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- 💷 Financial Stability for Doctors: How do you achieve this in career change?
💷 Financial Stability for Doctors: How do you achieve this in career change?
Is it simply about getting a better paid job?
Hey there!
I hope you’ve had a wonderful weekend!
My family wanted me to train to become a doctor because it came with great financial stability.
10 years later, I was wondering why money was coming in but I really wasn’t feeling any richer than I had done when I started.
What I realised was, although being a doctor does come with fairly decent earnings, financial stability doesn’t really come on its own without great financial education, mindset and habits.
This later became even more of an issue when my financial responsibility skyrocketed with having kids..!
(I’d somehow managed to get a mortgage from the age of 23, so the heaviness of financial responsibility of home ownership for me at that age didn’t properly register with me at the time.)
At a time where inflation is high, cost of living is high and the value of doctors has been eroded; one of the biggest worries we have as a profession is.. MONEY.
So, what can we do about it?
My top tips
Education, education, education.
Get an independent chartered financial advisor
Spend time with those who are pro-actively managing their money
Money and working towards financial stability is one of the core themes in our Doctors in Industry Fellowship which we’ve just opened for Cohort 3 applications this week!.. and we offer all of those tips including having our own resident independent financial advisor.
Yes, we all want well paid jobs / high levels of income.
But why bother if you don’t know how to effectively manage the money you get?
We adopt an investment mindset. The first and most important investment? Yourself.
Doctors in Industry Fellowship
Last week we talked Board Roles for Doctors which was an incredible discussion. Thanks to Mark Bate, Toby Donati, Tim Ojo, Jaiye Olaleye, and Wayne Wright for their candid insights on why doctors should aim to get onto boards and how to get started.
Next week we go deep into the numbers - Financial Literacy for Medics with Dr. Guy Gross
Want the opportunity to join us? Apply here.
🗓️ Disrupting Doctors Careers Podcast
On the back of last week we’ve just released a NEW episode on the value of doctors. Our first in 2024!
3 Strategies to Boost Your Value as a Doctor in Career Change
📋 MF Doctors Census 2024
We have been spending time on analysing the census data, we’re reading all your comments and contributions and taking them into account as we chart our course in how we can help you have the career and life you aspire to and deserve.
Thank you for all outpour of love in supporting us and our mission, and for taking the time to complete the census. We’ll be sharing the outcome report with you very soon.
Missed out and still want to have your say?
Sam, of the leaders of our team who has been running their travel business for 7 years, has just opened up a school in Bali called the Peduli Learning Centre, now schooling 137 students.
He invested money into building this school and partnered with a local who had a clear vision. This was only possible from the income he earns from this business - much of which is now residual / passive income… AND the support of the rest of the team.
Sam hasn’t even hit the age of 30 yet.
“What we’re all doing is pursuing our dreams and making more impact than we could ever imagine” - Sam Church
Career Coaches & Mentors
If you need some career guidance moving forward, please check out our amazing team of career coaches who have a wealth of experience working with doctors across the world on all things alternative careers.
Not sure what coaching involves? Check this article out.
Welcome to our New Members!! 🎉🎉🎉
We’re wildly celebrating doctors who are taking bold and courageous ACTION in becoming an MF Community or Premium Member. In doing so their contribution ensures we remain independent, inclusive and doctor-led!
Mairin, Sanjeeva, Frances, Krishan, Thom, Charles, Christian, Amanda, Afua, Lochan, Adedotun, Jennifer, Nikhil
One of our most popular webinars available to members is:
Health Tech for Doctors: How to Get In! Where we explored key topics from our panelists on what you need to do to get the medtech opportunity you want.
Until 29th February we’re also offering NEW MEMBERS a FREE Standout CV Template they can use for their applications.
Thank you all for joining and see you at our upcoming events which include Lifestyle Medicine, Burnout in Career Change and Health Tech Consulting
Key Stats
Combined Community Followers: 87351 🢁
Podcast Downloads : 45538 🢁
💁🏾 What we need help on
❓ Newsletter and Podcast Episode Sponsors
❓ SHARE this newsletter to help us achieve our mission. We are in the process of setting up a rewards system. Start early to get brownie points!
Your Mental Health
We want to remind you that you can access a wealth of resources for burnout and mental health. A good start for those in the UK is Practitioner Health.
Our upcoming member-only event Tackling Burnout in Career Change will be rescheduled for next month.
Until next week.. Warm wishes
Abeyna, Ola and the MF Team