How exciting is that first income after the long years of study? I bought myself a Wustof-Trident chefs knife with the first intern pays as my reward, I still have it. What will you spend your money on that will stay with you?
As well as a reward, I want you to consider three important places to spend money:
- insurance – income protection, life
- financial education
- billing/medical business education
Insurance – income protection
Now is the time to apply for income protection insurance before you develop any medical conditions or anything that might preclude you from being eligible for insurance. I’ll expand on this in another post. This income protection insurance is your pay if you are unable to work. The White Coat Investor suggests that 10-20% of doctors are unable to work at some stage in their life and Australian insurer TAL has reported on the types of problems people claim insurance for.
Financial Education
This can really pay long term dividends. This can be as simple as some bibliotherapy – Barefoot Investor, White Coat Bootcamp there are many out there. This might be as specific as financial advisor advice, ensuring you pay per hour and not a funds under management/retainer based process
Business/Medical Billing Education
This really is part of the hidden curriculum. Understand how to appropriately, ethically and correctly use the billing options is very important. Self education is the simplest and cheapest – reading the MBS guides, completing the online tutorials is a first step.
In Australia with have Business for Doctors and AOGP providing billing information training.