What do we do?
Our goal is to empower you to take control of your personal finances and ultimately help you be an amazing doctor by minimizing the stress which can accompany your finances and career choice.
We have created and compiled learning resources that are simple, informative and designed for someone with a few minutes here and there. They are geared towards medical students, residents, and early-career MDs to help them in their unique situations. Scrolling through our blog posts for topics relevant to you is a great place to start. Or just head to our Topics page.
In addition to this website, we also give educational talks at med schools, residency programs, faculty groups, grand rounds, professional societies, etc. We have given roughly 50 presentations to approximately 3000 MDs over the past 3 years.
Why do we do it?
We took on the massive amount of debt needed to get through medical school. We stood in the OR retracting until our arms shook. We lived on a resident's salary.
We have been through it with you and we realized something you have probably also realized: Physician salaries are stagnant, while tuition and medical debt is increasing. Physician morale seems to be lower than ever, stress higher and the truth is that financial considerations can strongly influence job satisfaction and morale.
By increasing your financial literacy we hope to help you maximize the financial benefits of your career by: Optimizing debt management; minimizing taxes; avoiding investing mistakes.
The happier you are with your job, the better it will be for you and your family. And just as importantly, the better off for your patients!
We want to give you an (almost) unbiased look at your finances as a medical professional so that you will be a little less stressed out and actually be able to do what you like to do (even if that happens to be pre-rounding at 5am).
Our official Purpose Statement
DOCTORED MONEY seeks to provide clear, understandable, minimally-biased education on financial topics for medical students and physicians, focusing on those early in their career. We believe that improved financial literacy will increase physician well-being and job satisfaction, which will in turn lead to better patient care.
There is a wealth of research on physician wellness, fatigue, and burnout, with connections to patient outcomes. Thus, there has been an increased push in graduate medical education to incorporate overall wellness efforts into training, in hopes that this will prepare new physicians for the medical field. We are adding our voice and energy to this effort and we believe that education, counseling, and guidance centered on the financial realities of a career in medicine must be an integral part of young physicians’ mentoring.
It is not reasonable to expect physicians to go through medical school, potentially take on massive amounts of debt, choose a specialty, pick an area of the country to practice and make other financially impactful decisions without providing even the smallest framework for them to understand those financial considerations. Doctors are often seen as financially successful because of their relatively high salaries. But these salaries can appear artificially high because of educational debt and delayed earnings. Educational costs have increased and physician compensation has not kept pace. The financial environment that new physicians are entering is drastically different from those of their mentors.
DOCTORED MONEY wants medical students and young physicians to choose the specialty and career path which calls to them. We desperately need physicians who will serve the needy without financial gain as the primary motive. However, unless physicians have a minimum amount of financial education, in advance of major career choices, they risk resentment of their decision to go into medicine. Our goal at DOCTORED MONEY is to provide commercial free, unbiased support and education such that physicians are not caught unaware by financial realities.