Blake Fagan, M.D., has been working in residency education for 13 years and discovered early on in his teaching career that many family medicine residents have a gaping hole in their education when it comes to personal finance. In an upcoming free webinar, residents can learn firsthand how he managed to fill that void.
"It occurred to me one day that students can go through high school, undergraduate studies and medical school and never take a personal finance course or even have a one-hour lecture on the topic," Fagan said in an interview with AAFP News.
"And just because you're a physician doesn't mean that you have any financial acumen," he added.
Fagan, residency director at the Mountain Area Health Education Center in Asheville, N.C., set out some 12 years ago to help close that knowledge gap for his residents by creating a presentation on personal finance tailored just for them.
That simple presentation received "overwhelmingly good reviews," Fagan recalled, and so over the past decade, he's tweaked, updated and shared the information in various venues.
Soon, Fagan's personal finance tips will be available to family medicine residents nationwide thanks to a free one-hour AAFP webinar titled "Personal Finance for Residents: What You Don't Know Can Hurt You" that is scheduled to air on May 14 from 5:30-6:30 p.m. CDT.
The 500 available slots are filling fast, though, so register today(www3.gotomeeting.com). An archived version of the webinar will be available to residents unable to tune in to the live event, and details on how to access the archive will be made available soon.
Fagan's financial expertise will empower residents to get a handle on their finances in a life-after-residency world by covering topics such as
- securing disability insurance when landing that first job,
- beginning a retirement savings program immediately, and
- using common sense when house and mortgage shopping.
"Young physicians going from residency to their first job often triple their salary," said Fagan. "But just because a bank tells them they can get a loan that's three times their base salary doesn't mean they should do it," he added.
Fagan's message has resonated with those who've heard his presentation, apparently, with one resident having told him, "This was the most important lecture I had in residency because it's going to impact my life and my family's life."
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Association of American Medical Colleges: Manage Your Finances(www.aamc.org)