I’m not really sure who is at fault, but somewhere along the way, our educational system decided that teaching personal finance is unnecessary. We learn calculus, the rules of dodgeball and even sewing, but financial management is taboo. Then, all of a sudden, we head to undergrad and medical school, and before we know it, we’re in our late 20s or early 30s financially illiterate.
The consequence of this was shown in a 2014 report on U.S. Physicians’ Financial Preparedness by the AMA which showed 70% of young physicians said they felt only somewhat knowledgeable or not very knowledgeable in regard to their financial acumen; only 5% said very knowledgeable. The only reason I am fortunate enough to be in that 5% is because I’m a former investment banker and studied finance in undergrad. I decided to switch to medicine and when I met many of my classmates during my first year, I would get basic questions such as the difference between a stock and a bond.
As I talked more and more to my classmates, I realized the problem has been the complexity of what’s out there. I decide to seek out creating simple lessons that medical students and young doctors needed to know in order to feel comfortable with the “non-debt” side of their finances. Over the last three years at my medical school at Brown University, I have taught these basic principles with one goal in mind: learn the principles now so your career decisions aren’t based off money later.
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