As a continuation of my previous entry, I’m going to review four online savings accounts: Etrade, INGDirect, HSBCDirect, and EmigrantDirect. As I mentioned before, stashing your hard earned cash in an online money market account can help add a couple extra bucks to your savings without risk.

Etrade

Etrade offers full-brokerage accounts in addition to the standard money market account. This means that you can open IRAs and stock portfolio accounts all under one convenient interface. For the longest time, Etrade has offered comparable interest rates to that of other online accounts. At the time of this writing, however, the savings account rate is a measly 0.95%. This rate is still 3-4x what your regular bank (Citibank, Chase, Bank of America) would offer. The redeeming qualities of Etrade include its slick interface and expedient transfers. The web interface is neatly organized according to the type of account you have with them. The monthly account summaries are simple to interpret; you’d be surprised how confusing some bank statements are. Account transfers on Etrade are FAST. Accounts are credited by the evening after you make the transfer, although you may not necessarily be able to draft funds immediately. Your balance begins accruing interest the day you make the deposit. Withdrawing funds directly from Etrade is also convenient; they offer an ATM debit card that is valid at any U.S. ATM machine. Etrade does not have an surcharges on ATM use, and they will reimburse any fees incurred from the other end as well. Overall, Etrade Bank is a good deal. Read more…

economy economy, life, money

Whether you’re a medical resident hoping to make millions out of residency or a computer programmer in a stagnant company, it’s still probably wise to stay atuned to the economy. As a physician in training, I’ve noticed a wide range of economic sense in my peers. Some of us anticipate a fat six-figure salary out of training, and live as if we did (The average hourly rate of a medical resident is equivalent to that of an In-n-Out burger boy). That’s perfectly fine if you’re independently wealthy or have a spouse supplementing your income. The rest of us live somewhere in the middle. Those of us in this medium range will probably have a couple hundred bucks lying around every month leftover from our paychecks. How can we maximize these unspent dollars?

While you can invest this excess green in the stock market, bonds, mutual funds, or any other venture that might promise huge returns, I find that this is impractical for the majority of us for a number of reasons:

1. Unless you had a career prior to medical school, the amount you’d be able to invest off of a resident’s salary is not sufficient to offset any transaction fees, no matter how little your broker charges. Scottrade used to charge $8 per trade. If you’re putting green into the market monthly, you’re incurring a minimum of $96 a year in commission. Try to make that back in this bear market.
2. If you’re working 80 hours a week, you have no time to research your investments. If you’re already economically savvy, go for it. Most of us need to sleep or study for our job.
3. You might actually need the extra cash sometime. You can’t pull out your money in a pinch if it’s invested in the market.

The alternative to investing it is a no-brainer: stash it in the bank. Which bank? The short answer is an online bank. Current interest rates are a pittance, and most banks with a physical branch offer <0.50% rates on their savings accounts. Online banks offer slightly better rates, and are nearly as convenient if you can coordinate them appropriately. There are dozens to choose from, and most of them are generally reliable. Etrade and INGDirect are two institutions that offer online banking.  Stay tuned for my upcoming review of my experiences with various online banks.

economy economy, life, money

The refrigerator is a great place to extend shelf life of products, whether edible or not. Batteries or film will stay fresh for years in the fridge if kept in proper humidity. Storing preservative-free eyedrops or Forteo (for osteoporosis) in the fridge will also help maintain their efficacy.

I keep chocolate in my fridge. Large amounts of it. Right in the left crisper drawer. Ever since I started counting down the weeks before my move, I’ve been frantically trying to clear out my food items. I’ve amassed a formidable stash of European delicassies in my fridge and cabinet over the last year, and it’s been difficult whittling down my stores. The photo above shows about a fourth of what I had 2 months ago. I simply am unable to consume this stuff in large quantities because the chocolate is overpoweringly rich and it seems like a waste not to savor it. In NYC, the Leibniz cookies sell at $5 for 3.3oz. The Swiss waffle chocolates? $6 for 3oz. I bought 5 boxes of each earlier in the year. (The gold standard for cookie comparison is the Oreo, which usually sells for $3 for 16oz)

I’ve started distributing some of my goodies in the hospital, and they go like hotcakes. A box of Ferrero’s lasted 3 hours. I wonder how long a box of French schoolboy cookies (Le Petit Ecolier) will last…

misc food, humor, life

As I specialize further in my career, I increasingly wonder how much my time is worth. In the hospital, we often see a strict division of labor. Physicians seldom perform phlebotomy or vital signs–this is the job of lab techs and nurses.  Our time is valuable and should be spent on tasks that require our many years of specialized training.

Does this division of labor exist outside of the hospital? Numerous medical residents have told me that they hire housekeepers to maintain their homes or apartments simply because “it’s not worth my time”. Other chores that I’ve heard residents renounce include: 1) mowing the lawn 2) cooking 3) washing dishes [including putting dishes into the dishwasher].

I’ve renounced cutting/logging trees ever since I entered medical school, mostly because I find that operating a chainsaw may prematurely end my career as a physician before it even begins. I don’t particularly care for logging trees either. But what about other tasks? What tasks can you refuse to do before being labeled a pampered snob? Read more…

medicine, misc food, life

Several days ago, I attended a medical meeting in which Sandeep Jauhar was a guest speaker. I had recently finished reading his book, and was excited to have the opportunity to meet an author. A real book author! As fate had allowed, I ended up getting an autographed copy of Intern, and got to be in a picture with him! I felt like the kid in Slumdog Millionaire who dived through the bottom of a latrine in order to get a celebrity’s autograph.

The irony is that if I were a medical resident at LIJ, I’d see him every day in rounds at the cardiac unit. He would have been no different from any other teaching attending, prodding residents rationalize their medical decisions. Would this guy still hold celebrity status in my book? How is this guy any different from Gerald Appel, Richard Axel, or Eric Kandel?

He isn’t. Each one of these people has his own celebrity factor.  All of them are book authors. Axel and Kandel are Nobel Prize winners, and Appel cares for high profile people. Jauhar writes guest columns for NYT and NEJM. The bottom line is that I have his autograph and photo. Coolness.

medicine life, medicine