One of the most important financial moments in a young doctor’s life is the transition between finishing training and their first job. We have discussed what to do with the first attending physician paycheck, avoiding keeping up with the Dr. Jones, and a simplified approach to investing. Today, let’s discuss 10 financial tips for new attending physicians that will set them on the right path.
1. Make Intentional Goals!
In 2018, we had a visiting professor give a grand rounds. In it, he talked about the physiologic changes caused by climbing Mount Everest. They drew blood gasses at altitude, and he talked about how people trained for months to climb the highest mountains in the world.
Apparently, it is a tedious and difficult task learning to condition the body to accomplish such a challenging feat. During the ascent, people often feel lightheaded, uncomfortable, and nauseous. Oxygen deprivation can even cause delirium.
Yet, people push through, because they know that once they arrive at the precipice the view is going to be worth it. And they will have accomplished something that few others can claim.
Personal finance is not so different. The road to financial independence can be tedious and difficult.
Climbing the mountain of money is no easy feat.
If you don’t know the “why” behind your money decisions (i.e. the “precipice” you expect to see after your disciplined financial journey), it often becomes impossible to maintain the financial discipline it takes to achieve your goals.
This begs the question: What are your goals in life? This is a tough question for many to answer.
Fortunately, there are tools that exist to help you think through this process. To answer these tough questions, I suggest using the Three Kinder Questions.
You might find it strange that my first tip for new attending physicians involves discussing the big picture, but you’ll have to trust me when I say that if you don’t picture the Mount Everest of your financial life first, you won’t make it past base camp.
1. Make Intentional Goals!
In 2018, we had a visiting professor give a grand rounds. In it, he talked about the physiologic changes caused by climbing Mount Everest. They drew blood gasses at altitude, and he talked about how people trained for months to climb the highest mountains in the world.
Apparently, it is a tedious and difficult task learning to condition the body to accomplish such a challenging feat. During the ascent, people often feel lightheaded, uncomfortable, and nauseous. Oxygen deprivation can even cause delirium.
Yet, people push through, because they know that once they arrive at the precipice the view is going to be worth it. And they will have accomplished something that few others can claim.
Personal finance is not so different. The road to financial independence can be tedious and difficult.
Climbing the mountain of money is no easy feat.
If you don’t know the “why” behind your money decisions (i.e. the “precipice” you expect to see after your disciplined financial journey), it often becomes impossible to maintain the financial discipline it takes to achieve your goals.
This begs the question: What are your goals in life? This is a tough question for many to answer.
Fortunately, there are tools that exist to help you think through this process. To answer these tough questions, I suggest using the Three Kinder Questions.
You might find it strange that my first tip for new attending physicians involves discussing the big picture, but you’ll have to trust me when I say that if you don’t picture the Mount Everest of your financial life first, you won’t make it past base camp.
Read More: https://thephysicianphilosopher.com/2019/02/15/10-financial-tips-for-new-attending-physicians
Related Article: THAT INFAMOUS 'B' WORD: BUDGET
No comments:
Post a Comment