 403(b)
Three “buckets” or end-points for your investment money- pre-tax (401(k), 403(b) means you’re gonna owe tax on the other end), post-tax (Roth, means tax is being paid now, comes out tax free) and capital gains
Race is not a determinant of health; hierarchical race structures determine health.
Summarizing: Forbes & Wainwright (2001)
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Today is National Women and Girls HIV Awareness Day! #NWGHAAD
“Think big, and not small. When we stand together, there is nothing we cannot accomplish.” - Bernie Sanders
Paul Farmer is a physician and co-founder of Partners In Health, which seeks to bring high-quality medical care and hope to those most in need.
The wealthiest 1% of Americans live 10 to 15 years longer than the poorest 1%
Being wealthy means staying healthy, according to a new series of studies.
These studies, in medical journal The Lancet, explored how economic inequality exacerbates health inequality.
According to the survey, the wealthiest 1% of Americans live 10 to 15 years longer than the poorest 1%. But the advantages of income go beyond just being the 1%. Read more. (4/8/17, 12:29 PM)
In the United States, gaps in health and longevity between the wealthy and the poor are some of the greatest in the world. It seems natural to assume that jumping from one stratum to the next — being upwardly mobile — would come with gains in health. And conceivably it could work that way — like if a person won the lottery or achieved overnight fortune from writing a truly insightful tweet. But decades of research show that when resilient people work hard within a system that has not afforded them the same opportunities as others, their physical health deteriorates.
Why Succeeding Against the Odds Can Make You Sick - The New York Times (via brutereason)

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White coats for black lives | December 10, 2014.
“…I will remember that I do not treat a fever chart, a cancerous growth, but a sick human being, whose illness may affect the person’s family and economic stability. My responsibility includes these related problems, if I am to care adequately for the sick…
I will remember that I remain a member of society, with special obligations to all my fellow human beings, those sound of mind and body as well as the infirm.”
Our patients living in poverty struggle not only with poverty of dollars, but also poverty of time. We need to be respectful of not only their pennies, but of their minutes.
Attending motivating residents to see their patients on time (via mdintraining)
SALMA YAQOOB confronts Conservative MP Iain Duncan Smith on poverty, austerity & and the government’s labelling of those on benefits as “scroungers” | BBC Question Time, 12 June 2014
“My full-time job is actually mental health. I have seen myself, how people have become suicidal. I have had to counsel people who have lost their loved ones who said they did not want to be a burden on their own families because the support has been taken away. These are very, very real issues. And it’s [cuts to benefits] being done in the name of austerity. We’ve had this drive of people being called scroungers when actually half of the people on benefits are pensioners, our pensioners in this country are not scroungers. 60% of people on benefits are in work, but the wages are not paying enough to feed their families.
Yet I’m sitting next to Iain Duncan Smith, who quite happily labels poor people as scroungers, when you claim £39 for a breakfast, like you can’t afford your own breakfast, when you live on your wife’s estate, and have taken £1.5 million of taxpayers money. That’s what I call scroungers, that’s what I call shirkers.”
So glad that Yaqoob said this. Like so many, I’ve been disgusted by the vilification of poor people under the current British government, and the political impunity the Lib/Cons have enjoyed as they wage their war on the British welfare system and the people it used to assist. Lord knows, back in 2012 that was basically all my tumblr was about.
I’m elated that Yaqoob says what she came to say despite being interrupted by three different white men in under two minutes. See how they flail about trying to shut her down? Trying, and failing to close ranks. Their language intends to belittle her intelligence, accuracy and question her political maturity. “What a lot of nonsense” says Iain Duncan Smith again and again, as she backs him into a corner. The dimwit David Dimbleby, whose sole public function is to maintain the status quo, (in a very gentlemanly fashion) orders Yaqoob to answer the question. Surely a person with his journalistic experience knows that politicians reframe the question they’re asked and give the answer they came to give? It’s alright when white men with party backing/influence/money do this very thing, but apparently not when Yaqoob does. I’m sure the question was boring anyway.
But she doesn’t let them to dismiss her! I cannot count the number of times I’ve been talked over and talked down to by white British men. My statements informed by education, research or experience are interrogated, picked apart, evengoogled when similar statements by a white man would be accepted as truths. Apparently, women of colour’s speech is always awaiting verification. I love that Yaqoob refused to succumb to all those familiar silencing tactics, and so quickly articulated a powerful case against austerity.
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Poverty Is Literally Making People Sick Because They Can’t Afford Food
Income inequality is making us sick.
Well, it’s not making all of us sick. Only the poorest of us. That’s what a new paper in Health Affairs by Hilary Seligman, Ann Bolger, David Guzman, Andrea López, and Kirsten Bibbins-Domingo found they looked at when people go to the hospital for hypoglycemia (low blood sugar).
The basic idea is that people struggling to make it paycheck-to-paycheck (or benefits-to-benefits) might run out of money at the end of the month—and have to cut back on food. If they have diabetes, this hunger could turn into an even more severe health problem: low blood sugar. So we should expect a surge of hypoglycemia cases at the end of each month for low-income people, but not for anybody else.
Read more. [Image: Reuters]

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John Legend tells it like is when it comes to mental health, addiction, poverty and incarceration. He opened up about his mother’s own struggles.
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Anne Frank | The Diary of a Young Girl | 1947