#151 Signing Bonus or Forgivable Loan: What Should Doctors Do With the Money

After years of studying, tests, and residency, you’ve finally moved up and the job offer comes with a forgivable loan they’re calling a signing bonus. Nate Reineke and Chelsea Jones look at one case where the numbers are huge, meaning a job change for this physician could cost them huge. We break down why saving these bonuses could save you in the long run and some way’s we’ve seen doctors navigate these loans. We also answer your colleagues questions. A Psychiatrist in Maine asks, “If my kids are likely to have much of their college covered through scholarships and unused GI Bill benefits, how should that change the way I approach college savings?” A Psychiatrist in West Virginia says, “When I did my estate plan, the service that I used suggested that I put age restrictions on distributions. I need more education on why the need to divvy it up, when I assume our children would need access to the funds for support as young adults even prior to the age of 25.” A Psychiatrist in Kentucky wonders, “When it comes to life insurance, my husband and I both have several policies with different terms. If I want my parents to get the payout from one of the policies (with my husband still being contingent if my parents have passed), what is the easiest way to do that? Do I change the beneficiary on the policy itself? Should we change the beneficiary to the trust first and then have instructions for the executor to give my parents the money?” Are you ready to turn worries about taxes and investing into all the money you need for college and retirement? It’s time to make a plan and get on track. To find out if we’re a match visit physicianfamily.com and click get started or, you can ask a question of your own by emailing podcast@physicianfamily.com. See marketing disclosures at physicianfamily.com/disclosures