Financial Wellness
Financial wellness refers to the state of one's overall financial health and well-being.
It encompasses the ability to effectively manage financial resources (live within your financial means), make informed and responsible financial decisions, create a financial plan, and achieve financial goals. Financial wellness goes beyond simply having a certain amount of money; it involves having a sense of financial security, stability, and the knowledge and skills to handle financial challenges and plan for the future.
Key aspects of financial wellness include
Budgeting and Financial Planning
- Creating and following a budget
- tracking expenses
- setting financial goals
- understanding income & expenses
- saving patterns to effectively allocate funds and plan for short-term and long-term financial needs
Debt Management
- understanding and managing student loans
- credit card debt, mortgages
- other forms of borrowing
- Striving to maximize debt liability and making timely payments
Saving and Investing
- Building a savings habit and having an emergency fund are important for financial stability
- investing money wisely
- understanding concepts such as diversification, risk, and returns
Financial Literacy: Having knowledge and understanding of personal finance concepts
- budgeting
- investing
- taxes
- insurance
- Financial education
- continuous learning
Financial Security and Protection
- insurance coverage
- health insurance
- life insurance
- disability insurance
Planning for retirement and considering estate planning
Here are five resources that can help medical learners improve their financial wellness:
- "The White Coat Investor: A Doctor's Guide to Personal Finance and Investing" by Dr. James M. Dahle: This book is specifically tailored to physicians and medical professionals, providing comprehensive guidance on managing finances, investing, and building wealth. It covers topics such as budgeting, student loans, insurance, retirement planning, and more.
- Financial Wellness for Medical Students: This online resource by the American Medical Association (AMA) provides a variety of financial tools, articles, and resources designed specifically for medical students. It offers guidance on managing student loans, budgeting, and financial planning during medical school and beyond.
- Medscape Financial Fitness: Medscape, a popular medical resource platform, offers a Financial Fitness section dedicated to helping medical professionals improve their financial well-being. It includes articles, videos, and interactive tools covering various financial topics relevant to medical learners, such as debt management, investing, and retirement planning.
- The Association of American Medical Colleges (AAMC) Financial Information, Resources, Services, and Tools (FIRST) program: The AAMC's FIRST program provides a range of resources and tools to support medical students and residents in managing their finances. It offers webinars, workshops, and online modules covering topics like loan repayment strategies, budgeting, and financial planning.
Personal Finance and Investing Podcasts
- Choose FI (Financial Independence): Hosted by Brad
- White Coat Investor Podcast: Hosted by Dr. James Dahle
- Financial Residency Podcast: Hosted by members of Financial Residency Network