David Geffen School of Medicine at UCLA  
David Geffen School of Medicine at UCLA
Student and Resident Financial Services
Debt Management Session
REV DATE: Jan. 2005
 
Piggy Banks To Paychecks

Piggy Banks To Paychecks
Session ID: PBP010
Date: Web Session
Time: Web Session
Location: Web Session

Description

This session is intended to help fourth-year students to realize the financial transition from medical student to resident.

The goal of this session is to help fourth-year medical students develop strategies for thriving in their residencies, to develop a realistic spending plan (budget) and to give students valuable money saving tips and tips on how to make their paychecks grow. Students will learn also how to figure the number of dependents to claim on your W-2 form so they will not owe Uncle Sam at the end of the year. Students will learn how to develop savings and enter the world of personal investments by understanding the terms and common investment vehicles.

This two hour session will consist of a panel lecture given by a representative from Access Group and by a representative from Consumer Credit Counseling Services followed by a question and answer period.

Learning Objectives

  1. To understand how and when to start savings, investment (including stocks), and retirement accounts; and how to develop short-term and long-term investment plans.
  2. To establish good financial habits and the importance of long-term financial goal setting; and to be able to analyze various financial management strategies intended to meet those goals.
  3. To gain realistis expectations of income, professional responsibilities, and lifestyle opportunities after graduation or residency training.
  4. To understand the importance of creating and living within a budget , and be able to create a personal budget.
  5. To understand the cash flow and resource allocation principles.
  6. To understand how to manage the financial transition from being a student/resident to working as a resident/professional with educational debt.
  7. To understand your tax responsibilities (including social security) and taxation issues.
  8. To understand that you have options of what type of account (savings, mutual funds,ect.) your automatic paycheck withdrawal for retirement goes into.

Handouts

  1. Power Piont Slide Presentation by Jeffrey E. Hanson, Director, Debt Management Services, Access Group, Inc. (ppt)

  2. Presentation by Jeffrey E. Hanson, Director, Debt Management Services, Access Group, Inc. (pdf)

  3. "Credit Tips-Getting the Credit You Deserve: What Every Student Borrower Should Know." a brochure provided by Access Group, Inc.

  4. "The Big Chill: Putting Your Plastic on Ice!" Provided by Access Group Inc. (pdf)

  5. "Drownig in Debt? Resources of the Consumer Credit Counseling Service (CCCS)" provided by Access Group, Inc.

  6. "Being Thrifty- Living Like a Student" Provided by Access Group, Inc. (pdf)

  7. "Good Financial Habits- A Guide to Achieving Your Dreams" Provided by Access Group, Inc.

  8. "How Much Does That Pizza Really Cost?" provided by Access Group, Inc.

  9. "Good Credit: Its Impact on Borrowing Education Loans and on Your Financial Future" provided by Access Group, Inc.

  10. "Access Advisor: An Interactive Student Financial Planner- User's Guide" privided br Acess Group, Inc.

  11. "Planning for Your Financial Future- A Bibliography" provided by Access Group, Inc.

Videos

  • Show Me The Money!
    This video "Strategies for Thriving in the Face of Debt", presents four strategies that can help you thrive in the face of debt and succeed in achieving your financial goals.
    Click here to watch video.