Personal Financial Literacy for the Orthopaedic Trainee and Early Career Surgeon: A Review of the Basics

Personal finance is a topic that has historically been shunned as a point of conversation in academia, often avoided and seldom discussed in medical training. However, this aversion leaves trainees and early career surgeons to make complex financial decisions without sufficient understanding while simultaneously facing the pressures of building an orthopaedic practice-a recipe destined for burnout. This simple review serves to equip young orthopaedic surgeons with the fundamental personal financial concepts essential for making wise financial choices early in their careers. Prompt elimination of all high-interest consumer debt and devising a strategy to address student loans are crucial first steps in establishing the foundation for personal financial success. Progressing through training and entering practice bring about enhanced personal discretionary funds that are most effectively deployed through consistent budgeting and automated saving strategies. Malpractice, disability, and life insurances are keys to protecting current and future earnings as well as preventing financial catastrophe. Augmenting these items with a functional understanding of taxation systems, tax diversification, and asset protection is essential to recognize in the early years of practice to set the trajectory for financial independence and a well-deserved retirement.