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Money Matters in Medicine

Managing Personal Finances as a Physician
Jordan D. Frey(Autor*in)
Springer (Verlag)
Erschienen am 21. Mai 2023
XIII, 102 Seiten
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978-3-031-27300-1 (ISBN)
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This book addresses both the philosophical and more tangible actionable components of attaining financial well-being as a medical professional. In an engaging, narrative-driven format, it relays the importance of managing one's finances-even with the high salary of a doctor.

Money Matters in Medicine is an accessible, invaluable resource for early-career physicians who wish to incorporate intelligent money management skills in their development as medical professionals. Chapters include information on becoming financially literate, how to approach insurance, creating a savings rate, and the top mistakes most doctors make with their money. Though there are many financial self-help books in the market, this book stands out, as it rests on philosophies and core standards held by those in the medical community. It presents the strategies to promote financial well-being and ultimately help doctors become more effective physicians with financial freedom.

The book includes easy-to-understand guidelines and intuitive steps for readers to take massive action in their lives to improve their financial well-being.


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32,09 €
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für PDF mit Wasserzeichen-DRM
inkl. 7% MwSt.
Auflage
1st ed. 2023
Sprache
Englisch
Verlagsort
Cham
Schweiz
Verlagsgruppe
Springer International Publishing
Illustrationen
2
26 farbige Tabellen, 6 s/w Abbildungen, 2 farbige Abbildungen
XIII, 102 p. 8 illus., 2 illus. in color.
Dateigröße
Dateigröße: 3,50 MB
Schlagworte
ISBN-13
978-3-031-27300-1 (9783031273001)
DOI
10.1007/978-3-031-27300-1
Schweitzer Klassifikation
Thema Klassifikation
DNB DDC Sachgruppen
BIC 2 Klassifikation
BISAC Klassifikation
Warengruppensystematik 2.0
Jordan Frey, MDUniversity at Buffalo School of MedicineDepartment of Plastic & Reconstructive Surgery
Erie County Medical Buffalo, NY USA
Jordan Frey MD is a plastic surgeon in Buffalo, NY with a focus on complex microsurgery and breast reconstruction. At the end of his 11 years of medical training, Jordan realized that he was a burned out poor physician despite his high income with >$500.000 in debt, no savings or investments, and no financial education. That's when Jordan and his wife, Selenid, began their financial comeback, increasing their net worth by over $1,000,000 in less than 2 years. The best surprise though was how improved financial well-being impacted their overall well-being and made Jordan a better doctor. Jordan then founded and runs The Prudent Plastic Surgeon blog with a goal of helping all healthcare professionals improve their financial well-being and achieve financial freedom.

Chapter 1: Why do doctors need to know about personal finance?

- Importance of financial well-being

- Problem of burnout

- Lack of financial education in training

Chapter 2: Top mistakes that doctors make with their money

- Income does not equal wealth

- Targets for financial predators

- Misjudge length of career

- Delayed gratification

- Living up to the popular image of a doctor

Chapter 3: Becoming a financial literate physician

- How can doctors get started?

- Is it ever too late?

- Understanding financial freedom

- Develop simple habits to increase your knowledge despite being busy

- The K.I.S.S. principle

Chapter 4: Protecting yourself

- Life insurance

- Disability insurance

- Malpractice insurance

- Umbrella insurance

Chapter 5: What is your why?

- What is a why?

- Why do you want financial freedom?

- How can your why help you in the journey to financial well being

Chapter 6: Learn to keep score

- What is net worth?

- Why high income does not equal high net worth?

- How to calculate net worth?

- What to do now that you know your net worth?

Chapter 7: Budget like a pro

- Why most people hate budgets

- The difference between a restrictive and permissive budget

- The simple formula to build your budget

Chapter 8: Setting and growing your nest egg

- What is your retirement goal

Chapter 9: How much do you need to save each month

Chapter 10: Investing your money responsibly

- Intro to stocks and bonds

- Why investing in individual stocks is a losing game

- What are index funds

- Investing in index funds with an asset allocation

- Rebalancing your investments

Chapter 11: Invest in the right places

- Retirement accounts (401k, 403b, 457)

- IRAs (including backdoor Roth IRA)

- HSA

- 529s

- Taxable accounts

Chapter 12: The key to intentional spending

- What is intentional spending

- Formula for intentional spending

Chapter 13: Putting your personal plan together

- Creating your own personal financial plan

- Setting financial goals

- Organizing your financial priorities

- Detailing how you will reach your financial goals

- What you won't do

Chapter 14: Can doctors successfully invest in real estate

- Passive real estate investing

- Active real estate investing

Chapter 15: What's next for you?

- Conclusion etc.

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