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Financially Prepared Women Physicians Know Their Financial Situation

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A recent report from AMA Insurance, which is a subsidiary of the American Medical Association (AMA), titled “2015 Report on U.S. Physicians’ Financial Preparedness: Women Physicians Segment©” examined “Six Traits of Financially Prepared Women Physicians.”

The first four traits were: Financially prepared women physicians have adequate retirement savings for their age and career stage; keep a liquid emergency fund adequate for their current lifestyle; feel adequately prepared in the event of a disability; and use a professional financial planner as a trusted advisor.

The fifth trait is: Financially prepared women physicians have an updated will and medical end-of-life directives in place.

According to the study, “Financially prepared women physicians typically work with planners who ensure that wills and medical-end-of-life directives are in place. This is particularly important once a physician starts accumulating assets, makes big changes, and/or starts a family. This is especially critical since most women physicians are the breadwinners in their family.”

Meanwhile, 55 percent of the women physicians who are “behind schedule” pretty much have no estate plan at all.

One survey participant advised her colleagues: “Get mentorship on investing and financial/business practice NOW—don’t wait until you have a good income.”

The sixth trait is: Financially prepared women physicians feel more knowledgeable and confident about personal financial issues and decisions.

The researchers discovered that “[f]inancially prepared women spend more time, are more knowledgeable about personal finances, and feel more confident that they are making the right decisions for themselves and their families. Most (89 percent) financially prepared women physicians are either ‘very confident’ or ‘somewhat confident’ in their ability to make financial planning decisions; 42 percent of those who are ‘behind’ are ‘not very confident.’”

They also found that more than 50 percent of those women physicians who are financially prepared “feel they spend adequate time on their finances; only 21 percent who are ‘behind’ do.”

The importance of knowing where you stand financially is obvious, of course. Life has its way of introducing certain unexpected plot twists into your story, such as medical emergencies, family emergencies, or divorce. In fact, one survey participant advised her colleagues: “Protect your assets before getting divorced.”

We hope this series of posts has been helpful to the women physicians in our audience who are looking for a job. As we wrap these posts up, how can you gear your job search to improving your financial security? How do you balance the financial aspect of a position with your need for personal happiness and fulfillment?

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