Most Physicians Handle Money Poorly


 
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Journal of Medicine -  Recently, Ron Lieber wrote about character traits that doctors have that may lead them to financial harm. Here's a sampling of comments received in response:

Most physicians I know and work with live ''within their means'' but as their income rises postresidency they live on their entire paycheck. This means that proportionately they are saving far less than many less-well-paid friends, relatives and neighbors. Their sense of “entitlement” is very powerful, for luxury cars, beautiful homes, country club memberships, private schools for their kids...

I am exiting my life as an oncologist after 22 years of practice because I have always lived below my means and my wonderful father, child of the Depression, taught me well that living frugally means freedom. Having broached the subject of ''how much do you need to retire'' with my physician partners, I am amazed at the standard of living most physicians feel they ''need'' to live happily.

Save for a long time (I started in fellowship), save a lot (aim for 20 to 25 percent of income yearly), and live simply has been my guiding principle. I feel so fortunate to have the choice to step away from work-fatigue that I have now. My other influences have been ''The Millionaire Next Door,'' ''Your Money or Your Life,'' and ''Work Less, Live More,'' all excellent books on living for more than money.

-- Rachel, St. Louis

My advice to young doctors and med students who want a wonderful financial future is to quit now, go to nursing school, and then become either a nurse practitioner or nurse anesthetist. You'll get paid like a professional and get to practice as one, without all the liability or real responsibility that comes from being a doctor. You might also be protected by a union (despite often making 150-200 a year). It's the best financial bet out there, and at the end of the day you're still caring for patients and doing what you love to do (help people). Do it while you still can.

-- Curmudgeon, San Francisco

Copyright 2012- National College of Physicians (NCNP.ORG)-All Rights Reserved


 
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    • Editor-in Chief:
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      Lin Takahashi
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      Cynthia Casteneda Avina
      Ronald Harvinger
      Lisa Andonis

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