Every time that I give a talk to other doctors about the importance of financial well-being, I inevitably receive the same question afterwards. How do I start? It doesn’t matter if I’m talking with residents or attendings at any career stage. And of course that is a fantastic question. So, I decided to create a post where I amalgamate everything from my blog into a DIY financial literacy curriculum especially crafted for doctors.
The other option
In order to benefit from this DIY financial literacy curriculum, you will have to commit to it. That means following along, reading the resources, and acting on them independently to form tools like your written financial plan. This is essentially how I did when I started my financial journey. The only difference is that there was no curriculum like this available so it was even less organized and more on my own.
The other option is rot have me personally guide you through this process one on one. That is why I created my flagship course, Graduating to Success. It’s a hands-on course with 12 modules that guides and teaches you to thrive as an attending physician – personally, professionally, and financially. It also includes one on one coaching, templates, calculators, and more.
The course, which I specially priced to be the most competitive and cost-efficient, is certainly the most time-efficient way to go about improving your financial literacy and getting on/optimizing your path to financial freedom.
But, that is not everyone’s path, and I get that! So, for those of you hardcore DIYer’s, this is for you!
(And if you get through this post and think a guided, personalized course may fit you better, I even hid a promo code at the end of the post!)
My DIY financial literacy curriculum for doctors
I divided this up based on the crucial topic area of financial literacy and financial freedom, specifically tailored for physicians.
Under each topic, you will find the relevant blog posts that you need to read as well as at least one podcast episode. You will also find a book on the topic that you should read. Lastly, there will be some action items for you to complete in each section before progressing on.
This curriculum is designed to be impactful, action-oriented, and efficient.
How should you progress through the curriculum?
Each of you will have your own way of going through this. You are highly successful students and that topics covered here are much simpler than what you do on a daily basis as a doctor. So, use what works for you.
But, if you are asking for my recommendations, I would encourage you to progress through the content areas in order. Take one day to read the blog posts, take another to listen to the podcast. Then, try to read a chapter a day in each book until you finish. The books are all “suggested.” I don’t think you need to read each and every one. But if you find a particular weak spot in your financial knowledge, the book can help fortify it.
And lastly, take another day to complete the “To Do” items that following each section.
This is a marathon, not a sprint. You will not do better or worse because you moved faster or slower through the curriculum. The important thing is to be deliberate, intentional, and complete.
So, let’s get started!
1. Protecting your financial future
Posts:
- What Types of Insurance Do Doctors Actually Need?
- Disability Insurance for Physicians at Every Career Stage
- How Insurance Brokers Get Paid & Why Doctors Need to Care
Book:
Podcast:
- Finance Flash Go! Episode #7: Disability Insurance
- Finance Flash Go! Episode #8: Life Insurance
- Finance Flash Go! Episode #60: Whole Life Insurance (Don’t Buy It!)
Action item(s):
- Review your own occupation disability and term life insurance policies to determine if you have adequate coverage or need to meet with a recommended independent broker
2. Foundation: Understanding your current financial position
Posts:
- Net Worth and Wealth Are Different: Does It Matter? (Yes!)
- 5 Steps for Doctors to Increase Their Net Worth Right Now
Podcast:
Book:
Action item(s):
- Calculate your net worth using on online calculator like this one. Review it to see how you can start building more assets and eliminating more liabilities.
3. Set your spending plan and create a savings rate
Posts:
- Budgeting Made So Simple A Surgeon Can Do It
- An Updated Formula to Practice Intentional Spending for Doctors
- What Do Doctors Need to Include in Their Savings Rate?
Podcast:
Book:
Action Item(s)
- Track your spending for the last 3 months and calculate your current savings rate
- Create a spending plan/budget using the template here
- Create a plan to establish a savings rate of at least 20% of gross income in 3-6 months
4. Develop a debt elimination plan
Posts:
- My Life as a Doctor in Student Loan Purgatory: Should PSLF Stay or Go?
- What’s Better? Should You Pay Off Debt or Invest?
- Should Doctors Die with Their Student Debt?
- How I Refinanced My Private Student Loans
Podcast:
Book:
Action Item(s):
- Calculate your total debt
- Create a plan to pay off your debt within 5-10 years (this may be by paying lowest total debts first or highest interest rates first, it may include forgiveness or not)
5. Invest your money wisely
Posts:
- Stress Free Stock Market Investing Is Easier Than It Seems!
- Asset Allocation and Rebalancing: A How-To Guide for Buying Low, Selling High, and Relaxing In Between
- An Updated Quick and Dirty Guide to All Types of Investment Accounts for Doctors: Where Should You Put Your Money?
- How To Buy Index Funds in 4 Steps For Beginners
Podcast:
- Finance Flash Go! Episode #23: Setting Up Your Asset Allocation
- Finance Flash Go! Episode #5: Index Funds
Book:
Action Item(s):
- Create your asset allocation
- Determine which tax advantaged retirement accounts you have available to invest in
- Establish how much you will invest monthly and annually
- Set up monthly automated withdrawals into the investment accounts that you will use according to your chosen asset allocation
- Set a reminder to re-balance your accounts back to your desired asset allocation annually
6. Optimize your income clinically and non-clinically
Posts:
- How to Increase Your Compensation Both Clinically and Non-Clinically
- Physician Side Gigs to Make You Passive Money
- 9 Steps to Negotiating the Best Physician Contract
- A Real Estate Investing Guide for Physicians
Podcast:
Book:
Action Item(s):
- Write down 3 ways that you can increase your income reliably whether that be through contract (re)negotiation, picking up a side gig, or optimizing your clinical income
- Craft a business plan to bring these strategies to fruition
7. Putting on the final touches
Posts:
- 5 Important Tax Tips for Physicians
- Tax Planning for Doctors: What to Expect in 2025 and Beyond
- Our Complete, Updated 2024 Written Financial Plan
Podcast:
Book:
Action Item(s):
- Meet with a recommended tax advisor to devise a proactive tax strategy
- Create a 2 page written financial plan (you can even use mine as a template!)
If you follow this DIY financial literacy curriculum…
I can just about guarantee that you will be in the top 1% of doctors when it comes to financial literacy. And even more important than that, you will have firmly established yourself on the path to financial freedom and the ability to live and practice medicine on your own terms because you want to, not because you have to!
And remember, through financial freedom, we can drastically improve our overall well-being, live life on our own terms, and also change medicine and healthcare for the better in ways we can’t even imagine right now.
What I am trying to say is that it is worth it. Take it from me. As I reflect back from where I started, this journey has made all the difference!
Oh yes and I almost forgot! For those of you interested in my course, Graduating to Success, use code 25OFF for 25% off when you enroll today!
What do you think? Should I add anything to my doctor DIY financial literacy curriculum? Where are you in this journey? Please share in the comments below!
