This year marks my eleventh year in a medical relationship, seventh of marriage. Over the course of this journey, I have learned a few things about the role of a support person in a medical marriage. To be in a medical marriage is both a great privilege and a difficult undertaking, but I am sure I am preaching to the choir. When I met my husband, he was an MS2 (second year medical student) and I was a brand-new pediatric nurse. For quite a time I made the money and I had more medical experience. This relationship dynamic has shifted greatly in the latter half of our marriage as I am now a stay-at-home mom to our two children while he is an ER attending at the only level one trauma center in our state. Gone are the days of my explaining vent settings, instead his wealth of knowledge constantly fills me with pride. Of course, every medical family’s division of labor looks different, but there are a few commonalities to all of them.
“Dr. Jenkins, are you available today for an interview on the tuberculous outbreak in our county?” Exciting or terrifying?
Maybe you already know these things but as a physician buying our first home 1.5 years ago I was completely in the dark about what options were available to me. Our savings was virtually nil since my wife’s income had paid for our years in med school, we had a new baby, and moved to a big city with a high cost of living for my 6 year residency. So yeah I was definitely on the hunt for the mortgage loan that gave me the most short-term gains so that we could get our family established in our new city.
We built flipMD to bring the gig economy to currently practicing physicians. However, in doing so, we have built something that most physicians do not have any prior context to orient themselves. Hence, this quick blog post. How do I stand out as a consultant on a marketplace like flipMD? Let’s chat.
Since starting flipMD and jumping into the world of entrepreneurship, I’ve been listening to a lot of podcasts, which to be honest has become a new hobby for me. After every hospital shift in the summer and fall, I would walk home (try to avoid public transportation during COVID) and tune into my favorite podcasts to learn what it means to be a startup founder. Podcasts are gold; succinct, informative, entertaining and perfect for a walk to and from the hospital. I thought it would be fun to share what I’m currently listening to.
As a resident I’ve pretty much been dreaming of the day when all of my money worries melt away with my first check as an attending. But while daydreaming is fun, there are a huge number of questions on how to actually get on track with my financial wellness when that magic day comes. Below I’ve put together many of my top questions and considerations, and then paired them with the opinions of Chad Chubb, CFP®, CSLP® the financial planner and mastermind behind WealthKeel.
With hundreds of thousands in debt, medical professionals often feel a financial burden unparalleled in the student loan space. As a result, many opt to look into ways to reduce their debt, such as refinancing.
As a physician, from the moment you enter the healthcare system you are at risk of malpractice suits which will likely come when you are least prepared. So it is important to understand what is ahead and to protect yourself from medical liabilities. (Below is our summary but feel free to jump to the full post here that Physician’s Thrive put together.)
After all the years amassed in the classroom, back-breaking hours on rotations during training, several life changes and moves later you’ve finally become an attending physician. Now imagine that all could crumble from a back injury, vision loss, or a hand injury. Disability insurance protects you against financial hardship if injury or illness prevents you from working. Sounds simple. Except for physicians there are many things you’ll need to consider when choosing a company and policy that they just don’t teach you in medical school.
Everyone has their own reason they need a side hustle. For me, I needed to make some extra cash to support my family. I was a PGY-2 fresh off my surgical intern year and went from an “80 hour” work week to 45 hours. I got half of my life back overnight. The only issue is, I needed to make more money just not work less. I turned to my MD and MPH degrees to find any job that would pay better than my hospital salary. I took jobs in data analysis, ghost writing, manuscript editing, meta-analysis, and many others and quickly created a reputation of getting jobs done quickly and completely. I went from charging $45/hr to $250/hr (as a PGY-2) in less than a year and made enough money to go on to build flipMD.