Healthy Finances Healthy You: 3 Habits to improve a Resident Doctor's Financial Health and Well-being

Alphil Guilaran, Executive Director, Financial Literacy Counsel Inc.

The journey of completing residency demands immense dedication and the development of clinical skills, habits, and disciplines to achieve better patient outcomes. Interestingly, a parallel can be drawn when it comes to cultivating the financial skills and habits that lead to personal financial success. Whether you are in residency or transitioning into practice, the following money management habits will not only enhance your financial well-being but also help you achieve your financial goals sooner.

Habit #1: Turn uncertainty into a financial plan.

A comprehensive financial plan will help you navigate life’s uncertainties. It is never too early or too late to create a personalized financial plan, especially as your needs evolve throughout your medical career. Whether your goal is to pay off debt, reduce taxes, save for the future, or buy real estate, a financial plan will provide you with a roadmap to reach your goals. In residency, you can begin the process of financial planning by meeting with a financial planner and getting to know accountants, lawyers, and bankers who understand the opportunities and challenges of being a doctor. By investing time in finding and meeting with these experts, you can take control of your finances and establish a solid financial foundation that sets you up for success in practice.

Habit #2: Take care of your most important financial asset: You.

With compassion fatigue, increased workloads, and physician burnout on the rise, it is essential to acknowledge the challenges that lie ahead. This can include prolonged sickness, illness, or a disability that can inhibit all the clinical training you have acquired over the years. Unfortunately, life-threatening illnesses and unforeseen accidents can affect anyone, emphasizing the importance of regularly assessing your insurance requirements and coverage. Whether it is extended health insurance, life, disability, or critical illness insurance through your association and/or private plan, reach out to your insurance advisor as a regular part of your yearly financial review.

Habit #3: Find a financial coach and meet with them at least once a year.

Have you ever wondered why professional athletes and Olympians hire personal coaches? Coaches provide guidance, motivation, and help them overcome obstacles towards reaching their goals. For the same reason a professional athlete or Olympian hires a performance coach, the role of a financial coach extends beyond mere guidance; they offer motivation and strategies towards achieving your financial and life goals. As a physician in training, you will face significant life and financial decisions as you transition into practice. An experienced coach can assist you in making informed choices. As an RDBC member, you have access to benefits such as the UBC Resident Wellness Office and two financial coaching sessions per year through Financial Literacy Counsel (FLC).

These financial coaching sessions not only help you address your top concerns but also connect you with legal and tax specialists who understand your journey. Since 2003, FLC has been helping physicians in training organize their financial house, get their tax refunds sooner, and navigate the financial planning opportunities and challenges of the medical profession.

Our hope is that you take the three money management habits shared in this article to heart. These habits will help you establish the necessary best practices to improve your financial health and overall well-being, not only during residency but also throughout your career in practice.

Remember help is around the corner. Your RDBC member benefits include two financial coaching sessions with an FLC Financial Coach every year you are in residency.

Please feel free to reach out to Financial Literacy Counsel to book a financial coaching session using our QR code below, online form or contact us at 604.620.6630 or contact@flci.ca.

ABOUT THE FINANCIAL LITERACY COUNSEL

Financial Literacy Counsel (FLC) is a boutique financial education and financial planning company committed to “building a financially literate world of stronger families and communities”. FLC began educating doctors in 2003 through the UBC Faculty of Medicine and was contracted in 2011 by VCH Employee Wellness to increase the financial literacy of resident doctors and healthcare professionals. Their programs are delivered through RDBC, UBC MBA, UBC CPD, BC Anesthesiologists’ Society, Chartered Professionals Accountants of BC (CPA-BC) and Continuing Legal Education Society of BC (CLE-BC). Learn more about FLC by visiting www.flci.ca