By Dike Drummond MD, CEO TheHappyMD.com
Stop Physician Burnout – how to eliminate money worries and deal with money problems in a single step
Financial worries are stressful enough to be an actual cause of physician burnout for many doctors. In this short video let me show you
- The difference between Money Worries and Money Problems. All doctor worry about money and some of us have money problems. Let’s look at the difference between the two and how you solve both.
- And the Key Members of the Money Team every doctor must have
Learn this and much more in the short video below:
As in other areas in a busy doctor’s life, when it comes to money, the mantra is the same:
If you don’t have enough TIME ( or expertise )
You need a bigger TEAM
When you have your Money Team and your Financial Plan in place, most doctors can relax knowing you are actually better off than you feared when you didn’t know the numbers.
Money is an extremely important subject for physicians for a number of reasons
- The crushing debt some of us take on in pursuit of our education
- The fact that a doctor still makes a pretty good living in the USA and often has a legitimate shot at reaching the point of Financial Freedom
- Your family’s expectations of fancy houses, expensive cars, private schools and more
- The parallel fact that most doctors know little about money and therefore become easy marks for scams, thieves and shysters
- The free floating anxiety most physicians carry around debt, Net Worth, saving and spending and all things money related
In fact, for some doctors, money problems and money worries are a significant stressor that can contribute to physician burnout. The key to eliminating money worries and dealing effectively with money problems is to build a TEAM of Financial Advisors.
Find, qualify, hire and manage your team of money experts and let them help you with all your money issues going forward.
Here is the Money Team lineup I recommend. Note that in some cases a single member of your Money Team may cover more than one of these functions.
- CPA – to keep track of the numbers and keep your money records in order
- A Tax Expert – to make sure you don’t pay too much
- A Financial Planner – to build a plan for a glide path to pay off debt and save for a comfortable retirement … and keep you on it
- Investment Advisor(s) – to keep your money working hard for you while you work hard for more money
- Insurance Expert – Life, Disability, Long Term Care and more – insurance limits loss and risk for you and your family all along the way
Use Personal Referrals to Build Your Financial Team
Ask your friends who they use and trust. Interview promising candidates and set your TEAM up to support you in all things money.
And remember, these people are here to make sure you understand all aspects of your finances. Find a new team member whenever any of your experts are not able to make the money make sense.
Any time your advisors leave you confused rather than confident and reassured, it is time to get a new advisor.
Dike Drummond is a family physician, executive coach and author of “Stop Physician Burnout”. He provides coaching, training and consulting on burnout prevention and physician leadership as CEO of The Happy MD.