5 Myths Surrounding Teaching Others About Money

When you’ve had that lightbulb moment, and once-foreign finance topics start to make sense, do you feel the urge to teach others what you’ve learned about money?

Today, I’d like to dispel some of the common myths about discussing money with trainees in order to encourage more attending physicians to discuss this important topic, too.

Here are the 5 Myths Surrounding Teaching Others About Money

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Failure can be a great master or a great teacher; it is up to us to choose which it will be. 

Myth #1: I’ve Made Too Many Financial Mistakes!

Aim to teach only the basics, and refer your learners to others when needed. They will appreciate both your honesty and your humility.

Myth #2: I Don’t Know Enough

Learning medicine is infinitely more complicated than learning money.  Yet, if our residents are constantly worried about whether they can afford their next credit card bill or student loan, how much medicine do you think they’ll be able to learn?

Myth #3) It’s Not My Job

Regardless of whether you use a financial advisor or not, it is your responsibility to know what is going on with your personal finances.

Myth #4: That’s What a Financial Advisor is For!

Most attending physicians won’t even talk about how much money they make as doctors. This is despite the fact that the resident they are talking to might be offered a contract to become their peers in just a few short years. 

Myth #5: Residents Don’t Want to Learn Personal Finance

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