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Financial Demands
following residency  by Jordan R. Stewart, DPM Timonium Foot and Ankle Center Established July 2006 Timonium, MD While preparing for the job interview process, it is very important to identify what your financial responsibilities will be following residency, so you don't find yourself behind the 8 ball. Trust me, you feel the hit in your pocket when deferment for student loans end and you owe a monthly payment. These financial responsibilities play a key role in determining the type of position you seek. I found the best way to approach this task was to sit at my computer and formulate a spreadsheet. Spreadsheets are very helpful as they allow you to separate items and to see the whole picture at the same time. Here is the spreadsheet I came up with when I started this process.
Several variables factor into this equation. For example, if you are single your costs will be lower. If you are married, your costs may be higher, but your spouse may work and contribute to the monthly expenses. Now that you have an idea of your monthly expenses, you need to find a position that will pay what it takes to cover these costs. Geographic costs also play a role in determining your earning goals. For example, if you are making $75,000 in New York City you may be living paycheck to paycheck, but if you are making the same money in York, PA your money should go further. It is time to put this information to use. You need do some research and find out the average starting salary for a podiatrist and the cost of living in the area you plan to live. This all comes down to a simple math equation. If the numbers don't add up in your favor, keep an open mind and consider other less populated areas. Get this information ready as it is a requirement before we review our next topic, obtaining an interview.
This program is supported by an
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