Open AccessPersonal Finances for the Physician
Author(s) -
Austin D. Hill,
Marc E. Ortega,
Anthony C. Williams
Publication year - 2014
Publication title -
journal of orthopaedic trauma
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.221
H-Index - 121
eISSN - 1531-2291
pISSN - 0890-5339
DOI - 10.1097/bot.0000000000000143
Subject(s) - medicine , personal income , core (optical fiber) , state (computer science) , personal injury , personal life , personal account , affect (linguistics) , finance , personal selling , public relations , marketing , economics , law , psychology , business , economic growth , sales management , sales promotion , linguistics , philosophy , materials science , narrative , communication , algorithm , computer science , political science , composite material
Personal finance is a key component to your success as a physician. Your clinical practice does not exist in a vacuum unaffected by circumstances and decisions in your personal life. Though some events in your personal life that can negatively affect your practice are random and unavoidable, consistently making sound decisions regarding your personal life and finances will allow you to continue practicing at a high level. Most core principles of personal finance are common sense and do not involve high level math. Although the concepts are straightforward, people, including physicians, routinely fail to make good decisions at the most elementary level. The core common sense principles for financial success are: do not get divorced, manage your own money, live in a state without state income tax, and drive an old car. Follow these tenants and the path to successful and satisfactory retirement will be smooth.