Key Learning Points

• Stress related to finances can lead to burnout

• The earlier you start learning in your training the better
  • Don’t postpone learning out of the fear of the unknown or the fear of starting!

• Having a financial plan is a great place to start

• Having a high salary doesn’t mean you are wealthy
  • If you make a million dollars and you spend one million dollars then you can still be in debt

• Financial literacy and education should be part of medical school curriculum

• How do we make this a sexy topic so more people want to learn about it?
  • It becomes sexy when you realize that it provides you financial independence to manage your time and do things because you love them and not because your livelihood depends on it.

• Watch out for salesmen who just want to pitch you products so they can make money. Do your research!

• Biggest mistakes during medical school
  • Taking the maximum amount of loans even when you might not need them.
  • Waiting to learn about personal finance until the end of residency.

• How do we combat information overload?
  • Focus on the behavioral science of finance and money
    • The Richest Man in Babylon
    • The Millionaire Next Door
    • Coffeehouse Investor

Key Action Items

1. Tackle any one of these three books above (read one book per year during medical school)
2. Increasing your savings rate (eventually try to save 20% of your income)
   • Start by saving 1% per month, then 2% and increase incrementally
3. Finance Flash Go – check out the podcast that goes over the basics
4. Acorns – an app that rounds up your purchases and will passively invest for you in diversified portfolios
   • See your account grow over time and start understanding how the market works

To Learn More

Visit The Prudent Plastic Surgeon Blog