Managing Money as a Medical Student and Resident

Financial issues are a source of intense stress for most students and residents.  It costs a lot to become a doctor and is costing more each year.   The goal is to finish your training without being handicapped by financial issues.    Doctors (including me) are not experts in financial issues (even if they think they are).   There are financial counselors at every medical school, or they will at least be able to refer you to someone.  It’s a really good idea to learn about this early.  Make an appointment and go talk to them about they best way for you to approach your own financial challenges.   There are some basic principles that will help get you started:

  • Limit your debt.  Pay off credit cards every month.  There is really no exception to this rule.  The interest on credit card debt is obscene.  You have to avoid it at all costs.  You have to make a conscious effort to live within your means.  It may be you have to have a car, apartment or clothes that aren’t what you would consider ideal.  But, in the long run, not running up the debt is far more important.  Make a budget, keep track and monitor your spending.    This is a really good resource from the AAMC to help you understand how to manage your money in medical school, including how to budget:  http://aamc.financialliteracy101.org/welcome.cfm

 

  • Your credit report is important.  Let me repeat that… Your credit report is important.  It doesn’t take much to have the score slide (a few late payments, missing a payment) and it will follow you a long time!  It takes about 7 years of perfect credit to get the score up to a level where you can buy a car or a house.   It is really easy to not pay attention to this during your training… and then pay the consequences after you finish.  http://aamc.financialliteracy101.org/graphics/factsheets/creditscore.pdf

 

  • Before you worry about investing, you should worry about protecting what you have (even if it’s not very much).   You should automatically have life insurance and disability insurance from your institution, but you need to check.  Unfortunately, if you are a resident, the “MD” behind your name makes you more vulnerable than the general public – and lawsuits can be against future earnings, not just current salary.  Many attorneys recommend that you spend the relatively small amount it costs to obtain an “umbrella” personal liability policy to help prevent a large lawsuit from someone if you are involved in an automobile accident or someone trips on your front porch.  When you are in training, these kinds of insurance policies seem like a waste of money.  But – they aren’t that expensive when you consider that all your money can be wiped out with a single disabling injury or personal lawsuit.  When you go to meet with the financial experts, this would be a good question to ask.

 

  • Once your insurance is covered, and you start having a salary (i.e. when you start your residency) invest a little on a regular basis through payroll deduction.  Having the money taken out before you see the check is key.  This is a habit that you want to start early.  This can be for a retirement account (pretax money) or another kind of investment account.  Again, talk to the financial counselors to learn about these options and decide which is best for you.  The pretax dollars are important….  If, for example you earn $1000, you will be taxed roughly 30% on that money i.e. $300, leaving you $700.  If you invest $100 dollars into your retirement fund, you will only be taxed on $900.  That means you will pay the government $270 instead of $300.  You will now have $630 to spend, instead of $700.  But – the $100 will compound incredibly.   Try it out.. http://www.econedlink.org/interactives/interest.html

Why You Should Run and How to Get Started

I hate running.  Whew.. that’s out of the way.  BUT – I have been a runner in the past, I live with a runner, and it’s absolutely clear to me that running is the ideal cardio exercise for medical students and residents.  So, I’m going to try to convince you that you should incorporate running – even in a very small amount – into your daily routine .

Why Running is Perfect for Medical Students and Residents

  • It’s cheap.  Other than an good pair of running shoes (and don’t buy less than good ones), there is no expense.
  • It’s portable.  A bag with your shoes, shirt and shorts can stay in the trunk of your car.
  • It’s social.  Once you identify a friend or two who agree it’s a good idea to run, you can do it together.
  • It’s efficient.  Short runs are still a great workout.  Unlike other workouts which require planning, travel and time to complete, you can walk out the front door and run.
  • It’s empowering.  You can set goals and easily accomplish them.  There are a lot of times during your training that you will feel things are out of your control. Setting a goal (I’m going to run a mile) and then doing it (Yeah!) is empowering.
  • It does more than just get you fit.  There are good data that show that exercise in general (and running in particular) decreases stress, improves depression, helps sleep, etc. etc.

How to get started

Here is a great guide for beginners from the New York Times that I recommend you read. Another qreat source is the most recent online Runner’s World guide on how to start running.  It’s hard to find now, but here are some tips from the Runner’s World May 2010 Special Beginner’s Guide:

  1. Don’t do too much to start with.  Start with walking and add in small amounts of running.  “Every able-bodied person can be a runner,” says Gordon Bakoulis, a running coach based in New York City, :Just start slowly and build up gradually.”
  2. Be consistent.  Your goal is to exercise every day. Cardio is an important part of your exercise, but not all of it.  You can run every day, but you’ll have to find  time to do resistance and flexibility training as well.  Alternatively, you can view resistance days as “recovery” from running i.e. alternate the days. Commit to some kind of exercise everyday.  Plan your week to make sure you get at least 3-4 cardio sessions/week – and then cut yourself some slack if something happens that pushes you off track.  It’s human nature – if you say you are going to run every day, you’ll probably run 4 or 5 times.  But, if you say you’ll run 3 times a week, it will probably end up being only once.
  3. Read, ask questions, learn about this skill.  Every city has a “runner’s store” (which is different from a store than sells running shoes).  Ask the runner’s in your class where they go to buy their shoes.  The store will have shoes, but it will also have very knowledgeable people who will be delighted to help you learn about running.

How to fit it in and how to stay motivated

  • I know you don’t want to hear this, but early morning is the best time to run.  It’s an energizing way to start the day, you “get it out of the way”, and you don’t have to fight the siren song of the couch at the end of a long day.  If you do choose to run at the end of the day, change into your clothes before you leave school or the hospital and run before you get home.  If you have willpower of iron you might be able to lace up the shoes and run before you go to sleep … if it works for you, great!  (but it won’t for most people) .
  • Think about signing up for a fund raising group.  Running for kids with cancer makes you feel pretty silly about whining….
  • Register for a 5K race – having a goal to finish  (and getting your first time) will be motivating
  • “Gratitude is contagious.”  Kristen Armstrong suggests that instead of feeling like you “have” to run that you think about what a gift it is that you “get” to run.  “If you view your run as an opportunity, your attitude will get an adjustment”.

Fun Ways to Exercise

This list is taken from a site I came across a while ago. http://zenhabits.net/2009/12/48-fun-exercises/    The work we do as medical students, residents  or practicing docs is hard.  Adding more “work” is not the answer. Put another way, sometimes “going to work out” becomes one more thing on the day’s scut list.  A far better approach is to look for fun ways to add activity to the day.  Go outside and play!

  • Aerobics
  • Ballet
  • Baseball
  • Basketball
  • Biking
  • Boating
  • Bowling
  • Boxing
  • Canoeing
  • Dance Revolution
  • Dancing
  • Double Dutch
  • Field Hockey
  • Football
  • Frisbee
  • Golf
  • Gymnastics
  • Hiking
  • Hockey
  • Hopscotch
  • Horseback Riding
  • Hula hooping
  • Ice Skating
  • Jogging
  • Juggling
  • Jump rope
  • Laser tag
  • Paintball
  • Ping-Pong
  • Playing catch
  • Rock Climbing
  • Roller Blading
  • Roller Skating
  • Running
  • Skateboarding
  • Skiing
  • Soccer
  • Softball
  • Swimming
  • Tae Kwon Do
  • Tennis
  • Trampoline
  • Treadmill
  • Unicycling
  • Volleyball
  • Walking
  • Weightlifting
  • Wii sports games
  • Book Recomendation: Iron Doc by Mamta Gautam, MD

    I became aware of this book last week through one of the anesthesia residents at work (whose chairman made this book required reading for all residents in his department).  Dr. Gautam is a psychiatrist who has specialized in caring for physicians and is an expert in physician wellness.  She uses training for an Ironman triathalon as an analogy.  Physicians have to “train” for different roles (personal and professional) if we want to prevent burnout.  She proposes a training program that helps keep balance in the complicated life of a doctor. The book primarily addresses physicians already in practice, but the information is very applicable to trainees, as well.

    Here’s her website if you are interested:  http://www.drgautam.com/gautam/books.htm

    Cooking for Yourself in Medical School and Residency

    Most medical students and residents eat poorly.  It’s not really a surprise – the days are packed with work from sun-up to sun-down.  There are no planned meals because there can’t be.  Food is a quick bite when it is available.  It’s feast or famine.  On the far end of the scale, the stereotypical diet of a resident is no breakfast (but usually coffee), a doughnut and coffee grabbed on the run once you get to work, some mid-day meal of fast food, and pizza on call.  Food, particularly fast food, becomes solace.  In the stressful world of residency, this kind of “comfort food” becomes a “reward” for the hard work and tribulations. It’s not rocket science.  This kind of diet doesn’t give you the energy you need to function at your peak.  It is also a diet that is very likely to lead to weight gain.  In your 20s, your body can cope with this suboptimal fuel, but it’s not ideal.  However, what “works” in your 20s won’t work as you get older and could even be responsible for a heart attack, diabetes, or other medical problems in your 40s and 50s.  On a more philosophical level, you would never advise this kind of diet to one of your patients.  None of us want to be hypocrites.

    The answer is to cook for yourself.  Not everyone likes to cook, and not every one knows how.   I’m going to make a case that you should learn.  Trust me – if you can learn to take out an appendix, or diagnose a pneumonia, you can learn to cook.   I’m going to assume that you are single for the sake of this description.  But, if you have a significant other, it’s even more important to cook at home.  He or she can participate in helping with the meal preparation, and, by doing this together and for each other, there is added benefit for your relationship.  Having dinner at home with a significant other will become an “anchor” to your day that will become very important to you.  As hard as it is to work around a busy schedule, if you can eat together, and have a real conversation, you will both benefit greatly.

    Cooking is a wonderful therapy for the stress of medical school and residency.  If you’ve never learned how to cook, this is a hard time to learn complicated techniques, but it’s not hard to learn simple techniques.  There are several advantages of cooking for yourself that outweigh (on most days) the hassle of spending the time.  The act of cooking for yourself can be a time of “decompressing” from work.  Arranging vegetables, cutting them, smelling the odor of the food appeals to all your senses and is a moment in the day that you can intentionally slow down.  It’s very important that the recipes you choose are simple and quickly prepared.  No one wants to come home to a 2 hour task in the kitchen after a hard day.  Cooking for yourself has other benefits as well.  First, it is tangible evidence that you are taking care of yourself.  This is not a trivial point.  There are days during your training when it seems no one is taking care of you.  Having concrete evidence that you are caring for yourself is an antidote to that feeling.  Secondly, you will eat better.  By cooking from fresh ingredients, you will decrease the amount of pre-packaged and fast food.  Even without medical school, you know that this will result in better nutrition.  Thirdly, you will eat cheaper.  Other than the “free” pizza (ethically debatable, but financially clear), processed food is usually more expensive.  And lastly, you can share.  It isn’t any more work to make 4 or 6 portions of a dish than it is to make 2, and it usually isn’t that much more expensive, either.  If you can convince one of your colleagues that this is a good idea, you can cook for each other on alternate days.   Likewise, you can cook larger amounts and, using freezer ready containers, freeze portions for yourself for the future.  Doesn’t homemade pasta with a side of fresh vegetables really sound better than the greasy middle of the night food that is available in most hospitals?   It’s true that you can’t cook just anything with the kind of schedule you will have in medical school and your residency.  But, there are few key rules that will make it possible for you to do this, enjoy it, and eat well.

    Rule 1:  Don’t cook anything that takes more than 30 minutes to prepare.

    Let’s be realistic – you are not going to walk into your home at 8 o’clock at night, hungry, and spend an hour preparing something.  But – there are very nutritious dinners that take less than 10 minutes, so getting home late is no excuse.

    Rule 2:  Plan ahead.

    The first step in preparing dinner for most busy people is to open the refrigerator door and ask “What can I eat tonight?:  If you are anything like I was in residency, the refrigerator had some cheese, some vegetables (often way past their prime), and maybe some leftovers.  Not very appetizing.  There is an easy way to prevent this from happening.  On whatever day you have off and have time to shop, spend 30 minutes making a menu.  Start by making a table for the week with what is happening.

    Breakfast Lunch Snack Dinner Comments
    Sun
    Mon On call – take Tues meals, too
    Tues
    Wed Out Out with friends after rounds
    Thur
    Fri On call
    Sat

    Once you have an outline of your week, fill in the blanks with the meals.  Now, most of us can handle “hamburgers” or “Raisin Bran” as a menu item… but it’s more fun, and healthier to branch out a bit.  So, if you are not used to looking for new things to cook, how do you find recipes?  Cookbooks can be fun, particularly if you are looking for a particular ethnic food or a style (e.g. low-fat) of cooking.  If you like cookbooks, and bookstores, find the used book store nearest you and go to town!  There are also web sites for recipes.  Many of them also have “cooking lessons” on line.  Most cooking shows have a web based recipe site as well.   So, say you start by searching the web and find this recipe. (for this particular recipe, I’m assuming you have no concerns about calories)  It looks easy, and like it would taste good.   So you print it out.

    NEW ORLEANS PASTA

    ESSENCE OF EMERIL (FOODTV)   SHOW #EE123 – http://www.recipesource.com/main-dishes/pasta/11/rec1100.html

    1 tablespoon olive oil

    16 ounces chicken breast half, cut into strips (about 1/2 cup)

    1/4 cup chopped chorizo sausage

    2 tablespoons chopped green onions, plus extra for garnish

    1/2 tablespoon chopped garlic

    Tabasco and Worcestershire sauce

    3/4 cup heavy cream

    1/4 cup grated Parmesan cheese

    1/4 pound shrimp, peeled and deveined

    1/2 pound penne pasta, cooked al dente and tossed in oil to coat

    Creole spice, salt and pepper

    In a large saute pan heat oil, add chicken and sausage and cook 5 minutes, stirring often. Add green onions, garlic, 2 dashes each Tabasco and Worcestershire sauce or to taste, and cook for 1 minute. Add cream, cheese, shrimp and pasta. Cook, tossing, to heat through. Adjust seasoning to taste with Creole spice, salt and pepper. Serve garnished with green onions.

    Yield: 2 servings

    Now what?  First, cut and paste the ingredient list to a shopping list.  If you are compulsive, you can organize it into meat, dairy, produce, etc (it makes shopping easier, but it’s not essential).  You’ll need to add a vegetable or salad to balance this out nutritionally. (I picked broccoli as an example) If you can afford the calories, add a desert. (Ice cream in this case)  Then decide what night in your schedule this will work best.  This recipe will take about 12 minutes total so it would be great for a night you are getting home late.  You can either share the other portion with your significant other or you can take it with you the next day as lunch.  You can double the recipe and have it more than one night.   For example:

    Breakfast Lunch Snack Dinner Comments
    Sun
    Mon On call – take Tues meals, too
    Tues
    Wed Out Out with friends after roundsThaw shrimp for tomorrow
    Thur NEW ORLEANS PASTA (CHICKEN, CHORIZO)Steamed broccoliIce Cream Freeze one portion for later
    Fri NEW ORLEANS PASTA (CHICKEN, CHORIZO)Steamed broccoli On call
    Sat NEW NEW ORLEANS PASTA (CHICKEN, CHORIZO)Steamed broccoli

    Shopping list:

    2 lbs chicken breast (16 oz x 2)

    1/2 cup chopped chorizo sausage

    1/2 pound shrimp, peeled and deveined

    heavy cream   (need 1 1/5  cup)

    Parmesan cheese  (need 1/2 cup grated)

    Olive oil

    Creole spice

    green onions

    garlic

    broccoli (4 portions to steam)

    One pound penne pasta

    Ice cream

    Rule 3:  Cook (or prep) today today to eat tomorrow

    As soon as you get home from the grocery store:

    • Freeze any meat that is for later in the week (and make a note to yourself to put in into the refrigerator to thaw a day or two before you are going to use it.)
    • Wash the vegetables, dry them and put them away
    • Wash lettuce for salads and dry completely (a spin dryer is the best).  Store in a zip lock plastic bag with a paper towel in the bag (which absorbs any residual water).  Make sure you squeeze out all the air you can before closing the bag.

    Take advantage of days off to cook things that may take a little more time or effort.  While  you are watch the football game on Sunday, you can cook chili in a crock pot for Wednesday.  If you know that your vegetable stir fry on Tuesday is going to be after a long day, go ahead and chop all the vegetables and meat a day or two before when you have the time and have them stored in the refrigerator.   When Tuesday rolls around (and you are exhausted from work), you’ll have all the ingredients chopped and ready to throw in the pan.

    Religion and Spirituality

    People who are ill or hurting often turn to their religious roots for solace.  The mind and body connection is a powerful one, and one that can contribute to good patient care.  Spirituality in medicine can take an overtly religious tone, but only if both the physician and patient are completely comfortable.  No matter what your religious background, you will care for patients whose belief system is different from your own.  The true root of spirituality in medicine is compassion. Regardless of your religious background and your personal beliefs you can cultivate a philosophy of compassion.  Both you and the patients you care for will do better because of it.

     The workday can be onerous and fatigue can make you lose perspective.  It is important to find something greater than you and spend some time there everyday.  The most efficient method is to look inside of yourself by just sitting.  Learn to just sit.  It is harder than it sounds, but very powerful when achieved.  Slow your breathing, close your eyes and let the thoughts go.  Concentrate on your breathing and relax all your muscles.  Don’t fidget, don’t move.  When the thoughts start running (and they will), just acknowledge them and let them go.  Try to get to a moment (and that it all it will usually be) when your mind is silent and your body relaxed.  This is the moment to listen.  Being able to quiet yourself this way is very conducive to allowing your mind to work on the “big picture”.  If you spend even 10 minutes everyday in this kind of meditation, you will be surprised at how some of the things that are worrying you become “solved”.

     Work at finding beautiful places where you can sit for a minute or walk.  Nature is one of the most powerful spiritual experiences.  If you have a favorite place to hike or be outside, take some pictures and blow them up for your house or call room.  Put beautiful plants in your house and then take care of them. (Dead plants are a bad way to cultivate spirtituality…)  Watch for the surprising moments of beauty in a day and notice them.  Look for the flower blooming outside a patient’s room, the proud look of a father watching his two-year-old totter into the hospital, a new painting on the wall.

    Cultivate a sense of wonder.  Have you ever seen anything more incredible than a beating heart in a surgeon’s hand?  Allow yourself a moment to be amazed in the middle of the day.  People have incredible resilience at times – notice it and appreciate it.

    Exercise for Medical Students and Residents

    There is no question that there are many people who have integrated exercise into their daily routine so successfully that they don’t even think about it.  It becomes part of their day, just like brushing their teeth, or putting on their pants in the morning.  But even though it seems like the majority of people around you are in this category, it’s just not true.  There are the real exceptions – like the guy who gets up at 4 every morning (even if he went to sleep at 2) to run.  If you have never been an “athlete” you may feel really intimidated by these people.  .

    The benefits of exercise during your training can’t be overestimated.

    • It’s the right thing to do.  Physicians do physical as well as intellectual work.  You are taking care of people’s families.  It doesn’t surprise you that policemen, firemen, astronauts and soldiers have physical fitness as a requirement.  It’s no different for us. .
    • You will have a life after training.  In your 20s and 30s, you may be able to get away with not being active, but those years of inactivity will be paid for later.
    • You will feel better physically.  You will have more energy.
    • You will feel better emotionally.  There is a direct effect of working out (stress reduction), but there is also the psychological benefit of taking care of yourself.

    Consistency, not intensity is the key

    One of the biggest mistakes you can make is to view working out as something that you do as an activity “outside” of your day.  A 45 minute work out, plus the time to get to the gym, plus showering and changing can easily take an hour and a half.  For many residents, that kind of time commitment is a luxury they can’t afford.  So, we have great intentions to get to the gym 3 times a week… and next thing you know, a month has gone by with no trips to the gym at all.  One of the ways to improve consistency is to have a list of a variety of things to choose from.  Although it’s expensive in most cities, a gym membership will help.  See if it can’t be part of your holiday “wish list” for your family.  The other thing that should be on that list, by the way, is a maid once a week to do your laundry and clean your house.  Unless, of course, you want to use housecleaning as one of your calorie burning activities!

    It’s a skill, and there are teachers

    Most people know about cardiovascular training and have probably run, swam, or biked at some point in their life.  The nice thing about running, swimming and biking is that everyone can do them, often at any time of the day, and it doesn’t take a lot of money, or a gym membership to do.  But there are other options for cardiovascular fitness that you can explore – spinning classes, martial arts training, aerobics classes – when these are offered at gyms, there will always be a teacher to help you learn.

    Even though the emphasis is often on cardiovascular training alone, fitness is a composite of cardiovascular, strength and flexibility training.  If you’ve never participated in team sports, and haven’t had a reason to be in a gym, there is a good chance you don’t know the basics about weight training.  You are not alone, and it’s normal to feel a bit intimidated.  You can find a fellow resident to show you, but, often they haven’t learned proper form, either.  It’s better to have a pro show you.  If you join a gym, there are several options.  Many gyms have circuit classes using free weights – which is a great combination of cardiovascular and strength training.  There are also personal trainers.  Although you probably won’t want to spend the money for a trainer on a regular basis, you can hire one for 2 or 3 sessions to teach you about each of the machines, and help you plan a workout routine or two.

    Unfortunately, morning is usually the best time to work out

    There are a few people who, no matter how tired they are can get to the gym, or go for a run after work.  If your day started at 5 or 6 and is ending after 5 or 6 (or 7 or 8 or…), most people are just too tired and the call of the couch is too strong to go workout.   In general, the most consistent exercisers usually get it done first thing in the morning.  For most medical students morning will usually work.  As you enter your residency, you are going to have to be more flexible.

    Different days = different workouts

    Call days are tough… and, for exercise, the day after call is the toughest of all.  The key here is consistency.  On the post-call day, don’t plan for long workout at the gym, but do plan for a 20 minute brisk walk when you get home.  If there is a way to have someone cover you for 30 minutes before morning rounds, go for an early morning run outside, or climb the stairs in the hospital for 20 minutes.  Don’t forget to plan in a day or two of rest, every week.  It’s tempting to use the post-call day for your recovery and that may be the best thing some weeks.  However, recovery from call is easier if it includes some working out.