Every week I find a few great articles I feel are especially valuable. Following are this week’s best. I hope you find them as useful as I did.
This week’s favorites include quiet quitting in medicine, balancing your career will decrease burnout, how to stop spending money and save instead, will the stock market derail your retirement, and muffling the noise because only your personal economy matters.
Happy reading!
Have you ever been asked to be on a committee and found they expected you to do it for free? We already have a job that takes up all of our time. There is no time to fit in extra free work. If you get paid based on a production bonus, your production and therefore your pay goes down while in a committee meeting. Is it quiet quitting to say no when asked to be on a committee? FI Physician discusses this issue in Quiet Quitting in Medicine. I like this concept for those of us who are not on an hourly pay scale. Figure out what you earn per hour and demand that wage for your time you spend doing committee work.
We all understand that a healthy career is one that strikes balance. Many call it “work-life balance.” Trouble happens when we give up this balance by not spending time with our family, for example, and instead increasing our work hours. Usually this is done to earn more income. But is that the right choice? The Loonie Doctor discusses this balance with Financial Health to Balance Your Career and Help Prevent Burn-Out. I especially like the picture graph of the balance between Family, Society and Professional Community. Often, not having our financial house in order makes us lean toward working more and the other areas of our life suffer. It doesn’t have to be that way.
Does your money run out before the month does? That is what life is like for many Americans and even those in the medical profession. Often this problem comes down to your money habits. His and Her Money discuss how we can break some of those bad habits and create new ones in How to Stop Spending Money (And Save Hundreds Each Month!). Since everyone has habits, why not train yourself to have good habits.
Many who are thinking about retiring are reconsidering, now that the market is down and interest rates are rising. But should they reconsider or should they go for it? Millennial Revolution discusses how you can improve your odds of success with Has The Stock Market Derailed Your Retirement? Be sure to have some cushion in your plan. A scrape by plan is not a fun way to retire.
Often I read incredible headlines about economic changes in the US. Interest rising, gas prices rising, crypto collapsing, and the stock market falling are some recent great examples. But then I look at my personal life and notice that none of the issues they talk about are significantly effecting me. If it doesn’t affect my personal finance microclimate, does it really matter? Leisure Freak discusses this issue with Muffle the Noise, It’s Our Retirement Personal Economy That Matters. Keep a personal prospective when you read financial news. The truth is, very little of it affects you, so stop sweating your future.
I hope you enjoy these articles as much as I did. I look forward to updating you again next week with a few more articles I find especially interesting. If you read an especially good article, send me the link so I can share it with others.
Thanks Dr. Fawcett. I have definitely seen how career balance reaches way beyond “the job”. I have seen physicians run afoul of regulatory colleges or have marital breakdown with career burn-out a prominent part of the mix. However, on the other side, I have seen those with their finances in order expand their impact and have great careers, personal lives, and community legacy. Starting a residency programme in another country, coaching kids’ soccer, building a resilient family. The shift you made to doing locums and teaching about finance also comes to mind. If we can get this right, there is synergy for our lives and beyond.