Financial Literacy for Radiologists
Addressing an Under-Recognized Cause of Physician Burnout
This series of webinars will help trainees with the transition from residency into an attending job, as well as provide senior radiologists with updated knowledge regarding their own personal finances. We will also cover monetary topics pertinent to both trainee and staff radiologists to increase their total financial literacy, all with the hope of decreasing stress and burnout alike. View past webinars below.
Sprinting Toward Retirement
April 20, 2020
Speaker: Glen Cox
Presented by a radiologist who is close to retirement, this webinar is intended specifically for late-career radiologists. Discussed topics include planning of social security payments, determining when you have enough money to retire, and asset allocation as you approach retirement.
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Early Career Finance
April 6, 2020
Speaker: Joseph Donald
This webinar covered how to prioritize your income as a first-year attending. Discussed topics included debt paydown, lifestyle inflation, asset allocation, retirement accounts, and home buying.
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Loan Forgiveness
March 23, 2020
Speaker: Grace Mitchell
This webinar covered student loans, including when to pay them off or refinance, as well as the intricacies of programs such as the public service loan forgiveness (PSLF) program.
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November 4 and 18, 2019
Speakers: Christopher Walker, Sherwin Chan
A 2014 survey by the American Psychological Association indicated that financial worries served as a significant source of stress for 64% of all American adults, ranking higher than three other major sources of stress: work (60%), family responsibilities (47%), and health concerns (46%). For physicians earning higher than average incomes, a 2012 survey indicated that financial stressors (51%) were second only to work concerns (56%) and above family concerns (46%). Even among radiologists, who earn more than the average physician, a 2013 survey of residents at the University of Washington showed that 42% experienced financial stressors.
Although medical schools have increasingly incorporated physician wellness seminars and incidental training on how to avoid burnout, financial literacy and overall well-being is rarely discussed. This lack of education can cause radiologists to experience high stress levels from financial problems throughout their careers, despite having incomes much higher than the national average.
Learning Outcomes
After attending this session, participants will be able to:
- Identify multiple strategies for managing student loans and pinpoint resources to find the strategy that works best for their individual situation.
- State key components necessary for student loan forgiveness under the public service loan forgiveness (PSLF) program.
- Differentiate types of personal insurance and devise a plan for putting these coverages in place.
- Compare investing basics, including investment differentials, retirement accounts, and active versus passive management.
- Describe how to prioritize your income as a first-year attending.
The American Roentgen Ray Society (ARRS) is accredited by the Accreditation Council for Continuing Medical Education (ACCME) to provide continuing medical education activities for physicians.
The ARRS designates this live activity for a maximum of 1.00 AMA PRA Category 1 Credit(s)™. Physicians should claim only the credit commensurate with the extent of their participation in the activity.