Financial Wellness

Financial wellness refers to the state of one's overall financial health and well-being.

It encompasses the ability to effectively manage financial resources (live within your financial means), make informed and responsible financial decisions, create a financial plan, and achieve financial goals. Financial wellness goes beyond simply having a certain amount of money; it involves having a sense of financial security, stability, and the knowledge and skills to handle financial challenges and plan for the future.

Key aspects of financial wellness include

Budgeting and Financial Planning

Creating and following a budget
tracking expenses
setting financial goals
understanding income & expenses
saving patterns to effectively allocate funds and plan for short-term and long-term financial needs

Debt Management

understanding and managing student loans
credit card debt, mortgages
other forms of borrowing
Striving to maximize debt liability and making timely payments

Saving and Investing

Building a savings habit and having an emergency fund are important for financial stability
investing money wisely
understanding concepts such as diversification, risk, and returns

Financial Literacy: Having knowledge and understanding of personal finance concepts

budgeting
investing
taxes
insurance
Financial education
continuous learning

Financial Security and Protection

insurance coverage
health insurance
life insurance
disability insurance

Planning for retirement and considering estate planning

Here are five resources that can help medical learners improve their financial wellness:

"The White Coat Investor: A Doctor's Guide to Personal Finance and Investing" by Dr. James M. Dahle: This book is specifically tailored to physicians and medical professionals, providing comprehensive guidance on managing finances, investing, and building wealth. It covers topics such as budgeting, student loans, insurance, retirement planning, and more.
Financial Wellness for Medical Students: This online resource by the American Medical Association (AMA) provides a variety of financial tools, articles, and resources designed specifically for medical students. It offers guidance on managing student loans, budgeting, and financial planning during medical school and beyond.
Medscape Financial Fitness: Medscape, a popular medical resource platform, offers a Financial Fitness section dedicated to helping medical professionals improve their financial well-being. It includes articles, videos, and interactive tools covering various financial topics relevant to medical learners, such as debt management, investing, and retirement planning.
The Association of American Medical Colleges (AAMC) Financial Information, Resources, Services, and Tools (FIRST) program: The AAMC's FIRST program provides a range of resources and tools to support medical students and residents in managing their finances. It offers webinars, workshops, and online modules covering topics like loan repayment strategies, budgeting, and financial planning.

Personal Finance and Investing Podcasts

Choose FI (Financial Independence): Hosted by Brad
White Coat Investor Podcast: Hosted by Dr. James Dahle
Financial Residency Podcast: Hosted by members of Financial Residency Network