Doctors must achieve a baseline level of financial competency

As doctors, we don’t need to be financial gurus (a la Bill Bernstein), but we must establish a baseline level of financial competency.

This doesn’t even mean that you have to like finance, numbers, or even money. Our medical licensure mandates a certain number CME credits to stay current; the same is true for our financial knowledge. It really doesn’t take much time either. You also don’t need to know everything in detail, just the basics and enough to make educated decisions, hold a conversation with your tax advisor, or money manager.

Start slowly. Sign up for our monthly newsletter. Pick up a book. Read two hours a month. Increase as needed. It’s not a race, but the more time you spend on the subject, the better off you will be. Trust us.

 

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