Getting paid more is not the solution to avoiding burnout. Jimmy Turner, the Physician Philosopher, is here to help us get our financial houses in order so that we can work the way we want and the amount we want.
Burnout. We all know this is a problem for a lot of doctors. Financial insecurity can be a huge contributor by forcing people into work that they don’t enjoy for the sake of money.
What can you do? Don’t increase your lifestyle the second you start ...
Getting paid more is not the solution to avoiding burnout. Jimmy Turner, the Physician Philosopher, is here to help us get our financial houses in order so that we can work the way we want and the amount we want.
Burnout. We all know this is a problem for a lot of doctors. Financial insecurity can be a huge contributor by forcing people into work that they don’t enjoy for the sake of money.
What can you do? Don’t increase your lifestyle the second you start as an attending! Maybe give yourself a small percentage increase but use the majority to attack debts and build up your savings. Having a lower debt burden and a buffer will give you more flexibility. Focus on “not making things worse” by spending too much.
Flexibility. If you’re in a good spot with your finances, you have a lot more flexibility to change things you don’t like at work. Not a fan of taking those extra call shifts? Don’t do it. Hate your job? Then find a new one – even if it pays less.
Be content now. It makes sense to focus on goals, but not at the exclusion of enjoying the here and now. There is no magic five years down the road that is going to suddenly make you happy, so learn to be happy with what you already have.
Tip of the Day: If you can limit what you spend on unnecessary luxuries, you can spend more on the things that make you happy. Chances are that’s money spent on things that give you more time, not stuff.
Watch a video version of this episode on Finity Group's YouTube channel!
If you’d like to learn more about Jimmy’s life and what he teaches, check out his website. You can also find a link to his book on the website: The Physician Philosopher’s Guide to Personal Finance. You can also find Jimmy on Twitter: @TPP_MD
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden or Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.
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