In the rapidly evolving landscape of healthcare, the role of leadership is pivotal in ensuring high-quality patient care. Among the various leadership models, servant leadership stands out as particularly effective in fostering an environment that supports physicians and healthcare teams, ultimately benefiting patients.
After a new physician has completed the basic pre-investment checklist (see below), it is time to start investing towards their financial goals and retirement. Many newer physicians receive a ton of competing advice on how to actually invest, and as a result feel overwhelmed. In this blog, I will outline the three most common methods of investing using a dinner analogy, and the pros and cons of each. As always, keep in mind that I am not a certified financial planner, just a veteran MD who wants to see new grads reach financial independence.
Retirement is a significant milestone achievement that most of us look forward to. It’s a time when we can finally relax, pursue our passions, and enjoy the fruits of our labour. Similar to many Canadians, the vast majority of physicians will not benefit from a pension plan provided by an employer, so the onus is on us to ensure that we plan ahead for a comfortable retirement. One of the most common questions Canadian MDs ask is, “How much money do I need to save to retire?”
I will no longer be the Chief Medical Officer (CMO) for Specialty Medical Partners. And by that, I mean I’m getting a new title. The reason I was the CMO in the first place was that I got to pick my own title, and join the team of Chief Executive Officer, Chief Financial Officer, and Chief Operations Officer. So, ‘Chief Medical Officer’ seemed to make sense. However, what I have found out since then is that CMO is a well-defined job description, especially in the United States.
I will no longer be the Chief Medical Officer (CMO) for Specialty Medical Partners. And by that, I mean I’m getting a new title. The reason I was the CMO in the first place was that I got to pick my own title, and join the team of Chief Executive Officer, Chief Financial Officer, and Chief Operations Officer. So, ‘Chief Medical Officer’ seemed to make sense. However, what I have found out since then is that CMO is a well-defined job description, especially in the United States.
In a world where conspicuous consumption and a desire to keep up with the Kardashians often takes centre stage, the concept of ‘stealth wealth’ is gaining traction. For physicians, who frequently earn higher incomes but face unique pressures and expectations, adopting a stealth wealth approach can be particularly beneficial.
The journey to becoming a staff physician is an arduous one, complete with long hours of residency, high stakes exams, and often huge student loan burdens. During our time in school, we became accustomed to the concept of ‘delayed gratification’, where we suffer in the short term in exchange for the promise of rewards (professional and financial) when we finish training. While it is tempting to go crazy with luxuries as a newly minted staff physician, it’s crucial for new grads to manage their finances wisely. Living like a resident, even after the jump in income, can be a savvy financial strategy that allows you to pay down debt, start investing, and secure a more stable financial future. In this post, we’ll explore the concept of living like a resident and how it can benefit you.
The long-standing debate between paying off debt and early retirement investing can’t be won just by looking at the math; the best choice for you depends on your comfort level and financial goals. In this blog post, we will delve into the arguments for debt repayment versus investment early in your career as a Canadian physician.
The one decision that a physician will make that weighs the most both personally and professionally is committing to a partner for marriage (or living common-law). This is relevant for most of us, since a Medscape survey in 2020 of 15,000 MDs in 29 specialties showed that 80% of MDs are married. Getting married or cohabitating is a transformative life event, but also comes with its own set of challenges. For physicians, marriage involves unique considerations given the demanding nature of the profession. Before tying the knot, it’s crucial for the MD and their soon-to-be spouse to have honest conversations about various aspects of their lives, which we will explore in this post.
Understanding your expenses and income is crucial for financial stability and planning. It allows you to track where your money is coming from (income) and where it’s going (expenses). By creating a budget sheet that outlines inflows (income) and outflows (expenses), you gain a clear picture of your financial health.
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