Explore the real-life consequences of financial decisions and discover practical steps toward financial wellness for physicians.
“Sooner or later we all sit down to a banquet of consequences.” – Robert Louis Stevenson
The Reality of Consequences
Every action or inaction has its attendant price and subsequent consequences. It’s just that we often refuse to pay.
One of the most important lessons my wife and I want to impart to our three-year-old son is that while you can make any choice you wish to—in how you act, what you say to someone else, or how you take care of your toys—you don’t get to choose the consequences.
Many of you decided years ago to study diligently during undergrad and medical school, forgoing (some) parties and sacrificing time and hundreds of thousands of dollars to train as physicians.
There are consequences for these decisions. Some positives – a meaningful career and being well-compensated for our work. Others, less so, – the increasing medical bureaucracy. The endless hours.
The Financial Choices We Make
What about the consequences of your financial decisions? As I often say, you can have anything you want, just not everything you want.
I won’t stop you if you want to remain in student loan debt and spend all your attending income on trips, boats, and cars. But I also won’t be able to help you save $5 million for retirement by the time you’re 50, either.
Likewise, you can choose to ignore your physical and mental health. But there will be long-term consequences that you may not be able to reverse.
You can ignore the downside risks of disability and death and forego expensive insurance, but you can’t protect your family from the financial ruin that these decisions can cause.
Arguing With Reality Won’t Help
Shane Parrish says it best in his book Clear Thinking, “those who spend all their time arguing with reality and wishing it was another way, always lose. Instead, use that energy to face the world as it exists.”
I don’t know about you, but I often find myself arguing with reality. Not only is it counterproductive, but I also find it exhausting.
A common counterargument goes like this: “But if I accept the world as it is, doesn’t that mean I am giving up or am complicit?”
No! This couldn’t be further from the truth. If your patient is diagnosed with cancer, does it benefit you as their physician to argue with reality? To deny that they have cancer? Or is it more helpful to create a plan moving forward to address the cancer?
If your OR patient is crumping, does it make sense to waste time wishing they weren’t septic or that their blood pressure was better? Or should you get in gear and start treating their symptoms?
Planning Forward With Financial Clarity
Let’s get back to finances. What might this look like for you? Instead of ignoring your student loan debt and hoping it will be paid off one day, let’s create a concrete plan to enroll in an income-based repayment plan and qualify for forgiveness under PSLF.
Instead of believing that retirement is too far away to be concerned about, create a savings plan for the future while still playing and enjoying your life today.
Instead of waiting to enjoy your life when you achieve your next milestone (saving $1 million, paying off your student loan debt, etc.), why not choose to live a life filled with meaning and purpose today?
What prices are you willing to pay and what consequences are you willing to accept? Take a minute to reflect and share the areas where you find yourself arguing with reality. I’d love to hear from you.
