{"id":13463,"date":"2024-03-29T14:38:45","date_gmt":"2024-03-29T14:38:45","guid":{"rendered":"https:\/\/www.roshreview.com\/blog\/?p=13463"},"modified":"2024-04-15T15:00:27","modified_gmt":"2024-04-15T15:00:27","slug":"financial-literacy-for-physicians-the-best-blogs-books-and-podcasts-to-teach-you-the-basics","status":"publish","type":"post","link":"https:\/\/www.roshreview.com\/blog\/financial-literacy-for-physicians-the-best-blogs-books-and-podcasts-to-teach-you-the-basics\/","title":{"rendered":"Financial Literacy for Physicians: Blogs, Books, and Podcasts to Teach You the Basics"},"content":{"rendered":"\n
Learning how to manage student loans, invest, and budget is likely at the bottom of your to-do list while balancing your responsibilities as a resident. It\u2019s true that many young doctors are so preoccupied with getting through training that they don\u2019t take the time to learn basic personal finance\u2014however, progression through medical training is inextricably linked to your financial life, and shouldn’t be ignored!<\/h6>\n\n\n\n
The financial decisions you make early in your medical career have a profound impact on life milestones such as purchasing a home or retiring. To help you navigate your finances at this crucial time in your career, we\u2019ll discuss the basics of financial literacy in this post, as well as some recommended resources to make the \u201cfinancial learning curve\u201d less steep.<\/h6>\n\n\n\n
\n\n\n\n

Why Personal Finance Is So Unique for Physicians<\/strong> <\/strong><\/h4>\n\n\n\n

The financial trajectory of early career physicians is unlike that of any other young professional. <\/strong><\/p>\n\n\n\n

Doctors take on enormous debt in their early 20s and then make zero income during their four years of medical school. They\u2019ll finally start to earn an income during residency, but their resident salary is not typically conducive to saving, investing, or loan repayment <\/strong>(and unfortunately, nowhere near commensurate with their level of education). <\/p>\n\n\n\n

This process of medical school plus residency takes a minimum of seven years (well done pediatrics, family, and internal medicine) but can last up to eleven (looking at you, neurosurgery). It can be tough to graduate college at 22 and not make an \u201cattending paycheck\u201d until you’re 29 (at the earliest).<\/p>\n\n\n\n

Then suddenly this period ends, and residents become attendings. Their first paycheck is now five times what they made as a resident just a few months before! <\/strong>So the question is now, what do you do with it?<\/p>\n\n\n\n

\n\n\n\n
 <\/strong>The Trap of Lifestyle Inflation<\/strong> <\/h5>\n\n\n\n

This asymptotic rise in earnings can lead to something called \u201clifestyle inflation,\u201d as newly minted attendings rush to cash in their new big paychecks on long-awaited fancy cars, big houses, or deluxe vacations<\/strong>. They\u2019re also straddled with high debt loads and have saved almost nothing for retirement throughout their 20s. <\/p>\n\n\n\n

Without some basic financial literacy, this can be the perfect storm for a physician who makes a multiple six-figure income and yet lives paycheck to paycheck.<\/strong><\/p>\n\n\n\n

But enough of the dark side of physician finance! Let\u2019s discuss why physicians are well-poised for financial success (even if they make some mistakes along the way) and then dive into what books, podcasts, and blogs can get you on the right track from the start.<\/p>\n\n\n\n

\n\n\n\n
The Good News About Early Career Financial Mistakes<\/strong><\/h5>\n\n\n\n

Even if physicians mismanage their money at the beginning of their career, they are still well-equipped to right the ship.<\/strong> After all, doctors are in the top 1-5% of earners across the country. <\/p>\n\n\n\n

As the saying goes, you may dig a big hole, but with that comes a \u201cbig shovel.\u201d<\/strong> For example, a physician making 300k who got into financial trouble early on can scale back and live quite comfortably on 80k for a few years while using the difference to get back on track. (After all, they lived through residency on much less!) This requires some sacrifice and is \u201ceasier said than done,\u201d but it\u2019s hardly comparable to climbing out of a hole with a 100k-sized shovel. <\/p>\n\n\n\n

It should also be said that physicians are in high demand and have widely applicable skills in a clinical setting, as consultants or government advisors, for pharmaceutical companies, or as research leads. This means physicians likely won\u2019t experience long stretches of unemployment <\/strong>and can pivot to different roles as their interests or schedules change throughout their career. <\/p>\n\n\n\n

Physicians also tend to retire later<\/strong> than other workers on average (hopefully this is a reflection of enjoying their work and purpose, rather than not having enough saved for retirement). They can often transition into retirement over many years by scaling back to part-time clinic work, consulting gigs, administrative work, or teaching.<\/p>\n\n\n\n

\n

No matter where you are in your medical journey, we’re here to help. Find a Rosh Review Qbank<\/a> that’s right for you from ITEs through boards, recertification, and beyond.<\/strong><\/p>\n<\/blockquote>\n\n\n\n

\n\n\n\n

The Best Blogs, Books, and Podcasts for Physician-Specific Financial Advice!<\/strong><\/h4>\n\n\n\n

A handful of entrepreneurial doctors have recognized the unique financial situation of physicians (and the dearth of advice and support for this population) as an untapped industry. You should take any online advice with a grain of salt and always consider the unique aspects of your financial situation.<\/strong> <\/p>\n\n\n\n

That said, spending time learning what these savvy physician investors have to say will help you make the most of your lifelong investment in medicine. Keep reading to find out my top recommendations for getting solid, physician-specific financial advice!<\/p>\n\n\n\n

\n\n\n\n
1. Ryan Inman<\/strong><\/h5>\n\n\n\n

Let\u2019s start with Ryan Inman, who was my introduction to the world of personal finance for physicians. He trained in business and personal finance rather than medicine, but his wife is a Navy physician so he has a unique perspective.\u00a0<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n
Book<\/span>: Financial Residency: Create Your Financial Plan Without the Long Hours or Sleepless Nights<\/em><\/h6>\n\n\n\n

I enjoyed his book, Financial Residency: Create Your Financial Plan Without the Long Hours or Sleepless Nights<\/em><\/strong>. <\/em>It\u2019s written at a very basic level and in a workbook style with places for you to fill in your budget, financial goals, and perceived challenges. <\/p>\n\n\n\n

Further, it covers all the basics at a medical student\/resident level, including:<\/p>\n\n\n\n