A Medscape report outlines the top financial mistakes for young physicians:
1. Don’t spend too much at once. The report recommends young physicians live within their means, despite the sacrifice of training and desire to change self-perception by spending more lavishly.
2. Not investing their money. Physicians are smart to invest, but invest knowledgably. Consider each opportunity and whether it’s a good investment for the future. The smartest young physicians have a diverse, tax-efficient portfolio with tax-deferred products, tax-free accounts and real estate investment trusts.
3. Taking the first job offer without negotiation. The article recommends negotiating respectfully for what you want to make sure you’re not leaving money on the table. Make sure to consider the most important values — whether it’s the paycheck, autonomy or flexibility to spend more time at home — for the negotiations.
4. Don’t invest in the stock market based on emotions. Inexperienced and young investors might think they can “beat the market” by buying and selling based on their expertise. Trying to make quick money can be disastrous, and young physicians can protect themselves by developing a plan and sticking to it.
More articles on physicians:
Marketing on a budget: 3 ways to successfully market your ASC
Oklahoma physicians no longer need maintenance of certification for licensure, privileges: 5 things to know
Take back control—The collaborative movement of independent physician groups
At the Becker's 23rd Annual Spine, Orthopedic and Pain Management-Driven ASC + The Future of Spine Conference, taking place June 18–20 in Chicago, spine surgeons, orthopedic leaders and ASC executives will come together to explore minimally invasive techniques, ASC growth strategies and innovations shaping the future of outpatient spine care. Apply for complimentary registration now.
