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Personal Finance Wellness for New Attendings
Russell Seth Martins1, Kostantinos Poulikidis1, Faiz Y Bhora2
1Division of Thoracic Surgery, Department of Surgery, Hackensack Meridian School of Medicine, Hackensack Meridian Health (HMH) Network, Edison, NJ 08820, USA.
New attending surgeons can improve financial well-being by hiring a financial planner and increasing financial literacy. Key steps include obtaining insurance, managing debt, planning for retirement, and considering life events.
Area of Science:
- Medical Education
- Financial Planning
- Surgical Residency
Background:
- Newly attending surgeons face unique financial challenges.
- Transitioning to practice requires proactive financial management.
- Limited financial literacy can impede long-term financial health.
Purpose of the Study:
- To provide guidance on financial planning for new attending surgeons.
- To highlight essential financial strategies for early-career physicians.
- To emphasize the importance of financial literacy and professional advice.
Main Methods:
- Review of financial planning best practices.
- Identification of key financial considerations for surgeons.
- Emphasis on utilizing professional advisors and accessible resources.
Main Results:
- Hiring a Certified Financial Planner experienced in the surgical field is recommended.
- Acquiring adequate life and disability insurance is crucial.
- Developing debt-repayment strategies and retirement plans (tax-advantaged accounts, diversified investments) are essential.
- Recognizing financial implications of personal life events (marriage, childbirth) is important.
Conclusions:
- New attending surgeons should prioritize financial planning and literacy.
- Building a financial team, including advisors and mentors, is vital for success.
- Proactive financial management supports long-term career and personal well-being.
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