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Physicians in Focus Blog
Information, resources, data, and insight on more than just insurance
To many, medical student debt is simply part of becoming a physician — but it’s still a costly rite of passage that impacts a physician’s long-term financial goals and lifestyle. Recent medical student debt statistics for 2017 revealed that medical education costs are still on the rise, and graduates must be savvy enough to navigate how best to pay off the debt.
As we continue our celebration of Women in Medicine month, it is evident that the contributions of women physicians stretch far beyond any single month … and far beyond only your clinical responsibilities. Personal responsibility for family members – young children, aging parents, a spouse – in addition to taking care of yourself, can weigh heavy.
Women are a crucial segment of the physician workforce. To honor their accomplishments, AMA Insurance recognizes Women in Medicine month this September. This year’s theme, “Women in Medicine: Born to Lead,” advocates for the continued advancement of women in the medical field.
International travel is one of the best ways to expand your horizons and encounter new people and cultures. Traveling or vacationing outside of the U.S. requires special planning and precautions before you leave. It’s not too soon to consider these useful tips to assure a safe and smooth trip.
Acknowledge the people who have made a difference in your professional life by nominating them to be a part of the AMA-WPS Inspirational Physicians Recognition Program.
5 Essential Financial Moves for Residents | Number 5 of 5: Prepare for Your First Employment Contract
Your first contract will set the stage for your financial future. Understanding your contract beyond compensation is critical.
5 Essential Financial Moves for Residents | Number 4 of 5: Partner with an Experienced Financial Planner
About 25 percent of residents use a professional financial advisor, according to the AMA Insurance report. Not surprisingly, 62 percent say they feel “behind” for retirement, and 70 percent feel only “somewhat” or “not very knowledgeable” about personal finance. Finding an advisor should be a priority during residency.
5 Essential Financial Moves for Residents | Number 3 of 5: Handle Spending, Saving and Investing Wisely
Many residents are focused on saving: 25 percent are very concerned about having enough for retirement, 21 percent about funding college expenses for their children and 19 percent about providing for elderly parents, according to the AMA Insurance report.
The top financial concern for residents is paying off their medical school debt, according to the AMA Insurance 2017 Report on Resident Physicians’ Financial Preparedness report. That’s understandable, given that 50 percent of residents have medical school loans totaling more than $200,000.
Residents typically see a negative balance sheet when they think about their financial situation and may feel there isn’t much to protect now, but it’s important to consider your most important asset–your ability to earn an income.
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