This post is part of what will become the Friday Refresh series. It will only be featured a couple of times per month. But as the pastor that married my wife and me would say, “You can never hear ‘true things’ enough”. Some things are simply worth repeating. And the fact that attending physicians need to teach personal finance is one of them. Enjoy!
A post by the White Coat Investor got me pretty fired up. Dr. Dahle spoke about three of the main financial enemies that face physicians. The third one that he mentioned had something to do with medical culture. The gist of it was that talking money in academic medical centers is considered taboo. While I think WCI is right, it really made me angry. As an academic attending physician, it made me feel like we are utterly failing our students and residents.
Why and how can we make the change?
Let’s dig in.
Why should you care about teaching personal finance?
If you are in academics, my presumption is that you care about educating future physicians on how to take care of patients. How well do you think those future doctors will care for their patients if they feel the noose tightening around their neck as they suffocate in debt?
What if, as they age, they realize that retirement is just a figment of their imagination? This can happen if no one ever cared enough to teach them how to budget, save, and invest their money. They are at the point where the numbers just don’t add up. How well do you think they will take care of patients then?
I am sure it is tough to imagine a world where a disconnected administrator tells the doctors you trained how to do their job (even if the administrator can’t do it themselves). What if your future doctor had the knowledge to achieve financial independence so that they could stand their ground when people encroach on their craft unnecessarily?
All of these reasons, and many more, should encourage you to stop sucking at your job. Teach your students and residents about money. Answer their questions. Don’t let it be taboo. If you don’t know the answer, go and find someone who does – and provides non-conflicted information and advice.
The time is past where we ill-equip our future doctors to know how to take care of themselves so that they can take care of others. Just do your job. That’s all I am asking.
How can I teach personal finance to them?
Teaching students about personal finance requires a certain amount of transparency. Be open and honest. Put the time in to learn the Pareto Principle (the 20% of the work that accomplishes 80% of the results). Suggest some good physician finance books for them to read.
If you can’t teach them, then encourage someone else in your program with the requisite knowledge to create a curriculum for the trainees. Give them the support that they need to fix the problems that you and I both know exist.
You should also try and be an example of someone who places an emphasis on being intentional about your debt and the financial goals you hope to achieve. When do you want to become financially independent? How are you going to do it? How did you deal with your loans?
These are not trade secrets. They are secrets that are rarely traded. Our trainees deserve better.
Resources and Take Home
The point is that it is your responsibility, as an academic attending physician, to teach our trainees about personal finance. And the resources now exist. If you can’t do it, then support someone who will.
Our residents deserve better. It really is that simple.
Do you have a resident or student financial curriculum where you work or study? What are the components involved in your program? If you are a resident, what topics do you wish were covered during your training? Leave a comment below.