Finances can be one of the biggest sources of stress for physicians.
Paying back student loans, budgeting for personal/family needs, investing, and planning for retirement can be overwhelming at times.
But maintaining your financial well-being doesn’t have to be a burden, particularly with help from the Texas Medical Association’s Committee on Physician Health and Wellness.
According to the Association of American Medical Colleges (AAMC), the median medical student debt in 2018 was $200,000. Smart budgeting strategies, and loan repayment and fee-assistance programs are among the AAMC’s seven ways physicians can reduce medical school debt.
Whether retirement is right around the corner or is years away, it’s always a good time to prepare for a successful and satisfying end to your career. Find out how with TMA’s CME courses, A Roadmap for Financial Health and Aging Physicians: Practice Dilemmas. Assess your risk for financial distress and identify healthy trends regarding medical student scholarship and loan options. In addition to explaining the importance of planning early for retirement, the course covers notifying patients of your departure and identifying health conditions that could affect your well-being when you retire.
Of course, financial considerations can be different for women, who typically “have earned hundreds of thousands of dollars less than men by retirement age,” according to AARP podcast host Jean Chatzky.
Learn how to build your confidence to improve your chances of a bigger salary or pay raise with the CME course Power Reimagined – The Positive Role Women Contribute to Medicine. The course also provides ways to effect cultural change and to promote leadership of women in medicine.
As part of your TMA membership, hundreds of CME and ethics hours are now available at no cost to you, compliments of TMA Insurance Trust. This is just one of the ways we are working to support you, and thank you for all you do.
Need ethics CME? Physician Health and Wellness is your No. 1 stop. We are committed to providing health and wellness education accessible online, virtually, or live.
Finally, feel free to utilize these health and wellness strategies and tools to help yourself and others:
Other TMA resources: