Three Financial Enemies of Physicians

Check this out. What you will see is a post by the “White Coat Investor,” pictured above. Jim Dahle is an ER doc who got tired of being ripped off by “investment advisors” and decided to take his financial future into his own hands. SO. The fact that he lists “financial professionals” as Enemy Number One is not surprising. Heck, we all have to be cautious of salespeople in the investment space masquerading as advisors who have your best interests, rather than their commissions, at heart. Sure!

But move on to enemies number two and three. Both of these enemies lie within the medical profession. Doctors themselves, Dr. Dahle opines, are their own financial enemies for being “snowflakes” who don’t believe that the rules of prudent financial management should apply to them. AND. It is taboo within the medical culture to even speak of money and investing in the hallowed halls of academic medicine. Both at the individual and at the cultural level, he understandably suggests, things are going to have to change if doctors are ever going to get out of the financial doldrums in which they increasingly find themselves.

Bottom Line. As I pondered Dr. Dahle’s brief post, I once again thought about the extent to which doctors can be arrayed on a scale of financial sophistication. Those on the left side of the scale, i.e., low on financial sophistication, might likely feel this as one of the major causes of their burnout. Those on the right side of the scale, like Dr. Dahle, have good reason to be smiling.

 Is Financial Sophistication one of the dimensions that we need to consider in our exploration of Physician Mindset? 


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