Doctors are easy targets of financial theft
Doctors are high earners. Consequentially, they are one of the most heavily-hit target groups for financial theft. Issue, drawing attention of experts and analysts, have attracted comment from popular columnists like Rob Lieber who describing money-management difficulties for various professionals, have said commencing a discussion :
“We begin with physicians, for whom a combination of factors can conspire against success. They take eight or so years off from the world to do nothing but learn how to be doctors, then receive a six-figure annual paycheck with no real idea of what to do with it. If they can save lives, many believe, managing money ought to be easy. But self-certainty like that can lead to all sorts of horrible mistakes.”
The fact of doctors being easy targets, considering their credulity, is also relected in the voice of another anonymous adviser : “Physicians are viewed as marks, because they are known to have money.”
Various means of money-drainage
As their no finacial training during career-building professional courses in medicine, doctors become vulnerable with huge income, but no experience in investment whatsoever. Lack of clarity regarding difference in concepts between 'Debit card' and 'Credit card', make doctors fall into the trap of bankrupting over-drafts. In the computerised world, the disclosure of confidential information regarding bank accounts etc., amounts to identity theft that doctors have to be aware of. Even decisions like Buying or Renting, or purchasing a car can place doctors in dilemma who are practical ignorants on financial matters. Many times, doctors go through legal challenges claiming compensation, or other legal complications in personal life, that is common to high-earners, that require compulsory maturity regarding financial matters.
Providing financial training to doctors
Institutes across America are providing online courses to doctors to make them self-sufficient, self-contained decision-makers capable of using their monetary resources in efficient and constructive ways. MIT, University of California, University of Florida are in the list of service-providers. Apart from online courses, regular classroom education is also organised, that are managed by reputed professors of universities.
Remaining aware of dishonest advisers
But, doctors has to be aware of dishonest financial advisors as well. Workshops that promises free financial education, can also be a medium to access doctor's account(s) by dishonest counselors, posing themselves as helpers.
Self-education in informal ways
There are lots of books written for those who don't go through formal training in institutes. And, financial education is not an exception. Something, as fundamental as financial education not only requires books, but also practical application in home environment. Charity begins at home and even though financial education is not quite charity, managing home and seeing kids grow up can be a good proxy for actual scenario in the outside world. For highly qualified people like doctors, assimilating a topic from a self-help guide in the form of a book that's not at all harder than the life-saving study of medicine and practicing in practical life to be a pro, is never a tough ask.
Preparing the future generation
Doctors should prepare their kids to be wise in taking financial decisions in future walk of life. And, that starts at childhood, when they are minors, by participating in government sponsored stipended welfare programmes in schools, or even at home, under parents' supervision. This article provides link that explores the idea of taking education to the next level.
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