You will agree that a considerable number of physicians don’t have adequate financial knowledge especially after they have just graduated. They tend to focus on finding new opportunities in order to develop their careers. Although it should be the last thing to worry anyone, financial literacy is crucial. Note that without proper knowledge, a young physician, just like any other professional, can make wrong decisions which could impact them negatively in the long run. Besides, they may end up in the hands of wrong advisors because, obviously, not everyone who claims to be a financial advisor has your interests in heart. In the end, they become frustrated because of poor financial decisions, late investments, etc. Read on to learn more facts about financial literacy education and why young physicians should be equipped with the adequate knowledge before it becomes too late.
In many health systems, there are no systematic solutions to these challenges. Although some health facilities and hospitals often allow seminars and such similar events in the premises, the truth of the matter is that the outcome does not favour physicians but other organizations that take advantage to market their products and services. For effective education, there should be a clear framework. First, there should be three courses on personal finance, with each session going for not less than 8 hours. In case you are a young physician and you are about to register for financial literacy education, ensure that the sessions focus on asset protection, insurance, home purchase, and college savings just to mention a few.
The outcome of the financial education session will be determined by a number of aspects including the background of the instructor. You may have limited time to investigate all that but it will help you make an informed decision. The good thing is that many instructors are available online so you can check through their website to get more insight into their background. Apart from their academic qualifications, they should also be objective. As a student, you should have an opportunity to implement what you have learned. That is what makes the lessons effective. On the other hand, if you are an instructor, ensure the sessions are delivered in a classroom setting to attract the seriousness it deserves. Besides, it should be mandatory so the students will see the seriousness in it.
Proper information is a key component of effective decision-making practices. Young physicians are some of the most vulnerable because they tend to focus a lot on growing their careers at the expense of their financial future. As mentioned earlier, the last thing a young physician would wish for is to make misleading financial decisions. Other than relying on others for financial advice every time they plan to do something, with financial education, they will be equipped to face challenges head-on. Therefore, the discussion above should be pivotal in every financial decision a young physician makes because it is an eye-opener – what every young physician needs.