Financial Literacy For Doctors

Doctors looking for financial literacy basics? Learn how to manage money with our financial literacy for doctors.

Financially literate individuals use financial knowledge to make better financial decisions. From everyday spending to long-term financial planning, effective money management means using money to further your personal goals.
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Fortunately, there are many resources out there for doctors from all walks of life that will help you become financially savvy. Learn about everything you can from mistakes you need to avoid to how you can take control of your assets, and the more you learn, the more financially literate you will become…and that’s where Financial Literacy for Doctors comes in!

Time Value of Money

The time value of money (TVM) is the concept that money you have now is worth more than the identical sum in the future due to its potential earning capacity. This core principle of finance holds that provided money can earn interest, any amount of money is worth more the sooner it is received. TVM is also sometimes referred to as present discounted value.

Understanding Contracts

As an employed physician, your contract should include a detailed description of what is expected from you. This includes the type of medicine being practiced, the amount of hours you are expected to work, your availability and on-call hours, outpatient care duties or administrative duties. Although it seems basic, understanding your duties and obligations upfront will help set the tone for a successful employed relationship

Malpractice Insurance

Malpractice insurance is a type of professional liability insurance purchased by healthcare professionals. This insurance coverage protects healthcare providers against patients who file suits against them under the complaint that they were harmed by the professional's negligence or intentionally harmful treatment decisions.

Property and Casualty Insurance

Property and Casualty insurance, also referred to as P&C insurance, covers damage to, and liability associated with, a home, auto, boat, plane, or motorcycle. Personal policies generally don’t cover business exposures so you’ll need separate policies for your personal household and business. Property Insurance

Doctors need more!

Unlike many other professions, working as a doctor can infiltrate every aspect of a person’s life. From long shifts to keeping up-to-date with the latest procedures and medicines, physicians may find it hard to find time to learn about financial wellness and become literate toward their own finances.

But understanding your finances is a vital part to attaining the lifestyles and successes you want out of life, so it’s important to make time to learn about your money, like:

  • How to escape student debt.
  • How to invest properly.
  • How to save for your retirement.

What is the ideal solution?

Financial wellness is not an easy thing to achieve as a doctor, because you have many different things working against you from debt to late-blooming careers and beyond. But it’s by no means impossible!

One of the most important things you can do — especially as a young doctor with debt — is to make sure you pick a budget that fits your lifestyle. Setting a budget that meet all your needs in a set time allows you to have more financial freedom down the road once you are debt-free.

It was great for our group of doctors to learn about the basics of Financial Literacy! Thanks for taking the time to visit!
Rachel Wheeler
Doctor
As Doctors people always assume that we know everything about everything. Financial things such as retirement, investments actually scares me. Being able to hear from an objective source has been key in my development. Thanks!
Sara Wilson
MD
Going through medical school I never took any classes about personal finance. It was great getting some exposure to financial literacy. Thanks!
Jake Daniels
MD
There is so much information out there about the stock market, investments, retirement money..it can be overwhelming...it was great to hear one objective voice.
Jane Burton
Doctor

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Financial Literacy may not directly correlate with being an incredible doctor, but stress can and does, and today's young medical professionals have a lot on their plates beginning with $200,000 in student debt. Factor in starting a family, buying a home and , oh, yeah ,you also have to be a great doctor and work 80 hours a week.

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