FI Should Be Part of the Medical Trainee’s Curriculum Story

Financial Independence Should Be Part of the Medical Trainee’s Curriculum

Finances played a part when physicians were asked about solutions to burnout at work. This time an increase in pay was listed as the number 1 survey response.

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In January of 2018, Medscape released a survey that showed 42% of attending physicians were burned out. Despite being a burn out survey, personal finances came up multiple times.

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This post will detail the importance of teaching personal finance and financial independence in training. You might notice, however, that the RE of “FIRE” gets left out.

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Financial Independence Should Be Part of the Medical Trainee’s Curriculum

With ~75-80% of medical students graduating with student loan debt and the average debt burden sitting at just under $200,000, it doesn’t take a mathematician to understand the problem.

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The issue gets compounded in residency training when physicians are forced into a job where the income provided often prevents them from covering even the interest that grows on their debt each month.

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Teaching Personal Finance in Training

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– Personal finance basics – Making a financial plan – Wealth management – Conflicts of Interest in the Financial Industry – Buying versus renting a house – Investing in Real Estate – Student loan debt management

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What’s the Focus?

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1. Autonomy at work is important, and being financially independent is the ultimate form of autonomy. 2. Going part time becomes an option. This allows for someone to optimize their work-life balance.

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Financial Independence Should Be Part of the Medical Trainee’s Curriculum

Finances played a part when physicians were asked about solutions to burnout at work. This time an increase in pay was listed as the number 1 survey response.

In January of 2018, Medscape released a survey that showed 42% of attending physicians were burned out. Despite being a burn out survey, personal finances came up multiple times.

This post will detail the importance of teaching personal finance and financial independence in training. You might notice, however, that the RE of “FIRE” gets left out.

Financial Independence Should Be Part of the Medical Trainee’s Curriculum

With ~75-80% of medical students graduating with student loan debt and the average debt burden sitting at just under $200,000, it doesn’t take a mathematician to understand the problem.

Compounding Problems

The issue gets compounded in residency training when physicians are forced into a job where the income provided often prevents them from covering even the interest that grows on their debt each month.

Teaching Personal Finance in Training

– Personal finance basics – Making a financial plan – Wealth management – Conflicts of Interest in the Financial Industry – Buying versus renting a house – Investing in Real Estate – Student loan debt management

What’s the Focus?

1. Autonomy at work is important, and being financially independent is the ultimate form of autonomy. 2. Going part time becomes an option. This allows for someone to optimize their work-life balance.

SWIPE UP NOW TO READ MORE

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