What I wish I knew about personal finance at the beginning of my careerFeatured

Wow - this is so helpful!!! 🥺
sophiep's profile thumbnail
Glad you found it useful!
angelap's profile thumbnail
I agree! I wish I knew even a fraction of that information when I started out, and think that personal finance education needs some champions! I hope you get to publish this piece, it is very helpful and could be a great conversation starter for a ton of people.
sophiep's profile thumbnail
Thank you for reading! I definitely hope some of these points act as a starting point for people curious about personal finance.
dfarhana's profile thumbnail
This post is AMAZING! It's shocking that we are not taught personal finance through our education system and as a result we are not aware how powerful these accounts and tax-saving strategies can be.I would also add that investing in a Roth IRA (contribute post-tax money, and withdraw tax-free at retirement), in addition to match/max the 401K and HSA is also super important. Having a regular brokerage account also has some SWEET tax saving strategies especially if you want to retire early - for example, the long-term capital gains taxes are taxed at 0% up to $80,800 and then if you add the standard deduction of $25,100 for 2021, making it $105,900 of tax-free money!I share a lot of useful tidbits on finances on IG: https://www.instagram.com/doctor_finances/
sophiep's profile thumbnail
Yes, the Roth IRA is such a tax-efficient vehicle.It's so great that you have your own channel for doctors and personal finance!
sylyip's profile thumbnail
Sophie, Awesome info that you shared! Clarification on the retirement accounts: not to confuse IRA accounts vs the employer sponsored ones. IRA accounts are self funded with types such as traditional, ROTH, rollover and SEP while the employer sponsored 401k/403b often is offered as regular vs. Roth. If anyone is interested in learning more, please feel free to PM me. Disclosure: I am a registered investment advisor with focus on ESG investing. We provide financial wellness program to the underserved as well as anyone who welcomes a conversation on financial wellness. Wish you the best on your financial journeys!