Career and Life Planning Guidebook for Medical Residents

In This Chapter Get Your Family on the Same Page In personal finance, there is little that is more important than you and your spouse being on the same page. The spouses of physicians have their own subculture and lore concerning the jump from resident to attending pay. Remember that they have been deferring gratification in anticipation of your residency graduation as much or more than you have. You may have even foolishly promised a new car, a big house, an unaffordable vacation, or an expensive piece of jewelry for that first year and as a “reward” for making it through residency. Take the time to re-partnerwith your spouse tomake sure you are on the same page as you transition into attending life. Remember the true reward you’re both striving for is a solid financial future free of the worry of debt. Itmight not just beyourspouseyouneed toconvince of the merits of living like a resident. Many doctors have teenagers by the time they finish training, who are also ready to enjoy the fruits of your labors. It is important to start talking about your financial plans as far in advance as possible (preferably before marriage) so that there are no surprises for the other members of your family when your disposable incomemerely doubles upon residency graduation. The benefits of growing into your income slowly are just as large for your family members as theywill be for you. You don’t need to be an extremist one way or the other. Moderation in all things. But following a solid financial plan should reduce the tension in your home around finances, not increase it. It also helps if you and your spouse value quality time, not quantity of objects in your relationship. Recommended Tool READ Chapter 4 – Medical Relationship http://md.careers/Ch4 Financial Life Planning 355 WWW.PHYSICIANCAREERPLANNING.COM You only live once, of course, and money isn’t everything.