Welcome to Dr. Piggy Bank

• The average debt of medical students is a lot.

  • According to Association of American Medical Colleges, the class of 2018 graduated with a mean debt of $188,758 if from a public school and $209,367 if from a private school.

• Physicians are not wealthy.

  • What is wealth?

    • Wealth is a measure of all physical and intangible assets owned by an individual after subtracting all debts.

    • Authors of The Millionaire Next Door, Thomas Stanley, PhD and William Danko, PhD, found that physicians are big under accumulators of wealth. (They have a whole bunch of formulas to determine a prodigious accumulator of wealth (PAW) vs. under accumulator of wealth (UAW) but we won’t get into the details).

    • Why?

      • Late start in earning

      • High student loan debt

      • Not living within means

      • Low financial literacy and lack of time dedicated to understanding finances especially when it comes to savings, retirement, and financial accounts.

• We have low financial literacy.

  • While financial literacy is not a requirement to be a competent physician, the lack of understanding finances can significantly impact job satisfaction, productivity, and physician burn out rates. How comfortably are you talking about your finances? How well do you think you understand your finances and wealth?

  • The first step in becoming wealthy and financially literate is taking the time to understand basic concepts and common terms.

Welcome!