Every week I run into a few articles that I feel are especially valuable and every Monday I would like to share some of the best with you, my readers. I hope you find them helpful.
This week’s favorites include why the wealthy are fed up with being overcharged for investment advice, the income you should strive for if you want to be happy, timely advice for new residents on how to earn respect, and a study proving resilience training is not going to stop physician burnout.
The concept of being charged asset under management (AUM) fees by a financial advisor to handle your money is being challenged by wealthy investors. Is there really a big difference in the amount of effort used to manage an $8,000,000 account over a $2,000,000 account? With a 1% AUM fee, these two investors would pay $80,000 and $20,000 respectively for investment advice. Should one investor be charged four times as much to do the same job? The wealthy are getting wise to this outmoded way they are being overcharged. Markets insider gives us a little wakeup call with their article about the richest people getting annoyed at the cost of looking after their money. If you are not happy with the way you are being charged, check out my list of recommended flat fee financial advisors and stop overpaying for financial advice.
Just how much income does it take to be happy? A lot less than you might think. CNBC shares Gary Vaynerchuk’s thoughts on what income you should shoot for to be happy. It is a shame to aim for a target income for the wrong reasons. Only to arrive at your chosen income to find out it is not making you happier. If happiness through finance is what you seek, this article of mine will help you find it.
Residents are low in the medical pecking order. Yet, they are intelligent doctors with a medical degree. So how does a new resident gain the respect of the rest of the medical community? The answer is they need to earn it. KevinMD published an article from a trio of neurosurgery residents and attendings on how to earn respect the right way. I remember when I started as a new first year resident. I had MD behind my name, but I felt like such an imposter. I would have loved to have had this advice when I was just starting out. This issue reappears when you become a new attending. My book, The Doctors Guide to Starting Your Practice/Career Right will help make the transition from resident to attending a good one by showing you how to get started on the right foot and garner the respect you deserve in your medical career. Transitions are tough and these two resources will assist you at these two crucial junctures in your career.
Burnout is way too prevalent in medicine today. Hospitals have been mistakenly training their physicians to increase their resilience in hopes of lessening the burnout rate. But physicians are already very resilient, in fact they are some of the most resilient people on earth. JAMA published a study of more than 5,000 physicians looking at the correlation between burnout and resilience. The findings show that we are already super resilient and more resilience training is not the answer. A tougher canary will not make things better in the coal mine. It is time to make changes to our working conditions.
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.