Today is National Financial Awareness Day August 14, 2023

Today, August 14, is National Financial Awareness Day, a day to increase financial awareness and reflect on and plan for the financial future. Financial awareness is the first step in financial wellness, an important topic for physicians who, despite many years of training, don’t receive financial education and often incur significant debt from that training. This is why MSDC’s Healthy Physician Foundation added financial wellness to its physician wellbeing program, to help physicians and practices safeguard and grow their financial resources.

First, what is financial wellness? The U.S. Consumer Financial Protection Bureau defines financial wellness, also known as financial well-being, as “the feeling of having financial security and financial freedom of choice, in the present and when considering the future.” Elaborating on that, financial wellness is a state in which you can manage your bills and expenses, pay your debts, weather unexpected financial emergencies and plan for long-term financial goals such as building college funds and saving for retirement.

According to MSDC partner Asset Strategy Consultants, there are six components to financial wellness. 

6 STEPS TOWARDS FINANCIAL WELLNESS

• Create a Budget
• Build an Emergency Fund
• Protect your Assets
• Reduce or eliminate debt
• Save and Invest
• Plan for retirement and other long-term goals

MSDC’s financial wellness program has two parts. Starting with the end in sight, MSDC helps plan for retirement through its 401(k) pooled employer plan. Contact MSDC to find out how you can participate. The second part includes financial literacy and education, through the MSDC website, member newsletter, and events. Attend a physician-moderated webinar on retirement savings challenges for women on September 12.  

In closing, it can be helpful to take a wellness approach when it comes to personal finances. Just as a doctor wouldn’t think about foregoing an annual check-up, it is important to conduct a regular financial health check-up. Maintain wellbeing throughout the year by following a financial wellness plan, working to improve financial fitness, monitoring “vital signs,” and working with a trusted advisor. Remember, no organization is more committed to the long-term wellbeing of all District physicians than MSDC, which has been fighting for District physicians and the patients whom they treat since 1817.