Career and Life Planning Guidebook for Medical Residents

The Medical Relationship Recommended Tool Remember to read chapter 17 – Financial Life Planning – The Secret to Becoming a Rich Doctor. You can also use the following link for more detailed information: Use this tool to help: http://md.careers/Ch17 “Life balance is more than just taking time off or going on vacation. One key for daily work-life balance for you and your family is to create a boundary ritual. It is a simple and specific mindfulness exercise you perform at the BOUNDARY between work and home. Your boundary ritual helps you come all the way home by taking your doctor hat all the way off.” –Dike Drummond, MD from TheHappyMD.com. F I E L D N O T E S Question 5: Have you discussed your financial goals and strategies? Many couples feel overwhelmed with the financial side of a medical career. Please don’t bury your head in the sand or splurge freely in your first post- training job! This is a trap you can easily fall into that will be difficult to get out of, and is possibly the biggest reason people feel trapped in jobs they hate after residency. Begin by answering the following questions with your SO and then follow the recommend tool at the end of the section for expert advice from "The White Coat Investor (WCI)." Discuss the following questionswith your significant other and start formulating a plan: 1. How knowledgeable are you both about financial basics? It’s important to understand the terminology and how various investment vehicles work. Why? Doctors are easy targets - high incomes and usually low financial acumen. This means that malicious individuals may seek you out. If you know the basics, you’ll be able to identify relevant and trustworthy financial advice. 2. Do you plan on hiring a financial planner and CPA? Howwill you find one? 3. What is your saving vs. spending vs. investing strategy? Howdid you arrive at this strategy? Take a moment to check if your strategy is a thoughtful plan based on an understanding of financial vehicles and taxes, or if more research is needed. 4. How much debt do you have and how do you plan to pay that debt? 5. Howwill you prepare financially for retirement? 6. What do you each want to splurge on and what do you want to maintain a budget on? 81 WWW.PHYSICIANCAREERPLANNING.COM