Future Proof, MD
Bo Liu, MD is a radiology resident with an interest in interventional radiology (IR) and personal finance. Throughout his medical training, he's noticed a surprising lack of personal finance knowledge among young medical professionals, many of whom are extremely bright and talented. He is the founder and editor of the Future Proof, MD blog (formerly whitecoatmoney.com) – a site dedicated to providing digestible financial tips for young medical professionals that can be perused between patients. When he is not crushing the list at the PACS station, you can find Future Proof, MD at the local movie theater, badminton club, latest culinary establishment or typing up your next favorite personal finance article.
In my daily conversations with medical colleagues, I often toss around certain terms without explaining them fully -- 401k, 403b, 457, IRA, HSA, 529, etc. The reason why these particular number-letter combinations come up so often is because tax-advantaged investment plans are by definition better than regular taxed investment plans -- unless you really like paying taxes. But even tax advantaged investment plans are not all created equal. Let's hit the basics and discuss the different types of investment plans.